Black Knight Financial Services has 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.