Black Knight Financial Services (BKFS), a Jacksonville, Florida-based provider of integrated technology, data, and analytics for the real estate and mortgage industries, has announced that it after completing its year-end loan processing, the firm successfully completed the processing of a record 44 million loans for 65 clients for the full year 2015 for loans services using Black Knight’s loan servicing system, LoanSphere.
The loans were processed in Black Knight’s Jacksonville data center. The annual project of the year-end processing of loans requires the firm’s employees all over the country to complete hundreds of tasks in order to help servicers compile the information on their loans, to generate exception and balancing reports, and to create annual statements for mortgagors.
Servicers must report their prior-year account information to borrowers annually in order to comply with regulations set forth by the Internal Revenue Service and other government agencies. They must also report the data in order to meet internal reporting requirements, according to Black Knight.
“Our experienced team and close collaboration with clients helped produce a smooth, efficient process that was completed ahead of our deadline,” said Joe Nackashi, president of Black Knight’s Servicing Technologies division. “With decades of performing this service, Black Knight has established proven best practices for the year-end process to provide the critical loan information our clients need for reporting and to support their customers.”