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Black Knight Financial Services Opens Closing Insight Registration to Settlement Agents in Preparation for the CFPB’s Integrated Mortgage Disclosure Rule  

 

April 16, 2015
- To meet the CFPB’s Integrated Mortgage Disclosure rule, several top lenders will be using Black Knight’s Closing Insight solution to exchange documents, data and information with settlement agents.
- Settlement agents are being encouraged by these lenders to register with Closing Insight, so they can use the solution to communicate and collaborate, while protecting non-public, personal information.
- Closing Insight, a comprehensive technology solution that provides integrations with major title and settlement platforms, is designed to help lenders address the TILA-RESPA Integrated Mortgage Disclosure rule.
 
JACKSONVILLE, Fla. -- April 16, 2015 -- Black Knight Financial Services announced the opening of registration for settlement agents on Closing Insight, Black Knight’s suite of Web-based solutions designed to help lenders address the CFPB’s TILA-RESPA Integrated Disclosure rule by automating the multi-party processes required to close a loan. Closing Insight is built on 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 with the top lenders in the industry. Both Closing Insight and the Exchange are offered by RealEC Technologies, a division of Black Knight Financial Services.

Several top lenders have announced integration with Closing Insight to help support their compliance obligations with the CFPB’s new rule, which is scheduled to go into effect August 1, 2015. To prepare to exchange documents, data and information with these lenders, settlement agents are being encouraged to register for Closing Insight from April 15 – May 31, 2015. Registering in advance will offer settlement agents enough time for all of their office locations and users to receive training and become familiar with the platform prior to the CFPB’s deadline.
 
Closing Insight features several key components to streamline the complex, multi-party closing process, including:
- A bi-directional data service to obtain, aggregate and validate fee quotes from multiple sources
- A collaborative data exchange and disclosure approval process between lenders and closing agents via RealEC’s Exchange™ Web portal and workflow
- A rules-based engine focused on data completeness and compliance validation
- Secure delivery of data and documents between lenders, settlement agents and borrowers
- The capture and retention of loan data in Version 3 Series MISMO format to enable system integration and archiving for future “machine-readable” requirements
 
“Our goal is to provide the industry with a secure, scalable, low-friction solution that enables both small and large players to achieve compliance and gain operating efficiencies that drive value for consumers,” said Dan Sogorka, president, RealEC Technologies. “We think settlement agents who want to do business with the lenders using Closing Insight will appreciate the extensive work that’s been done to create a user-friendly interface for settlement agents and lenders to easily communicate and collaborate with one another in keeping with regulatory requirements. Being prepared to stay compliant with the new CFPB rule is the most effective way to keep the lending industry running smoothly.”

RealEC Technologies is working closely with lenders, underwriters and software providers to develop standard training materials for users that will be presented through a combination of online training, classroom training and webinars. Training will begin in May. For more details about the Closing Insight registration process and to access a list of Frequently Asked Questions, visit www.ClosingInsight.com.
 
 

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.
 
Media Contact: Michelle Kersch, 904.854.5043, Michelle.Kersch@bkfs.com
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