Interface system for a mortgage loan originator compliance engine

• US 20010047326A1
• Filed: 03/13/2001
• Published: 11/29/2001
• Est. Priority Date: 03/14/2000
• Status: Abandoned Application

• Current Assignee: Everbank NA (Everbank Financial Corporation)
• Original Assignee: Everbank NA (Everbank Financial Corporation)
• Inventors: Lake, Craig J., Broadbent, David F., Cook, Redge L., Harten, William S.
• Application Number:
  US09/804,943
• Publication Number:
  US 20010047326A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The present invention provides a solution to the needs described above through a system and processe to be used in the mortgage industry for combining an Loan Application System with an automated Compliance Engine used for generating and monitoring a set of required procedures involved in moving and tracking a mortgage loan through one or more of the steps of ‘originate’, ‘approve’, ‘close’, ‘fund’, and ‘ship’. The automated compliance engine itself is a system and method for automatically generating a set of required tasks for use in managing the mortgage loan process, including tasks required by applicably federal or state law. The system of the present invention automatically couples the regulatory compliance information engine and a task management system required to process loans and provides methods for integrating the Automate Compliance Engine technology with any third party'"'"'s loan processing software.

Claims

1. A computer implemented method for generation of a set of required procedures for processing a mortgage loan using an Internet based system having a client loan origination system electronically coupled to an automatic compliance engine, the method comprising the acts of:

the automatic compliance engine receiving a request to process a mortgage loan from the client loan origination system;

the automatic compliance engine generating a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

the automatic compliance engine distributing one or more of the tasks to the client loan origination system.

2. The computer implemented method for automated processing a mortgage loan of

claim 1

comprising the additional act of the automatic compliance engine monitoring completion of the plurality of tasks whereby a report of completion of all required tasks can be generated.

3. The computer implemented method for automated processing of a mortgage loan of

claim 1

comprising the additional act of the automatic compliance engine authenticating a person submitting the request to process a mortgage loan.

4. The computer implemented method for automated processing of a mortgage loan of

claim 1

wherein the plurality of tasks required to process the mortgage loan are based upon mortgage loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.

5. The computer implemented method for automated processing of a mortgage loan of

claim 1

wherein the client loan origination system communicates with the automatic compliance engine using an XML format according to an application programming interface (API) controlled by the automatic compliance engine.

6. The computer implemented method for automated processing of a mortgage loan of

claim 1

wherein the client loan origination system communicates with the automatic compliance engine using a web page developed for use with the automatic compliance engine.

7. An apparatus for automated processing of a mortgage loan comprising:

an automatic compliance engine having logic mechanisms programmed to generate a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law;

the automatic compliance engine coupled electronically to a client loan application system;

the automatic compliance engine having communications devices for receiving a request to process a mortgage loan from the client loan application system; and

the automatic compliance engine having additional logic mechanisms programmed to electronically distribute one or more of the tasks to the client loan application system.

8. The apparatus of

claim 7

further comprising electronic logic devices in the compliance engine programmed to monitor completion of the plurality of tasks and to generate a report of completion of all required tasks.

9. The apparatus of

claim 7

wherein the compliance engine communicates with the client loan application system using an XML format according to an API controlled by the compliance engine.

10. The apparatus of

claim 7

wherein the plurality of tasks generated by the compliance engine which are required to process the mortgage loan are based upon mortgage loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.

11. An apparatus for automated processing of a mortgage loan comprising:

means for receiving a request to process a mortgage loan from a client loan application system;

means, coupled to the means for receiving a request to process a mortgage loan from a client loan application system, for generating a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

means, coupled to the means for generating a plurality of tasks required to process the mortgage loan, for electronically distributing one or more of the plurality of tasks to the client loan application system.

12. In a network having a user node including a browser program coupled to said network, said user node under the control of a client loan application system for providing requests for information and providing mortgage loan application related commands on said network, a network node comprising:

a mortgage loan processing server node responsive to a request from said user node to process a mortgage loan, whereby said mortgage loan processing server node provides a first mechanism for generating a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

provides a second mechanism coupled to the first mechanism, for distributing one or more of the plurality of tasks to the user node.

13. The network node of

claim 12

wherein the mortgage loan processing server node provides a third mechanism to electronically communicate with the user node using an XML format for an API controlled by the mortgage loan processing server node.

14. The network node of

claim 12

wherein the actions required to process the mortgage loan are based upon mortgage loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to loan processing.

15. A computer program product stored on a computed useable medium, comprising;

a first computer readable program mechanism for receiving a request to process a mortgage loan from a client loan application system;

a second computer readable program mechanism for generating a plurality of tasks, the plurality of tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

a third computer readable code mechanism for distributing one or more of the plurality of tasks to the client loan application system.

16. The computer program product of

claim 15

comprising a fourth computer readable code mechanism for monitoring completion of the plurality of tasks whereby a report of completion of all required tasks can be generated.

17. The computer program product of

claim 15

wherein the plurality of tasks required to process the mortgage loan are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.

18. The computer program product of

claim 15

wherein the communications with the client loan application comprises messages containing data in XML format.