Black Knight Completes Successful Year-End Processing for a Record 42 Million Loans Despite Last-Minute IRS Revision

JACKSONVILLE, Fla., Feb. 4, 2015 /PRNewswire/ -- Black Knight Financial Services announced today that it has successfully completed year-end loan processing for its mortgage and consumer loan servicing clients on Jan. 1, 2015. All month-end, quarter-end and year-end processing -- a record 42 million loans for 65 servicing clients -- was completed by early morning for loans serviced using Black Knight's loan servicing platform, MSP^®.

This year, servicers faced an unexpected challenge with 2014 year-end processing. As a result of the expiration of the mortgage insurance (MI) deduction on Dec. 31, 2013, a box for reporting MI premiums was not included on IRS Form 1098. "Fortunately, we anticipated the last-minute legislative change and had continued to calculate the total MI in the year-end run, leaving the MI totals on the print vendor files," said Joe Nackashi, Black Knight's CIO and president of its Servicing Technologies division.

The year-end processing of loans is an 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.

"Our servicing clients rely on Black Knight for timely, accurate execution of year-end loan information, reporting and annual mortgagor statements to meet complex regulatory reporting requirements and to provide borrowers with the loan information needed for tax returns. We completed another well-executed year-end project, thanks in large part to the close collaboration we maintain with our clients," said Nackashi.

Black Knight's MSP is a single, comprehensive system used by financial institutions to manage all servicing processes, including loan boarding, payment processing, escrow administration and more, that gives servicers the ability to meet all mortgage and consumer loan servicing needs for any size portfolio. Black Knight spent approximately 100,000 development hours and delivered more than 40 enhancements to its servicing technologies in support of servicing regulatory requirements.

About Black Knight Financial Services, LLC 
Black Knight Financial Services, a Fidelity National Financial FNF company, is the mortgage and finance industries' 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 the 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