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Black Knight Announces New Document Delivery Service

NationalMortgageProfessional.com
Feb 03, 2014

The RealEC Technologies division of Black Knight Financial Services (formerly LPS) has announced the launch of its Document Delivery Service, a solution that delivers appraisals and other valuation documents to borrowers. The solution allows lenders to securely and reliably deliver the documents in both electronic and paper formats, helping lenders comply with the Consumer Financial Protection Bureau's (CFPB) recent amendment to Regulation B, which implements the provisions of the Equal Credit Opportunity Act (ECOA). The amendment, effective Jan. 18, 2014, requires lenders to deliver copies of appraisals and valuation documents to first-lien mortgage loan applicants prior to closing. RealEC's Document Delivery Service offers an automated, configurable solution for lenders to order, track and deliver all types of appraisals and valuation products, including AVMs. The solution is delivered through RealEC's Loan Quality Gateway, an open technology network that enables lenders to electronically connect with service providers through a standards-based data exchange. Based on consumer preference and regulatory guidelines, lenders can provide paper documents to applicants or electronically deliver the documents via a secure portal.  The solution, which assists lenders' efforts to conform to federal requirements for electronic signature security, also provides a complete audit trail, offering lenders an efficient, traceable way to document compliance with regulations. "Lenders are looking for effective solutions to support their  growing compliance efforts," said Dan Sogorka, president of Black Knight's RealEC Technologies division. "Document Delivery Service offers a configurable tool to manage the ordering and tracking of all required appraisal and valuation documentation, and delivers the information to borrowers within the required timeframe. Several clients are already using this efficient and innovative solution." Upcoming enhancements to the solution will include the ability to deliver new loan disclosure documents to consumers to help streamline the revised loan closing process being instituted in 2015.
Published
Feb 03, 2014
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