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.
Black Knight, Inc. (NYSE:BKI), a leader in software and data solutions for mortgage and real estate markets, announced its participation in the Cannae Portfolio Conference in Las Vegas. Key presentations will include CEO Anthony Jabbour and CFO Kirk Larsen on December 8, 2021, and Scott Happ with Larsen on December 9, 2021. A live webcast and replay will be accessible via the company's Investor Relations website. Black Knight focuses on delivering integrated solutions throughout the homeownership lifecycle, enhancing client support and innovation in lending and servicing.
Black Knight, Inc. (NYSE:BKI) released its October 2021 mortgage performance statistics, indicating a continuing improvement in the U.S. housing market. The total U.S. loan delinquency rate stands at 3.74%, down 4.25% month-over-month and significantly lower by 41.90% year-over-year. Foreclosure starts reached 4,000, marking a 2.56% increase from the previous month but a 14.89% decline year-over-year. Active loans in foreclosure inventory decreased to 138,000, a 22.03% drop compared to last year.
Black Knight, Inc. (NYSE:BKI) has enhanced its Optimal Blue product to support construction-only and construction-to-permanent loans. This upgrade enables lenders to process these loans within the platform, improving efficiency and data flow. The enhancement reflects Black Knight's commitment to innovation and aims to streamline the pricing process for construction products. The Optimal Blue PPE now provides easier access to current pricing, benefiting both lenders and consumers.
On November 17, 2021, Black Knight, Inc. (NYSE:BKI) announced that First National Bank of Omaha (FNBO) will implement its suite of servicing technologies, including the MSP loan servicing system. This system supports various aspects of mortgage servicing and is complemented by Customer Service, Servicing Digital, and Loss Mitigation solutions. These tools aim to enhance customer experience and support FNBO's growth and regulatory compliance. Black Knight expressed enthusiasm for a long-term partnership with FNBO.
Black Knight, Inc. (NYSE: BKI) received the U.S. Department of Labor's 2021 HIRE Vets Medallion Award, marking the second consecutive year of recognition for its commitment to hiring U.S. veterans. This award reflects Black Knight's success in providing veteran career opportunities and support programs. The company was one of 160 recipients nationally, showcasing dedication to long-term career options for veterans. Additionally, Black Knight is acknowledged by the U.S. Department of Defense for its commitment to military families.
On Nov. 11, 2021, Black Knight, Inc. (NYSE:BKI) announced a contract with Patriot Mortgage, a Texas-based lender, to implement its Empower LOS and integrated origination solutions. This partnership aims to enhance the borrower experience and improve digital presence in the mortgage sector. The Empower platform will streamline the origination process for first mortgages and home equity loans, utilizing automation to reduce costs and increase efficiency. Patriot Mortgage will also leverage Black Knight's advanced technology for compliance and operational support.
Black Knight, Inc. (NYSE:BKI) announced that Pulte Mortgage, a subsidiary of PulteGroup, Inc. (NYSE:PHM), will implement the MSP loan servicing system along with additional solutions to enhance their mortgage servicing operations. This adoption emphasizes automation and regulatory compliance. The MSP system supports various loan types, improving operational efficiency and customer experience. Pulte Mortgage will also utilize Black Knight's Customer Service solution and Actionable Intelligence Platform for better analytics and customer engagement.
Black Knight, Inc. (NYSE:BKI) announced that Wells Fargo (NYSE:WFC), the largest mortgage servicer in the U.S., has adopted its Servicing Digital solution. This platform enhances customer experience by providing detailed, personalized information about loans and home values. According to Kristy Fercho, EVP at Wells Fargo, the tool strengthens their relationship with mortgage customers. Joe Nackashi, president of Black Knight, emphasized the value brought to Wells Fargo’s customer base through this expanded collaboration. The responsive Servicing Digital interface ensures continuous engagement and relevant mortgage insights.
Black Knight, Inc. (NYSE:BKI) released its October 2021 Originations Market Monitor, revealing a significant decline in mortgage origination activity. Rate/term refinance locks plummeted over 23% month-over-month, reaching a 63% drop compared to the previous year. Overall rate locks fell by 5.9%, primarily due to a sharp decrease in rate/term refinances, which dropped to the lowest market share since June 2021. While cash-out refinancing remained relatively stable, it still reflected a broader shift towards equity-centric refinancing, spurred by over $9 trillion in tappable equity available to borrowers.
Black Knight (BKI) reported strong Q3 2021 results with revenues of $378.0 million, a 21% increase year-over-year. Organic revenue growth stood at 10%, with operating income rising 39% to $82.7 million, resulting in an operating margin of 21.9%. However, net earnings fell to $53.4 million with diluted EPS declining to $0.34, partly due to a prior year non-cash gain. Adjusted EBITDA grew 19.5%, and the company raised its full-year revenue outlook to $1,466 million to $1,472 million.
