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) announced a long-term contract with Ross Mortgage Corporation to implement its Empower Loan Origination System (LOS) and integrated solutions. This collaboration aims to enhance operational efficiency, accelerate loan processing, and improve borrower experience. Ross Mortgage will utilize Empower for originating first mortgages and home equity loans, benefiting from features like lights-out processing, AI-driven document handling, and compliance automation. The partnership also includes the use of Optimal Blue's pricing tools for competitive rates.
On September 22, 2021, Black Knight (NYSE:BKI) reported its August 2021 mortgage performance statistics, indicating a total U.S. loan delinquency rate of 4.00%, down 3.48% month-over-month and down 41.84% year-over-year. Foreclosure pre-sale inventory stands at 0.27%, up 1.73% month-over-month but down 23.55% year-over-year. Foreclosure starts increased to 7,100, a rise of 69.05% from the previous month and 18.33% from last year. The report highlighted significant fluctuations in delinquency rates across states, with Mississippi showing the highest non-current percentage at 7.71%.
Black Knight, Inc. (NYSE: BKI) launched LoanCatcher, a cloud-based loan origination system tailored for mortgage brokers. This system enhances brokers' access to advanced technology, allowing for seamless operation on any internet-connected device. LoanCatcher integrates with Black Knight's ecosystem, offering tools like Surefire for CRM and marketing and Loansifter PPE for competitive lending strategies. With a user-friendly onboarding process and robust security features, LoanCatcher aims to empower brokers to grow their businesses more effectively.
On September 13, 2021, Black Knight (NYSE:BKI) released its Originations Market Monitor report for August 2021. The report reveals that interest rates hovered around 3.05%, leading to a surge in mortgage refinances, especially cash-out refis, which increased by 7.6%, driving overall rate locks up by 1.3% from July. The refinance share surpassed 50% for the first time since February, fueled by a significant rise in tappable equity, now averaging $173,000 per homeowner. The report highlights the potential for future growth in cash-out lending amidst rising home prices.
On September 8, 2021, Black Knight, Inc. (NYSE: BKI) released its Mortgage Monitor Report, revealing a significant growth in tappable equity among U.S. homeowners. In Q2 2021 alone, tappable equity surged by $1 trillion, reaching an all-time high of $9.1 trillion, a 37% increase year-over-year. The report highlights rising home values, which increased nearly 20% from the previous year. Additionally, cash-out refinances reached their highest volume in nearly 15 years, although retention remains challenging for servicers.
On Aug. 25, 2021, Black Knight (NYSE:BKI) announced a partnership with CIBM Bank to implement the Empower loan origination system and integrated solutions. This collaboration aims to enhance CIBM Bank's operations and meet the digital demands of its customers. Empower will streamline the loan origination process, enabling greater efficiency and an improved borrower experience. Additional integrated solutions include machine-learning technology and an end-to-end digital close solution, which will help CIBM Bank achieve its business goals and support significant growth.
Black Knight, Inc. (NYSE:BKI) reported its April 2021 mortgage performance statistics, indicating a total loan delinquency rate of 4.14%, reflecting a 5.22% month-over-month decrease and a significant 40.06% year-over-year reduction. Foreclosure rates also showed improvement, with a 0.26% inventory rate, a 3.99% drop from the previous month and a 25.93% decline from last year. Despite positive trends, 1.45 million homes remain seriously delinquent as the foreclosure moratorium ends.
Black Knight, Inc. (NYSE:BKI) released its Originations Market Monitor, revealing mortgage origination data through July 2021. As the Delta variant raised market uncertainty, the 10-year Treasury yield fell, driving July's conforming 30-year mortgage rates down to 2.99%, 17 basis points lower than June. Rate locks increased by 5.5%, with refinance locks rising 24% and cash-out refinances up 20%. However, purchase loan locks dropped 7% due to rising home prices and limited inventory. The refinance market returned to a 50% share, aided by the FHFA's repeal of the adverse market fee.
Black Knight reported solid second quarter 2021 results, with revenues hitting $361.3 million, a 23% increase year-over-year. Organic revenue growth stood at 11%. Net earnings grew by 2% to $39.7 million, yielding a diluted EPS of $0.25. Adjusted EBITDA reached $177.5 million, up 21%, with a margin of 49.1%. The company completed acquisitions of eMBS and TOMN, enhancing its data analytics capabilities. Full-year guidance was raised to $1,447 million to $1,463 million in revenue.
Black Knight, Inc. (NYSE: BKI) has announced enhancements to its Servicing Digital solution, integrating it with various products including loss mitigation and automated valuation models. This interactive platform offers consumers timely mortgage information and self-service options, promoting a transparent user experience. The integration allows for personalized refinance pricing and streamlines assistance requests for clients in financial distress. The updates aim to improve customer retention and satisfaction, addressing the increasing demand for digital mortgage solutions.
