Black Knight, Inc. - BKI STOCK NEWS

Black Knight, Inc. (NYSE:BKI), a leader in software and data solutions for the mortgage and real estate sectors, will report its first quarter 2023 financial results on May 4, 2023, at 7:30 a.m. Eastern Time. The results will be available via press release on their Investor Relations website. Notably, due to the ongoing transaction with Intercontinental Exchange, Inc., the company will not conduct a conference call or offer forward-looking guidance alongside the earnings announcement. Black Knight is recognized for its innovative solutions that support clients in managing the homeownership lifecycle and enhancing operational efficiency.

On April 11, 2023, Black Knight (NYSE:BKI) launched the Optimal Blue PPE mobile app for iOS, enhancing accessibility for loan officers to scenario pricing functionalities. This innovation allows users to access pricing information from any location, aiding their communications with potential borrowers. The app maintains the granularity of pricing inputs similar to the web version, allowing users to view custom fields and save frequently used options. Black Knight aims to improve client services based on customer feedback, indicating a preference for mobile apps over mobile-friendly websites. The app is designed to expedite the loan officer's workflow, offering a competitive edge in the mortgage market.

Black Knight, Inc. (NYSE: BKI) reported significant increases in mortgage rate lock volumes for March 2023, attributing a 43% rise month-over-month to seasonal factors, falling interest rates, and a robust purchase market. Purchase locks surged by 44%, while cash-out refinances rose 31% and rate/term refinances increased by 36%. Despite these gains, refinance activity fell to a 13% market share, a record low this cycle. The Federal Housing Administration (FHA) captured 20% of the pipeline, up from 18% at the start of the year. However, purchase lock counts are 37% lower than last year and 12% below pre-pandemic levels. The average 30-year mortgage rate climbed to 6.8% before declining to 6.4% by month-end due to banking sector uncertainty.

Optimal Blue, a division of Black Knight, has launched a new Product Comparison tool as part of its Loansifter PPE system. This feature allows brokers to generate interactive reports showcasing mortgage options, enhancing the loan shopping experience for borrowers. Available as a standard feature, the tool offers a side-by-side comparison of mortgage rates and lets brokers customize reports with their branding. This upgrade aims to streamline the mortgage process, enabling brokers to focus on client relationships while supporting searches across 120+ wholesale investors to help them stay competitive. The launch highlights Black Knight's commitment to providing innovative solutions in the mortgage lending industry.

In February, Black Knight's data shows a rebound in home prices after seven months of decline, with a 0.16% increase, the first positive monthly change since May 2022. The uptick was fueled by lower interest rates and reduced inventory, falling 47% below pre-pandemic levels. Despite this, annual home price growth is projected to fall below 0% by April, impacted by ongoing affordability pressures. Overall, tappable equity remains robust at $9.3 trillion, although it has decreased from its 2022 peak. This month, 39 of the 50 largest markets reported price increases, reversing the trend seen in November 2022.

Extraco Banks has chosen the Empower loan origination system (LOS) from Black Knight (NYSE:BKI) to enhance its digital lending operations. This cloud-based system will automate manual processes, improving communication between loan officers and borrowers. The integration of the Surefire CRM tool will also boost customer engagement through relevant outreach. The Empower LOS enables Extraco to streamline operations without incurring additional tech costs, while providing access to a comprehensive digital ecosystem featuring mortgage technology and analytics solutions. This strategic move aims to drive growth and improve customer experience.

Black Knight, Inc. (NYSE:BKI) released its February 2023 mortgage performance statistics, revealing a rise in the national mortgage delinquency rate to 3.45%, up 7 basis points from January, while remaining down 12.6% year-over-year. The month also saw a 36K increase in overall delinquencies driven by a rise in 30-day delinquencies, but 90-day delinquencies decreased by 17K.

Prepayment activity slightly increased to 0.35%, ending a four-month low. Additionally, foreclosure starts fell by 9% to 29K, still 19% below pre-pandemic levels. Active foreclosure inventory rose by 34K from February 2022, indicating ongoing challenges in the market.

On March 23, 2023, Black Knight (NYSE:BKI) announced that Solidarity Community Federal Credit Union has chosen its high-performance Empower Loan Origination System (LOS) for improved retail and home equity lending. The cloud-based system supports Solidarity's growth and enhances operational efficiency through automation. By integrating various lending solutions, Empower will streamline loan origination, decrease turnaround times, and improve member satisfaction. Black Knight aims to provide Solidarity with comprehensive solutions from a single provider, reducing complexity and improving service delivery.

Black Knight (NYSE:BKI) announced that its SCOUT mobile property inspection solution has been approved by Fannie Mae for data collection as part of the GSE's appraisal modernization initiative. This makes Black Knight one of only six vendors authorized to support the new valuation option, which aims to streamline property data collection. The SCOUT app enables users to gather interior and exterior property data efficiently, thereby enhancing the lender and borrower experience with improved cost savings, transparency, and faster origination times. SCOUT also includes fraud protection features and works on any GPS-enabled mobile device.