New technology to help lenders and service providers comply with the CFPB’s Integrated Mortgage Disclosures rule
JACKSONVILLE, Fla. – July 16, 2014 – Black Knight Financial Services announced the development of Closing Insight™, a set of Web-based solutions designed to help lenders address the CFPB’s Integrated Mortgage Disclosures rule and to automate the numerous multi-party processes required to close a loan. Closing Insight will be delivered by RealEC® Technologies, a division of Black Knight Financial Services, through the RealEC Loan Quality Gateway™. The RealEC Loan Quality Gateway is 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.
Closing Insight will help lenders and their business partners comply with the CFPB’s Integrated Mortgage Disclosures rule, scheduled to go into effect in August 2015. This supply-chain enhancement 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 will have the ability to generate and review disclosure documents, which will help them ensure that loan-closing timelines are met.
“Closing Insight will allow lenders to deploy a data-driven process across all their settlement agents,” said Dan Sogorka, president, RealEC Technologies, a division of Black Knight Financial Services. “By utilizing the RealEC Loan Quality Gateway, lenders already have access to a significant pool of existing integrations with settlement agents. Closing Insight will allow new and existing service providers to register for this collaborative closing service, which will give lenders added assurance that the providers they work with are prepared to comply with the CFPB’s Integrated Mortgage Disclosures rule.”
Closing Insight will also expand the services now available through the RealEC Loan Quality Gateway, which include appraisals; automated valuation models (AVMs); title insurance; closing services; flood insurance; fee services; verifications of income, employment and identity; and fraud prevention tools. For example, Closing Insight will integrate with the other key components of the RealEC Loan Quality Gateway, including Quality InsightTM, a quality control tool that helps lenders evaluate loan data and documents and automates the quality control process, based on lender specifications; Valuation Insight®, an appraisal evaluation tool that quickly identifies the overall quality of an appraisal; and the iFolder, a centralized repository for data, documents and product transaction history associated with each loan.
The new Closing Insight solution will be available to lenders and their service providers prior to the August 2015 deadline to support implementation of the CFPB’s new rule. Wells Fargo Home Mortgage, the nation’s leading mortgage lender and a longtime client of RealEC, is using the RealEC Loan Quality Gateway to pilot its integration with title services.
“We are excited to work with the RealEC and Black Knight teams on this important initiative,” said Franklin Codel, executive vice president, Mortgage Production, at Wells Fargo Home Mortgage. “We believe this effort is a critical step forward for any number of entities in the home lending industry to implement the new requirements and to help serve the homeownership needs of customers.”
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. Comprised of technology offerings from the union of LPS and ServiceLink, Black Knight Financial Services offers leading software systems; data and analytics offerings; and information solutions that facilitate and automate many of the business processes across the mortgage life cycle.
Black Knight Financial Services helps clients in the mortgage industry and beyond 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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at stories.wellsfargobank.com.