A record 41 million loans were serviced by 60 servicers using Black Knight Financial Services' (formerly LPS and ServiceLink) loan servicing platform in 2013, the company reports.
‘Quicken Loans' year-end cycle was completed quickly, and we appreciated having everything in balance so quickly,’ says Adam Clasen, servicing operations specialist for Quicken Loans, one of black Knight's major clients, in a release. ‘As someone new to the year-end process, I was glad to have Black Knight provide comprehensive training and checklists.’
The year-end processing of loans is a vitally important annual project. 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. Servicers 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.
‘The seamless execution of year-end processing is critically important to our clients, our company and the industry,’ says Joe Nackashi, chief information officer for Black Knight Financial Services and president of the company's servicing and default technologies division. ‘As part of Black Knight, we are proud to continue our relentless commitment to excellence and to providing the strategic solutions and support our customers expect to create exponential value for their businesses.’
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