System for providing a warranty for the automated valuation of property
First Claim
1. A method of protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said method comprising the steps of:
- generating a determined value of said real property using an automated valuation model; and
covering said party under a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said appraisal value of said real property.
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Accused Products
Abstract
The invention is directed to a method and apparatus for protecting a party having an interest in a real property against an inaccurate appraisal of the value of the real property, wherein a loan is provided from a lender to a borrowed, the loan being secured by the real property wherein the system involves generating a determined value of the real property using an automated valuation model; and covering the lender under a warranty for a warranted amount comprising at least a portion of the determined value to provide financial compensation for at least a portion of the appraised in value of the real property. The system of the invention may be accomplished over a computer network, such as by using email and the Internet.
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Citations
31 Claims
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1. A method of protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said method comprising the steps of:
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generating a determined value of said real property using an automated valuation model; and
covering said party under a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said appraisal value of said real property. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A method of protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said method comprising the steps of:
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receiving loan information on said loan;
generating a determined value of said real property using an automated valuation model;
wherein said automated valuation model includes property related information;
covering said party under a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said appraisal value of said real property. - View Dependent Claims (21, 22)
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- 23. A system for protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said system comprising a data interface programmed to cover said party under a warranty for a warranted amount comprising at least a portion of a determined value generated using an automated valuation model to provide financial compensation for at least a portion of said appraisal value of said real property.
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29. A computer program embodied in a machine readable device for communicating information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, said computer program comprising:
a user interface programmed to
1) transmit loan information on said loan;
2) request a determined value of said real property using an automated valuation model; and
3) request a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said determined value of said real property.- View Dependent Claims (30, 31)
Specification