30 Percent of Settlement Agents Registered With Black Knight's Closing Insight Within First 30 Days; Will Benefit From Full Integration When CFPB's TRID Rule Goes Into Effect
- The Closing Insight solution provides integrations with major mortgage title and settlement platforms to help lenders address the TILA-RESPA Integrated Disclosure (TRID) rule.
- 30 percent of settlement agents have registered with Closing Insight within the first 30 days of registration being open.
- Registration with Closing Insight will allow these settlement agents to use integration with settlement platforms or its service provider portal by Aug. 1 to be able to collaborate with the lender community to use Black Knight's Closing Insight solution to exchange documents, data and information.
- Black Knight is targeting delivery of full integration with Closing Insight to more than 90 percent of settlement agents' software by the launch date.
JACKSONVILLE, Fla., May 14, 2015 /PRNewswire/ -- Within the first 30 days of opening registration for its Closing Insight solution, Black Knight Financial Services experienced high demand, with more than 30 percent of settlement agents in the mortgage industry signing up for Closing Insight. Because of its partnership with many of the leading title and settlement software providers, Black Knight is targeting 90 percent of settlement agents to register for and have seamless integration to Closing Insight on their desktops by Aug. 1, 2015, when the TILA-RESPA Integrated Disclosure (TRID) rule goes into effect.
Closing Insight offers a secure, scalable, low-friction solution with data integrations into production and underwriter software to assist both small and large service providers with their requirements to comply with the TRID rule and gain operating efficiencies that drive value for consumers. The solution's user-friendly interface also allows settlement agents and lenders to easily communicate and collaborate with one another. Closing Insight is offered by RealEC Technologies, a division of Black Knight Financial Services.
To support their compliance requirements with the CFPB's new rule, several of the industry's largest lenders have already announced their integration with Closing Insight. Settlement agents are being encouraged to register for Closing Insight by May 31, 2015, to prepare to exchange documents, data and information with these lenders. By registering now, which typically takes less than 15 minutes, settlement agents and their employees will have time to receive training and become familiar with the platform well in advance of the CFPB's Aug. 1, 2015, deadline.
"While working on Closing Insight during the last two years, we obtained viewpoints from a broad cross-section of constituents in the closing process and collaboratively developed the solution with input from some of the industry's most respected providers, which will ultimately benefit all participants," said Dan Sogorka, president, RealEC Technologies. "The lenders, software providers and title companies we work with have offered tremendous help in spreading the word about the importance of registering on Closing Insight. By continuing to grow both the size and the capabilities of the largest collaborative partner network in the settlement industry, we are well-positioned to help the lending industry gain efficiencies through leveraging our agnostic utility."
Closing Insight is built on Black Knight's Exchange, an open technology platform that automates the multi-party processes required to close a loan and includes integration, data management, decisioning support and workflow management. The Exchange is available 24/7 and connects the mortgage industry's leading service and solution providers with the top lenders in the industry.
Closing Insight features several key components to streamline the complex, multi-faceted 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 per lender requirements
- 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
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.
SOURCE Black Knight Financial Services
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