Closing Package for a Mortgage Loan

• US 20080027845A1
• Filed: 10/11/2007
• Published: 01/31/2008
• Est. Priority Date: 09/27/2002
• Status: Abandoned Application

• Current Assignee: Wells Fargo Home Mortgage Incorporated (Wells Fargo & Company)
• Original Assignee: Wells Fargo Home Mortgage Incorporated (Wells Fargo & Company)
• Inventors: Oman, Mark, Dreyer, Geoffery, Brennan, Nancy, DeVito, Michael, Malchodi, Eric, Bulmer, Steven, Heid, Michael, O'Brien, Timothy, Caruso, Robert
• Application Number:
  US11/870,519
• Publication Number:
  US 20080027845A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of refinancing a mortgage loan is provided. The method of refinancing a mortgage loan comprises pre-approving a customer for refinancing of a mortgage loan. This customer is sent a pre-screened offer. The offer comprises materials setting forth the terms of the refinanced mortgage loan, materials providing all required pre-acceptance disclosures, and instructions describing how the customer may accept the offer. Upon receiving an indication of acceptance of the offer from the customer, a closing package is sent to the customer to be executed by the customer. The execution of the closing package by the customer creates a refinancing loan agreement. Also provided is a closing package for a mortgage loan comprising closing documents and a format and instructions providing specific guidance to the customer for completion and execution of the closing documents.

Claims

1. A closing package for a mortgage loan comprising closing documents to be completed and executed by a customer for completion of a mortgage loan agreement, said documents comprising a format and instructions, said format and said instructions providing specific guidance to said customer for completing and executing said closing documents.

2. The closing package of claim 1, wherein said instructions comprise:

a detailed description of steps necessary for completing said closing package and for filling out and executing said closing documents contained in said closing package; and

instructions for a notary.

3. The closing package of claim 1, further comprising a return-addressed envelope.

4. The closing package of claim 1, further comprising a checklist for said customer to review said closing package.

5. The closing package of claim 1, further comprising a note and a mortgage.

6. The closing package of claim 1, wherein said closing package comprises:

a bound set of documents;

at least one processing notation attached to said closing package; and

a means for removing a document on at least a portion of at least one of said documents, whereby said bound set of documents with said processing notation and said means for removing a document provides for accelerated processing of said closing package.

7. The closing package of claim 1, wherein said processing notation comprises a bar code.

8. The closing package of claim 1, wherein said closing package comprises a bound set of documents for a lender and a bound set of documents for a customer.

9. The closing package of claim 1, wherein said closing package is tailored to state regulations and closing practices.

10. The closing package of claim 1, further comprising a disclosure document containing more than one disclosure to cover more than one state requirement.

11. A closing package for a mortgage loan comprising:

closing documents to be executed by a customer;

at least one document comprising instructions providing guidance to said customer for completing and executing said closing documents in the absence of a meeting, said instructions comprising a checklist of steps for said customer'"'"'s guidance and steps for a notary'"'"'s guidance in said completion and execution of said closing documents; and

at least one document comprising a plurality of acknowledgements, agreements, and disclosures accommodating variations in legal requirements relating to said closing documents.