NYSE:BKI

Black Knight Originations Market Monitor: Mortgage Activity Falls as Rates Hit Two-Decade High Amid Seasonal Headwinds

Retrieved on: 
Monday, September 11, 2023
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Leveraging daily rate lock data from the Optimal Blue PPE , the Originations Market Monitor provides the industry's earliest and most comprehensive view of origination activity.

Key Points: 
  • Leveraging daily rate lock data from the Optimal Blue PPE , the Originations Market Monitor provides the industry's earliest and most comprehensive view of origination activity.
  • "August was another rough month for mortgage borrowers from an interest rate perspective," said Andy Walden, vice president of enterprise research and strategy at Black Knight, now a part of ICE.
  • "Indeed, 30-year conforming rates reached as high as 7.25% late in the month, hitting their highest point in more than 20 years.
  • Much more detail on August's origination activity can be found in the full Black Knight Originations Market Monitor report .

Black Knight: As Interest Rates Hit 22-Year Highs, 51% of Homebuyers Face $2,000+ Monthly Mortgage Payments; Nearly a Quarter Face $3,000 Payments or More

Retrieved on: 
Wednesday, September 6, 2023
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As Black Knight Vice President of Enterprise Research Andy Walden explains, this is a remarkably recent development.

Key Points: 
  • As Black Knight Vice President of Enterprise Research Andy Walden explains, this is a remarkably recent development.
  • "That's up 60% over the past two years, which got us to thinking: just when did the $2,000 monthly mortgage payment become the norm?
  • Beyond that, nearly one in four July homebuyers has payments north of $3,000, up from just 5% in 2021.
  • However, HELOCs still remain the more attractive of the two options for homeowners needing to access equity without sacrificing record-low first-lien rates.

Intercontinental Exchange Completes Acquisition of Black Knight and Announces Preliminary Results of Elections Made by Black Knight Stockholders in Connection with the Acquisition

Retrieved on: 
Tuesday, September 5, 2023
Professional Services, Finance, Constellation, Agreement, Plan, Cash, Housing, Tripura Merger Agreement, CSU, ICE, Eastern Time Zone, Federal Trade Commission, Telephone, Intercontinental, BKI, History, Mergers and acquisitions, MERS, Acquisition, Intercontinental Exchange, Black Knight, TSX, Ecosystem, Mortgage Electronic Registration Systems, NYSE, Ellie Mae, Software, Security (finance), Holding company, Empower

The Black Knight acquisition follows ICE’s 2020 acquisition of Ellie Mae, its 2019 acquisition of Simplifile, and its 2018 acquisition of Mortgage Electronic Registrations Systems (MERS), which together created the foundation of its ICE Mortgage Technology business segment.

Key Points: 
  • The Black Knight acquisition follows ICE’s 2020 acquisition of Ellie Mae, its 2019 acquisition of Simplifile, and its 2018 acquisition of Mortgage Electronic Registrations Systems (MERS), which together created the foundation of its ICE Mortgage Technology business segment.
  • The elections of Black Knight stockholders are subject to proration in accordance with the terms of the Merger Agreement, which is applicable in the event one form of merger consideration is undersubscribed or oversubscribed.
  • The Merger Agreement provides that the aggregate amount of cash consideration will equal $10,505,000,000 (the “Cash Component”).
  • All the remaining shares of Black Knight common stock not receiving the Per Share Cash Consideration will be converted into the right to receive the Per Share Stock Consideration.

Black Knight HPI for July 2023: Annual Growth Rate Accelerates as Home Prices Set New Record High, Though Mixed Signals Suggest Market May Be Shifting

Retrieved on: 
Thursday, August 31, 2023
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-- Though prices rose on both seasonally adjusted and non-adjusted levels, after five months of above average gains, July's 0.23% non-adjusted change was smaller than the 25-year average increase of 0.34% for the month

Key Points: 
  • Even with interest rates hovering near 7.25%, home price growth continued in July to push home prices to yet another record high.
  • However, as Black Knight Vice President of Enterprise Research Andy Walden explains, there were some mixed signals in the market data for July, raising questions about a potential downshift.
  • "Home prices continued to rise in July, hitting a new record high for the third month running," said Walden.
  • "After picking up some small momentum in May and June following 14 straight months of slowing, the annual growth rate spiked to 2.3% in July.

Nonprofit Fahe Selects MSP, Black Knight's Loan Servicing System, to Support its Commitment to Regional Housing

Retrieved on: 
Tuesday, August 29, 2023
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JACKSONVILLE, Fla., Aug. 29, 2023 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE: BKI) announced that Fahe, a nonprofit that serves the people and communities of Appalachia, has signed a contract for the MSP loan servicing system. MSP is Black Knight's comprehensive, end-to-end loan servicing system that supports all aspects of servicing, from loan boarding to default.

Key Points: 
  • MSP is Black Knight's comprehensive, end-to-end loan servicing system that supports all aspects of servicing, from loan boarding to default.
  • "For 40 years, Fahe has worked to create positive change to help achieve a more prosperous Appalachian region," said Ed Laurel, senior vice president of Loan Servicing, Fahe.
  • "Our MSP loan servicing system uniquely offers scalability and functionality for nonprofits, large banks, and every entity in between.
  • Additionally, the seamless integration and automation within our servicing solutions will help Fahe efficiently manage their servicing operations as they grow."

Intercontinental Exchange and Black Knight Announce Entry into Agreement Containing Consent Orders with FTC’s Bureau of Competition

Retrieved on: 
Saturday, August 26, 2023
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Intercontinental Exchange, Inc. (NYSE: ICE) and Black Knight, Inc. (NYSE: BKI) today announced that they have entered into an Agreement Containing Consent Orders (the “ACCO”) with the Bureau of Competition of the Federal Trade Commission (the “FTC”) regarding ICE’s pending acquisition of Black Knight.

Key Points: 
  • Intercontinental Exchange, Inc. (NYSE: ICE) and Black Knight, Inc. (NYSE: BKI) today announced that they have entered into an Agreement Containing Consent Orders (the “ACCO”) with the Bureau of Competition of the Federal Trade Commission (the “FTC”) regarding ICE’s pending acquisition of Black Knight.
  • The ACCO contains an agreed form of consent order that will be submitted to the FTC for acceptance and approval.
  • Black Knight stockholders should carefully read all of the election materials provided to them before making their election.
  • No guarantee can be made that Black Knight stockholders will receive the amount of Per Share Cash Consideration or Per Share Stock Consideration that they elect.

Black Knight's First Look at July Mortgage Performance Data: Foreclosure Inventory Hits Lowest Level in 15 Months, While Serious Delinquencies Continue to Decline

Retrieved on: 
Wednesday, August 23, 2023
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Meanwhile, serious delinquencies (90+ days past due) continued to improve, falling to 468K – the lowest level seen since the pre-Great Financial Crisis housing market peak and down 161K (-26%) from July 2022

Key Points: 
  • Meanwhile, serious delinquencies (90+ days past due) continued to improve, falling to 468K – the lowest level seen since the pre-Great Financial Crisis housing market peak and down 161K (-26%) from July 2022
    30-day delinquencies rose by 35K in the month, with 60-day delinquencies rising by 17K (6.4%) – while those 90+ days past due fell by 3K (-0.6%)
    Loans in active foreclosure fell to 220K – the fewest since just after the end of federal foreclosure moratoria – and remain down 63K (-22%) from February 2020, prior to the pandemic
    JACKSONVILLE, Fla., Aug. 23, 2023 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at July 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
  • Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.21%

AimLoan Completed Successful Implementation of MSP, Black Knight's Loan Servicing System

Retrieved on: 
Wednesday, August 16, 2023
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JACKSONVILLE, Fla., Aug. 16, 2023 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE: BKI) announced that AimLoan, an internet-direct mortgage lender focused on using technology to deliver savings, transparency and convenience to mortgage customers, has successfully implemented the Black Knight MSP loan servicing system to help them manage their mortgage loan portfolio in-house. MSP is a comprehensive, end-to-end platform that supports all aspects of servicing for first mortgages, as well as home equity loans and lines of credit, on a single system. AimLoan is also using several other innovative Black Knight solutions focused on the customer experience and operational efficiencies.

Key Points: 
  • AimLoan is also using several other innovative Black Knight solutions focused on the customer experience and operational efficiencies.
  • In addition to the MSP loan servicing system, AimLoan has introduced the Black Knight Servicing Digital solution to its customers, giving them self-service access to customized, timely information about their mortgages and homes.
  • "AimLoan selected the MSP loan servicing system after an extensive due diligence process, and Black Knight is pleased to have the opportunity to support the company's growth goals and help them exceed their high customer experience standards," said Joe Nackashi, CEO of Black Knight.
  • "Like AimLoan, Black Knight is committed to fostering seamless, digital processes, and we have no doubt that our advanced solutions will help the company exceed its servicing goals."

Black Knight Originations Market Monitor: Mortgage Rate Lock Activity Falls as Rates Top 7% for First Time Since November 2022; Signs of Credit Tightening Persist

Retrieved on: 
Monday, August 14, 2023
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Leveraging daily rate lock data from Black Knight's Optimal Blue PPE , the Originations Market Monitor provides the industry's earliest and most comprehensive view of origination activity.

Key Points: 
  • Leveraging daily rate lock data from Black Knight's Optimal Blue PPE , the Originations Market Monitor provides the industry's earliest and most comprehensive view of origination activity.
  • "On both a practical and psychological level, that put further downward pressure on mortgage demand.
  • The month's pipeline data showed rate lock activity fell for the second consecutive month, dropping 7% overall.
  • Much more detail on July's origination activity can be found in the full Black Knight Originations Market Monitor report.

Black Knight: Home Prices Hit New Record Highs in 60% of Major Markets as Annual Growth Rate Rises, Boosting Homeowner Equity Levels

Retrieved on: 
Monday, August 7, 2023
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"We've been noting for some months that the recent rate of home price gains would have a lagging, but significant, impact on the annual rate of appreciation," said Walden.

Key Points: 
  • "We've been noting for some months that the recent rate of home price gains would have a lagging, but significant, impact on the annual rate of appreciation," said Walden.
  • Not only has the Black Knight HPI reached a new record high – on both seasonally adjusted and non-adjusted bases – but 60% of major markets have done so as well.
  • Rising home prices have boosted homeowner equity levels as well, which had been retreating from their 2022 highs not very long ago.
  • The average mortgage holder has some $199K in tappable equity available to them; down somewhat from 2022's historic highs but still a historically large amount regardless.