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Black Knight’s Closing Insight Solution Will Be Used to Improve Mortgage Closing Disclosure Experience for USAA Members  

 

June 26, 2015
  • New solution will help the efforts of lenders and service providers to 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 is a valuable tool to facilitate collaboration and communications between settlement providers to help meet new requirements by specified deadlines.
 
JACKSONVILLE, Fla. – June 26, 2015 – Black Knight Financial Services (NYSE: BKFS) announced today that USAA, a Texas-based Fortune 500 provider of diversified financial services, 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 (TRID) by automating the multi-party processes required to close a loan. Closing Insight leverages 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. Both Closing Insight and Exchange are offered by RealEC Technologies, a division of Black Knight Financial Services.

Closing Insight will provide an electronic, workflow-driven approval process to help support USAA and its business partners with their obligations to meet the CFPB’s TRID rule, which is scheduled to go into effect later this year. The solution’s collaborative closing utility will streamline the reconciliation of fees for final loan closing disclosures between lenders, settlement agents and other service providers, and offers lenders the ability to generate and review disclosure documents for greater efficiency. 

 “Black Knight is pleased to support USAA with this implementation for a valuable, data-driven solution that will facilitate the necessary collaboration and communication required for lenders and their agents to meet the new CFPB requirements within mandated time lines,” said Dan Sogorka, president, RealEC Technologies, a division of Black Knight Financial Services. “Our teams have been working extremely hard to ensure we meet the CFPB’s initial deadline to help make sure USAA is prepared to comply with new regulations.”

Lenders and their service providers can begin using the new Closing Insight solution when the CFPB’s TRID rule deadline goes into effect later this year. 
 

About Black Knight Financial Services, Inc. 

Black Knight Financial Services (NYSE: BKFS), 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.
 
Media Contact: Michelle Kersch, 904.854.5043, Michelle.Kersch@BKFS.com
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