Black Knight Successfully Completes Year-End Processing Cycle
- Year-end processing is a critical annual event for Black Knight’s servicing clients in order to meet both internal and regulatory reporting requirements
- All month-end, quarter-end and year-end processing for just under 47 million first mortgage and home equity loans was completed in less than 12 hours
- Year-end processing requires months of preparation, culminating in a single day requiring multiple, cross-departmental groups executing hundreds of tasks in seamless coordination
- Black Knight has a long-standing track record of successfully completing year-end processing on-schedule for clients using the company’s comprehensive, industry-leading MSP loan servicing system
JACKSONVILLE, Fla. – Jan. 23, 2020 – 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 2019 month-end, quarter-end and year-end processing – for approximately 47 million loans – was completed within a 12-hour window. By 7:38 a.m. on Jan. 1, 2020, year-end processing was finished for all active and inactive loans serviced using Black Knight’s comprehensive, industry-leading MSP loan servicing system and processed in the company’s data center. Year-end processing is a critical annual event for Black Knight’s servicing clients to meet both internal and regulatory reporting requirements, one the company has been executing successfully for decades.
“Working collaboratively with our clients for months, our experienced team executed an accurate and efficient year-end process that was completed ahead of schedule,” said Joe Nackashi, president of Black Knight. “Even during the holidays, the team stayed laser-focused on the needs of our clients, and together they delivered a seamless, outstanding performance.”
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.
The MSP system offers a single, comprehensive solution that helps servicers manage all servicing functions – from loan boarding and payment processing to escrow administration, default management and more. The system’s scalability can meet mortgage and home equity loan servicing needs for virtually any size portfolio.
“Black Knight has proven time and time again that we represent the industry’s best practices for year-end processing,” Nackashi continued. “We work hard year-round to exceed our clients’ expectations and earn their trust. Many of our clients have let us know that when it comes to the accuracy and speed we bring to this annual event, no other provider can top Black Knight.”
About Black Knight
Black Knight is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.