Black Knight Financial Services in Jacksonville, Fla., swung to a profit in the second quarter, the first reporting period after it completed an initial public offering in May.
The maker of mortgage-automation software reported
Total revenue rose 8.3% to $232.1 million. Total expenses fell 2.1% to $193.8 million.
Revenue from Black Knight's technology business rose 7.4% to $191 million. Data and analytics revenue rose 7.9% to $43.7 million.
Nonbanks with servicing portfolios saw earnings dip, while expenses for most shot up in anticipation of more origination volume.
The Great Financial Crisis changed not only how Luxury Mortgage operated, but what its name stands for, shifting from the high-end of the market, founder David Adamo said.
Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
