System for applying quality control tests to transaction datasets
a technology for data and transaction closings, applied in data processing applications, finance, instruments, etc., can solve problems such as furthering the opportunity for errors and discrepancies between and among parties' data, complicating matters, and affecting the provision of a variety of closing services
Inactive Publication Date: 2014-04-03
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Benefits of technology
The platform ensures data accuracy and consistency, reduces errors, and promotes the adoption of electronic documents by enabling efficient data sharing and electronic signing, thereby improving the reliability and efficiency of real estate closings.
Problems solved by technology
One problem with existing closings is that there can be errors in the closing documents.
Another problem is that each party (e.g., lender, closing agent) may have their own computer system for entering and managing data that corresponds to documents used at the closing.
There are often discrepancies between the data belonging to the various parties, or discrepancies between a party's data and the closing documents, which need to be corrected or otherwise remedied after a closing takes place.
This furthers the opportunity for errors and discrepancies between and among parties' data, as well as the closing documents.
Other parties may further complicate matters.
Furthermore, there is a disincentive to using electronic documents where other parties in the closing transaction will not be relying upon the electronic document (e.g. closing agent, borrower).
Still another problem with electronic documents is that there are various different systems to which a document will need to integrate.
Even where all of the parties to a transaction, and parties to related transactions use the same electronic document format, there are still often discrepancies among and between the variously defined documents.
Method used
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[0026]In the following description, for purposes of explanation, numerous details are set forth, such as flowcharts and system configurations, in order to provide an understanding of one or more embodiments of the present invention. However, it is and will be apparent to one skilled in the art that these specific details are not required in order to practice the present invention.
[0027]FIG. 1 is a flow diagram illustrating an electronic closing process 100 facilitated by an electronic closing platform (ECP) in accordance with the present invention. Although fewer or more participants may be involved, the illustrated process 100 involves a Lender, Closing Agent, and Borrower, with respective rows corresponding to each participant. The ECP could also be provided by a separate party. The ECP 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...
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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.
Description
CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit under 35 U.S.C. 119(e) of provisional application 60 / 431,847, filed Dec. 9, 2002, entitled “Electronic Closing” the entire contents of which are hereby incorporated by reference.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]This invention relates generally to transaction closings and more particularly to an electronic closing platform for real estate closings.[0004]2. Description of the Related Art[0005]Borrowers often use lenders to finance real estate transactions in the primary mortgage market. A mortgage loan closing may involve a property sale, or a refinancing of an owned property. Where there is a property sale, a typical closing can involve a buyer, seller, lender. The lender loans funds to the buyer, and disburses them to the seller to complete the transaction. The buyer signs a promissory note (also referred to as a mortgage note) that obligates the buyer to repay the loaned ...
Claims
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IPC IPC(8): G06Q40/00
CPCG06Q40/025G06Q40/03
InventorHABERAECKER, CHARLOTTETRIMBLE, JR., J. HARVEYOLIPHANT, MARK A.
OwnerCORELOGIC SOLUTIONS