Black Knight Financial Services has signed an agreement with USAA, a Texas-based provider of diversified financial services, so that the latter can implement Black Knight's Closing Insight, a suite of Web-based solutions helping lenders address the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosure (TRID) rules.
The company says that Closing Insight leverages Exchange, an open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange, and that it automates the multi-party processes necessary to close a loan.
Per the agreement, Closing Insight will provide an electronic, workflow-driven approval process to help USAA and its business partners to meet the TRID rules. The solution's collaborative closing utility will streamline the reconciliation of fees for final loan closing disclosures between lenders, settlement agents and other service providers. Further, Closing Insight offers lenders the ability to generate and review disclosure documents.
‘Black Knight is pleased to support USAA with this implementation for a valuable, data-driven solution that will facilitate the necessary collaboration and communication required for lenders and their agents to meet the new CFPB requirements within mandated timelines,’ says Dan Sogorka, president of RealEC Technologies, a division of Black Knight Financial Services.
Lenders and service providers can use the Closing Insight solution once the CFPB's TRID rule goes into effect later this year.