Method and system for loan closing
First Claim
1. A method for electronically facilitating a loan closing transaction, the method implemented on a suitably programmed computer comprising a processor, a data repository, and a user interface, the method comprising:
- receiving loan information for the loan closing transaction from at least one preliminary loan service;
automatically ordering sub-transactions related to the loan closing transaction;
generating an interactive loan closing form including the loan information for the loan closing transaction;
storing the interactive loan closing form;
updating the interactive loan closing form; and
generating, via the processor, at least one loan closing document based upon the interactive loan closing form, wherein updating the interactive loan closing form includes;
receiving a change of at least one entry in the interactive loan closing form;
receiving authorization by a designated party for the change, wherein the designated party is customized based upon the loan closing transaction;
entering the change in the interactive loan closing form;
storing the interactive loan closing form; and
presenting the interactive loan closing form with the change via the user interface.
8 Assignments
0 Petitions
Accused Products
Abstract
A method and system for electronically facilitating loan closing transactions that include sub-transactions involving third parties. The method and system provide functionality to quickly and easily order a sub-transaction and bill the respective party, or pay for the sub-transaction directly from various payment systems. An interactive closing document updates automatically as different services and sub-transactions are ordered. Designated parties to the transaction make and approve changes and updates to the interactive document as sub-transactions are completed and billed. The interactive document receives information from the earlier stages of the loan or mortgage transaction, and incorporates the information into the interactive closing document. Upon approval by all parties, at the closing of the transaction, the interactive closing document is generated as a hard copy for signature.
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Citations
20 Claims
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1. A method for electronically facilitating a loan closing transaction, the method implemented on a suitably programmed computer comprising a processor, a data repository, and a user interface, the method comprising:
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receiving loan information for the loan closing transaction from at least one preliminary loan service; automatically ordering sub-transactions related to the loan closing transaction; generating an interactive loan closing form including the loan information for the loan closing transaction; storing the interactive loan closing form; updating the interactive loan closing form; and generating, via the processor, at least one loan closing document based upon the interactive loan closing form, wherein updating the interactive loan closing form includes; receiving a change of at least one entry in the interactive loan closing form; receiving authorization by a designated party for the change, wherein the designated party is customized based upon the loan closing transaction; entering the change in the interactive loan closing form; storing the interactive loan closing form; and presenting the interactive loan closing form with the change via the user interface. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for electronically updating an interactive loan closing form, the method implemented on a suitably programmed computer comprising a processor, a data repository, and a user interface, the method comprising:
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granting access to the interactive loan closing form; receiving updated information for the interactive loan closing form; notifying a designated party for authorizing the updated information for the interactive loan closing form, wherein the designated party is customized based upon the loan closing transaction; receiving authorization from the designated party for the updated information; updating, via the processor, the interactive loan closing form with the updated information; notifying at least one party of the updated information; and presenting the interactive loan closing form with the updated information via the user interface; wherein the updating includes storing the interactive loan closing form. - View Dependent Claims (8, 9)
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10. A system for electronically facilitating a loan closing transaction, the system comprising:
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a processor; a user interface configured to receive data associated with the loan closing transaction and function via the processor; and a repository accessible by the processor, configured to store loan information for the loan closing transaction received from at least one preliminary loan service; wherein the processor is configured to; automatically order sub-transactions related to the loan closing transaction based on the loan information received from the at least one preliminary loan service; generate an interactive loan closing form, wherein the interactive loan closing form includes the loan information for the loan closing transaction; update the interactive loan closing form; and generate at least one loan closing document based upon the interactive loan closing form, wherein the updating the interactive loan closing form includes the processor configured to; receive a change of at least one entry in the interactive loan closing form; receive authorization by a designated party for the change, wherein the designated party is customized based upon the loan closing transaction; enter the change in the interactive loan closing form; and present the interactive loan closing form with the change. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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18. A tangible computer program code product stored in a computer usable medium for causing a computer to facilitate a loan closing transaction, comprising:
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first computer readable program code for receiving loan information for the loan closing transaction from at least one preliminary loan service; second computer readable program code for automatically ordering sub-transactions related to the loan closing transaction; third computer readable program code for generating an interactive loan closing form including the loan information for the loan closing transaction; fourth computer readable program code for updating the interactive loan closing form; and fifth computer readable program code for generating at least one loan closing document based upon the interactive loan closing form, wherein updating the interactive loan closing form includes; receiving a change of at least one entry in the interactive loan closing form; receiving authorization by a designated party for the change, wherein the designated party is customized based upon the loan closing transaction; entering the change in the interactive loan closing form; and presenting the interactive loan closing form with the change.
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19. A tangible computer-readable medium having instructions stored thereon which are executable by an electronic device for electronically facilitating a loan closing transaction by performing steps comprising:
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receiving loan information for the loan closing transaction from at least one preliminary loan service; automatically ordering sub-transactions related to the loan closing transaction; generating an interactive loan closing form, wherein the interactive loan closing form includes the loan information for the loan closing transaction; updating the interactive loan closing form; and generating at least one loan closing document based upon the interactive loan closing from, wherein updating the interactive loan closing form includes; receiving a change of at least one entry in the interactive loan closing form; receiving authorization by a designated party for the change, wherein the designated party is customized based upon the loan closing transaction; entering the change in the interactive loan closing form; and presenting the interactive loan closing form with the change.
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20. A tangible computer-readable medium having instructions stored thereon which are executable by an electronic device for electronically updating a loan closing transaction by performing steps comprising:
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granting access to the interactive loan closing form; receiving updated information for the interactive loan closing form; notifying a designated party for authorizing the updated information for the interactive loan closing form, wherein the designated party is customized based upon the loan closing transaction; receiving authorization from the designated party for the updated information; updating the interactive loan closing form with the updated information; notifying at least one party of the updated information; and presenting the interactive loan closing form with the updated information.
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Specification