Black Knight Financial Services, Inc. announced Closing Insight, a suite of Web-based solutions automating the loan closing process, went live on its scheduled delivery date of 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 Oct. 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 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 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.