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Black Knight Financial Services (BKFS) has announced that Closing Insight, a suite of Web-based solutions that automates the loan closing process, went live on its scheduled delivery date of Saturday, Oct. 3, 2015—the effective date of the CFPB's TILA-RESPA Integrated Disclosure (TRID) rule. Closing Insight supports Black Knight's lender clients and their network of settlement agents as they work together to generate the new closing disclosure forms and reconcile fees within mandated timelines.
Ten of the top lenders in the U.S. and more than 30 of the nation's top underwriters and settlement software providers completed testing of Closing Insight and moved to production on Oct. 3. Additionally, nearly 14,000 settlement companies have registered to use the solution.
"The launch of Closing Insight is the culmination of more than two years of diligent, round-the-clock work and close collaboration with top lenders, title underwriters and title software production platforms to develop a secure, scalable, user-friendly solution that will help the industry deliver a higher-quality, data-driven process," said Dan Sogorka, president of RealEC Technologies, a division of BKFS. "Black Knight dedicated more than 500,000 hours to develop and test Closing Insight, and we are excited to offer this comprehensive solution to help our industry comply with these new requirements."
Lenders that are integrated with Closing Insight can securely exchange documents, data and other information with settlement agents registered on the solution. Closing Insight provides an electronic, workflow-driven approval process and a collaborative closing service that streamlines the reconciliation of fees for initial and final loan closing disclosures between lenders, settlement agents and other service providers.