Lender Processing Services Inc. (LPS) has announced that AmeriFirst Home Mortgage completed the implementation of LPS' MSP, the industry's leading mortgage and consumer loan servicing platform. MSP is a single, comprehensive system used by financial institutions to manage all servicing processes, including loan boarding, payment processing and escrow administration, giving servicers a fully integrated system to meet mortgage and consumer lending servicing needs for any size portfolio.
AmeriFirst Home Mortgage's conversion of residential mortgage loans onto the MSP platform will offer greater functionality compared to the mortgage banker's current system of record, help reduce operational costs and offer greater revenue opportunities for its expanding company.
'We were looking for a technology solution that provided more robust servicing capabilities to support our growth initiatives, while still helping us manage our operating expenses,' said Mark Jones, president and co-founder of AmeriFirst Home Mortgage, a full-service community mortgage bank with a presence in 11 states. 'We also needed a proven servicing system to help keep us in compliance with increased regulatory changes and federal requirements, as well as ensuring that our internal processes are secure. LPS offered the complete package.'
As part of AmeriFirst Home Mortgage's MSP implementation, one of the key advantages LPS will offer are dedicated teams assigned to support the bank's compliance efforts by helping to ensure that MSP is up-to-date with current regulatory changes and federal requirements. Another benefit AmeriFirst Home Mortgage will receive is customer support through PowerCell, LPS' award-winning contact support network. PowerCell is committed to AmeriFirst's operational success with MSP and offers the availability of technical, application and operational assistance 24/7 to ensure issues are addressed and resolved quickly to the mortgage bank's satisfaction.
'We are pleased AmeriFirst Home Mortgage has chosen LPS' industry-leading technology and services to meet the evolving needs of its growing and successful business,' said Robert Davis, executive vice president of sales and account management for LPS' Servicing Solutions and Technology division. 'We are committed to providing AmeriFirst Home Mortgage with the dynamic, innovative technology and collaborative support needed to face the challenges and opportunities ahead.'
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Loan Producer ® is a user-friendly, complete end-to-end loan origination system that automates the residential loan origination process from loan application through processing, underwriting, closing, funding and secondary marketing. Mortgage Servicer ® is a user-friendly software solution that automates residential servicing operations, including payment processing, investor. 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. Lps msp servicing system - Bing - pdfsdirpp.com Black Knight’s MSP servicing system is a complete, scalable, end-to-end system used by most of the.
| 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).
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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.
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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.