Black Knight says it has successfully completed year-end loan processing for its mortgage and home equity servicing clients.
On Jan. 1, 2023, all month-end, quarter-end and 2022 year-end processing for 93 clients and almost 57 million active and inactive loans serviced using Black Knight’s MSP loan servicing system and processed in the company’s data center was completed successfully and without any downtime for clients.
Year-end processing is a critical annual event required for Black Knight’s servicing clients to meet internal and regulatory reporting requirements, the company said.
Black Knight servicing clients are required to 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 obligations, Black Knight employees help servicers compile loan information, generate exception and balancing reports and create annual statements for borrowers – all culminating in a single day.
To provide additional support for its clients, Black Knight offers training in advance of the end of the year, so clients can complete the tasks necessary on their end for a smooth and timely year-end process.