Connecting the Lending industry

Transcription

1 Connecting the Lending industry TM SM Trademark(s) of Black Knight IP Holding Company, LLC, or an affiliate Black Knight Financial Technology Solutions, LLC. All Rights Reserved. 1

2 RealEC Technologies, a division of Black Knight Financial Services, provides a webbased, collaborative network that allows lenders and service providers to connect and do business electronically through a standards based data collaboration. The RealEC Exchange provides the largest, fully interconnected network of lenders and services providers in the U.S. Exchange Helps To: Create efficiency and consistency with order processes Seamlessly connect service providers with lenders Eliminate costly integration connections to individual lenders Standardize the user experience

3 RealEC Exchange Exchange processes thousands of transactions each month, and is integrated with more than 15,000 service providers who support a variety of loan product types. With Exchange, lenders can order settlement services, such as credit, appraisal, title, closing, GFE, mortgage insurance and flood, as well as choose from a suite of verification and validation products to help meet investor loan quality guidelines 3

4 Lender initiates order Provider receives order Event Messages Event Messages Completed Product 4

5 Closing Insight Collaborative workflow designed to support lender and service provider efforts to comply with the CFPB s Integrated Mortgage Disclosure rule that takes effect August 1, Closing Insight streamlines the complex, multi party closing process, and helps lenders and their settlement agents remain compliant as they generate mortgage disclosures that borrowers must receive when applying for or closing on a loan. Closing Insight provides: Standardized dataset (UCD) for exchanging Closing Disclosure information A secure platform for lender/closing agent collaboration A method for lenders to obtain more accurate loan information Time savings and reduction of errors by replacing manual processes Improved borrower satisfaction with the closing process Process consistency by using a rules based and configurable workflow

6 Lender Collaboration Portal Closing Insight Settlement Agent Initiates Title/Close Order Provider registers and accepts order Title/ Closing Preparation RealEC Exchange Title/ Closing Preparation Closing Instruction Lender Revisions I B M B u s i n e s s Closing Collaboration B u s i n e s s Closing Statement Agent Revisions Closing Disclosure R u l e s R u l e s Final Closing Disclosure Black Knight Financial Services Confidential, Proprietary and/or Trade Secret TM SM Trademark(s) of Black Knight IP Holding Company, LLC, ServiceLink IP Holding Company, LLC, and/or an affiliate. All Rights Reserved. 6

7 Settlement Agency Pre-Launch Readiness Step 3: May 22 nd Lenders review current registration status and identify critical partners that have not registered and submit targeted registration request Step 2: April 15 th Independent Agents Strategic Software Companies, Underwriters and industry organizations distribute notice of registration enrollment Step 1: Jan Mar 2015 All Fidelity, First American, Old Republic, & Stewart direct operations added to RealEC network Transactional Registration Workflow Lenders Target Recruitment Software Co s & Underwriter Agents Underwriter Direct Operations Existing RealEC TCDS Settlement Agents 80% to 90% 7

8 Closing Insight Software Partner Network The companies listed below are working with RealEC to develop robust integrations with Closing Insight to support the creation of the new Closing Disclosure. Settlement agents using these software systems should expect a seamless experience, allowing their users to stay within their software platform while providing real time workflow status and Closing Disclosure information to lenders. The software partners will provide their settlement agents the training and support needed for a successful deployment of Closing Insight. SoftPro Standard, SoftPro Enterprise, SoftPro Select and IMPACT (SoftPro Corp.) FAST, StreamLine and TitleExpress (First American and SMS) RamQuest AIM+/SureClose (Stewart) ResWare (Adeptive) SnapClose (Cornerstone Management Solutions) Landtech (Landtech Data Corporation) RBJ Edge (RBJ Software, Inc.) 8

9 Settlement Agency Registration - Invitations Invitations The Agency s primary contact receives an containing a link to the RealEC website. After successfully entering the shared/known fact of their phone number, a set of instructions is presented explaining the registration process. 9

10 Settlement Agency Registration User Account User Account Creation The first part is setting up the primary contact as the first active user for the Agency. This includes Confirming the users information Setting a permanent set of credentials Establishing six security questions Acknowledging the RealEC End User License Agreement 10

11 Settlement Agency Registration Agency Account Set Up Setup Steps The second part is setting up the Agency information, invitation outlines the full process and then acknowledging of the RealEC Network Agreement Network Agreement 11

12 Settlement Agency Registration Agency Account Set Up Company Information The Primary Contact completes: Company information Enters key company contacts Company Contact(s) Additional User(s) 12

13 Closing Collaboration Portal The Closing Collaboration Portal is accessed via the Closing order 13

14 Closing Collaboration Portal Lender Closing Disclosure Data Collaboration Portal Compares the Lender s CD data to the Providers CD data. Surfaces discrepancies in the data sets with alerts Provides functionality to easily accept/reject updates Provider Closing Disclosure Data 14

15 Closing Collaboration Portal Loan / Order Information Maintains order information to keep awareness of which order is being worked on Includes Escrow State indicator Milestone Bar / Closing Workflow Update Includes the closing date as a constant reminder A history of the number of times the form has gone back and forth between the Lender and Agent The ability to submit to the Agent or Lender with an option to comment The ability for the Lender to finalize After finalization, all buttons on the milestone bar are removed A link to see all of the history and comments. Displays a slightly different look and button for submitting to the other party between the Settlement Agent and the Lender. For example, the Settlement Agent does not have a finalize option 15

16 Closing Collaboration Portal Status Area Status area displays the overall status of the order The number of flagged issues analytics has surfaced The number of findings waiting for approval The ability to Accept All findings Submit for analytics review through Analyze Lender s option to Re-Open the Closing Disclosure Option to view and save the Closing Disclosure Status The displayed status is Good with no findings or flags with a link to all possible flags. The Analyze button is available if the user wants to see if any flag or finding statuses have changed. Status The displayed status is Needs Attention because of having findings and flags. An Accept All button appears whenever a finding has been made for the user to accept them all rather than going line by line. Status The displayed status is Finalized after the Lender hits the finalize button, and no stops prevented it. The Lender has the option to Re Open, which would be Request to Re Open for the Agent. The Analyze button performs analytics and pushes the form to the other party. 16

17 Closing Collaboration Portal Form Area The sections of the form are displayed as tabs When clicked, the form will scroll to the particular section of the form Fields that the Agent can not access are displayed in a disabled state Right Navigation / Closing Insight Analytics Collapsed right side bar section with flags and findings Shown in the order of appearance within the form section Flagged issues and findings are collapsed by default When the bar is expanded the form will scroll to the first item 17

18 Closing Collaboration Portal Accept and Comment Windows Lender/Agent has the option of Entering a new value Accepting the Lender/Agent s value Resetting to the previous value Adding a new line Removing an existing line When accessing a field with history, the previous value is displayed with an option to comment, and a link to see the history for that field. If the other party has changed the value with a comment, an option to accept the new value or maintain the previous one is offered, and the comment is displayed 18