Welcome to our dedicated page for Black Knight news (Ticker: BKI), a resource for investors and traders seeking the latest updates and insights on Black Knight stock.
Black Knight Inc was a mortgage technology company that provided software, data, and analytics solutions to the housing finance industry. The company ceased trading as an independent public entity following its acquisition by Intercontinental Exchange (ICE), with operations integrated into ICE's mortgage technology business.
During its time as a public company, Black Knight news often focused on product launches, client implementations, strategic partnerships, and industry data releases. The company regularly published mortgage market research and performance metrics that were widely referenced by industry participants, analysts, and media outlets. Major announcements typically centered on new software releases, platform enhancements, and technology innovations designed to improve efficiency and compliance in mortgage operations.
Client wins and system implementations represented significant news events, as these deployments often involved large financial institutions migrating substantial loan portfolios to Black Knight's platforms. The company's servicing system managed millions of active loans, making major implementations newsworthy events in the mortgage technology sector.
Regulatory developments and compliance capabilities frequently appeared in Black Knight-related news, as the mortgage industry operates under extensive federal and state regulations. The company's solutions had to adapt to changing regulatory requirements, and updates to address new compliance mandates often generated press coverage.
The acquisition by Intercontinental Exchange represented the most significant corporate event in the company's history as a public entity. The transaction involved extensive regulatory review and industry analysis given the scale of both organizations and their positions in the mortgage and financial technology sectors. Following the acquisition, Black Knight-related developments are now part of ICE's broader mortgage technology initiatives and corporate communications.
In February, home prices surged by 1.84%, marking nearly four times the 25-year monthly average. This increase results in an impressive 19.6% annual growth, the highest rate recorded, with homes appreciating by over 34% since February 2020. Despite rising interest rates, affordability has plummeted to the lowest level in 15 years, requiring 29.1% of the median household income for monthly payments. Additionally, inventory remains critically low, compounding affordability struggles, even as 82 of the top 100 markets are less affordable than historical benchmarks.
Black Knight, Inc. (NYSE:BKI) reports an increase in past-due loans by 1.8% in February 2022, primarily due to a rise of 97,000 in early-stage delinquencies. However, the national delinquency rate remains stable at 3.36%, showing a significant year-over-year decline of 44.09%. Notably, seriously delinquent mortgages dropped by 72,000, while foreclosure starts fell by 24% from January, totaling 25,000. This marks a 23% decrease compared to February 2020, highlighting a recovery trend as borrowers return from forbearance plans.
Black Knight (NYSE:BKI) has announced a significant partnership with Optimum First Mortgage, which will implement the Empower loan origination system along with various integrated solutions to enhance its operational efficiency. This transition aims to support Optimum's growth strategies and improve profitability. The Empower system offers automated processing, risk mitigation, and advanced data management capabilities. Through this collaboration, Optimum First aims to better serve its customers while positioning itself as a large-scale lender.
Black Knight, Inc. (NYSE:BKI) has announced an integration of its Capture lead analytics and Surefire marketing automation solutions. This integration aims to enhance lender outreach by providing borrower-specific pricing and eligibility opportunities while automating consumer contact. The new capabilities come in response to a competitive refinance market, with the pool of high-quality refinance candidates reduced by 45% this year. The integration supports lenders in generating customized offers and improving retention strategies, crucial in an equity-centric environment where homeowners are increasingly accessing home equity.
Black Knight, Inc. (NYSE:BKI) released its Originations Market Monitor report for February 2022, highlighting significant trends in mortgage origination. The report notes that the 30-year conforming mortgage rate surpassed 4% for the first time in over two years, closing the month at 4.09%. Rate locks dropped 5.4% from January, with refinance locks down 15.3% and 34.1%, respectively. However, purchase lending saw a 7.2% increase month-over-month, driven by strong homebuyer demand. The average home loan amount increased to just under $354,000.
On March 9, 2022, Black Knight (NYSE:BKI) announced an expansion of its partnership with PenFed, enhancing its mobile app with Househappy's home care functionality. This integration aims to support PenFed's 2.6 million members in managing home maintenance. Through the Servicing Digital solution, users can access vendors, track repairs, and store home information.
This collaboration is designed to deepen member relationships and improve retention by offering valuable services beyond mortgage transactions.
Black Knight, Inc. (NYSE:BKI) has secured a contract with Iowa Bankers Mortgage Corporation (IBMC) to implement its MSP loan servicing system, significantly enhancing loan management capabilities. The MSP platform services around 37 million active loans, making it the industry leader. IBMC will also utilize Black Knight's Customer Service solution and Servicing Digital to improve customer interactions. Furthermore, the integration of Black Knight's Default Suite aims to streamline default processes and reduce operating costs. This partnership represents a strategic move for IBMC as it seeks to enhance customer service and operational efficiency.
Black Knight, Inc. (NYSE:BKI) announced a record-breaking $4.4 trillion in mortgage originations for 2021, contradicting initial predictions of a decline. The report highlights a significant shift towards equity-driven refinancing, with homeowners cashing out $1.2 trillion, marking a 20% growth in this area. Despite this, retention of cash-out refinance borrowers remains a challenge, with rates lower than traditional refinances. Rising home values have led to improved loan-to-value ratios, aiding in better risk profiles for these loans.
Black Knight (NYSE:BKI) has partnered with Frost, a top U.S. bank, to implement its advanced mortgage origination and servicing solutions, including the Empower loan origination system and MSP loan servicing system. This collaboration aims to enhance Frost's operational efficiency by streamlining mortgage processes and improving customer experience. Frost will benefit from Black Knight's comprehensive offerings, including the Loss Mitigation application and the Servicing Digital platform, which provide essential tools for managing loans effectively throughout the loan lifecycle.
Black Knight, Inc. (NYSE:BKI) has released a white paper detailing the use of mortgage pipeline rate lock data to enhance short-term prepayment modeling. The report indicates that this data serves as a primary indicator of future cash flow, essential for valuing mortgage-backed securities (MBS) and mortgage servicing rights (MSR). By leveraging the Optimal Blue Mortgage Lock Data, the white paper suggests improved predictive capabilities for prepayment models, advocating for its incorporation to supplement existing methodologies. This move positions Black Knight as a key player in mortgage analytics.
