Black Knight Successfully Completes Year-End Processing for MSP Loan Servicing System Clients
- 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 of more than 54 million first mortgage and home equity loans was completed in less than 11 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
- For the first time, both Black Knight and its clients conducted year-end processing remotely due to the impacts of the COVID-19 pandemic
- Black Knight has a long-standing track record of successfully completing year-end processing on-schedule for clients using the company’s best-in-class MSP loan servicing system
JACKSONVILLE, Fla. – Jan. 28, 2021 – 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 2020 month-end, quarter-end and year-end processing – of more than 54 million loans – was completed within an 11-hour window. On Jan. 1, 2021, year-end processing was finished for all active and inactive loans serviced using Black Knight’s comprehensive, best-in-class MSP loan servicing system and processed in the company’s data center.
Year-end processing is a critical annual event that Black Knight has been executing successfully for decades. It is a necessary process for servicing clients to meet both internal and regulatory reporting requirements.
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. New this year, Black Knight and its clients executed the majority of the processing activities remotely due to impacts of the COVID-19 pandemic.
“Our team rose to the challenges presented during this critical effort, approaching obstacles with resilience and dedication,” said Joe Nackashi, president, Black Knight. “This flexibility and adaptability are a great display of our experienced team’s unwavering commitment to providing exemplary service and a seamless year-end process to our clients.”
MSP is an industry-leading software solution 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. The MSP system is currently used to service approximately 36 million active loans.
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.