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Black Knight Financial Services (BKFS) has announced that LoanSphere Closing Insight, a Web-based solution that automates the closing process, is now integrated with LoanSphere Empower, Black Knight's end-to-end loan origination system. This integration will help lenders gain significant operational efficiencies by providing a bi-directional communication technology to obtain, aggregate and validate fee quotes from multiple sources; direct integration with settlement agents to reconcile and finalize closing disclosure data; and seamless access to system-of-record data required for the loan closing process.
Empower helps lenders electronically capture, process and close loans and is used by lenders to manage retail, wholesale and consumer-direct lending channels. Empower can be hosted by the lender or application service provider (ASP).
Closing Insight is an innovative solution that supports the collaboration between lenders and their network of settlement agents to streamline the loan closing process and help them comply with their obligations under the CFPB's Integrated Disclosure (TRID) rule, which went into effect on Oct. 3, 2015. Closing Insight is delivered through RealEC's Exchange, an open technology platform that provides integration, data and workflow, and decisioning support through a 24/7 data exchange that connects more than 17,000 of the mortgage industry's service and solution providers with the top lenders in the industry.
Both Closing Insight and Empower are part of LoanSphere, Black Knight's sophisticated platform of integrated technology, data and analytics that supports the mortgage and home equity loan lifecycle -- from origination to servicing to default. LoanSphere significantly enhances the traditional lending industry business model by fully integrating origination and servicing functions through business process automation, workflow, configurable rules and integrated data.
"Now that we have integrated the data and process between the Empower and Closing Insight platforms, clients can now seamlessly move between the two systems," said Jerry Halbrook, president, Black Knight's Origination Technologies division. "This integration is another example of how Black Knight can help lenders realize significant efficiency gains, while supporting timely loan closings to help lenders satisfy their regulatory obligations and provide a better borrower experience."