- Year-end processing is a critical annual event required for Black Knight’s servicing clients to meet internal and regulatory reporting requirements
- All month-end, quarter-end and year-end processing for almost 57 million first mortgage and home equity loans for 93 clients was completed on time and without any client disruption
- Year-end processing culminates in a single day after months of preparation, requiring multiple, cross-departmental groups to execute hundreds of tasks in seamless coordination
- Black Knight has a long, proven track record of successfully completing year-end processing on schedule for MSP loan servicing system clients
JACKSONVILLE, Fla. – Jan. 30, 2023 – 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, 2023, all month-end, quarter-end and 2022 year-end processing for 93 clients and almost 57 million active and inactive loans that are serviced using 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.
“This talented Black Knight team, working with our valued clients, continues to execute year-end processing flawlessly, and it’s because of all the hard work and preparation they do months in advance for this important event,” said Joe Nackashi, CEO, Black Knight. “Our staff’s deep industry knowledge, system expertise and ability to exceed customer expectations with events like year-end processing are some of the many reasons why our clients continue to rely on Black Knight for exceptional servicing performance and support.”
Year-end processing is a critical annual event that servicers must perform to meet both internal and regulatory reporting requirements. Black Knight has a long, proven track record of successfully completing year-end processing for its clients on schedule. For 2022, clients were given the option of receiving automatic email alerts when processing began and ended, so their staff didn’t need to wait up at night or log into the system to confirm when the work started and finished.
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. With robust, scalable, end-to-end functionality, MSP helps 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, and helps servicers increase efficiency, reduce operating costs, improve risk mitigation, and enhance the customer experience.
“The MSP system has long been considered the industry’s gold standard for servicing, and our new capabilities and integrations are part of why 38 new clients over the past three years have agreed to implement MSP,” Nackashi continued. “Black Knight remains committed to ongoing investments in MSP and our other technologies, so our clients can continue to benefit from innovations that can keep driving their businesses forward.”
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.