Black Knight Successfully Completes Year-End Processing for More Than 57 Million Loans for MSP Loan Servicing System Clients
Black Knight, Inc. (NYSE:BKI) announced the successful completion of year-end loan processing for over 57 million loans via its MSP loan servicing system on January 1, 2022. This critical annual event ensures compliance with regulatory requirements and supports clients in reporting to various agencies. The processing was completed without any downtime, reflecting the company's commitment and proven track record. Black Knight's MSP system enhances operational efficiency and compliance while reducing risks and operating costs.
- Successfully processed over 57 million loans without downtime.
- Demonstrated proven track record for timely year-end processing.
- MSP system enhances operational efficiency, compliance, and reduces costs.
- None.
JACKSONVILLE, Fla., Jan. 27, 2022 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced the successful completion of year-end loan processing for its mortgage and home equity servicing clients. On Jan. 1, 2022, all 2021 month-end, quarter-end and year-end processing – totaling more than 57 million active and inactive loans serviced on Black Knight's industry-leading MSP loan servicing system and processed in the company's data center – was completed successfully and without any downtime for clients.
Year-end processing is a critical annual event required for servicing clients to meet both internal and regulatory reporting requirements. Black Knight has a long, proven track record of successfully completing year-end processing on schedule.
"Once again, the Black Knight team stepped up to perform a seamless and efficient year-end process for our valued clients – an important task we take great pride in executing smoothly each year," said Joe Nackashi, president, Black Knight. "Our repeated, long-standing success carrying out this major task is a testament to our team's focus and commitment to every single servicing client. We are proud to continually complete this incredibly important project successfully every year. It is just one of the many reasons our clients trust us to be their technology partner."
Annually, Black Knight servicing clients are required to report prior-year account information to borrowers to meet governmental regulations for the Internal Revenue Service, the Department of the Treasury and other agencies, as well as to meet internal reporting requirements. To help clients meet these obligations, Black Knight employees from departments across the company must complete hundreds of tasks to help servicers compile loan information; generate exception and balancing reports; and create annual statements for borrowers – all culminating in a single day. To provide additional support for its clients, Black Knight offers training in advance of the end of the year, so clients can complete the tasks necessary on their end for a smooth and timely year-end process.
MSP is Black Knight's industry-leading software system that has the power to transform servicing operations and customer service processes through its comprehensive functionality, scalability, continuous regulatory updates and secure integrations. By supporting first mortgages and home equity portfolios on a single system, MSP can provide significant advantages, including improved compliance, minimized risk, reduced operating costs and an enhanced customer experience. The MSP system is currently used to service approximately 37 million active loans.
The MSP loan servicing system offers robust, scalable, end-to-end functionality to help mortgage servicers manage all aspects of their operations – including payment processing, escrow administration, customer service and default management. The system's proven technology can accommodate any size portfolio, from thousands of loans to millions, and supports both first mortgages and home equity loans. MSP helps servicers increase efficiency, reduce operating costs, improve risk mitigation, and enhance the customer experience.
"We've experienced considerable growth across our business, which confirms how our One Black Knight enterprise message is resonating with the industry," Nackashi continued. "We work collaboratively with our clients year-round to prepare for this critical event and successfully support this effort for the servicing industry year after year."
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.
For more information:
Michelle Kersch
Black Knight, Inc.
904.854.5043
michelle.kersch@bkfs.com
Mitch Cohen
Black Knight, Inc.
704.890.8158
mitch.cohen@bkfs.com
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SOURCE Black Knight, Inc.
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