Black Knight, Inc. - BKI STOCK NEWS

Black Knight, Inc. (NYSE:BKI) released its February Mortgage Monitor Report, revealing a 64% increase in purchase rate locks in January, influenced by a decline in interest rates and home prices. Despite this rebound, purchase loans remain 13% lower than pre-pandemic levels. The report highlighted that 57% of borrowers utilized permanent rate buydowns, with an average payment of 1.25 points, significantly higher than the pre-pandemic average of 0.5 points. This reflects ongoing affordability challenges, as the monthly mortgage payment is over 40% higher than a year ago, and annual home price growth could turn negative if declines continue.

Black Knight, Inc. (NYSE: BKI) has secured a contract with State Employees' Credit Union (SECU), the second largest credit union in the U.S., to implement its MSP mortgage servicing system. With this partnership, Black Knight enhances its service technology presence among the top three U.S. credit unions. SECU aims to improve member experience through various solutions, including loss mitigation tools and actionable analytics. The credit union will leverage Black Knight's Customer Service solution for better communication with members and utilize the Actionable Intelligence Platform for strategic insights.

Black Knight, Inc. (NYSE:BKI) will report its fourth quarter and full-year 2022 financial results on February 28, 2023, at approximately 8:30 a.m. Eastern Time. The press release will be accessible on the Investor Relations website. Due to its proposed transaction with Intercontinental Exchange, Inc., Black Knight will not conduct a conference call nor provide forward-looking guidance for this quarter. Additionally, the company plans to file its Form 10-K on the same date, further underscoring its commitment to transparency.

On January 1, 2023, Black Knight (NYSE:BKI) successfully completed year-end loan processing for 93 clients, encompassing nearly 57 million first mortgage and home equity loans. This essential annual event is vital for meeting internal and regulatory reporting requirements. The processing was executed flawlessly, without client disruption, thanks to meticulous preparation and coordination among multiple departments. Black Knight's MSP loan servicing system continues to enhance operational efficiency, compliance, and customer satisfaction, solidifying its position as the industry standard. CEO Joe Nackashi highlighted the company’s commitment to delivering superior servicing performance.

Black Knight (NYSE:BKI) has launched a new Collections solution aimed at assisting servicers to better support homeowners experiencing financial difficulties. This solution enhances the servicing journey by providing insight-driven capabilities that help keep borrowers from foreclosure and late-stage default. With streamlined engagement processes, servicers can offer personalized assistance more effectively, ensuring timely access to qualified options for homeowners. The solution integrates with existing systems like the MSP loan servicing system and Servicing Digital, facilitating a seamless experience for both servicers and borrowers.

Black Knight, Inc. (NYSE:BKI) reports December 2022 mortgage performance statistics showing a national loan delinquency rate of 3.08%, up 7 basis points from the previous month but down 30 basis points from December 2021. Prepayment activity fell to a record low of 0.39%. Despite an increase in serious delinquencies in Florida post-Hurricane Ian, 44 states recorded improvements. Foreclosure starts rose 15% to 26,900 but remain 30% below pre-pandemic levels. Active foreclosure inventory increased by 2.3%. Total foreclosures and delinquencies combined account for 1.85 million properties, indicating a year-over-year decline of 77,000.

Black Knight (NYSE: BKI) announced that Homestar Financial Corporation has chosen Surefire, its award-winning CRM and marketing platform, to enhance customer engagement and lead generation. This decision comes after evaluating various solutions, with Surefire providing tailored features for the mortgage industry. Homestar aims to improve its marketing capabilities and support its loan originators through Surefire's automated tools and extensive content library. This collaboration will allow Homestar to foster growth and improve borrower relationships throughout the mortgage process, ultimately enhancing customer retention and acquisition.

Black Knight (NYSE:BKI) has announced loanDepot's transition to their cloud-based Empower loan origination system, starting mid-2023 and expected to complete by 2024. This integration aims to enhance loanDepot's mello technology ecosystem and improve efficiency, cost-effectiveness, and customer satisfaction. By leveraging Black Knight's platform, loanDepot anticipates faster loan processing and increased system reliability while reducing operational costs. This move aligns with loanDepot's Vision 2025 strategic plan to deliver superior service to customers and streamline their origination operations.

Black Knight has launched its new Developer Portal, enhancing client access to a comprehensive catalog of APIs across the mortgage life cycle. This initiative underscores Black Knight's dedication to seamless integration and innovation. The initial phase covers APIs related to servicing technologies, with plans to expand to broader integration tools. The portal will facilitate clients' ability to embed additional functionalities into their applications, driving efficiency and user engagement.