Method and system for loan closing

Abstract

A method and system for electronically facilitating loan closing transactions that include sub-transactions involving third parties. The method and system provide functionality to quickly and easily order a sub-transaction and bill the respective party, or pay for the sub-transaction directly from various payment systems. An interactive closing document updates automatically as different services and sub-transactions are ordered. Designated parties to the transaction make and approve changes and updates to the interactive document as sub-transactions are completed and billed. The interactive document receives information from the earlier stages of the loan or mortgage transaction, and incorporates the information into the interactive closing document. Upon approval by all parties, at the closing of the transaction, the interactive closing document is generated as a hard copy for signature.

1 . A method for electronically facilitating a transaction, the method implemented on a suitably programmed computer comprising at least one processor, and at least one user interface, the method comprising:
 receiving transaction information, via the at least one processor;   generating, via the at least one processor, a transaction document that includes the transaction information; and   updating the transaction document, wherein updating the transaction document further comprises:
 receiving, via the at least one user interface, a request to change at least one entry in the transaction document; and 
 receiving, via the at least one user interface, authorization for the request. 
   
     
     
         2 . The method of  claim 1 , further comprising storing, via the at least one processor, the transaction document in a data repository, the suitably programmed computer comprising the data repository. 
     
     
         3 . The method of  claim 1 , wherein generating, via the at least one processor, the transaction document comprises:
 generating, via the at least one processor, a transaction file comprising the transaction information; and   generating, via the at least one processor, the transaction document based on the transaction file.   
     
     
         4 . The method of  claim 3 , wherein generating the transaction document further comprises determining whether at least one predetermined condition is satisfied. 
     
     
         5 . The method of  claim 4 , wherein when the at least one predetermined condition is met, a final set of closing documents is generated for execution by at least one party to the transaction. 
     
     
         6 . The method of  claim 1 , wherein updating the transaction document is performed by at least one party associated with the completion of the transaction. 
     
     
         7 . The method of  claim 6 , wherein the at least one party is granted access to the transaction file. 
     
     
         8 . The method of  claim 1 , wherein the transaction document is a HUD-1. 
     
     
         9 . The method of  claim 1 , further comprising automatically ordering, via the at least one processor, at least one sub-transaction necessary to complete the transaction. 
     
     
         10 . The method of  claim 9 , wherein the at least one sub-transaction relates to managing an escrow account. 
     
     
         11 . The method of  claim 9 , further comprising automatically determining a timeframe for payment to a third party for fulfillment of the at least one sub-transaction. 
     
     
         12 . The method of  claim 1 , wherein the authorization for the request is received from a designated party that is selected based on the transaction. 
     
     
         13 . A method for electronically facilitating a transaction, the method implemented on a suitably programmed computer comprising at least one processor, and at least one user interface, the method comprising:
 receiving transaction information, via the at least one processor;   generating, via the at least one processor, an electronic document that includes the transaction information;   updating the electronic document, wherein updating the electronic document further comprises:   receiving, via the at least one user interface, a change of at least one entry in the electronic document; and   receiving, via the at least one user interface, authorization for the change in the at least one entry in the electronic document by a designated party that is selected based on the transaction.   
     
     
         14 . The method of  claim 13 , further comprising storing, via the at least one processor, the electronic document in a data repository, the suitably programmed computer further comprising the data repository. 
     
     
         15 . The method of  claim 13 , wherein the updated electronic document is not finalized until the authorization for the change is received. 
     
     
         16 . The method of  claim 13 , wherein the transaction is a loan. 
     
     
         17 . A system for electronically facilitating a transaction, the system comprising:
 at least one processor;   at least one user interface operatively coupled to the at least one processor; and   a data repository operatively coupled to the at least one processor, wherein the at least one processor is configured to:
 receive information associated with the transaction; 
 generate at least one electronic document based on the received information; and 
 update the at least one electronic document based on changes made by a third party. 
   
     
     
         18 . The system of  claim 17 , wherein the at least one processor is further configured to generate a plurality of electronic documents. 
     
     
         19 . The method of  claim 1 , wherein updating the transaction document comprises:
 receiving, via the at least one user interface, at least one of:
 a change of at least one entry in the transaction file causing a change in the transaction document, and 
 a change of at least one entry in the transaction document; 
   receiving, via the at least one user interface, authorization for the change in the at least one entry in one of the transaction file and the transaction document by a designated party that is selected based on the transaction; and   changing, via the at least one processor, the transaction document based on the received change.