Online mortgage approval and settlement system and method therefor
First Claim
1. A method for managing loan products on a server, said method comprising the steps of:
- receiving by a processor a commitment contract, the commitment contract specifying a number of loan products to be fulfilled to satisfy said commitment contract; and
managing by said processor one or more underwriting criteria for said loan products, wherein one of said loan products has a corresponding group of underwriting criteria.
3 Assignments
0 Petitions
Accused Products
Abstract
A method for automatically fulfilling lending conditions includes the steps of maintaining a database of a plurality of registered service providers, receiving a loan application having one or more conditions to be fulfilled for the loan application to be approved, evaluating the one or more conditions to determine one or more actions to be taken towards fulfilling the one or more conditions, and automatically executing at least one action of the one or more actions to be taken towards fulfilling at least one of the one or more conditions, wherein the at least one action includes automatically requesting information for fulfilling the at least one condition from a registered service provider of the plurality of registered service providers.
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Citations
35 Claims
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1. A method for managing loan products on a server, said method comprising the steps of:
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receiving by a processor a commitment contract, the commitment contract specifying a number of loan products to be fulfilled to satisfy said commitment contract; and
managing by said processor one or more underwriting criteria for said loan products, wherein one of said loan products has a corresponding group of underwriting criteria. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for managing one or more loans, the method comprising the steps of:
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maintaining data for said one or more loans on a server;
receiving a request from a first financial institution to transfer to a second financial institution access rights to said data for one of said one or more loans; and
transferring said access rights to said second financial institution.
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8. A method for settling one or more loans, the method comprising the steps of:
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providing data for one or more loans to one or more registered financial institutions;
receiving a request from one of said one or more registered financial institutions to review one of said one or more loans;
providing said registered financial institution with a predetermined time in which to reject a sale price of said one loan; and
automatically settling said loan at said sale price when said registered financial institution accepts, and alternatively fails to reject, said sale price of said one loan before said predetermined time expires. - View Dependent Claims (9, 10)
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11. A method for managing a plurality of loan products, said method comprising the steps of:
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receiving from one or more first financial institutions a plurality of interest rates for a loan available to one or more second financial institutions;
providing said plurality of interest rates to said second financial institutions;
receiving from one of the second financial institution a selected interest rate; and
locking said selected interest rate for said loan.
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12. A method for matching a first financial institution selling one or more loans with a second financial institution interested in purchasing at least one of said one or more loans, the method comprising the steps of:
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registering a plurality of financial institutions;
receiving instructions from a first registered financial institution of said plurality of registered financial institutions to sell a transaction right to a digital loan record;
offering said transaction right for sale at a sale price;
receiving one or more offers to purchase said transaction right from one or more of said plurality of registered financial institutions;
determining which of said one or more offers to purchase said transaction right has a purchase price closest to said sale price; and
providing a purchasing financial institution with a predetermined time in which to reject said transaction right at said purchase price, said purchasing financial institution offering to purchase said transaction right at said purchase price. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19)
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20. A method for automatically fulfilling lending conditions, the method comprising the steps of:
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maintaining a first database of a plurality of registered service providers;
receiving a loan application having one or more conditions to be fulfilled for the loan application to be approved;
evaluating said one or more conditions to determine one or more actions to be taken to fulfill said one or more conditions; and
automatically executing at least one action of said one or more actions to be taken towards fulfilling at least one of said one or more conditions, wherein said at least one action includes automatically requesting information from a registered service provider of said plurality of registered service providers towards fulfilling at least said one condition. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28)
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29. A method for authenticating a borrower, the method comprising the steps of:
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receiving a loan application including an electronic authorization capable of being authenticated, said electronic authorization authorizing the loan application to be processed by a first financial institution;
providing said electronic authorization to one or more service providers along with a request for non-public information related to a borrower or property subject to said loan application. - View Dependent Claims (30, 31)
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32. A method for accepting a signature on an electronic record, the method comprising the steps of:
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receiving the electronic loan record of a borrower;
receiving a digital certificate from a digital certificate authority;
receiving a biometric template from the borrower; and
receiving authorization from the borrower to attach the biometric template to the digital certificate; and
attaching the biometric template to the digital certificate. - View Dependent Claims (33)
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34. An apparatus for managing a plurality of loan products through a communications network, comprising:
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a storage device;
a processor coupled to the storage device, the storage device storing a program for controlling the processor, wherein the processor is configured to maintain a first database of a plurality of registered service providers;
receive a loan application having one or more conditions to be fulfilled for the loan application to be approved;
evaluate said one or more conditions to determine one or more actions to be taken to fulfill said one or more conditions; and
automatically execute at least one action of said one or more actions to be taken towards fulfilling at least one of said one or more conditions, wherein said at least one action includes automatically requesting information from a registered service provider of said plurality of registered service providers towards fulfilling at least said one condition.
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35. An apparatus for automatically settling one or more loans, comprising:
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a storage device;
a processor coupled to the storage device, the storage device storing a program for controlling the processor, wherein the processor is configured to provide data for one or more loans to one or more registered financial institutions;
receive a request from one of said one or more registered financial institutions to review one of said one or more loans;
provide said registered financial institution with a predetermined time in which to reject a sale price of said one loan; and
automatically settle said loan at said sale price when said registered financial institution accepts, and alternatively fails to reject, said sale price of said one loan before said predetermined time expires.
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Specification