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Black Knight Financial Services Launches Closing Insight to Help Lenders and Settlement Companies Comply With TRID  

 

October 05, 2015
  • ​Black Knight developed Closing Insight, a comprehensive technology solution that provides integrations with major title and settlement platforms, to help lenders address the requirements of the CFPB’s TRID rule.
  • Ten of the top lenders and more than 30 of the nation’s top underwriters and settlement software providers  moved to production on Oct. 3.
  • Once fully deployed, Closing Insight will be used to originate approximately 30 percent of the loans in the U.S. real estate market
  • Black Knight dedicated more than 500,000 hours to develop and test Closing Insight to be ready by the Oct. 3 deadline.

JACKSONVILLE, Fla. – Oct. 5, 2015 -- Black Knight Financial Services, Inc. (NYSE: BKFS) announced today that Closing Insight, a suite of Web-based solutions that automates the loan closing process, went live on its scheduled delivery date of Saturday, Oct. 3, 2015 – the effective date of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule. Closing Insight supports Black Knight’s lender clients and their network of settlement agents as they work together to generate the new closing disclosure forms and reconcile fees within mandated timelines.

Ten of the top lenders in the U.S. and more than 30 of the nation’s top underwriters and settlement software providers completed testing of Closing Insight and moved to production on October 3. Additionally, nearly 14,000 settlement companies have registered to use the solution.

“The launch of Closing Insight is the culmination of more than two years of diligent, round-the-clock work and close collaboration with top lenders, title underwriters and title software production platforms to develop a secure, scalable, user-friendly solution that will help the industry deliver a higher-quality, data-driven process,” said Dan Sogorka, president of RealEC Technologies, a division of Black Knight Financial Services. “Black Knight dedicated more than 500,000 hours to develop and test Closing Insight, and we are excited to offer this comprehensive solution to help our industry comply with these new requirements.”

Lenders that are integrated with Closing Insight can securely exchange documents, data and other information with settlement agents registered on the solution. Closing Insight provides an electronic, workflow-driven approval process and a collaborative closing service that streamlines 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. 

Closing Insight is built on the Exchange, an open technology platform that provides integration, data and workflow and decisioning support 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.
For more details about Closing Insight, including a brief video about the solution, visit the Closing Insight website here.
 

About Black Knight Financial Services, Inc. 

Black Knight Financial Services, Inc. (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. 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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