System and method for post closing and custody services

• US 8,688,569 B1
• Filed: 03/23/2005
• Issued: 04/01/2014
• Est. Priority Date: 03/23/2005
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Myer, John Peter, Fisher, Kevin Vincent, Swaine, Zohar, Chappell, John J.
• Primary Examiner(s): JOHNSON, GREGORY L
• Application Number:
  US11/086,569
• Time in Patent Office: 3,296 Days
• Field of Search: 705/37, 705/38, 705/64, 715/512
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for post closing and custody services is disclosed. The method may comprise: receiving loan documents directly from a closing agent upon closing of a loan; imaging at least a portion of the loan documents; making one or more of the imaged documents accessible to one or more post closing users; and performing a custody review of the loan documents prior to other post closing services associated with the loan.

Claims

1. A computer-implemented method for post closing and custody services, wherein the method is executed by a programmed computer processor which communicates with one or more post closing users via a network, the method comprising:

imaging, by a document custodian using at least an imaging device, and storing in a database, at least a portion of loan documents shipped directly from a closing agent to the document custodian upon closing of a loan, wherein the document custodian is a separate entity from the closing agent at a different site, and the document custodian maintains custody for safekeeping of the loan documents and determines compliance for securitization;

performing, by the document custodian using at least the programmed computer processor, a custody review of the loan documents to identify exceptions and log the exceptions in the database prior to other post closing services associated with the loan; and

providing, by at least the programmed computer processor, the one or more post closing users remote access to the one or more of the imaged documents stored in the database via the network to enable the one or more post closing users to concurrently conduct post closing services after the custody review by the document custodian, thereby enabling the avoidance of redundant review of loan documents by the document custodian and post closing users.

2. The method according to claim 1, wherein the custody review comprises:

identifying documents that are associated with warehouse lending and securitization of the loan; and

reviewing these documents to cure exceptions.

3. The method according to claim 1 further comprising:

receiving electronic data associated with the loan; and

correlating the electronic data with the loan documents.

4. The method according claim 1, wherein the one or more post closing users are selected from a group consisting of:

a loan originator;

the closing agent;

a warehouse lender;

a loan servicer;

a loan borrower;

a document custodian;

a post closing service provider;

a government inspector;

a buyer of the loan;

a pledgor that treats the loan as collateral; and

a pledgee that treats the loan as collateral.

5. The method of claim 1, further comprising aggregating loan data and document images associated with a plurality of loans, thereby, based on the loan data and document images, facilitating, by at least the programmed computer processor, one or more functions selected from the group consisting of:

an online trading of at least one of the plurality of loans, a financing transaction that uses at least one of the plurality of loans as collateral, an online due diligence study on at least one of the plurality of loans, and an online performance analysis on at least one of the plurality of loans.

6. A computer-implemented method for post closing and custody services, wherein the method is executed with a programmed computer processor which communicates via a network, the method comprising:

receiving, by a document custodian, loan documents shipped directly to the document custodian from one or more closing agents, wherein the document custodian is a separate entity from the closing agents, the document custodian is located at a different site from the closing agents, and the document custodian maintains custody for safekeeping of the loan documents and determines compliance for securitization;

imaging, by the document custodian using at least an imaging device, and storing in a storage device, at least a portion of the loan documents shipped directly from the one or more closing agents upon closing of a loan, wherein the loan documents are associated with a plurality of loans from one or more loan originators, and the document custodian is a separate entity from the loan originators;

performing, the document custodian using at least the programmed computer processor, a custody review of the loan documents to identify exceptions and log the exceptions in the storage device prior to other post closing services associated with the loan;

aggregating, by at least the programmed computer processor, loan data and document images associated with the plurality of loans for storage in the storage device; and

providing, by at least the programmed computer processor, remote electronic access to the aggregated loan data and document images stored in the storage device via the network to enable the one or more post closing users to concurrently conduct post closing services after the custody review by the document custodian, and to provide the aggregated loan data to investors.

7. The method according to claim 6 further comprising:

generating a report based on the aggregated loan data and document images.

8. The method according to claim 6 further comprising:

identifying at least one of the plurality of loans based on one or more criteria received from a user.

9. The method according to claim 8 further comprising:

facilitating online trading of the at least one selected loan.

10. The method according to claim 8 further comprising:

facilitating a financing transaction that uses the at least one selected loan as collateral.

11. The method according to claim 8 further comprising:

facilitating an online auction of the at least one selected loan.

12. The method according to claim 8 further comprising:

facilitating an online due diligence study on the at least one selected loan.

13. The method according to claim 8, further comprising:

facilitating an online performance analysis on the at least one selected loan.

14. The method according to claim 6, further comprising:

sorting at least one of the plurality of loans based on one or more user-defined criteria.

15. A system for post closing and custody services, the system comprising an imaging device, a processor, a data storage device, and a user interface, wherein:

the data storage device contains loan data and document images associated with a plurality of loans;

the processor is operatively coupled to the data storage device to provide information associated with the plurality of loans based on the loan data and the document images via a network, and the processor being further configured to coordinate the collection of physical loan documents associated with the plurality of loans shipped directly from one or more closing agents to a document custodian and to generate the document images with the imaging device and the loan data based on the loan documents shipped directly to the document custodian, wherein the loan data is generated at least in part from a custody review performed by the document custodian, the document custodian is a separate entity from the closing agents, the document custodian is located at a different site from the closing agents, and the document custodian maintains custody for safekeeping of the loan documents; and

the user interface facilitates remote electronic access to the information, the loan data and the document images stored in the data storage device, thereby enabling one or more post closing users to concurrently conduct post closing services after the custody review by the document custodian, thereby enabling the avoidance of redundant review of loan documents by the document custodian and post closing users.

16. The system according to claim 15, wherein the system is further configured to generate a report based on the aggregated loan data and document images.

17. The system according to claim 15, wherein the system is further configured to identify at least one of the plurality of loans based on one or more criteria received from a user.

18. The system according to claim 17, wherein the system is further configured to facilitate one or more functions selected from a group consisting of:

an online trading of the at least one selected loan;

a financing transaction that uses the at least one selected loan as collateral;

an online due diligence study on the at least one selected loan; and

an online performance analysis on the at least one selected loan.

19. A loan document management system comprising:

a memory;

an imaging device; and

a computer processor, wherein the computer processor is programmed to;

coordinate the collection of physical loan documents shipped from one or more closing agents directly to a document custodian, wherein the document custodian is a separate entity from the closing agents, the document custodian is located at a different site from the closing agents, and the document custodian maintains custody for safekeeping of the loan documents;

receive, from the imaging device, electronic images of the physical loan documents generated by the document custodian;

store the electronic images in the memory;

receive loan data from at least the document custodian, wherein the loan data is generated at least in part from a custody review performed by the document custodian prior to other post closing services associated with a loan, and the loan data includes exceptions resulting from the custody review relevant to compliance for loan securitization;

store the loan data in the memory; and

provide remote electronic access via a network to the loan data and the electronic images stored in the data storage device, thereby enabling one or more post closing users to concurrently conduct post closing services after the custody review by the document custodian to enable the avoidance of redundant review of loan documents by the document custodian and post closing users and to expedite the post closing services.

20. The system of claim 19, further comprising aggregating the loan data and electronic images associated with a plurality of loans, thereby, based on the loan data and electronic images, facilitating, by at least the computer processor, one or more functions selected from the group consisting of:

an online trading of at least one of the plurality of loans, a financing transaction that uses at least one of the plurality of loans as collateral, an online due diligence study on at least one of the plurality of loans, and an online performance analysis on at least one of the plurality of loans.