Black Knight Financial Services

Black Knight Financial Services
Financial services
Traded as NYSE: BKFS
Founded Florida, USA (2008)
Headquarters 601 Riverside Avenue, Jacksonville, Florida, USA
Key people
 Lee A. Kennedy, Chairman
Hugh R. Harris, CEO
Dan T. Scheuble, EVP and COO
C. William Griffin, EVP of Sales
Joseph M. Nackashi, EVP and CIO
Products Mortgage and Consumer Loan Technology,
Data and Analytics
Website bkfs.com

Black Knight Financial Services is an American corporation that provides integrated technology, services, data and analytics solutions to the mortgage and real estate industries. Other products include ServiceLink, which focuses on transaction services for mortgage originators and on default services. On January 3, 2014, Fidelity National Financial acquired Lender Processing Services "LPS", renaming it Black Knight.

History

The company formerly known as Lender Processing Services was incorporated in 2007.[1] It once served as the mortgage business segment of Fidelity National Information Services, spinning 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.

LPS became a publicly traded company in July 2008 and thereafter became involved in several high profile controversies which severely damaged the reputation of the company. 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. The consequences of these business practices were featured in an episode of 60 Minutes. Eventually LPS settled with the federal government and other states but not before their brand was destroyed in the marketplace.

On March 14, 2011, the Company's subsidiary, LPS Mortgage Processing Solutions, Inc., acquired PCLender.com, Inc. (PCLender.com).[4] In May 2012, Constellation Software Inc. acquired the assets of the Local Government Solutions division of the Company.[5] In July 2012, the Company acquired LendingSpace, a provider of mortgage loan origination software solutions.[6]

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.[7]

On January 3, 2014 Lender Processing Services was renamed Black Knight Financial Services after being acquired by Fidelity National Financial.[8] LPS product offerings support origination, servicing, portfolio retention and default servicing. LPS' servicing solutions include MSP, a loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume.[9] The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. LPS was a Fortune 1000 company headquartered in Jacksonville, Florida, employing approximately 8,000 professionals, although this number diminished significantly with the vast amount of layoffs occurring within the company after becoming Black Knight.[10]

References

  1. ↑ "Company Search". Reuters.
  2. ↑ "Fidelity National Information Services' Spin off to be Named Lender Processing Services,". Reuters. February 13, 2008.
  3. ↑ "Fidelity National Information Services' Spin off to be Named Lender Processing Services,...". Reuters. 2008-02-13. Retrieved 2012-11-08.
  4. ↑ "LPS acquires PCLender to expand reach to small mortgage lenders". housingwire.com.
  5. ↑ "Constellation Software Inc. Acquires Certain Assets of Lender Processing Services LLC". Yahoo Finance. 4 May 2012.
  6. ↑ http://www.redorbit.com/news/technology/1112649955/lps_announces_acquisition_of_lendingspace
  7. ↑ http://www.lpsvcs.com/LPSCorporateInformation/NewsRoom/Pages/20111005.aspx
  8. ↑ "Latest News Headlines - NASDAQ.com". NASDAQ.com.
  9. ↑ "distressedassetdirectory.com". distressedassetdirectory.com.
  10. ↑ "Fortune 500 2012: Fortune 1000 Companies 1-100". CNN.
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