USAA to use Closing Insight for TRID

July 2, 2015

USAA, a Texas-based Fortune 500 provider of diversified financial services, has signed an agreement to implement Black Knight Financial Service’s Closing Insight, a suite of Web-based solutions designed to help lenders address the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule.

Closing Insight leverages Exchange, an open technology platform that provides integration, data management, decisioning support and workflow management through a data exchange that connects more than 17,000 of the mortgage industry’s service and solution providers. Both Closing Insight and Exchange are offered by RealEC Technologies, a division of Black Knight Financial Services.

Closing Insight will provide an electronic, workflow-driven approval process to help support USAA and its business partners with their obligations to meet the CFPB’s TRID rule, which is scheduled to go into effect later this year. The solution’s collaborative closing utility will streamline the reconciliation of fees for final loan closing disclosures between lenders, settlement agents and other service providers, and offers lenders the ability to generate and review disclosure documents for greater efficiency.

“Black Knight is pleased to support USAA with this implementation for a valuable, data-driven solution that will facilitate the necessary collaboration and communication required for lenders and their agents to meet the new CFPB requirements within mandated time lines,” said Dan Sogorka, president of RealEC Technologies. “Our teams have been working extremely hard to ensure we meet the CFPB’s initial deadline to help make sure USAA is prepared to comply with new regulations.”

Lenders and their service providers can begin using the new Closing Insight solution when the CFPB’s TRID rule deadline goes into effect later this year.

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