AU2006100121A4 - Automatically processing mortgage transactions - Google Patents

Description

P/00/009 Regulation 3.2

AUSTRALIA

Patents Act 1990 INNOVATION PATENT SPECIFICATION Invention Title: AUTOMATICALLY

TRANSACTIONS

PROCESSING MORTGAGE Applicant: LOAN CLOSER TECHNOLOGIES PTY LTD The invention is described in the following statement: 1 W:JOHMNRN766161 nnovaton.doc 2 AUTOMATICALLY PROCESSING MORTGAGE TRANSACTIONS Field of the Invention This invention relates to methods of automatically processing mortgage transactions and to computer software applications for use by lenders and by lawyers in automatically processing mortgage transactions. It relates particularly but not exclusively to mortgage processing methods in which all aspects of correspondence between a lender and the lender's lawyer is automated.

Background to the Invention A conveyancing transaction involves a vendor of real estate and a purchaser. The vendor may have a mortgage on the property in favour of a lender, and the purchaser may borrow money from a lender to finance the purchase of the real estate. The vendor, purchaser and lenders may each be represented by a lawyer. On the purchaser's side, the conveyancing transaction involves ensuring that the title to the real estate is clear, ascertaining and adjusting for any charges applicable to the real estate, arranging for the discharge of the vendor's mortgage and payment to the vendor of the balance of the purchase price, satisfying the lending requirements and conditions of the purchaser's lender, preparing a loan agreement and mortgage documentation, and arranging for recordal of transfer of title and recordal of a new mortgage in favour of the purchaser's lender.

This process typically involves a large number of telephone calls and items of correspondence passing between the various parties. The purchaser's lender's lawyer usually takes a lead in the process because the lender's security over the loan depends on successful recordal of the mortgage.

Various attempts have been made to automate aspects of the conveyancing process. In particular, computer systems exist for generating and dispatching enquiries to various authorities to determine outstanding charges payable in respect of properties. Other computer systems exist to automate a loan application process and to assist lawyers in generating mortgage documentation. However, there are numerous parties in a conveyancing transaction, and although each party can automate its own tasks as much as possible, there are too many variables beyond the control of any one party to WONWMSPECCGWMortgage Pmcessing lO-2-a6doc 3 eliminate or reduce to an appreciable degree the need for numerous telephone calls and other items of correspondence between the different parties.

Summary of the Invention According to a first aspect of the invention, there is provided a method of automatically processing mortgage transactions in which a Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of a Lawyer in the transaction, the method including the steps: the Lender enters particulars of a proposed loan transaction into a computer software application, the particulars including Conditions applicable to the loan; the Lawyer receives through the computer software application the particulars entered by the Lender and uses them to prepare mortgage documentation in electronic format; the mortgage documentation is supplied to the Borrower; the Lawyer monitors compliance with the Conditions by the Borrower and makes computer status entries; the Lawyer facilitates settlement of the loan and registration of the mortgage; wherein all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application.

In the context of this patent specification, the term "Lawyer" is used to refer to the person or entity that fulfils the role in a property transaction traditionally undertaken by a lawyer. It is to be understood that the term covers lawyers, law firms, in-house lawyers employed by the Lender or by any other entity, mortgage clerks, or any other personnel who fulfil the relevant role.

It will be appreciated that the inventive method enables a higher degree of automation than has heretofore been available. The higher degree of automation is made available through the inventive step of sharing data between the lender and the lender's lawyer.

In a common scenario where a loan is organised by a broker, the inventive method involves a preliminary step of the broker providing details of W:UOHNSPECJCGWorgage Pmcessing 16-2-08.doc 4 the proposed loan transaction to the Lender, and the step of supplying the mortgage documentation to the Borrower is done through the Broker.

Preferably the software application and all data and communications between the Lender and the Lawyer are stored on a network-accessible computer at a site remote from both the Lender and the Lawyer, with access to data and communications being gained by logging on to the remote computer.

In an alternative arrangement, the computer software application may be located at the Lender's premises, and/or at the Lawyer's premises. In another arrangement, computer software applications may be located at both the Lender's and the Lawyer's premises, with the respective applications interacting to provide the functionality described above. In a further arrangement, data and communications between the Lender and the Lawyer are stored on a networkaccessible computer at a site remote from both the Lender and the Lawyer, and computer applications which communicate with the remote site are installed on both the Lender's and the Lawyer's computers.

In a preferred arrangement, the computer software application also makes provision for a Broker to share data with respect to the mortgage transactions. Optionally, the computer application may make provision for the Broker or a client of the Broker to complete an on-line application form, data from which subsequently becomes available through the computer application to the Lender and the Lawyer.

According to a second aspect of the invention, there is provided a computer software application for use by a Lender in automatically processing mortgage transactions in which the Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of a Lawyer in the transaction, the computer software application including: a loan particulars entry component, into which the Lender enters particulars of a proposed loan transaction, the particulars including Conditions applicable to the loan; a notification transmission component, which provides to the Lawyer a notification of the proposed loan transaction; and a data receiving component, which receives data concerning the status of actions taken by the Lawyer relating to the Loan and compliance by the Borrower with the Conditions; WJOHNSPECJCGWortgage Proessing 16-2-06.doc wherein all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application.

According to a third aspect of the invention, there is provided a computer software application for use by a Lawyer in automatically processing mortgage transactions in which a Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of the Lawyer in the transaction, the computer software application including: a notification component, which displays to the Lawyer a notification of a proposed loan transaction between the Lender and the Borrower; a loan particulars entry receiving component, which receives in electronic format particulars of the proposed loan transaction entered by the Lender, the particulars including Conditions applicable to the loan; a mortgage documentation generation component, which enables the Lawyer to generate mortgage documentation in electronic format, consistent with the particulars of the proposed loan transaction; and a monitoring component, which enables the Lawyer to monitor compliance with the Conditions by the Borrower and to make computer status entries; wherein all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application.

Brief Description of the Drawings The invention will now be described in greater detail by reference to the attached drawings. It is to be understood that the particularity of the drawings does not supersede the generality of the foregoing description of the invention.

Figure 1 is a flow diagram illustrating an embodiment of the invention.

Figure 2 is a sample screen from a computer program according to an embodiment of the invention suitable for use by a Lender.

Figure 3 is another sample screen from the computer program of Figure 2.

W:JOHMSPECJCGMortgage Processing 18-2-06.doc 6 Figure 4 is another sample screen from the computer program of Figure 2.

Figure 5 is another sample screen from the computer program of Figure 2.

Figure 6 is another sample screen from the computer program of Figure 2.

Figure 7 is another sample screen from the computer program of Figure 2.

Figure 8 is another sample screen from the computer program of Figure 2.

Figure 9 is a sample screen from a computer program according to an embodiment of the invention suitable for use by a Lawyer.

Figure 10 is another sample screen from the computer program of Figure 9.

Figure 11 is another sample screen from the computer program of Figure 9.

Figure 12 is another sample screen from the computer program of Figure 9.

Figure 13 is another sample screen from the computer program of Figure 9.

Figure 14 is another sample screen from the computer program of Figure 9.

Figure 15 is another sample screen from the computer program of Figure 9.

Figure 16 is a sample screen from a computer program according to an embodiment of the invention suitable for use by a Broker.

Figure 17 is another sample screen from the computer program of Figure 16.

Figure 18 is another sample screen from the computer program of Figure 16.

Figure 19 is a flow diagram illustrating an embodiment of the invention involving a Broker.

W:UOHMSPEWCJCG\Mortgage Pmcesslng 16-2.O.doc Detailed Description A method of automatically processing mortgage transactions in accordance with the invention is illustrated in the flowchart of Figure 1. The method relates to a situation in which a Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of a Lawyer in the transaction.

In the method illustrated, the Lender enters particulars of a proposed loan transaction into a computer software application. The particulars include Conditions applicable to the loan. The computer software application notifies the Lawyer of the proposed loan transaction. The Lawyer receives through the computer software application the particulars entered by the Lender and uses them to prepare mortgage documentation in electronic format. The mortgage documentation is supplied to the Borrower. The Lawyer monitors compliance with the Conditions by the Borrower and makes computer status entries. Once the Conditions are satisfied, the Lawyer facilitates settlement of the loan and registration of the mortgage.

In the illustrated method, all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application.

The computer software application may be located at the Lender's premises (on the Lender's computer or on a computer on the Lender's network) or at the Lawyer's premises (on the Lawyer's computer or on a computer on the Lawyer's network) or at a site remote from both the Lender and the Lawyer.

Some features and possible advantages of the method and software applications of embodiments of the invention include: electronic delivery of instructions from Lender to Lawyer; electronic tracking of a matter from initial instructions to return of documents; full electronic records of matters stored long after the statutory period for holding paper files expires; electronic generation of documents and letters, resulting in considerable time savings and reduced typing errors; reduced paper trail between Lender and Lawyer; reduced phone calls between Lender and Lawyer; improved settlement times; and reports which can be generated on a range of key data fields including number of files W:UOHNSPECJCG\Mortgage Processing 16-2-06.doc 8 opened, number of files settled, files awaiting acknowledgement of deeds, trust balances, management reports, and overdue registrations.

Figure 19 shows an amended version of the flowchart of Figure 1, covering situations in which the loan is organised by a Broker. In such cases, the Broker arranges the loan and provides details to the Lender, who enters the loan particulars into the computer application. The particulars include Conditions applicable to the loan. The computer software application notifies the Lawyer of the proposed loan transaction. The Lawyer receives through the computer software application the particulars entered by the Lender and uses them to prepare mortgage documentation in electronic format. The mortgage documentation is supplied to the Broker, who then presents it to the Borrower for signing. There may be more than one borrower, there may be guarantors, and there may be various other documents which the Broker is also responsible for arranging signing. The Broker returns the signed documents to the Lawyer, who monitors compliance with the Conditions by the Borrower and makes computer status entries. Once the Conditions are satisfied, the Lawyer facilitates settlement of the loan and registration of the mortgage.

Figures 2 to 6 show sample screens from computer software which is suitable for use by a Lender according to an embodiment of the invention.

Figure 2 shows a summary of "matters" associated with the Lender. For each matter, there is listed the Lawyer or "Solicitor" acting for the Lender, the name(s) of the Borrower(s), the address of the property over which the loan is secured, the type of matter (whether advance, discharge or upstamp), the date received, the State in which the property is located, and Title details. In the illustrated sample screen, matters may be sorted and filtered by different fields.

The "Filter" and "Find" drop-downs at the top of the screen allow a user to specify filter criteria. Links in the "Tasks" pane at the top left of the screen permit the Lender to add a new Advance, add a Discharge, add an Upstamp, add a Transfer, add a "Make Available", edit a matter, cancel an instruction, print, filter, refresh, or exit the system.

Figure 3 illustrates a sample screen for entering mortgage instructions in respect of one matter. This screen can be reached by selecting one of the "add" links on the "Tasks" pane in the screen of Figure 2 or highlighting one of the listed matters and selecting the "Edit" link. The "Tasks" pane now changes so W,.JOHW~PEWCGMoQage Processing 16-2-06.(Ioc that it provides links for "Save", "Cancel Edit", "New", "Cancel Instruction", "Print Instruction", "Print Notes", "Investors", "Ledger Card", "Summary", and "Exit".

There are six tab pages shown, the first of which, "Details", is highlighted in Figure 3. This tab page provides for the entry of numerous details relating to the matter in question, including the solicitor, mortgagee, lender's account number, borrower's solicitor and reference, borrower's name, various financial details including professional costs, loan amount and period, various fees and insurance details, Custodian name and Broker name. To the right hand side of the tab page are boxes headed "Notes to Solicitor" and "Notes to Broker". The Lender can type notes into these fields for viewing by the appropriate party.

This provides a more convenient communication mechanism than email, because the relevant notes are stored with the data relating to the matter, for ready retrieval.

The screen of Figure 4 shows the Mortgage Instructions screen of Figure 3 with the "Notes History" tab page highlighted. This tab page allows the Lender to see all notes within the system sent to or received from the Solicitor or the Broker. To generate new notes, the relevant note entry boxes described above with reference to Figure 3 are used.

The screen of Figure 5 shows the Mortgage Instructions screen of Figure 3 with the "Properties" tab page highlighted. At the left hand side of the tabe page, there is shown an additional task pane headed "Properties Tasks". This task pane includes links for the actions "Add State", "Add Property", "Delete State" and "Delete Property". This tab page allows for the entry of one or more properties which are to be covered by the loan transaction, and it allows for different properties in different States to be covered by the same transaction.

Where a single transaction relates to properties in multiple States, the "Add State" link in the Properties Tasks pane causes the appearance of a tab page for each State. In the screen of Figure 5, there are two State tab pages, one for NSW and one for SA. In the lower half of the State tab page, there are fields for inserting address and Certificate of Title details for a property. Further properties in the same State can be inserted using the "Add Property" link in the Properties Tasks pane, and each of these appears as a lower-half tab page. In the screen of Figure 5, only one Property is shown for the State of NSW.

W:UOHMSPECJCGVMortgage Pmcessing 16-2-08.doc The screen of Figure 6 shows the Mortgage Instructions screen of Figure 3 with the "Borrowers" tab page highlighted. This tab page allows for the entry of details of an unlimited number of further borrowers, mortgagor(s) who may be different from the borrower(s), and guarantor(s). The tab page includes an additional tasks pane on the left hand side, headed "Borrower's Tasks". This provides links for the actions "Add Borrower", "Edit Borrower", and "Delete Borrower".

The screen of Figure 7 shows the Mortgage Instructions screen of Figure 3 with the "Further Details" tab selected. This tab page allows the Lender to monitor the status of various steps associated with the loan process. These steps, which are normally completed by the Lawyer, include "initial letter sent", "investor application form sent", "investor application forms returned", "broker notified documents ready to print", "mortgage document sent", "account sent", "guarantee and certificate of independent legal advice", "all outstanding conditions satisfied", "solicitor's certificate", "request bank cheques", "final search", "date of settlement", "issued date", "settlement advice letter", and "archive date". For some of the steps, there are two fields, one providing an indication of the date on which the solicitor completed the step and the other providing an indication of the date on which the broker completed the step. At the right hand side of the tab page, there are fields indicating dates relevant to investment and the issuing of the certificate of title to the custodian.

In practice, the Lawyer enters dates and details in the fields representing actions for which the Lawyer is responsible. These details are then viewable by the Lender.

The screen of Figure 8 shows the Mortgage Instructions screen of Figure 3 with the "Special Conditions" tab page selected. This tab page allows the Lender to insert any special conditions applicable to the matter in question, and then to enter a tick in the applicable checkbox to indicate that the special conditions have been complied with before settlement of the advance, discharge or upstamp transaction in question. At the left hand side of the tab page, there is an additional task pane headed "Special..". This provides links for the actions "Add Conditions" and "Print Conditions".

Other aspects of the illustrative embodiment of the Lender's software not shown in Figures 2 to 8 include housekeeping facilities relating to such items as WJN0HMSPECJGWogage Pmcessing 182-M6doc 11 registration within the system of Lawyers, investors, mortgagees, custodians, standard costs and disbursements, special loan conditions, and borrower representatives. Other features include reporting facilities, including management reporting.

Figures 9 to 15 show sample screens from computer software which is suitable for use by a Lawyer according to an embodiment of the invention. The software may include a summary screen (not shown) similar to that of Figure 2, listing all of the matters for which the Lawyer is responsible, with facilities to sort and/or filter the listed matters by different fields.

Figure 9 shows a data entry screen for a particular matter. Down the left hand side of the screen, there is a "Tasks" pane which has links for the actions "Save", "Cancel Edit", "New", "Cancel Instruction", "Print Instruction", "Print Notes", "Investors", "Ledger Card", "Summary", and "Exit". There are seven tab pages in the screen of Figure 9, with the first tab page "Current Files" highlighted. The Current Files tab page includes details of the Borrower(s), Mortgagee, and other solicitor.

A "Preliminaries" section of the Current Files tab page provides an "Initial Letter" button for generating a standard initial letter using a template populated with data from the system. An "Investor Application Form and Approval" section of the Current Files tab page provides a button labelled "SPDS Sent" enabling the generation of a Supplementary Product Disclosure Statement (SPDS) for sending to an investor. A field labelled "SPDS Returned in Order" enables entry of a date on which the SPDS has been returned.

A "Documents" section of the Current Files tab page includes a "Print Total Package" button for generating standard documents including Mortgage Documents. In circumstances where there is a guarantor, a "Guarantee and Certificate of Independent Advice" button (greyed out in Figure 9) enables printing of the relevant documents from standard templates. An "Account" button enables printing of an invoice. Other buttons exist for generating a "Covering Letter", and (where applicable but greyed out in Figure 9) for generating Minutes and a Debenture, and for requesting a company search

("ASIC").

A "Settlement" section of the Current Files tab page includes buttons for generating a Solicitor's Certificate, a request for Bank Cheques, a Final Search W:UOHMSPECJCGVMoitgage Pmcesslng 162-06.doc 12 request, a Broker Letter, a Settlement Letter, an Issue Letter, and other documents and actions relevant to settlement of the loan transaction. Each of the sections includes date fields to track the dates on which various actions were performed.

Near the bottom of the Current Files tab page is a "Letters" section which include buttons for generating blank letters addressed to the Lender, or to the "Other Side" (usually the Borrower's lawyer). These allow the rapid creation of non-standard letters which are already populated with the addressee's address details and the matter details. A "Blank Letter" button allows generation of a draft letter populated with the matter details but without addressee details. An "Additional Documents" section includes buttons for generating a Tri-Partite Agreement, a Deposit on Mortgage, a Priority Agreement, and Copyright Plans..

Figure 10 shows the data entry screen of Figure 9, but with the "Add/Alter Matter Details" note tab activated. The details on this tab page mirror those on the Lender's "Details" tab page illustrated in Figure 3. Such details will normally have been entered by the Lender so that the fields will already be populated by the time the Lawyer sees them. However, this tab page allows the Lawyer to amend fields or to add data to blank fields.

Figure 11 shows the data entry screen of Figure 9, but with the "Notes History" note tab activated. The details on this tab page mirror those on the Lender's "Notes History" tab page illustrated in Figure 4.

Figure 12 shows the data entry screen of Figure 9, but with the "Properties" note tab activated. This tab page include the State and property address information from the Lender's "Properties" note tab shown in Figure but also includes a range of further information and available actions. Near the top of the tab page is a dropdown allowing selection of an Agent for use in lodging relevant documents in the applicable State. Below that is a table setting out applicable State Fees and Costs. To the right of that are action buttons, "Mortgage Documents", "Mortgage Annexure", "Settlement Instructions", "Letter to State Revenue Office", and "Lodgement Letter", allowing for generation of appropriate documentation from standard templates. Also provided are fields for storing of dates on which applicable actions have occurred.

In the bottom part of the screen of Figure 12, below the address and Certificate of Title details for the property in question, there is a table listing W:UJOHNSPECJCGMortage Processing 16-2-8.doc 13 Property Costs and Fees. To the right of that are action buttons, "Ordered Title Search" and "Cross Collateral".

Figure 13 shows the data entry screen of Figure 9, but with the "Borrowers" note tab activated. The details on this tab page mirror those on the Lender's "Borrowers" tab page illustrated in Figure 6.

Figure 14 shows the data entry screen of Figure 9, but with the "Costs and Disbursements" note tab activated. This note page includes sections for Disbursements and Professional Costs. Many of the fees and charges are standard fees or can be calculated from the value of the loan or from some other amount, so that many of the fields can be populated automatically. Other fees may be matter-specific.

Figure 15 shows a Ledger Card generated using the "Ledger Card" link from the Tasks pane shown in each of Figures 9 to 14. The Ledger Card provides a record of the financial aspects of the matter in question, as they affect the Lawyer's trust account.

Figures 16 to 18 show sample screens from computer software which is suitable for use by a Broker according to an embodiment of the invention in which the loan transaction is arranged by the Broker.

Figure 16 shows a summary screen similar to that of Figure 2, listing all of the matters for which the Broker is responsible, with facilities to sort and/or filter the listed matters by different fields. A "Tasks" pane at the left of the screen provides links for "Edit", "Print", "Filter", "Refresh", and "Exit".

Highlighting a particular matter followed by selection of the Edit link gives access to the screen shown in Figure 17. At the top of the page are five note tabs, entitled "Broker Details", "Notes History", "Properties", "Borrowers", and "Special Conditions". In general, these note tabs give the Broker access to a subset of the information available to the Lender and the Lawyer. The Broker Details note tab is activated in Figure 17, giving details for Broker's Fee, Lender's Solicitor, Mortgagee, Lender's Account Number, Borrower's Solicitor, loan amount details, and Custodian. A Dates section of the tab page gives a list of dates on which various actions have occurred. The first of these, "Mortgage Documents Ready Notification Sent", indicates the date on which the Lawyer first advised the Broker, through the computer application, that the mortgage documents were ready to be printed by the Broker and presented to the W:UO0HMSPECJCGMongage Pmcesslng 16-2-05.doc 14 borrower for signing. This notification occurs when the Lawyer selects the "Print Total Package" button shown in Figure 9.

The "Print Documents" section at the bottom of the screen in Figure 17 includes action buttons labelled "Total Package", "Covering Letter", "Mortgage Memorandum of Provisions", "Account", "Mortgage Documents", and "Guarantee and Certificate of Independent Legal Advice". The type of matter in the illustrative example of Figure 17 is an "Upstamping" matter, relating simply to increasing the size of an existing loan. This is indicated in the title bar on the active window. Accordingly, the item "Total Package" is greyed out in this example. On the right hand side of the tab page is a "Notes" box, enabling the Broker to send notes directly to the Lender and the Lawyer.

Figure 18 shows the screen of Figure 17 with the "Notes History" note tab activated. This provides information similar to that available to the Lender through the Lender's "Note History" tab page shown in Figure 4 and to the Lawyer through the Lawyer's "Note History" tab page shown in Figure However, a difference is that the Lender and Lawyer can see all notes relating to a file, whereas the Broker can only see notes addressed to the Broker.

The remaining note tabs entitled "Properties", "Borrowers" and "Special Conditions" are not shown because they are essentially the same for the Broker as for the Lender and Lawyer.

Although not illustrated in the drawings, the computer application may provide an on-line application form for completion by the Broker or a client of the Broker, as the very first step in the process. Data from the form subsequently becomes available through the computer application to the Lender and the Lawyer.

It is to be understood that various additions, alterations and/or modifications may be made to the parts and methods herein described without departing from the ambit of the invention.

W:UOHMSPEJCGW ortage Prcssing 16-2-06.doc

Claims (3)

1. A method of automatically processing mortgage transactions in which a Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of a Lawyer in the transaction, the method including the steps: the Lender enters particulars of a proposed loan transaction into a computer software application, the particulars including Conditions applicable to the loan; the Lawyer receives through the computer software application the particulars entered by the Lender and uses them to prepare mortgage documentation in electronic format; the mortgage documentation is supplied to the Borrower; the Lawyer monitors compliance with the Conditions by the Borrower and makes computer status entries; the Lawyer facilitates settlement of the loan and registration of the mortgage; wherein all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application.

2. A computer software application for use by a Lender in automatically processing mortgage transactions in which the Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of a Lawyer in the transaction, the computer software application including: a loan particulars entry component, into which the Lender enters particulars of a proposed loan transaction, the particulars including Conditions applicable to the loan; a notification component, which provides to the Lawyer a notification of the proposed loan transaction; and a data receiving component, which receives data concerning the status of actions taken by the Lawyer relating to the Loan and compliance by the Borrower with the Conditions; W:UOHSPECJCG\Mortgage Processing 16-2-06.doc 16 wherein all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application.

3. A computer software application for use by a Lawyer in automatically processing mortgage transactions in which a Lender makes a loan to a Borrower secured by a mortgage and the Lender engages the services of the Lawyer in the transaction, the computer software application including: a notification component, which displays to the Lawyer a notification of a proposed loan transaction between the Lender and the Borrower; a loan particulars entry receiving component, which receives in electronic format particulars of the proposed loan transaction entered by the Lender, the particulars including Conditions applicable to the loan; a mortgage documentation generation component, which enables the Lawyer to generate mortgage documentation in electronic format, consistent with the particulars of the proposed loan transaction; and a monitoring component, which enables the Lawyer to monitor compliance with the Conditions by the Borrower and to make computer status entries; wherein all communications between the Lender and the Lawyer relating to the loan occur electronically through the computer software application, and each computer status entry made by the Lawyer is visible to the Lender through the computer software application. DATED: 17 February, 2006 PHILLIPS ORMONDE FITZPATRICK Attorneys For: LOAN CLOSER TECHNOLOGIES PTY LTD W:UOHNSPECJCGmortgage pmcessing 16-2-08.doc