Black Knight Financial Services [1] recently announced the integration of two of its core technologies, Closing Insight and Empower, in order to make the mortgage loan closing process smoother for lenders.
Closing Insight is a series of Web-based solutions designed to streamline the closing process and foster stronger collaboration between lenders and settlement agents. It will also help lenders comply with the Consumer Financial Protection Bureau's Integrated Mortgage Disclosure rule, set to take effect in August 2015.
Empower is Black Knight's end-to-end loan origination system. An ASP-hosted Web-based portal, Empower automates loan origination processes through a workflow orchestration engine and is used by five of the country's top 20 lenders.
The integration of the two technologies allows for a more seamless closing process; under the new electronic, workflow-based system, the process of reconciling loan closing disclosure fees among settlement agents, lenders, and other service providers will be simplified. The rules engine will allow lenders to more effectively meet closing deadlines and more easily create and review pertinent documents.
"Clients will be able to seamlessly connect to Closing Insight directly from the Empower system without leaving the loan origination platform," said Jerry Halbrook, president of Origination Technologies, a division of Black Knight Financial Services. "Black Knight is focused on integrating its innovative technologies to create an end-to-end process for lenders. This integration of Closing Insight with Empower is another example of how Black Knight can help lenders realize significant process gains, while supporting timely loan closings to help lenders satisfy their regulatory obligations and provide a better borrower experience."