The present disclosure provides a system and method for processing information related to a financial transaction. The system provides for a centralized electronic database for storing and managing all necessary information for completing the financial transaction. This information may include, or relate to, a loan application, credit report, appraisal, and title report. The information is available over a computer network to all the major participants in a financial transaction, such as lenders, title companies, appraisers, and brokers. The system is also able to track changes in the information. In addition, certain automated features provide for a paperless transaction, including requesting, reviewing and even legally assigning the information residing in the database.