What can LoanCloser do for you?
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LoanCloser is an electronic mortgage settlement platform that aims to complete the last mile of the loan origination process. It integrates various functions needed for settlement such as document preparation, title insurance, and loan funding. The platform allows all parties in the settlement process such as lenders, borrowers, vendors, and outgoing mortgagees to securely access and collaborate on loan documents and data. This reduces errors, speeds up the settlement process, and provides complete transparency compared to traditional paper-based settlements.
What can LoanCloser do for you?
- 1. P O S T A P P R O VA L S O L U T I O N S WHAT CAN LOANCLOSER DO COMPLETING THE LAST MILE FOR YOU? Among technologists, the phrase completing the last mile refers to delivering PROVIDE LENDERS A SOLUTION AND A telecommunications services connectivity from the street to the home, which SERVICE is in fact a greater challenge than delivering services from their source to local SAVE TIME AND $$$ markets via long-distance cables. Mortgage settlements are quite similar, in SUBSTITUTE MANUAL ELEMENTS that the borrower, having run the lengthy gauntlet of loan origination, still faces a difficult loan settlement process at the finish line. WITH ELECTRONIC FUNCTIONALITY INVOLVE ALL PARTIES IN THE Further, paper-based mortgage settlements remain the most technologically SETTLEMENT PROCESS fragmented multiparty transaction in loan origination. Electronic mortgage settlements require the integration of document preparation, title insurance PROVIDE COMPLETE underwriting (where applicable), loan settlements and funding, quality control, TRANSAPRENCY document recordation with the Land Registries, Custodianship and other ALLOW FOR INTELLIGENT functions. LoanClosers Electronic settlement platform technology capabilities COLLABORATION include loan file imaging, data management, data storage and retrieval capabilities. The documents may be copies, or they may soon be digitally REDUCE YOUR CARBON FOOTPRINT signed original documents in electronic form. INSTANT MORTGAGE DOCUMENTS SAME DAY SETTLEMENTS All parties to LoanCloser have customized authority and access levels to review, execute and print loan and disclosure documents and exchange all of COMPLIANT SETTLEMENTS PLATFORM the data associated with the loan before, during and after the loan is settled. COMPREHENSIVE MANAGEMENT This reduces mortgage file errors, reduces time spent at the settlement table, REPORTING and speeds up registration, loan funding, quality control and Lenders delivery processes. LoanCloser saves time, phone calls, facsimiles and paper. SUITE 5, LEVEL 1, 108-120 YOUNG ST FRANKSTON VIC 3199 WWW.LOANCLOSER.COM.AU Tel 1300 705 933 Fax (03) 9770 1841 E: INFO@LOANCLOSER.COM.AU
- 2. LoanCloser FlowChart Branch and Borrower Rep can also communicate Lender interfaces (6 & 7) Bwr rep, Vendor rep & Outgoing Mortgagee communicate to confirm from front end settlement arrangements system to LC Step 1 Step 6 Step 7 Borrower Vendor Outgoing Lender Branch Representative Representative Mortgagee (1) Branch given (4) Solicitor enables (5a) Solicitor enables (5b) Solicitor enables access to file. borrower's vendor outgoing mortgagee They can upload representative to representative to to view file. This application & view & or print view file. This opens enables outgoing supporting docs. docs. communication mortgagee to advise Advise Communication between borrower when ready to settle, settlement regarding document representative and arrange settlement urgency generation and vendor and provide 'payout Step 2 Step 3 Step 4 Step 5a Step 5b (2) Instruct solicitor return of executed representative to figure'. documents. Also arrange settlement (3) Solicitor advise vendors converse with solicitor or outgoing branch to bank if refinance ascertain bwrs rep & other information Panel Solicitor Step 8 (8) Registration agent can Registration Agent update file to show settlement effected, Mortgage stamped and lodged, and return to panel solicitor