SYSTEM AND METHOD FOR TRACKING, MONITORING AND REPORTING EXTINGUISHMENT OF A TITLE INSURANCE POLICY

• US 20100004952A1
• Filed: 07/01/2008
• Published: 01/07/2010
• Est. Priority Date: 07/01/2008
• Status: Active Grant

• Current Assignee: Corelogic Solutions LLC (CoreLogic Incorporated)
• Original Assignee: First American CoreLogic Incorporated (CoreLogic Incorporated)
• Inventors: Serio, Dianna L.
• Granted Patent: US 8,015,037 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 is disclosed. The system includes a processor, a memory in communication with the processor, and a database in communication with the processor and the memory, the database configured to store a plurality of property records. The system further includes computer readable logic stored on the memory and executable on the processor, the computer readable logic configured to receive a title record associated with the title insurance property, compare the received title record with each of the plurality of property records stored by the database, match a property record of interest from each of the plurality of property records, and report a status indicator for the title insurance policy.

Claims

1. A system for monitoring a title insurance policy, the system comprising:

a processor;

a memory in communication with the processor;

a database in communication with the processor and the memory, the database configured to store a plurality of property records,

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

receive a title record associated with the title insurance property;

compare the received title record with each of the plurality of property records stored by the database;

match a property record of interest from each of the plurality of property records; and

report a status indicator for the title insurance policy.

2. The system of claim 1, wherein the database is configured to receive an update to the plurality of property records.

3. The system of claim 2, wherein the update is communicated to the database in a scheduled manner selected from a group consisting of:

a daily update;

a weekly update;

a continuous update; and

a real-time update.

4. The system of claim 1, wherein the memory is configured to include the database.

5. The system of claim 1, wherein the title record includes information selected from the group consisting of:

property owner'"'"'s name;

property address;

settlement date of insurance policy; and

the liability amount.

6. The system of claim 1, wherein each of the plurality of property records reflects a financing status.

7. The system of claim 1 further comprising:

generate of a report that includes at least the status indicator and an identification number associated with the title policy.

8. A method for monitoring a title insurance policy, the method comprising:

receiving a title record associated with the title insurance policy;

comparing the title record with each of a plurality of property records stored in a database,

matching a property record of interest from each of the plurality of property records stored in the database; and

reporting a status indicator for the title insurance policy.

9. The method of claim 8 further comprising:

updating the plurality of property records stored in the database.

10. The method of claim 9, wherein updating includes scheduling the update from a group consisting of:

a daily update;

a weekly update;

a continuous update; and

in real-time.

11. The method of claim 8, wherein the title record includes data from a group consisting of:

the owner'"'"'s name;

the property address;

liability amount; and

settlement date.

12. The method of claim 8, wherein each of the plurality of property records reflects a financing status.

13. The method of claim 8 further comprising:

generating a report that includes at least the status indicator and a policy number.

14. A method for monitoring a title insurance policy, the method comprising:

configuring a property records database to store any documents which are related to a specific real property associated with the title insurance policy;

updating the property database to reflect changes in the financing status of at least one of the records and properties stored in the property records database;

comparing a title record with each of the plurality of property records stored in the property database;

identifying a property record of interest from each of the plurality of records; and

reporting a status indicator for the title insurance policy.

15. The method of claim 14, wherein updating includes scheduling the update from a group consisting of:

a daily update;

a weekly update;

a continuous update; and

an hourly update.

16. The method of claim 14, wherein the title record includes a title insurance policy record.

17. The method of claim 14 further comprising:

generating a report that includes at least the status indicator, title record and the record of interest.