Black Knight Offers Closing Insight Training to Help Settlement Agents Comply With TRID

January 19, 2016

Black Knight Financial Services announced it continues to provide training for its LoanSphere Closing Insight application to settlement agents to help them meet the CFPB’s TILA-RESPA Integrated Disclosure (TRID) requirements and mandated deadlines.

Closing Insight was launched on Oct. 3, 2015, to help Black Knight’s lender clients and their network of settlement agents generate new closing disclosure forms and reconcile fees as required by TRID. Black Knight has been providing training on Closing Insight to settlement agents since May 2015.

During 2015, Black Knight conducted a widespread communications campaign to encourage settlement agents nationwide to register for Closing Insight by April. In May, representatives from the RealEC Technologies division began providing online training, classroom training, webinars and videos to settlement agents. Settlement agents that use Black Knight’s Exchange also have access to online courses and an extensive training library within the software platform.

"Closing Insight allows for seamless data exchange between settlement agents and lenders. RealEC has and continues to provide access to helpful training materials to assist settlement agents in completing their transition to a new way of doing business,” said Kevin Gugenheim, executive vice president of Corporate Operations & Strategy for Fidelity National Title Group.

Closing Insight helps lenders and settlement agents evolve from a manually intensive closing process (using emails, phone calls or faxes) to real-time sharing of data and information. Black Knight was committed to creating a solution that would support all parties involved in the loan origination process. As part of this commitment, Black Knight’s RealEC Technologies division invested a significant amount of time over the last two-and-a-half years with an advisory board comprised of leading lenders, settlement agents and title software companies who provided insight and recommendations for the development of Closing Insight. Black Knight also spent substantial time and resources participating in industry conferences and trade shows around the country to increase awareness in the settlement agent community of the impending changes and how to prepare for them.

Black Knight continues to dedicate a significant number of staff to register, train and support brokers and settlement agents on Closing Insight.

“TRID required a substantial change in the loan origination process, and Closing Insight was developed to support these new requirements and streamline the process. We knew that a change of this magnitude would require significant training,” said Dan Sogorka, president of Black Knight’s RealEC Technologies division. “For nearly three years, we have proactively worked with stakeholders from every area of the settlement process to develop high-quality materials that would help settlement agents be prepared for TRID from day one. Change can be difficult, but those who embrace positive change have the best chance at capturing competitive advantages as the industry evolves.”

Lenders that are integrated with the Closing Insight application 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 enables collaboration that streamlines the reconciliation of fees between lenders, settlement agents and other service providers, which is used for the initial and final loan closing disclosures. Currently, more than 10 of the top lenders in the U.S. and more than 30 of the nation’s top underwriters and settlement software providers are in production with Closing Insight. Additionally, nearly 15,000 settlement companies have registered to use the solution.

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