Paperless process for mortgage closings and other applications

• US 7,822,690 B2
• Filed: 01/18/2005
• Issued: 10/26/2010
• Est. Priority Date: 02/10/2004
• Status: Active Grant

• Current Assignee: Citrin Holdings LLC, Secure Ink LLC (Jeffrey M. Gross)
• Original Assignee: eMortgage Services, LLC
• Inventors: Shanahan, Robert, Rakowicz, Paul
• Primary Examiner(s): Augustin; Evens J
• Assistant Examiner(s): Cheung; Calvin K
• Application Number:
  US11/037,505
• Publication Number:
  US 20050177389A1
• Time in Patent Office: 2,107 Days
• Field of Search: 705/75
• US Class Current: 705/75
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 50/167 Closing
• CPC Class Codes: H04L 63/0435 wherein the sending and receiving network entities apply symmetric encryption, i.e. same key used for encryption and decryption cryptographic mechanisms or cryptographic arrangements for symmetric key encryption H04L9/06
• CPC Class Codes: H04L 63/0823 using certificates cryptographic mechanisms or cryptographic arrangements for entity authentication involving certificates H04L9/3263
• CPC Class Codes: H04L 9/3242 involving keyed hash functions, e.g. message authentication codes [MACs], CBC-MAC or HMAC
• CPC Class Codes: H04L 9/3247 involving digital signatures

Abstract

According to the present invention, there is provided an electronic document processing system and method including an electronic document generation mechanism, an encrypted digital certificate generator, a tool for coordinating the processing of electronic documents, a packaging mechanism for finalizing and authenticating electronic documents, a tracking log for recording relevant electronic document information, and a transferring protocol for transferring the ownership of electronic documents. The present invention also provides an electronic authentication system including an electronic document authentication watermark seal or signature line for confirming a document'"'"'s signing within the view. Preferably, the present invention is directed towards a system, software program, and method for generating electronic documents, coordinating the signing of said electronic documents, digitally authenticating and certifying said electronic documents, and organizing said electronic documents for retrieval and transfer in the mortgage closing/financial services field.

Claims

1. An electronic mortgage closing document processing system comprising a server computer having computer program instructions stored in a non-transitory memory that, when executed, cause the server to:

receive the electronic mortgage closing documents;

identify one or more entities participating in an electronic document signing process;

provide the electronic mortgage closing documents to the one or more entities, the electronic mortgage closing documents being provided in a predetermined order during a document signing session and being provided to the one or more entities for execution of an action representing signing of the electronic mortgage closing documents;

receive a plurality of electronic signatures corresponding to one or more entities;

finalize and authenticate the electronic mortgage closing documents based, at least in part, upon the electronic signatures; and

record a location associated with at least one of the one or more entities, a time associated with the electronic document signing process, and a date associated with the electronic document signing process.

2. The electronic document processing system of claim 1, further comprising an electronic document creation system for generating the documents based on capturing data corresponding to hard electronic mortgage closing documents using an image capture device.

3. The electronic document processing system of claim 2, wherein the electronic document creation system comprises:

a first server for storing the electronic mortgage closing documents;

a second server for storing information relating to content of the electronic mortgage closing documents; and

a software program for populating the electronic mortgage closing documents with information relevant to the document signing session.

4. The electronic document processing system of claim 2, wherein the electronic document creation system comprises:

an input device for inputting the hard electronic mortgage closing documents; and

software for converting the hard electronic documents into the electronic mortgage closing documents.

5. The electronic document processing system of claim 4, wherein the image capturing device comprises a scanner.

6. The electronic document processing system of claim 2, wherein the electronic document creation system comprises software for importing existing electronic mortgage closing documents.

7. The electronic document processing system of claim 2, wherein the electronic document creation system comprises software for creating new electronic mortgage closing documents.

8. The electronic document processing system of claim 1, wherein execution of the computer program instructions causes the server computer to insert a digital signature in the electronic mortgage closing documents to provide a digital signature authentication capability for the electronic mortgage closing documents.

9. The electronic document processing system of claim 1, further comprising means for generating digital certificates having:

input means for inputting personal information;

computation means for digitally encrypting the information; and

approval means for enabling the use of a digitally secure certificate.

10. The electronic document processing system of claim 1, further comprising an organization system configured for:

connecting the one or more entities to the document signing session;

presenting the electronic mortgage closing documents to the one or more entities during the document signing session; and

coordinating the signing and authenticating of the electronic mortgage closing documents to complete the document signing session.

11. The electronic document processing system of claim 10, wherein said organization system is operatively connected to a communication network.

12. The electronic document processing system of claim 10, wherein execution of the computer program instructions causes the server computer to modify one or more of:

content of the electronic mortgage closing documents;

the predetermined order in which the electronic mortgage closing documents are presented and processed;

an operation of the document processing system;

requirements associated with the document signing session; and

variables associated with operations of the document processing system.

13. The electronic document processing system of claim 10, further comprising a security mechanism for restricting and allowing access to the document processing system, wherein the security mechanism allows persons related to the electronic documents to access the document processing system.

14. The electronic document processing system of claim 1, wherein execution of the computer program instructions causes the server computer to:

determine whether the signing and authenticating process has been completed by the one or more entities; and

certify the electronic documents in response to determining that the signing and authentication process has been completed by the one or more entities.

15. The electronic document processing system of claim 1, wherein execution of the computer program instructions causes the server computer to store:

the electronic mortgage closing documents;

the electronic signatures; and

data indicating that the electronic mortgage closing documents have been finalized and authenticated.

16. The electronic document processing system of claim 1, wherein execution of the computer program instructions causes the server computer to record data indicating:

identities of the one or more entities, and

a duration of the electronic document signing process.

17. The electronic document processing system of claim 16, wherein execution of the computer program instructions causes the server computer to store signing and authenticating information with the electronic mortgage closing documents.

18. The electronic document processing system of claim 1, wherein execution of the computer program instructions causes the server computer to record data indicating:

an identity of an owner of the electronic document, and

a location associated with the owner of the electronic document.

19. The electronic document processing system of claim 18, wherein execution of the computer program instructions causes the server computer to transfer ownership of at least one of the electronic mortgage closing documents from the owner to a new owner.

20. The electronic document processing system of claim 1, wherein execution of the computer program instructions cause the server computer to end the document signing session if the processing of the electronic mortgage closing documents in the predetermined sequence is not completed within a prescribed time.

21. An electronic mortgage closing document processing method comprising:

receiving electronic documents at a server computer;

organizing and coordinating the processing of the electronic documents, wherein the processing comprises;

connecting entities to a document signing session, the document signing session comprising a session during which the electronic mortgage closing documents are intended to be signed and authenticated by the entities;

presenting the electronic mortgage closing documents to the entities during the document signing session, the electronic mortgage closing documents being presented to the entities in a predetermined sequence, and the electronic mortgage closing documents being processed in the predetermined sequence;

coordinating the signing and authenticating of the electronic mortgage closing documents by the entities in the predetermined sequence; and

ending the document signing session;

packaging, finalizing, and authenticating the electronic mortgage closing documents that have been electronically signed; and

recording electronic document information indicating;

identities of the entities,

a location associated with the electronic mortgage closing documents,

a time associated with the electronic document signing process,

a date associated with the electronic document signing process, and

a duration of the electronic document signing process.

22. The electronic document processing method of claim 21, wherein receiving the electronic mortgage closing documents comprises receiving the electronic documents from an electronic document creation system that generates the electronic mortgage closing documents based on corresponding hard electronic documents.

23. The electronic document processing method of claim 22, wherein generating the electronic mortgage closing documents comprises inserting a digital signature capability in the electronic mortgage closing documents to provide a digital signature authentication capability for the electronic mortgage closing documents.

24. The electronic document processing method of claim 21, further comprising modifying one or more of:

content of the electronic mortgage closing documents;

the predetermined order in which the electronic mortgage closing documents are presented and processed;

an operation of the document processing system; and

requirements associated with the document signing session.

25. The electronic document processing method of claim 21, wherein the organizing further comprises restricting and allowing access to the document processing system, wherein access to the document processing system is allowed for the entities, and wherein the entities comprise persons related to the electronic mortgage closing documents.

26. The electronic document processing method of claim 21, wherein the packaging comprises encoding and encrypting the signing and authentication of electronic mortgage closing documents, and sealing them with a tamper-evident seal.

27. The electronic document processing method of claim 21, wherein the packaging comprises determining whether the signing and authenticating process has been completed by the entities, and certifying the electronic mortgage closing documents in response to determining that the signing and authenticating process has been completed by the entities.

28. The electronic document processing method of claim 21, wherein the packaging comprises storing the electronic mortgage closing documents, the signatures, and the authentication.

29. The electronic document processing method of claim 21, wherein the tracking comprises storing signing and authenticating information with the electronic mortgage closing documents.

30. The electronic document processing method of claim 21, wherein the transferring comprises recording the electronic document information by recording data indicating:

an identity of an owner of the electronic mortgage closing documents,

a location associated with the owner of the electronic mortgage closing documents,

a time associated with the electronic document signing processes, and

a date associated with the electronic document signing process.

31. The electronic document processing method of claim 21, wherein the transferring comprises transferring ownership of at least one of the electronic mortgage closing documents from the owner to a new owner.

32. The method of claim 21, further comprising generating digital certificates for association with respective electronically signed electronic mortgage closing documents.

33. The electronic document processing method of claim 32, wherein generating the digital certificate comprises:

inputting personal information,

computing and encrypting the information, and

outputting a digitally secure signature certificate.

34. The method of claim 21, further comprising associating a digital certificate that is representative of proper signing of an electronically signed mortgage closing document.

35. The method of claim 21, further comprising terminating the document signing session if the processing of the mortgage closing electronic documents in the predetermined sequence has not been completed within a prescribed time.

36. The method of claim 35, further comprising destroying the electronic mortgage closing documents if the document signing session is terminated.

37. An electronic mortgage closing document processing system comprising a server computer having computer program instructions stored in a non-transitory memory that, when executed, cause the server computer to:

receive the electronic mortgage closing documents;

identify one or more entities participating in an electronic document signing process;

connect the one or more entities to the document signing session;

provide the electronic mortgage closing documents to the one or more entities, the electronic mortgage closing documents being provided in a predetermined order during a document signing session and being provided to the one or more entities for execution of an action representing signing of the electronic mortgage closing documents;

receive a plurality of electronic signatures, the electronic signatures corresponding to the one or more entities;

finalize and authenticate the electronic mortgage closing documents based, at least in part, upon the electronic signatures; and

record a location associated with at least one of the one or more entities, a time associated with the electronic document signing process, and a date associated with the electronic document signing process.

38. The electronic mortgage closing document processing system of claim 37, wherein the server computer is further configured to receive input from at least one of the one or more entities indicating that the at least one of the one or more entities wishes to cancel the electronic document signing process;

determining if the electronic document signing process has been completed; and

cancelling the electronic document signing process, in response to determining that the electronic document signing process has not been completed.

39. The electronic mortgage closing document processing system of claim 38, wherein the electronic document signing process is determined not to have been completed if at least one of the one or more entities has not submitted input indicating a final acceptance of the entire electronic document signing process.

40. An electronic mortgage closing document processing system comprising a server computer having computer program instructions stored in a non-transitory memory that, when executed, cause the server computer to:

receive electronic mortgage closing documents;

identify one or more entities participating in an electronic document signing session;

recognize that the one or more entities have connected to a document signing session;

record a time associated with the electronic document signing process;

provide the electronic mortgage closing documents to the one or more entities, the electronic mortgage closing documents being provided in a predetermined order during the document signing session and being provided to the one or more entities for execution of an action representing signing of the electronic mortgage closing documents;

receive a plurality of electronic signatures;

determine, based at least partially upon the recorded time, that the processing of the electronic mortgage closing documents in the predetermined order has not been completed within a prescribed time;

terminate the electronic document signing session, in response to the determining; and

destroy the electronic mortgage closing documents in response to the terminating.

41. The electronic mortgage closing document processing system of claim 40, wherein the server computer is further configured to receive input from at least one of the one or more entities indicating that the at least one of the one or more entities wishes to cancel the electronic document signing process;

determining if the electronic document signing process has been completed; and

cancelling the electronic document signing process, in response to determining that the electronic document signing process has not been completed.

42. An electronic mortgage closing document processing system comprising a server computer having computer program instructions stored in a non-transitory memory that, when executed, cause the server computer to:

receive electronic mortgage closing documents;

insert a digital signature capability in the electronic mortgage closing documents to provide a digital signature authentication capability for the electronic mortgage closing documents;

identify one or more entities participating in an electronic document signing session;

recognize that the one or more entities have connected to a document signing session;

record a time associated with the electronic document signing process;

provide the electronic mortgage closing documents to the one or more entities, the electronic mortgage closing documents being provided in a predetermined order during the document signing session and being provided to the one or more entities for execution of an action representing signing of the electronic mortgage closing documents;

receive a plurality of electronic signatures;

store the electronic mortgage closing documents and the electronic signatures;

store information relating to content of the electronic mortgage closing documents; and

populate the electronic mortgage closing documents with information relevant to the document signing session.

43. The electronic mortgage closing document processing system of claim 42, wherein the server computer is further configured to receive input from at least one of the one or more entities indicating that the at least one of the one or more entities wishes to cancel the electronic document signing process;

determining if the electronic document signing process has been completed; and

cancelling the electronic document signing process, in response to determining that the electronic document signing process has not been completed.