Black Knight Successfully Completes Year-End Processing for MSP Loan Servicing System Clients

Rhea-AI Summary

On January 28, 2021, Black Knight (NYSE:BKI) announced the successful completion of year-end loan processing for over 54 million loans using its MSP loan servicing system. This comprehensive processing was finished within an 11-hour window on January 1, 2021, meeting both internal and regulatory reporting requirements. The company emphasized its team's resilience amid challenges due to the COVID-19 pandemic, showcasing the MSP system's capabilities in improving compliance, minimizing risk, and enhancing customer experience.

Positive

• Successful completion of year-end processing for over 54 million loans.
• Processing completed within an 11-hour window, demonstrating operational efficiency.
• MSP system supports enhanced compliance and reduced operating costs.
• Strong client support and training offered in preparation for year-end processing.

Negative

• None.

JACKSONVILLE, Fla., Jan. 28, 2021 /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. All 2020 month-end, quarter-end and year-end processing – of more than 54 million loans – was completed within an 11-hour window. On Jan. 1, 2021, year-end processing was finished for all active and inactive loans serviced using Black Knight's comprehensive, best-in-class MSP loan servicing system and processed in the company's data center.

Year-end processing is a critical annual event that Black Knight has been executing successfully for decades. It is a necessary process for servicing clients to meet both internal and regulatory reporting requirements.

Black Knight servicing clients are required to annually 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 annual 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 offered client training well in advance of the end of the year, so clients could complete the tasks necessary for a smooth and timely year-end processing. New this year, Black Knight and its clients executed the majority of the processing activities remotely due to impacts of the COVID-19 pandemic.

"Our team rose to the challenges presented during this critical effort, approaching obstacles with resilience and dedication," said Joe Nackashi, president, Black Knight. "This flexibility and adaptability are a great display of our experienced team's unwavering commitment to providing exemplary service and a seamless year-end process to our clients."

MSP is an industry-leading software solution 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 36 million active loans.

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	Mitch Cohen
Black Knight, Inc.	Black Knight, Inc.
904.854.5043	704.890.8158
michelle.kersch@bkfs.com	mitch.cohen@bkfs.com

 

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SOURCE Black Knight, Inc.

FAQ

What was announced by Black Knight on January 28, 2021?

Black Knight announced the successful completion of year-end loan processing for over 54 million loans.

How long did it take for Black Knight to complete year-end processing?

The year-end processing was completed within an 11-hour window.

What is the significance of the MSP loan servicing system for Black Knight?

The MSP system facilitates compliance, minimizes risk, and improves customer service for loan servicing.

How many loans does Black Knight's MSP system currently support?

The MSP system is currently used to service approximately 36 million active loans.

What role did Black Knight's team play during the year-end processing?

The team demonstrated resilience and adaptability, ensuring a smooth year-end process despite COVID-19 challenges.