System and Method for Regulatory Compliance Assessment of Settlement Statement Data

摘要

A system and method for performing an automated regulatory compliance assessment of electronic settlement statement data for a mortgage loan that is extracted from textual or electronic documentation or entered through an electronic data entry portal. The invention provides a means for identifying and reconciling differences in data contained in the settlement statement prepared by settlement agents compared to settlement statement data in the system of record for loan originators and lenders. These differences are also reflected in loan documents and closing instructions prepared by loan originators and lenders compared to the settlement statement prepared by settlement agents. The disclosed system and method captures critical data from settlement agents, provides a mechanism for updating the system of record for loan originators and lenders, and retests for compliance with mortgage lending laws prior to the disbursement of funds.