System and Method for Tracking, Monitoring and Reporting Extinguishment of a Title Insurance Policy

• US 20110282699A1
• Filed: 07/29/2011
• Published: 11/17/2011
• Est. Priority Date: 07/01/2008
• Status: Active Grant

• Current Assignee: Corelogic Solutions LLC (CoreLogic Incorporated)
• Original Assignee: CoreLogic Information Solutions Incorporated (CoreLogic Incorporated)
• Inventors: Serio, Dianna L.
• Granted Patent: US 8,548,831 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A system for monitoring a title insurance policy including a processor and a memory in communication with the processor is disclosed. The system includes computer readable logic stored on the memory and executable on the processor. The computer readable logic configured to receive a title record including both owner identification information and property identification information, query a title record database to determine if the received title record has experienced an extinguishment event selected from the group consisting of: a loan modification; a foreclosure; a sale; an arms-length ownership change; and a change to a real-estate owned (REO) property, set an inactive indicator associated with the title insurance policy if an extinguishment event is determined to be associated with the owner identification and property identification information of the title record, set, in the absence of an inactive indicator, an active indicator associated with the title insurance policy if an extinguishment event is not determined to be associated with the owner identification and property identification information of the title record, and generate, if the active indicator is set, a monitoring flag associated with the received title record associated with the title insurance policy of interest

Claims

1. A system for monitoring a title insurance policy including a processor and a memory in communication with the processor, the system comprising:

computer readable logic stored on the memory and executable on the processor, the computer readable logic configured to;

receive a title record including both owner identification information and property identification information;

query a title record database to determine if the received title record has experienced an extinguishment event selected from the group consisting of;

a loan modification;

a foreclosure;

a sale;

an arms-length ownership change; and

a change to a real-estate owned (REO) property;

set an inactive indicator associated with the title insurance policy if an extinguishment event is determined to be associated with the owner identification and property identification information of the title record;

set, in the absence of an inactive indicator, an active indicator associated with the title insurance policy if an extinguishment event is not determined to be associated with the owner identification and property identification information of the title record; and

generate, if the active indicator is set, a monitoring flag associated with the received title record associated with the title insurance policy of interest.

2. The system of claim 1, wherein the title record database is configured to store a plurality of title records each of which is associated with a property record.

3. The system of claim 1, wherein the title record database comprises a plurality of individual databases in communication with each other via a network.

4. The system of claim 3, wherein at least one of the plurality of databases is configured to receive a title record update in a scheduled manner selected from a group consisting of:

a daily update;

a weekly update;

a continuous update; and

a real-time update.

5. The system of claim 1, wherein the title record further includes a settlement date of the title insurance policy and/or a liability amount.

6. The system of claim 1 computer readable logic is further configured to:

generate of a report that includes each title record for which the monitoring flag has been set.

7. The system of claim 6, wherein the generated report further includes least the active indicator and an identification number associated with the title policy.

8. The system of claim 1 computer readable logic is further configured to:

generate of a report that includes title records organized by active indicators and inactive indicators.

9. A computer-implemented method for monitoring a title insurance policy that is implemented by a processor configured to execute one or more computer readable instructions stored in a memory, the method comprising:

receiving a title record including both owner identification information and property identification information;

querying a property record database, in response to the received title record, to determine if one of a stored plurality of property records corresponds to the information contained in the received title record;

determining, if a corresponding title record is identified, whether the identified title record reflects the occurrence of an extinguishment event selected from the group consisting of a loan modification;

a foreclosure;

a sale;

an arms-length ownership change; and

a change to a real-estate owned (REO) property;

flagging the title insurance policy with an inactive indicator if an extinguishment event is determined to be associated with the owner identification and property identification information of the title record;

flagging, in the absence of an inactive indicator, the title insurance policy with an inactive indicator if an extinguishment event is determined to not be associated with the owner identification and property identification information of the title record;

generating, if the active indicator is set, a monitoring flag associated with the received title record associated with the title insurance policy of interest.

10. The method of claim 9 further comprising:

storing a plurality of title records each of which is associated with a property record in the property record database.

11. The method of claim 9, wherein querying property title record database further comprises querying a plurality of individual databases in communication with each other via a network.

12. The method of claim 11, wherein at least one of the plurality of databases is configured to receive a title record update in a scheduled manner selected from a group consisting of:

a daily update;

a weekly update;

a continuous update; and

a real-time update.

13. The method of claim 9, wherein receiving the title record further includes receiving the title record including a settlement date of the title insurance policy and/or a liability amount.

14. A system for monitoring a title insurance policy including a processor and a memory in communication with the processor, the system comprising:

computer readable logic stored on the memory and executable on the processor, the computer readable logic configured to;

communicate standardized title record information to a titled record database;

query the title record database utilizing owner identification information and property identification information contained within the standardized title record information to determine of a corresponding title record stored in the title record database has undergone an event selected from the group consisting of;

a loan modification;

a foreclosure;

a sale;

an arms-length ownership change; and

a change to a real-estate owned (REO) property;

set an inactive indicator associated with the title insurance policy if one of the events is determined to be associated with the owner identification and property identification information of the title record;

set, in the absence of an inactive indicator, an active indicator associated with the title insurance policy if none of the events are determined to be associated with the owner identification and property identification information of the title record; and

generate, if the active indicator is set, a monitoring flag associated with the received title record associated with the title insurance policy of interest.

15. The system of claim 14, wherein the title record database is configured to store a plurality of title records each of which is associated with a property record.

16. The system of claim 14, wherein the title record database comprises a plurality of individual databases in communication with each other via a network.

17. The system of claim 16, wherein at least one of the plurality of databases is configured to receive a title record update in a scheduled manner selected from a group consisting of:

a daily update;

a weekly update;

a continuous update; and

a real-time update.