To help lenders satisfy their obligations with the Consumer Financial Protection Bureau's (CFPB) Integrated Mortgage Disclosures rule, taking effect Aug. 1, 2015, Black Knight Financial Services is integrating its Closing Insight collaboration solution with its Empower loan origination system (LOS).
The company claims that by integrating Closing Insight with Empower, collaboration between lenders and settlement agents can be streamlined, thus speeding and improving the loan closing process. This, in turn, will help lenders and settlement agents to comply with the CFPB's new Integrated Mortgage Disclosures rule.
As per a company press release, Closing Insight – which is being developed by Black Knight's RealEC Technologies division – is a set of Web-based solutions designed to automate the numerous multi-party processes required to close a loan. Meanwhile, Empower is a hosted loan origination and Web portal solution that supports both retail and wholesale channels and helps lenders electronically capture, process and close loans.
Through this integration, users will be able to seamlessly access Closing Insight by way of Empower. In combination, the two systems will deliver 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.
Closing Insight will be delivered through RealEC's Exchange open technology platform.
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