JACKSONVILLE, Fla., Jan. 30, 2019 /PRNewswire/ -- 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, on-schedule completion of year-end loan processing for its mortgage and home equity servicing clients. All 2018 month-end, quarter-end and year-end processing -- a record of more than 47 million loans for 75 servicing clients -- was completed by 10:15 a.m. on Jan. 1, 2019, for all active and inactive loans serviced using Black Knight's comprehensive, industry-leading MSP loan servicing system and processed in Black Knight'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 more than 50 consecutive years.
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.
"Once again, Black Knight's year-end process was well-executed, efficient and completed ahead of schedule, thanks to our collaborative client relationships and experienced year-end team," said Joe Nackashi, president of Black Knight. "During a time of year when there are so many holiday distractions, our year-end team stays laser-focused on successful execution for our clients, and together they always deliver a championship performance."
The months-long preparation for year-end processing culminated over a single day, when team members worked around-the-clock to execute multiple processing tasks for each client. To provide additional support for its clients, Black Knight offered client training well in advance of the event, so clients could complete the tasks necessary to ensure 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.
"We believe Black Knight's proven best practices for the year-end process are the very best in the industry," Nackashi continued. "That's a belief borne out by the experience of our clients, who have repeatedly told us that no other provider can match the speed or accuracy of Black Knight when it comes to this annual effort. Our success year after year with this critical loan process has been a key factor in earning – and maintaining – the trust and loyalty of our valued clients."
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 lifecycle.
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.
SOURCE Black Knight, Inc.