RISMEDIA, June 14, 2007-LSI, a division of Fidelity National Information Services, Inc. (FIS), hasannounced the launch of ClosingStream 1.1, a Web-based closing solution for mortgage refinance and home equity lending transactions. The Closing Stream 1.1 deployment includes enhanced borrower authentication, borrower security, document delivery and improved document question-and-answer segments. Delivery of this new technology positions FIS in the forefront of a global effort to standardize e-mortgage adoption.
Since the platform’s introduction in 2005, ClosingStream has been used to facilitate electronically more than 20,000 mortgage loan closings, and 15 of the nation’s top mortgage lenders currently use the delivery platform to conduct Web-based closings.
According to the company, recent post-pilot consumer surveys of regular Internet users reported a 97% satisfaction rating when using ClosingStream to close their mortgage transactions, confirming that this patent-pending online closing process reduces loan cycle time, enhances borrower experience and, ultimately, increases lender revenue.
U.S. Bank utilizes ClosingStream as an alternative to a traveling notary network and as a further means to back its 5-Star Service Guarantee.
“U.S. Bank and LSI have worked together to offer our customers a loan closing experience that performs at the levels required by the 5-Star commitment,” said Dan Prather, senior vice-president at U.S. Bank. “ClosingStream ensures that U.S. Bank has the ability to guarantee that our customers are receiving the best service quality and highest standards of communication available.”
Scott McKinlay, senior vice-president of corporate development at E-LOAN, Inc., said, “Everyone at E-LOAN is excited about making ClosingStream available to our customers on a nationwide basis. I personally experienced the product’s ease-of-use when I utilized ClosingStream for my mortgage closing. The fact that there were two separate parties in different locations who were required to sign did not present a problem. The representative we worked with was professional and competent and thoroughly explained the online mortgage documents and procedures.”
ClosingStream conforms to the Federal Financial Institutions Examination Council’s (FFIEC) authentication in electronic banking environment guidelines by utilizing a multifactored authentication process with layered security controls to ensure that the individual borrower’s information is authenticated. During this process, each party is asked to respond to “in-wallet” and “out-of-wallet” authentication questions. If the questions are answered correctly, each borrower is provided with a ClosingStream session personal identification number (PIN) and a limited-power-of-attorney agreement.
“During a customer’s online session, they complete a rigorous authentication process that exceeds those used by most online transaction Web sites,” said Ron Frazier, president of FIS’ LSI division. “The in-wallet and out-of-wallet security questions are drawn from the existing customer’s data, and the answers are relevant only to the customer.”
With the ClosingStream solution, LSI controls the entire title and closing process, eliminating the need to coordinate with several third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since this closing session is Web-based, the borrower may participate from any geographic location.
At the scheduled closing time, the borrower securely logs on to the ClosingStream Web site and dials a toll-free number to connect with an LSI closing representative. Using ClosingStream’s online meeting application, the representative thoroughly covers each loan document to ensure that the borrower understands all of the details.
During the closing representative’s review of the documents, any necessary changes to those documents can be completed. With accurate documents in place, the borrower answers a series of online questions specific to the loan documents in review, acknowledging understanding of and agreement to the terms and conditions of those documents. All of the audio and on-screen activity during this closing process are recorded and archived for future reference.
For more information, visit www.fidelityinfoservices.com.
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