JACKSONVILLE, Fla., Jan. 14, 2016 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS) announced a continuing commitment to training settlement agents on its LoanSphere Closing Insight application to help them meet the CFPB's TILA-RESPA Integrated Disclosure (TRID) requirements and mandated deadlines. Closing Insight was launched on Oct. 3, 2015, to help Black Knight's lender clients and their network of settlement agents generate new closing disclosure forms and reconcile fees as required by TRID. Black Knight has been providing training on Closing Insight to settlement agents since May 2015.
Lenders that are integrated with the Closing Insight application 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 enables collaboration that streamlines the reconciliation of fees between lenders, settlement agents and other service providers, which is used for the initial and final loan closing disclosures. Currently, more than 10 of the top lenders in the U.S. and more than 30 of the nation's top underwriters and settlement software providers are in production with Closing Insight. Additionally, nearly 15,000 settlement companies have registered to use the solution.
Closing Insight is helping lenders and settlement agents evolve from a manually intensive closing process (using emails, phone calls or faxes) to real-time sharing of data and information. Black Knight was committed to creating a solution that would support all parties involved in the loan origination process. As part of this commitment, Black Knight's RealEC Technologies division invested a significant amount of time over the last two-and-a-half years with an advisory board comprised of leading lenders, settlement agents and title software companies who provided insight and recommendations for the development of Closing Insight. Black Knight also spent substantial time and resources participating in industry conferences and trade shows around the country to increase awareness in the settlement agent community of the impending changes and how to prepare for them.
During 2015, Black Knight conducted a widespread communications campaign to encourage settlement agents nationwide to register for Closing Insight by April. This timeline would give agents enough time for all of their users to receive training and become familiar with the platform prior to the CFPB's deadline. In May, experienced representatives from the RealEC Technologies division began providing online training, classroom training, webinars and videos to settlement agents. Settlement agents that use Black Knight's Exchange also have access to online courses and an extensive training library within the software platform.
"Closing Insight allows for seamless data exchange between settlement agents and lenders. RealEC has and continues to provide access to helpful training materials to assist settlement agents in completing their transition to a new way of doing business," said Kevin Gugenheim, executive vice president of Corporate Operations & Strategy, Fidelity National Title Group, the nation's largest group of title insurance underwriters.
Black Knight continues to dedicate a significant number of staff to register, train and support brokers and settlement agents on Closing Insight. "TRID required a substantial change in the loan origination process, and Closing Insight was developed to support these new requirements and streamline the process. We knew that a change of this magnitude would require significant training," explained Dan Sogorka, president of Black Knight's RealEC Technologies division. "For nearly three years, we have proactively worked with stakeholders from every area of the settlement process to develop high-quality materials that would help settlement agents be prepared for TRID from day one. Change can be difficult, but those who embrace positive change have the best chance at capturing competitive advantages as the industry evolves."
For more details about Closing Insight, including a brief video about the solution, visit the Closing Insight website here. For those already registered on Closing Insight, assistance is available by calling 800-893-3241 or emailing [email protected].
About LoanSphere
LoanSphere is Black Knight's premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle -- from origination to servicing to default. The platform delivers business process automation, workflow, rules and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight's LoanSphere helps lenders and servicers reduce risk, improve efficiency and drive financial performance.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a 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 a 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.
For more information:
Michelle Kersch
Black Knight Financial Services
904.854.5043
[email protected]
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SOURCE Black Knight Financial Services, Inc.
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