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| Financial services | |
| Traded as | NYSE: BKI Russell 1000 Component |
|---|---|
| Founded | Florida, USA October 27th, 2014[1] |
| Headquarters | 601 Riverside Avenue, Jacksonville, Florida, USA |
| William P. Foley II, Executive Chairman Anthony Jabbour, CEO Anthony Orefice, EVP and COO Kirk T Larsen, EVP and CFO Shelley Leonard, EVP and CPO | |
| Website | www.blackknightinc.com |
Black Knight, Inc., formerly known as Black Knight Financial Services, is an American corporation that provides integrated technology, services, data and analytics to the mortgage and real estate industries. On January 3, 2014, Fidelity National Financial acquired Lender Processing Services (LPS) and renamed it to Black Knight Financial Services. On October 2, 2017, upon the completion of a distribution by Fidelity National Financial of its equity interest in Black Knight Financial Services, Inc., the company rebranded as simply Black Knight (NYSE: BKI).
History[edit]
The mortgage business segment of Fidelity National Information Services was spun off in 2008 to become a fully independent, publicly traded company on the New York Stock Exchange, trading under the symbol LPS[2][3] Jeffery Carbiener, Executive Vice President and Chief Financial Officer of Fidelity National Information Services at the time of the divide, became the first President and Chief Executive Officer of LPS.
The 2010 robo-signing scandal exposed questionable behavior on the part of employees of a small subsidiary of the company. In addition to the federal government, states such as Nevada filed legal proceedings against these employees.[4] The investigation of these business practices were featured in an episode of 60 Minutes.[5] Eventually LPS settled with the federal government and other states and ceased operations of the problematic subsidiary.[6] Some controversy surrounded the resignation of two attorneys who had investigated LPS as part of their work for Florida's Economic Crime Division, as they claimed to have resigned under pressure from Attorney General Pam Bondi, who had received campaign contributions from LPS.[7]
On March 14, 2011, the Company's subsidiary, LPS Mortgage Processing Solutions, Inc., acquired PCLender.com, Inc. (PCLender.com).[8] In May 2012, Constellation Software Inc. acquired the assets of the Local Government Solutions division of the Company.[9] In July 2012, the Company acquired LendingSpace, a provider of mortgage loan origination software.[10]
On October 5, 2011, LPS named Hugh Harris President and CEO. Prior to coming to LPS, Harris served as President of the Financial Services Technology division at Fidelity National Financial and Fidelity National Information Services. Before joining Fidelity National Financial, Harris was President and CEO of HomeSide Lending, Inc., where he was responsible for one of the world's largest full-service mortgage companies.[11]
On January 3, 2014 LPS was renamed Black Knight Financial Services after being acquired by Fidelity National Financial, which was ranked #314 among Fortune 500 Companies in 2015.[12] LPS product offerings support origination, servicing, portfolio retention and default servicing. Its offerings include LoanSphere MSP, a mortgage loan servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume.[13] The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. LPS was a Fortune 500 company headquartered in Jacksonville, Florida, previously employing approximately 8,000 professionals.[14]
On October 2, 2017, upon the completion of a distribution by Fidelity National Financial of its equity interest in Black Knight Financial Services, Inc., the company rebranded as simply Black Knight[15] and began trading under the NYSE symbol BKI (NYSE: BKI). In August 2018, Black Knight launched LoanSphere Actionable Intelligence Platform to provide lenders with actionable intelligence.[16][17]
On April 1, 2018, Anthony Jabbour was named CEO of Black Knight.[18] Jabbour had most recently been chief operating officer of Fidelity National Information Services’ banking and payments business.
On November 04, 2019, Black Knight took the unprecedented step of taking legal action against one if its clients, PennyMac Financial Services for breach of contract and misappropriation of trade secrets. [19] Within 24 hours, PennyMac had filed a retaliatory lawsuit against Black Knight for alleged anti-competitive practices.[20] The PennyMac case has since been moved from the California court in which the mortgage lender and servicer had filed suit and to Florida, where Black Knight had filed the original complaint.
References[edit]
- ^'Archived copy'. Archived from the original on 2017-01-09. Retrieved 2017-01-08.CS1 maint: archived copy as title (link)
- ^'Fidelity National Information Services' Spin off to be Named Lender Processing Services'. Reuters. February 13, 2008.
- ^'Fidelity National Information Services' Spin off to be Named Lender Processing Services,...' Reuters. 2008-02-13. Retrieved 2012-11-08.
- ^'Nevada Sues Lender Processing Services Claiming Robo-Signing'. 2011-12-09.
- ^'Mortgage paperwork mess: Next housing shock?'. 2011-04-23.
- ^'Update 2-LPS settles U.S. foreclosure fraud criminal probe'. 2013-02-15.
- ^'Political notebook: Pam Bondi under fire after LPS-related resignations'.
- ^'LPS acquires PCLender to expand reach to small mortgage lenders'. housingwire.com.
- ^'Constellation Software Inc. Acquires Certain Assets of Lender Processing Services LLC'. Yahoo Finance. 4 May 2012.
- ^http://www.redorbit.com/news/technology/1112649955/lps_announces_acquisition_of_lendingspace
- ^'Archived copy'. Archived from the original on 2011-10-08. Retrieved 2013-01-15.CS1 maint: archived copy as title (link)
- ^'Latest News Headlines - NASDAQ.com'. NASDAQ.com.
- ^'distressedassetdirectory.com'.
- ^'Fortune 500 2012: Fortune 1000 Companies 1-100'. CNN.
- ^'Black Knight Financial Service Rebrands as Black Knight'.
- ^'Black Knight launches new intelligence platform'. Retrieved 2018-09-05.
- ^'Black Knight Launches LoanSphere Actionable Intelligence Platform - MortgageOrb'. MortgageOrb. 2018-08-15. Retrieved 2018-09-05.
- ^'Black Knight names Anthony Jabbour CEO'.
- ^'Black Knight CEO Addresses Lawsuit with Former Customer PennyMac'. Retrieved 2020-03-27.
- ^'PennyMac Financial Services Files Antitrust Lawsuit Against Black Knight for Anticompetitive Behavior'. Retrieved 2020-01-08.
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MORTGAGE TECH PRODUCT SHOWCASE
Black Knight’s comprehensive LoanSphere Empower loan origination system (LOS) provides the functionality and scalability lenders need to support every facet of the origination process — from lead generation, processing and underwriting, to funding and post-closing — for retail, wholesale and consumer-direct lending channels.
System enhancements have been implemented over the years to support clients with compliance, improved workflow and business intelligence. Earlier this year, Black Knight introduced Empower Now!, offering a unique approach for implementing Empower.
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“Empower Now! enables mid-market lenders, including regional banks, credit unions and independent mortgage bankers, to leverage many of Empower’s robust capabilities, but with a significantly faster implementation timeline, as well as decreased maintenance costs,” said Rich Gagliano, president of Black Knight’s Origination Technologies division.
Msp Mortgage Servicing Platform
The LOS is a critical component of Black Knight’s LoanSphere platform, offering integrated technology, data and analytics to support the entire mortgage and home equity loan lifecycle.
Empower features integrated digital technology and e-lending capabilities and direct access to Black Knight’s enterprise business intelligence technology and is also integrated with Black Knight’s industry-leading LoanSphere MSP servicing system. The combination of these technologies can help lenders become more efficient, increase profitability and provide better customer services to borrowers.
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The system can be self-hosted or hosted by Black Knight and features product and pricing capabilities; a robust, automated workflow and task-tracking orchestration engine; an array of standard interfaces and a Web API to support the next generation of digital services.
“No other LOS on the market offers Empower’s seamless integration of systems and services across the complete loan lifecycle to create a ‘virtual loan’ process that supports secure, controlled and accurate loan originations,” Gagliano continued.
Msp Mortgage Servicing System
With underwriting requirements growing more complex, Empower offers the functionality to support product validation, investor guidelines, stipulation entry and tracking, counteroffers and approval escalations.
To further support lender compliance, Empower is integrated with LoanSphere Quality Insight, which helps lenders automate internal quality control reviews and validates pre-funding and post-closing data. Empower’s integration with LoanSphere Closing Insight helps lenders collect and refine loan fees and its orchestration engine generates and tracks disclosure document delivery within mandated timelines.
Using Empower’s advanced RESTful Web API framework, loan officers and consumers can view, add, update or check Empower data from smartphones, tablets, laptops or other internet-enabled devices, without directly accessing the LOS. Using the system’s convenient eDelivery and eSign solutions, lenders can deliver documents and gain consent more quickly to speed up the loan process.
According to Black Knight CEO Tom Sanzone, “Empower’s sophisticated capabilities can help lenders address the significant rise in origination costs, mitigate the potential for severe regulatory penalties and respond to increasing consumer demand for a digital user experience.”