Electronic closing
View Patent ↗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.
1. 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.
2. The method of claim 1 , further comprising:
accommodating an electronic signing of the closing documents at the closing.
3. The method of claim 2 , wherein accommodating an electronic signing comprises automatically applying an electronic signature to a plurality of documents based upon a single signature action by a signer.
4. The method of claim 1 , wherein applying the quality control process further comprises reporting determined discrepancies between the lender dataset and the closing agent dataset.
5. The method of claim 1 , wherein applying the quality control process further comprises application of rules to the closing transaction dataset to ensure that the values within the closing transaction dataset are sufficient to support a related transaction.
6. The method of claim 5 , wherein the related transaction is a sale of a mortgage note corresponding to the closing in the secondary mortgage market.
7. The method of claim 1 , further comprising:
automatically populating the closing agent dataset with data corresponding to the closing based upon previous receipt of the lender dataset.
8. The method of claim 1 , further comprising:
electronically updating a registry following the closing to reflect an ownership of a mortgage note corresponding to the closing.
9. The method of claim 1 , further comprising:
accommodating storage of an electronic document corresponding to the closing in an electronic vault.
10. The method of claim 1 , further comprising:
accommodating an electronic recording of a document corresponding to the closing with an authority.
11. 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.
12. The apparatus of claim 11 , further comprising:
means for accommodating an electronic signing of the closing documents at the closing.
13. The apparatus of claim 12 , wherein accommodating an electronic signing comprises automatically applying an electronic signature to a plurality of documents based upon a single signature action by a signer.
14. The apparatus of claim 11 , wherein applying the quality control process further comprises reporting determined discrepancies between the lender dataset and the closing agent dataset.
15. The apparatus of claim 11 , wherein applying the quality control process further comprises application of rules to the closing transaction dataset to ensure that the values within the closing transaction dataset are sufficient to support a related transaction.
16. The apparatus of claim 15 , wherein the related transaction is a sale of a mortgage note corresponding to the closing in the secondary mortgage market.
17. The apparatus of claim 11 , further comprising:
means for automatically populating the closing agent dataset with data corresponding to the closing based upon previous receipt of the lender dataset.
18. The apparatus of claim 11 , further comprising:
means for electronically updating a registry following the closing to reflect an ownership of a mortgage note corresponding to the closing.
19. The apparatus of claim 11 , further comprising:
means for accommodating storage of an electronic document corresponding to the closing in an electronic vault.
20. The apparatus of claim 11 , further comprising:
means for accommodating an electronic recording of a document corresponding to the closing with an authority.
21. 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.
22. The apparatus of claim 21 , further comprising:
an electronic signing module, which accommodates an electronic signing of the closing documents at the closing.
23. The apparatus of claim 22 , wherein the electronic signing is accommodated by automatically applying an electronic signature to a plurality of documents based upon a single signature action by a signer.
24. The apparatus of claim 21 , wherein applying the quality control process further comprises reporting determined discrepancies between the lender dataset and the closing agent dataset.
25. The apparatus of claim 21 , wherein applying the quality control process applies rules to the closing transaction dataset to ensure that the values within the closing transaction dataset are sufficient to support a related transaction.
26. The apparatus of claim 25 , wherein the related transaction is a sale of a mortgage note corresponding to the closing in the secondary mortgage market.
27. The apparatus of claim 21 , wherein the data sharing module is further configured to automatically populate the closing agent dataset with data corresponding to the closing based upon previous receipt of the lender dataset.
28. The apparatus of claim 21 , further comprising:
a registry module, which electronically updates a registry following the closing to reflect an ownership of a mortgage note corresponding to the closing.
29. The apparatus of claim 21 , further comprising:
an electronic document storage module, which accommodates storage of an electronic document corresponding to the closing in an electronic vault.
30. The apparatus of claim 21 , further comprising:
an electronic recording module, which accommodates an electronic recording of a document corresponding to the closing with an authority.