JACKSONVILLE, Fla., Aug. 5, 2014 /PRNewswire/ -- Black Knight Financial Services announced that Closing Insight, a set of Web-based solutions designed to automate the numerous multi-party processes required to close a loan, will be integrated with Empower, Black Knight's end-to-end loan origination system. This integration will help lenders gain significant operational efficiencies by providing seamless access to system-of-record data required for the loan closing process.
Empower is an ASP-hosted, loan origination and Web portal solution that supports both retail and wholesale channels and helps lenders electronically capture, process and close loans. Empower, which is used by five of the top 20 lenders in the U.S., is powered by a robust, task-based workflow orchestration engine that automates the processes necessary to originate a loan.
Closing Insight is an innovative new solution that supports the collaboration between lenders and settlement agents to streamline the loan closing process and helps them comply with their obligations under the CFPB's Integrated Mortgage Disclosures rule, scheduled to go into effect in August 2015. Closing Insight will be delivered through RealEC's 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 15,000 of the mortgage industry's service and solution providers.
This supply chain solution will provide an electronic, workflow-driven approval process and a collaborative closing utility that will streamline the reconciliation of fees for final loan closing disclosures between lenders, settlement agents and other service providers. Using a client-configurable rules engine, lenders can increase their ability to generate and review disclosure documents and help meet loan-closing timelines.
"Clients will be able to seamlessly connect to Closing Insight directly from the Empower system without leaving the loan origination platform," said Jerry Halbrook, president, Origination Technologies, a division of Black Knight Financial Services. "Black Knight is focused on integrating its innovative technologies to create an end-to-end process for lenders. This integration of Closing Insight with Empower is another example of how Black Knight can help lenders realize significant process gains, while supporting timely loan closings to help lenders satisfy their regulatory obligations and provide a better borrower experience."
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 life cycle.
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