System and method for tracking, monitoring and reporting extinguishment of a title insurance policy
First Claim
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.
8 Assignments
0 Petitions
Accused Products
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.
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Citations
17 Claims
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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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:
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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. - View Dependent Claims (10, 11, 12, 13)
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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. - View Dependent Claims (15, 16, 17)
Specification