Methods and systems for automated loan origination, processing and approval
First Claim
1. A method for loan origination, processing and approval, using a network based system including a server system coupled to a centralized database and at least one client system, said method comprising:
- establishing a business relationship pertaining to a loan transaction between a broker and a lender through legal agreements;
defining a division of labor through a task list between the broker and the lender to assist in the performance of the legal agreements;
providing forms and informational notices in support of the task list; and
maintaining the task list to ensure that the broker has complied with the task list.
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Accused Products
Abstract
A method for loan origination, processing and closing, using a network based system including a server system coupled to a centralized database and at least one client system is disclosed. The method includes establishing a business relationship pertaining to a loan transaction between a broker and a lender, defining a division of labor, providing forms and informational notices to the broker, and maintaining the task list to ensure that the broker has complied with state and federal regulations. Other embodiments of the invention utilize a System, a Computer Program embodied on a computer readable medium, a Computer, and a Database to manage the loan processing and improve operational efficiency of the business entity.
132 Citations
32 Claims
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1. A method for loan origination, processing and approval, using a network based system including a server system coupled to a centralized database and at least one client system, said method comprising:
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establishing a business relationship pertaining to a loan transaction between a broker and a lender through legal agreements;
defining a division of labor through a task list between the broker and the lender to assist in the performance of the legal agreements;
providing forms and informational notices in support of the task list; and
maintaining the task list to ensure that the broker has complied with the task list. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method for loan origination, processing and closing, using a network based system including a server system coupled to a centralized database and at least one client system, said method comprising:
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originating a loan application by a licensed individual;
processing the loan application by a lender through a task list that defines a division of labor between the licensed individual and the lender, maintaining the task list to ensure that the broker and the lender have complied with their responsibilities; and
closing the loan application in compliance with state and federal regulations.
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13. A system for managing loan transaction in compliance with federal and state regulations, said system comprising:
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a client system comprising a browser;
a data storage for storing information;
at least one server system configured to be coupled via a network to said client system and said data storage device, said server system further configured to;
develop and track a task list to implement a division of labor between a broker and a lender relating to activities resulting in funding of a loan for a real property transaction;
provide an indication to a party responsible for the task on the task list;
process an approval of the loan after all tasks on the task list are completed and regulatory requirements are satisfied; and
issue a commission check to the broker upon funding of the loan and closing of the real property transaction. - View Dependent Claims (14, 15, 16, 17, 18)
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19. A computer to facilitate online origination, processing and approval of loans, said computer coupled to a centralized database and programmed to:
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receive loan transaction information in to the centralized database;
store the loan transaction information into various subsections of the centralized database and cross reference the loan transaction information against a borrower identification for easy retrieval and update;
evaluate the loan transaction based on pre-determined criteria; and
generate management reports to track the loan transaction. - View Dependent Claims (20, 21)
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22. A computer program embodied on a computer readable medium for processing and approving real estate loans, comprising a code segment providing for:
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registering a broker with a lender to process a loan transaction;
providing a list of tasks and targeted completion dates to the broker based on an anticipated closing date of the loan transaction;
tracking the list against the targeted completion dates to complete the task;
generating loan documents after the loan transaction has been approved; and
generates a commission check to the broker after the loan documents are executed and the loan transaction is closed. - View Dependent Claims (23, 24, 25, 26)
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27. A database to manage loan processing and improve operational efficiency of a business entity, said database comprising:
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data corresponding to various transactions with at least one of transactions status data and action lists data associated with various transactions;
data corresponding to various mortgage programs with at least one of associated referenced numbers, a starting rate and an ending rate, a margin, client points, and maximum loan to value ratio; and
data corresponding to contact information regarding parties to various transactions, the data corresponding to contact information cross referenced against data corresponding to various mortgage programs and data corresponding to various transactions for at least one of easy retrieval, update and storage. - View Dependent Claims (28, 29, 30, 31, 32)
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Specification