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New RealEC Technologies Solution Launched to Ensure RESPA and TILA Compliance

NationalMortgageProfessional.com
Oct 24, 2014

Black Knight Financial Services (BKFS) has announced that its RealEC Technologies Division is deploying a new technology suite that will help the mortgage industry meet new loan disclosure requirements under TILA and RESPA Sections 4 and 5. Closing Insight, a suite of Web-based technology and workflow solutions, is being developed by Black Knight in collaboration with several top lenders, title underwriters and settlement agents to automate the numerous multi-party processes that will be required to close a loan. Closing Insight will be delivered through the Exchange, RealEC’s open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange that connects more than 15,000 of the mortgage industry’s service and solution providers.

Closing Insight will help lenders and their business partners satisfy their obligations with the TILA-RESPA Integrated Disclosure rule, scheduled to go into effect Aug. 1, 2015. This solution will provide an electronic, workflow-driven approval process and a collaborative closing service that will streamline the reconciliation of fees for initial and final loan closing disclosures between lenders, settlement agents and other service providers. Using a proven, client-configurable rules engine, lenders will have the ability to generate and review disclosure documents, which will help them meet loan-closing timeline requirements. 

“We believe that Closing Insight will provide the lending industry with an innovative solution to enhance collaboration with settlement providers, improve operational efficiency and support CFPB-related efforts,” said Dan Sogorka, president, RealEC Technologies. “We are proactively working with several of the industry’s top lenders, title underwriters and title software production platforms to develop a solution that will help the industry deliver a higher-quality, data-driven process, which will ultimately create a better closing experience for consumers. And, we have many industry leaders on our advisory board, including three of the top five mortgage originators. I have been greatly encouraged by the spirit of cooperation and focus that our community of stakeholders continues to dedicate to this important industry-changing initiative.”

Some of the specific areas of the loan process that RealEC Technologies, lenders and settlement agents are targeting in their discussions include:

►Examining how lenders, underwriters and agents interact, so that loan workflow can be improved
►Driving towards naming consistency and analyzing tolerances for loan-related fees
►Settlement agent registration and outreach
►Evidence of compliance and electronic management of loan files

Published
Oct 24, 2014