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Contract disputes erupt between PennyMac and Black Knight

On Behalf of | Nov 13, 2019 | Contract Disputes |

The sudden end of a business relationship may affect the futures of each company involved in various ways. In some cases, the termination of a contract could leave a business in Florida facing the possibility of significant financial loss, while others may feel that a similar scenario could open up opportunities for expansion and growth. Mortgage companies Black Knight and PennyMac Financial Services have reportedly engaged in contract disputes following the recent end of their business relationship.

According to reports, Black Knight created a mortgage servicing bank account program that has been used by a variety of lending companies over recent years. The company states that PennyMac was among this list and asserts that the other party recently chose to terminate its contract after developing a program of its own. Black Knight asserts that the other company used access to its own program to steal sensitive company information and it has since filed a lawsuit accusing PennyMac of breach of contract and violation of antitrust laws.

However, PennyMac reportedly asserts that Black Knight was aware that it was developing such a program. The company has reportedly accused Black Knight of intentionally attempting to interfere with its opportunities for company growth. According to reports, PennyMac has filed a countersuit against the other party, accusing it of violating the terms of its contract on numerous occasions.

Contract disputes can stem from a variety of sources and the outcome of such a scenario can have a significant influence on a company’s well-being. Those who face such disputes and wish to gain insight on all their available options could choose to retain the services of an attorney for guidance on how best to proceed. An attorney in Florida can provide a client with advice in making informed decisions about the situation and assist in preparing to protect the future of his or her company through the necessary channels.