FNIS Launches Online Closing System

Fidelity National Information Services' LSI has announced the national launch of Closing Stream, a Web-based closing system for mortgage refinance and home equity lending transactions.LSI said a recently concluded pilot project confirmed that the patent-pending system reduces loan cycle time, enhances borrower experience, and ultimately increases lender revenue. With Closing Stream, LSI "controls the entire closing process," eliminating the need to coordinate third-party providers, the company said. Borrowers can schedule their closing early in the application process and, since the method is chiefly Web-based, they can participate in the transaction from any geographic location, according to LSI. Before the scheduled closing, LSI sends copies of the closing documents to the borrower via overnight delivery, and the borrower is responsible for returning one signed and notarized document. The returned document is combined with the original documents, and at the closing the borrower logs into the Closing Stream system and dials a toll-free number to connect with an LSI closing representative, LSI said.