Black Knight Financial Services and Wells Fargo Home Mortgage have collaborated to develop a new Web-based technology, Closing Insight, to help lenders and service providers comply with the future Consumer Financial Protection Bureau (CFPB) ruling and to automate the numerous multiparty processes required to close a loan.
Closing Insight will be delivered by RealEC Technologies, a division of Black Knight, through the RealEC Loan Quality Gateway, an open technology platform that provides integration, data management, decisioning support and workflow management.
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, Black Knight explains.
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.
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 is using the RealEC Loan Quality Gateway to pilot its integration with title services.
Closing Insight will also expand the services now available through the RealEC Loan Quality Gateway, including appraisals; automated valuation models; title insurance; closing services; flood insurance; fee services; verifications of income, employment and identity; and fraud prevention tools.