System and method for processing a secured collateral loan

Details System and method for processing a secured collateral loan System and method for processing a secured collateral loan

2006-09-12

2006-09-12

Poinvil, Frantzy (Department: 3628)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

Reexamination Certificate

active

07107241

ABSTRACT:
A method of processing a secured loan so as to close the loan in time periods on the order of one hour. The loan process is initiated by accepting a loan application from a borrower. The loan application includes at least the borrower's identity, collateral identity, and stated income of the borrower. A credit request is generated based upon the borrower's identity to obtain a credit report, the credit report including credit information and credit score information. A property evaluation database is accessed using the collateral identity. A matrix having specified approval criteria is applied to generate a credit approval, collateral title underwriting approval, and income approval. Loan documentation is generated and transmitted for signatures at closing.

REFERENCES:
patent: 5611052 (1997-03-01), Dykstra et al.
patent: 5797133 (1998-08-01), Jones et al.
patent: 5870721 (1999-02-01), Norris
patent: 5930776 (1999-07-01), Dykstra et al.
patent: 5940812 (1999-08-01), Tengel et al.
patent: 6016482 (2000-01-01), Molinari et al.
patent: 6029149 (2000-02-01), Dykstra et al.
patent: 6088686 (2000-07-01), Walker et al.
patent: 6105007 (2000-08-01), Norris
patent: 6233566 (2001-05-01), Levine et al.
patent: 895173 (1999-02-01), None
patent: 01/41019 (2001-06-01), None
“Flco Scores”, http://www.ineedcredit.com/mortgages/fico.htm.
“Flco Scores”, http://www.mortgage101.com/partner-scripts/1213.asp?p=cdunn.
“Uniform Residential Loan Application”, Freddie Mac Form 65, Form 1003, Form RD 410-4, OMB No. 0575-0172.
“Mortgage Express Uniiform Residential Loan Application”.
“Lenders migrate to Net”, “Original News”, New York: Sep. 1998. vol. 7, Iss 13; p. 109, Proquest.
“E-loan”, http://web.archive.org/web/*/http://www.eloan.com/, Jan. 25, 1999, “WaybackMachine”.
Diehl, Cheryl L. & Bray, Susan R. Handbook of Mortgage Processing. Mortgage Bankers Association of America. Washington, DC. 1993. pp. 51-69, 128-133 and 177-179.

Affiliated with

Also associated with

Rating

System and method for processing a secured collateral loan does not yet have a rating. At this time, there are no reviews or comments for this patent.

If you have personal experience with System and method for processing a secured collateral loan, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and System and method for processing a secured collateral loan will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFUS-PAI-O-3606788