Connecting the Lending industry

(1)

1 Connecting the Lending industry

(2)

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



RealEC

®

_{Technologies, a division of Black Knight Financial Services, provides a web‐}

based, 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.

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3

RealEC Exchange

™

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

(4)

4 Lender

initiates

order

Lender

initiates

order

Provider

receives

order

Provider

receives

order

Event

Messages

Event

Messages

Completed

Product

(5)

Closing Insight

™

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



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, 2015.

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.

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Black Knight Financial Services

6 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.

Lender

Revisions

Settlement Agent

Lender

RealEC

Exchange

Closing

Collaboration

B

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R

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Final

Closing Disclosure

Closing

Instruction

Closing

Statement

Closing

Disclosure

Agent

Revisions

Collaboration Portal

Closing Insight

™

Initiates

Title/Close

Order

Provider

registers and

accepts order

Title/

Closing

Preparation

Title/

Closing

Preparation

I

B

M

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7 Transactional

Registration Workflow

Lenders Target

Recruitment

Software Co’s &

Underwriter Agents

Underwriter

Direct

Operations

Existing

RealEC TCDS

Settlement

Agents

Settlement Agency Pre-Launch Readiness

Step 2: April 15

th

Independent Agents

Strategic Software Companies,

Underwriters and industry

organizations distribute notice

of registration enrollment

Step 3: May 22

nd

Lenders review current

registration status and identify

critical partners that have not

registered and submit targeted

registration request

Step 1: Jan‐Mar 2015

All Fidelity, First American, Old

Republic, & Stewart direct

operations added to RealEC

network

80%

to

90%

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8 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.)

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9 Settlement Agency Registration - Invitations

Settlement Agency Registration - Invitations

• The Agency’s primary

contact receives an email

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.

Email Invitations

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10 Settlement Agency Registration – User Account

• 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

User Account Creation

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11 Settlement Agency Registration –

Agency Account Set Up

• The second part is setting

up the Agency

information, invitation

outlines the full process

and then acknowledging

of the RealEC

• Network Agreement

Setup Steps

Network Agreement

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12 Settlement Agency Registration –

Agency Account Set Up

The Primary Contact completes:

•

• Enters key company contacts

Company Contact(s)

Additional User(s)

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13 Closing Collaboration Portal

The Closing Collaboration

Portal is accessed via the

Closing order

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14 Closing Collaboration Portal

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

Lender Closing Disclosure Data

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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

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16 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.

Closing Collaboration Portal

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17 Closing Collaboration Portal

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

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

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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