MUFG Union Bank Signs Up For Black Knight’s Closing Insight

Posted by Patrick Barnard on March 26, 2015 No Comments
Categories : Residential Mortgage

MUFG Union Bank is the latest mortgage lender to sign up for Black Knight Financial Services' Closing Insight solution, a suite of Web-based tools designed to help lenders address the Consumer Financial Protection Bureaus' (CFPB) new Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosure rules taking effect Aug. 1.

In combination, this suite of tools automates the multi-party processes required to close a loan. It increases collaboration between all parties involved and streamlines reconciliation of fees between lenders, settlement agents and other service providers.

The software can be configured according to a lender's processes. As far as the new rules go, Closing Insight will give lenders the ability to generate and review disclosure documents – which, in turn, will help them meet the strict timing requirements.

Union Bank, a full-service bank with offices across the U.S., also uses Black Knight's loan servicing platform, MSP, as well as Empower, Black Knight's client- or ASP-hosted, Web-based enterprise loan origination and Web portal solution.

‘We believe that Closing Insight will provide Union Bank and the lending industry with an innovative solution to enhance collaboration with settlement providers, improve operational efficiency and support CFPB-related efforts,’ says Jim Francis, head of consumer lending for Union Bank, in a release. ‘Most importantly, Closing Insight will help us provide a better closing experience to our mortgage customers.’

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