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Black Knight’s New Closing Insight Solution Helps Lenders and Their Settlement Agents With Compliance Efforts for the TILA-RESPA Integrated Disclosure Rule  

 

October 20, 2014
​           -        New technology helps lenders and service providers meet their obligations with CFPB’s Integrated Disclosure rule.
           -        Closing Insight uses an electronic, workflow-driven process to streamline reconciliation of fees between lenders, settlement   
                 agents and other service providers.
           -     Solution will increase collaboration between lenders and settlement providers to improve operational efficiency.


JACKSONVILLE, Fla. -- Oct. 20, 2014 -- 
Black Knight Financial Services announced today that its RealEC Technologies division is deploying a new technology suite that will help the mortgage industry meet new loan disclosure requirements under TILA and RESPA sections 4 and 5. Closing Insight™, a suite of Web-based technology and workflow solutions, is being developed by Black Knight in collaboration with several top lenders, title underwriters and settlement agents to automate the numerous multi-party processes that will be required to close a loan. Closing Insight will be delivered through the Exchange, RealEC’s open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange that connects more than 15,000 of the mortgage industry’s service and solution providers.

Closing Insight will help lenders and their business 
partners satisfy their obligations with the TILA-RESPA Integrated Disclosure rule, scheduled to go into effect Aug. 1, 2015. This solution will provide an electronic, workflow-driven approval process and a collaborative closing service that will streamline the reconciliation of fees for initial and final loan closing disclosures between lenders, settlement agents and other service providers. Using a proven, client-configurable rules engine, lenders will have the ability to generate and review disclosure documents, which will help them meet loan-closing timeline requirements. 


“We believe that Closing Insight will provide the lending industry with an innovative solution to enhance collaboration with settlement providers, improve operational efficiency and support CFPB-related efforts,” said Dan Sogorka, president, RealEC Technologies. “We are proactively working with several of the industry’s top lenders, title underwriters and title software production platforms to develop a solution that will help the industry deliver a higher-quality, data-driven process, which will ultimately create a better closing experience for consumers. And, we have many industry leaders on our advisory board, including three of the top five mortgage originators. I have been greatly encouraged by the spirit of cooperation and focus that our community of stakeholders continues to dedicate to this important industry-changing initiative.”

 
Some of the specific areas of the loan process that RealEC Technologies, lenders and settlement agents are targeting in their discussions include:

-          Examining how lenders, underwriters and agents interact, so that loan workflow can be improved

-          Driving towards naming consistency and analyzing tolerances for loan-related fees

-          Settlement agent registration and outreach

-          Evidence of compliance and electronic management of loan files

The new Closing Insight solution will be available to lenders and their service providers prior to the August 2015 deadline to support implementation of the TILA-RESPA Integrated Disclosure rule.

About Black Knight Financial Services, LLC

Black Knight Financial Services, a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries’ leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage life cycle.
 
Black Knight Financial Services is committed to being the premier business partner  that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
 

Media Contact: Michelle Kersch, 904.854.5043, Michelle.Kersch@BKFS.com​​​​​

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