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Union Bank to Implement Black Knight’s Closing Insight™ Solution  

 

March 26, 2015
  • ​ New technology helps lenders and service providers meet their obligations with CFPB’s TILA-RESPA 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 settlement providers to improve operational efficiency.
 
JACKSONVILLE, Fla. – March 26, 2015 – Black Knight Financial Services announced today that MUFG Union Bank(Union Bank), one of the nation’s leading financial institutions, has signed an agreement to implement Black Knight’s Closing Insight™, a suite of Web-based solutions designed to help lenders address the CFPB’s TILA-RESPA Integrated Disclosure rule and to automate the multi-party processes required to close a loan. Closing Insight will be delivered through the Exchange, an open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange that connects more than 17,000 of the mortgage industry’s service and solution providers. The Exchange is offered by RealEC Technologies, a division of Black Knight Financial Services.
 
Closing Insight will help support the obligations of Union Bank and its business partners with the CFPB’s TILA-RESPA Integrated Mortgage Disclosure rule, which is scheduled to go into effect in August 2015. This solution will provide an electronic, workflow-driven approval process and a collaborative closing utility that will streamline the reconciliation of fees for final loan closing disclosures between lenders, settlement agents and other service providers. Using a client-configurable rules engine, lenders will have the ability to generate and review disclosure documents, which will help them meet loan-closing timeline requirements. 

Union Bank also uses Black Knight’s loan servicing platform, MSP® a single, comprehensive system used by financial institutions for any size portfolio to manage all mortgage and consumer loan servicing processes, including loan boarding, payment processing, escrow administration and more, as well as Empower®, Black Knight’s client- or ASP-hosted, Web-based enterprise loan origination and Web portal solution used by lenders to manage retail and wholesale lending channels.

“We believe that Closing Insight will provide Union Bank and the lending industry with an innovative solution to enhance collaboration with settlement providers, improve operational efficiency and support CFPB-related efforts,” said Jim Francis, head of Consumer Lending for Union Bank. “Most importantly, Closing Insight will help us provide a better closing experience to our mortgage customers.”

“Black Knight is proud to work with Union Bank on this implementation, which will offer the organization a high-quality, data-driven settlement process,” said Dan Sogorka, president, RealEC Technologies. “Union Bank is taking a leadership role in the industry by proactively incorporating this solution in advance of the effective date for the CFPB’s new rule to help the bank and its providers be prepared to comply by August 2015.”
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 CFPB’s Integrated Mortgage Disclosures rule.
 
1 Exchange rate of USD=¥119.78 (J-GAAP) as of December 31, 2014
 

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 lifecycle.
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.
 

About MUFG Union Bank, N.A.

 
MUFG Union Bank, N.A., is a full-service bank with offices across the United States.  We provide a wide spectrum of corporate, commercial, retail banking and wealth management solutions to meet the needs of customers.  The bank also offers an extensive portfolio of value-added solutions for customers, including investment banking, personal trust, capital markets, global treasury management, transaction banking and other services.  With assets of $113.7 billion (USD), as of December 31, 2014, the bank has strong capital reserves, credit ratings and capital ratios relative to peer banks.  MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financial organizations with total assets of approximately ¥279 trillion (JPY) or $2.3 trillion (USD)1, as of December 31, 2014.  MUFG Americas Holdings Corporation, the financial holding company and MUFG Union Bank, N.A. have corporate headquarters in New York City.
 
Media Contact: Michelle Kersch, 904.854.5043, Michelle.Kersch@bkfs.com
 
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