Settlement Agents Urged To Register On Black Knight’s Closing Insight Solution

Posted by Patrick Barnard on April 17, 2015 No Comments
Categories : Residential Mortgage

Settlement agents can now register on Closing Insight, Black Knight Financial Services' suite of Web-based solutions designed to help lenders address the Consumer Financial Protection Bureaus' (CFPB) new integrated disclosure rules by automating the multi-party processes required to close a loan.

In a release, Black Knight says several top lenders will be using the solution to exchange documents, data and information with settlement agents. As such, these lenders are urging the settlement agents they work with to get registered on the platform by May 31.

Registering in advance will offer settlement agents enough time for all of their office locations and users to receive training and become familiar with the platform prior to the CFPB's Aug. 1 deadline.

Closing Insight can be integrated with most title and settlement platforms. The solution is built on the 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 17,000 of the mortgage industry's service and solution providers with the top lenders in the industry.

Both Closing Insight and the Exchange are offered by RealEC Technologies, a division of Black Knight.

Closing Insight features several key components to streamline the complex, multi-party closing process, including a bi-directional data service to obtain, aggregate and validate fee quotes from multiple sources, the company says in its release. It facilitates collaborative data exchange and a disclosure approval process between lenders and closing agents. The solution sports a rules-based engine focused on data completeness and compliance validation, and offers secure delivery of data and documents between lenders, settlement agents and borrowers.

The capture and retention of loan data is handled using version 3 of the MISMO technology standard.

‘Our goal is to provide the industry with a secure, scalable, low-friction solution that enables both small and large players to achieve compliance and gain operating efficiencies that drive value for consumers,’ says Dan Sogorka, president, RealEC Technologies. ‘We think settlement agents who want to do business with the lenders using Closing Insight will appreciate the extensive work that's been done to create a user-friendly interface for settlement agents and lenders to easily communicate and collaborate with one another in keeping with regulatory requirements. Being prepared to stay compliant with the new CFPB rule is the most effective way to keep the lending industry running smoothly.’

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