Closing & Escrow Products: ClosingStreamSM
LSI's 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 vacation at virtually any time.
As the first viable web-based closing provider in the industry, LSI has attracted a new audience of internet savvy borrowers for over fifteen national mortgage lenders utilizing ClosingStream. These lenders offer a more consistent closing process as well as improve closing ratios with the ability to schedule closings at the time of application.
The ClosingStream process entails the borrower granting a loan specific and event specific Power-of-Attorney to LSI. Through ClosingStream's live interactive session, the borrower reviews and approves all related closing documentation online with an LSI Closing Representative.
ClosingStream provides the following benefits to lenders and borrowers:
Convenient closings — borrowers 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 LSI's highly trained experts at any point during the closing process
Expedited closings — no shipping of documents to or from borrowers or notaries; eliminating days from the closing and funding process
Reduced costs & cycle times — decreased document execution errors with ability to make real-time changes/edits at the closing table
Secure online closings — conducted in LSI's 'Cybertrust Secured Site' certified hosting environment
Minimized risks of fraud — LSI's borrower identity authentication process meets Graham-Leach-Bliley and FFIEC requirements and uncovers any potentially fraudulent activity prior to closing
Documented compliance — entire sessions including screen presentations, annotations, questions, answers and audio are recorded and archived