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Black Knight, Inc. (NYSE: BKI) is a prominent provider of integrated software, data, and analytics solutions designed to serve the entire homeownership life cycle. The company offers its innovative products to various verticals including mortgage and consumer loan, real estate, and capital markets. With a strong commitment to delivering superior client support, Black Knight helps businesses retain existing customers, attract new clients, mitigate risks, and operate more efficiently.
Black Knight's broad range of solutions include Origination Software, which helps customers manage the mortgage lifecycle, and Data and Analytics, providing valuable insights into market trends and consumer behaviors. One of the company's flagship products is the Empower® Loan Origination System (LOS), known for its efficiency and scalability.
In the face of current market challenges, Black Knight remains steadfast in its strategic initiatives. Despite a decline in revenue due to lower origination volumes and the near-term effects of a proposed merger with Intercontinental Exchange (ICE), the company is optimistic about its long-term growth prospects. The merger, initially agreed upon in May 2022 and amended in March 2023, values Black Knight at $11.7 billion and is expected to close by the end of 2023, pending regulatory clearance.
Recent achievements include the release of the August 2023 Mortgage Monitor Report, highlighting the reheating housing market and significant equity gains for homeowners. Additionally, the company's Home Price Index (HPI) reached new peaks, reflecting the ongoing rise in home prices.
Black Knight has also shown resilience in adapting to market changes. Their recent reports indicate strong equity positions among homeowners, contributing to historically low delinquency rates. The company continues to innovate, as seen in their latest product updates and new partnerships.
For more information, visit Black Knight's official website.
Black Knight, Inc. (NYSE: BKI) announced the integration of its MSR Platform with PHOENIX's broker assumption sets, enhancing its offerings to mortgage lenders and servicers. This integration will provide real-time, fair-value MSR valuations, crucial for understanding the value of servicing rights. As mortgage lenders face high origination volumes, accurate MSR data is essential for informed decision-making. The partnership aims to improve transparency and market insight for clients, supporting better management of mortgage banking and servicing operations.
On June 23, 2021, Black Knight, Inc. (NYSE:BKI) released its May 2021 mortgage performance statistics, indicating a total U.S. loan delinquency rate of 4.73%, up 1.51% month-over-month but down 39.05% year-over-year. The foreclosure pre-sale inventory rate decreased to 0.28% (-2.46% MoM, -26.14% YoY), with 3,800 foreclosure starts, down 25.49% YoY. The monthly prepayment rate dropped to 2.15%, a 16.88% decline from last month. Notably, Mississippi has the highest non-current rate at 8.56%.
Black Knight, Inc. (NYSE:BKI) released its May 2021 Originations Market Monitor, indicating a 4.7% decline in overall rate lock volume. Purchase loans fell by 3.4%, while refinances faced a significant drop of 27% despite a 15% increase in high-quality refinance candidates. Year-over-year, rate/term refinance lending is down 45%, while cash-out and purchase loans are seeing growth of 32% and 42%, respectively. The refinance market's share dropped to 44% of origination activity. Average loan amounts increased to $316,500 due to an uptick in jumbo loans amid rising home prices.
William P. Foley, II, the Chairman of Black Knight (NYSE:BKI), announced his retirement effective after the Annual Meeting of Shareholders on June 16, 2021. Following his departure, Anthony Jabbour will take over as Chairman while continuing as CEO. Foley will serve as Chairman Emeritus. Jabbour expressed gratitude for Foley's significant contributions and confidence in the company's future under his leadership. Black Knight is recognized for its innovative software and analytics solutions in the mortgage and real estate industries.
Black Knight's latest Mortgage Monitor Report reveals that home prices increased by 14.8% year-over-year in April, marking the steepest growth since tracking began nearly 30 years ago. Single-family homes led the increase at 15.6%, while condos rose by 10%. This surge is attributed to historically low interest rates and severe inventory shortages, with active listings down 60% from 2017-2019 averages. As a result, the share of median income required for monthly payments on a median-priced home has reached 20.5%, warning of potential affordability challenges ahead.
Black Knight (NYSE: BKI) announced a definitive agreement to acquire Top of Mind Networks for approximately $250 million in cash. This acquisition aims to enhance Black Knight's mortgage technology ecosystem by integrating Top of Mind's Surefire CRM and marketing automation platform. The deal is expected to generate an additional $13 million in incremental revenue for Black Knight's Origination Software business in the latter half of 2021. The transaction is anticipated to close in Q3 2021, subject to regulatory approval.
Black Knight, Inc. (NYSE:BKI) has successfully integrated its Optimal Blue Pricing and Product Engine (PPE) with Fannie Mae's Servicing Marketplace API. This integration enables clients to access real-time, precise pricing for servicing-released transactions, significantly improving operational efficiencies in secondary marketing processes. Enhanced features include automated servicing-released premium pricing and expanded data points like loan amount and loan-to-value ratios. This integration aims to streamline pricing adjustments and improve execution accuracy for Fannie Mae sellers utilizing Optimal Blue PPE.
Black Knight, Inc. (NYSE: BKI) reported significant improvements in mortgage performance for April 2021. The U.S. loan delinquency rate decreased to 4.66%, a 7.11% drop month-over-month and 27.68% year-over-year. Foreclosure pre-sale inventory also fell to 0.29%, down 6.29% month-over-month and 28.67% year-over-year. Foreclosure starts were reported at 3,700, decreasing by 26% month-over-month and 50% year-over-year. Notably, the number of properties 30+ days past due dropped to 2.5 million, reflecting a positive trend towards pre-pandemic levels.
On May 20, 2021, Black Knight (NYSE:BKI) announced the integration of its Ernst Fee Service with nationwide property tax data. This integration enhances the accuracy and speed of tax estimates, benefiting lenders and their clients by reducing escrow shortages and ensuring compliance with CFPB standards. By providing reliable, current data sourced directly from taxing agencies, Black Knight aims to improve the borrower experience at closing. President Rich Gagliano emphasized the importance of these enhancements in increasing efficiency and borrower satisfaction.
Black Knight (NYSE:BKI) has acquired eMBS Inc, a leading provider of performance data and analytics for agency-backed securities. This acquisition enhances Black Knight's mortgage data ecosystem, potentially providing clients with improved insights for their mortgage-backed securities investments. With the agency MBS market valued at nearly $7.5 trillion, eMBS's capabilities will help reduce operational burdens for clients and integrate seamlessly within Black Knight's existing analytics solutions.
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