Black Knight announces two solutions to assist lenders in meeting CFPB requirements for new integrated mortgage disclosures
JACKSONVILLE, FL (March 20, 2014) — Black Knight Financial Services announced that two of its solutions will help lenders and their service providers comply with the significant changes required by the Consumer Financial Protection Bureau’s (CFPB) new Integrated Mortgage Disclosure Rule. Under the new rule, which will go into effect Aug. 1, 2015, lenders will be required to provide home buyers seeking a mortgage with a Loan Estimate form within three days after application and a Closing Disclosure form three business days before closing on the loan. The new forms feature an updated format and include additional disclosure requirements from the Dodd-Frank Act.
“The CFPB’s new Integrated Mortgage Disclosure Rule will require a massive change in the way lenders generate loan origination documents and will impact every provider involved with the origination process,” said Dan Sogorka, president of Black Knight’s RealEC® Technologies division. “These significant changes mean lenders need to start looking now at the impact of this rule to their organizations and begin planning immediately to meet the upcoming deadline.”
Black Knight’s Closing Insight™ creates a data-driven environment that allows lenders to electronically collaborate with their service providers within one solution. Closing Insight’s collaborative closing services will facilitate the reconciliation of fees for final closing disclosures using a workflow-driven approval process to support data consistency and integrity. This process will also allow lenders to generate and review disclosure documents and refine fees, while helping ensure timelines are met. Additional functionality that will be added to Closing Insight includes the collection and aggregation of fee quotes, delivery of disclosures, and pre- and post-closing data consistency and integrity checks.
Closing Insight will be delivered through the RealEC Loan Quality Gateway™, an open technology platform that provides integration, data management, decisioning and workflow management through a 24/7 data exchange connected to more than 15,000 of the mortgage industry’s service and solution providers.
Black Knight’s Quality Insight™ is a second solution that can help lenders improve loan quality by assessing loan data and document accuracy to help ensure compliance with investor and lender requirements. Also delivered through the RealEC Loan Quality Gateway, Quality Insight identifies potential investor and lender compliance issues early in the loan process, helping lenders gain processing efficiencies by automating the internal quality control review process.
Both solutions are designed to help lenders achieve significant lift in efficiency, data quality and regulatory compliance. For more information, visit www.BKFS.com or call Black Knight at 800.991.1274.
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 that facilitate and automate many of the business processes across the mortgage life cycle.
Black Knight Financial Services is committed to being the premier business partner that lenders and servicers rely onto 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.