ClosingCorp's Loan Estimate Module Is Now Available Through Black Knight's Empower Loan Origination System

SAN DIEGO, Sept. 9, 2015 /PRNewswire/ -- ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced today that its Loan Estimate Module is now available through Empower, Black Knight Financial Services' comprehensive loan origination system (LOS). The Loan Estimate Module currently provides users with access to RESPA-compliant data, audit trails and a data guarantee for the Good Faith Estimate (GFE). Beginning with the CFPB's revised go-live date of Oct. 3, the module will be able to provide validated fee information to populate the new Loan Estimate (LE) mandated by the TILA-RESPA Integrated Disclosure (TRID) rule.

ClosingCorp provides fully managed, vendor-verified rates and fees from nearly 20,000 unique real estate service providers covering every geographic area in the nation in addition to its proprietary data asset for accurate recording fees and transfer taxes. The integration of ClosingCorp's Loan Estimate Module within the Empower LOS will incorporate client-specific business rules to deliver correct fees in each estimate and immediately notify loan officers when transfer tax or recording fees are scheduled to change. This integration will enable loan officers to enhance their regulatory readiness and provide consumers with accurate and comprehensive information about the total cost of the transaction. It also provides a complete audit trail and an enhanced ClosingCorp Guarantee.

"While many lenders and their network of settlement providers have wisely invested in improved collaboration tools, there is still much to consider.  To be truly 'TRID-Ready' you need to be able to verify the upfront accuracy of the fees that are being quoted, and those upfront fees need to be in sync with the fee logic used to create the final Closing Disclosure, or you run the risk of being out of tolerance and causing delays at the closing table," said Brian Benson, chief executive officer at ClosingCorp. "It is increasingly difficult for lenders to do that on their own, or to expect settlement providers to navigate this for them. Lenders need focused resources, like ClosingCorp, to capture, verify, standardize and guarantee this information in the proper form for it to be consumed. Due to its high market share, the integration with the Empower LOS was extremely important because it provides more loan officers with the market's most accurate rates and fees available in the appropriate form to support TRID compliance."

"ClosingCorp and Black Knight are dedicated to providing solutions that help streamline the loan closing process and support a better overall experience between lenders and settlement agents," said Richard Gagliano, managing director of origination solutions for the Black Knight Origination Technologies division. "Not only will this support our clients' TRID initiatives, but it will also help improve operational efficiencies and control."

About Black Knight Financial Services, Inc. 

Black Knight Financial Services (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being the premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.BKFS.com.

About ClosingCorp

Headquartered in San Diego, Calif., ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, predictive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com.

SOURCE ClosingCorp

Related Links

http://www.closing.com

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