LPS eCLOSING SOLUTIONS
ClosingStream℠ is an innovative Web-based document signing solution for the mortgage lending industry. With ClosingStream, borrowers are able to close loans anywhere — at home, at the office or on the road — at virtually any time.
As the first viable Web-based closing provider in the industry, LPS has attracted a new audience of Internet-savvy borrowers for more than 15 national mortgage lenders utilizing ClosingStream. These lenders offer a more consistent closing process and improve closing ratios with the ability to schedule closings at the time of application.
ClosingStream provides the following benefits to lenders and borrowers:
- Convenient closings. Borrowers can close their loan at any location with an Internet connection, eliminating timing and geographic limitations, and reducing cancellations.
- Higher quality closings. With the elimination of third-party notaries, lenders have immediate access to LPS’ highly trained experts at any point during the closing process.
- Expedited closings. No shipping of documents to or from borrowers or notaries, helping to reduce the number of days in the closing and funding process.
- Reduced costs and cycle times. Decreased document execution errors with ability to make real-time changes or edits during the closing session.
- Secure, online closings. Conducted in LPS’ Cybertrust Secured Site-certified hosting environment
- Minimized risk of fraud. LPS’ borrower identity authentication process meets the Gramm-Leach-Bliley Act and FFIEC requirements and minimizes any potentially fraudulent activity prior to closing.
- Documented compliance. Entire closing sessions, including screen presentations, annotations, questions, answers and audio, are recorded and archived.