A record 41 million loans successfully completed year-end mortgage loan processing on Jan. 1, Black Knight Financial Services -- formerly Lender Processing Services and ServiceLink -- reported.
The company assisted and completed all month-end, quarter-end and year-end processing for its 60 servicing clients, using Black Knight’s loan servicing platform, MSP.
The long process is necessary for servicers in order 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," Nackashi said.