Mortgage software, data and analytics firm Black Knight Inc. reports that it has completed 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 more than 46 million loans for 67 servicing clients – was completed by 12 noon on Jan. 1, the firm says in a release.
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 and its mortgage servicer clients.
Servicers are required to annually report prior-year account information to borrowers to meet regulations for the Internal Revenue Service and other government agencies, and 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.
Black Knight also made news recently when it announced that Citibank NA, a subsidiary of Citigroup Inc., had signed a contract to use Black Knight’s suite of mortgage origination solutions, including the LoanSphere Empower loan origination system, with added correspondent lending capabilities, along with its LoanSphere Quality Insight, LoanSphere Data Hub and LoanSphere Motivity solutions, among other capabilities.