Electronic closing
AssigneeCoreLogic Solutions, LLC
InventorsCharlotte Haberaecker, J. Harvey Trimble, Jr., Mark A. Oliphant
Life of this patent
Estimating the term…
Abstract
An electronic closing platform facilitates provision of a variety of closing services for lenders, closing agents, borrowers or other parties to closing transactions. Electronic quality control procedures are invoked for closing data and documents whether they are in electronic or paper form. The platform is independently accessible and therefore accommodates data sharing between mortgage industry participants. Electronic signature capabilities, including a batch signing functionality, and tamper evident sealing after signing accommodate improved processing and system integrity. Additional features include registry filing, an electronic vault for storing electronic documents, and electronic recording.
Claims30
A method for providing an integrated electronic closing for a mortgage loan utilizing an electronic mortgage platform, the method comprising:
- providing an electronic mortgage platform that performs the steps of:
- receiving a lender dataset corresponding to a closing from a lender;
- identifying a closing agent for the closing and receiving a closing agent dataset corresponding to the closing;
- and
- applying a quality control process to a closing transaction dataset corresponding to closing documents established by at least one of the lender and the closing agent prior to the closing, the quality control process applying rules to determine:
- discrepancies between the lender dataset and the closing agent dataset;
- whether a value is proper for a given field in the closing transaction dataset in accordance with rules to support the closing;
- and
- whether the closing transaction dataset includes required fields in accordance with rules to support the closing.
An apparatus for providing an integrated electronic closing for a mortgage loan, the apparatus comprising:
- means for receiving a lender dataset corresponding to a closing from a lender;
- means for identifying a closing agent for the closing and receiving a closing agent dataset corresponding to the closing;
- and
- means for applying a quality control process to a closing transaction dataset corresponding to closing documents established by at least one of the lender and the closing agent prior to the closing, the quality control process applying rules to determine:
- discrepancies between the lender dataset and the closing agent dataset;
- whether a value is proper for a given field in the closing transaction dataset in accordance with rules to support the closing;
- and
- whether the closing transaction dataset includes required fields in accordance with rules to support the closing.
An apparatus for providing an integrated electronic closing for a mortgage loan, the apparatus comprising:
- a registration module, configured to identify a lender and a closing agent;
- a data sharing module, in communication with the registration module, configured to receive a lender dataset corresponding to a closing from the lender and receive a closing agent dataset corresponding to the closing;
- and
- a quality control module, in communication with the data sharing module, configured to apply a quality control process to a closing transaction dataset corresponding to closing documents established by at least one of the lender and the closing agent prior to the closing, the quality control process applying rules to determine:
- discrepancies between the lender dataset and the closing agent dataset;
- whether a value is proper for a given field in the closing transaction dataset in accordance with rules to support the closing;
- and
- whether the closing transaction dataset includes required fields in accordance with rules to support the closing.
Dependencies are inferred from the claim text.