Black Knight (company)

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Black Knight, Inc.
Financial services
Traded asNYSEBKI
Russell 1000 Component
FoundedFlorida, USA
October 27th, 2014[1]
Headquarters601 Riverside Avenue, Jacksonville, Florida, USA
Key people
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
Websitewww.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 (NYSEBKI).

Two attorneys who investigated LPS as part of their work for Florida's Economic Crime Division resigned under pressure from Attorney General Pam Bondi, the recipient of large campaign contributions from LPS.[2]

History[edit]

LPS logo

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[3][4] 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 mass forgeries and other unethical behavior that was occurring within the company and continued thereafter. In addition to the federal government, states such as Nevada began filing legal proceedings against employees of the company.[5] The consequences of these business practices were featured in an episode of 60 Minutes[6]. Eventually LPS settled with the federal government and other states[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 (NYSEBKI). In August 2018, Black Knight launched LoanSphere Actionable Intelligence Platform to provide lenders with actionable intelligence.[16][17]

On November 06, 2019, PennyMac Financial services Files Antitrust lawsuit against Black Knight for Anti competitive behavior.

References[edit]

  1. ^ "Archived copy". Archived from the original on 2017-01-09. Retrieved 2017-01-08.CS1 maint: archived copy as title (link)
  2. ^ "Political notebook: Pam Bondi under fire after LPS-related resignations".
  3. ^ "Fidelity National Information Services' Spin off to be Named Lender Processing Services". Reuters. February 13, 2008.
  4. ^ "Fidelity National Information Services' Spin off to be Named Lender Processing Services,..." Reuters. 2008-02-13. Retrieved 2012-11-08.
  5. ^ "Nevada Sues Lender Processing Services Claiming Robo-Signing". 2011-12-09.
  6. ^ "Mortgage paperwork mess: Next housing shock?". 2011-04-23.
  7. ^ "UPDATE 2-LPS settles U.S. foreclosure fraud criminal probe". 2013-02-15.
  8. ^ "LPS acquires PCLender to expand reach to small mortgage lenders". housingwire.com.
  9. ^ "Constellation Software Inc. Acquires Certain Assets of Lender Processing Services LLC". Yahoo Finance. 4 May 2012.
  10. ^ http://www.redorbit.com/news/technology/1112649955/lps_announces_acquisition_of_lendingspace
  11. ^ "Archived copy". Archived from the original on 2011-10-08. Retrieved 2013-01-15.CS1 maint: archived copy as title (link)
  12. ^ "Latest News Headlines - NASDAQ.com". NASDAQ.com.
  13. ^ "distressedassetdirectory.com".
  14. ^ "Fortune 500 2012: Fortune 1000 Companies 1-100". CNN.
  15. ^ https://www.housingwire.com/articles/41270-black-knight-financial-services-rebrands-as-black-knight. Missing or empty |title= (help)
  16. ^ "Black Knight launches new intelligence platform". Retrieved 2018-09-05.
  17. ^ "Black Knight Launches LoanSphere Actionable Intelligence Platform - MortgageOrb". MortgageOrb. 2018-08-15. Retrieved 2018-09-05.