Fidelity National Information Services' LSI, a division of Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products, services and technology solutions to the financial and real estate industries, announced today the successful conclusion of its pilot for Closing Stream, the premiere Web- based closing solution for mortgage refinance and home equity lending transactions.
The pilot project confirmed that this patent-pending online closing process reduces loan cycle time, enhances borrower experience and ultimately increases lender revenue.
ING Direct, a division of ING Group, has been among the first lenders to test Closing Stream. "We are tremendously impressed with LSI's ability to deliver an online closing solution that creates so many efficiencies," said ING Direct's Jim Kelly. "With Closing Stream, we have minimized our loan cycle time, resulting in higher application-to-close ratios, improved productivity and reduced cost."
With the Closing Stream solution, LSI controls the entire closing process, eliminating the need to coordinate third-party providers. As a result, borrowers may schedule their closing as early as possible during the application process. Also, since this closing method is primarily Web-based, borrowers may participate in the transaction from any geographic location.
Prior to the scheduled closing, LSI sends the copies of the closing documents to the borrower via overnight delivery. The borrower is only responsible for returning one signed and notarized document to LSI. The returned document is combined with the original closing documents in preparation for the closing. At the scheduled closing time, the borrower logs into the Closing Stream system and dials a toll-free number to connect with an LSI closing representative. Using Closing Stream's online meeting application, the representative thoroughly covers each loan document to ensure the borrower understands all of the details.
During the closing representative's coverage of the documents, any necessary changes to those documents can be completed. If changes are required, the representative electronically coordinates those changes with the lender and reposts the corrected documents on the Closing Stream Web site during the closing process. With accurate documents in place, the borrower answers a series of online questions acknowledging that he or she understands and agrees 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.
"We are excited to unveil the first viable Web-based closing solution nationwide," said Al Verkuylen, Senior Vice President, Strategy and Execution, LSI. "Now, Closing Stream will allow originators everywhere to attend and manage more consistent closing processes."