JACKSONVILLE, Fla., Jan. 27, 2017 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today the successful completion of year-end loan processing for its mortgage and consumer loan servicing clients on schedule. All month-end, quarter-end and year-end processing -- a record of nearly 45 million loans for 67 servicing clients -- was completed by early morning on Jan. 1, 2017. This year-end processing was completed for all active and inactive loans serviced using LoanSphere MSP, Black Knight's loan servicing system, and processed in Black Knight's data center.
Year-end loan processing is a critical annual project for Black Knight's servicing clients, which are required to annually report prior-year account information to borrowers to meet regulations for the Internal Revenue Service and other government agencies, as well as to meet internal reporting requirements. Black Knight employees from various 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 mortgagors.
The months-long preparation for year-end processing culminated over the weekend of Dec. 30, 2016, when team members worked round-the-clock – including New Year's Eve and New Year's Day to execute multiple year-end processing tasks for each client.
"Ongoing investments in our technology infrastructure and our client-focused team enabled us to complete another seamless execution of our year-end processing program in record time," said Joe Nackashi, president of Black Knight's Servicing Technologies division. "The combination of our teams' skills and innovative technologies demonstrated that Black Knight is the best provider in the industry at delivering a successful year-end process."
The MSP loan servicing 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 consumer loan servicing needs for virtually any size portfolio.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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SOURCE Black Knight Financial Services, Inc.