Black Knight Financial Services (formerly LPS and ServiceLink) has announced that its Servicing & Default Technologies Division successfully completed year-end loan processing for its mortgage and consumer loan servicing clients on Jan. 1, 2014. All month-end, quarter-end and year-end processing - a record 41 million loans for 60 servicing clients - was completed by early morning for loans serviced using Black Knight's loan servicing platform, MSP, and processed in its Jacksonville data center.
"Quicken Loans' year-end cycle was completed quickly, and we appreciated having everything in balance so quickly," said Adam Clasen, servicing operations specialist for Quicken Loans. "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," said Joe Nackashi, Black Knight Financial Services' chief information officer and president of the Servicing & 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."