Computer system for exchanging insurance information related to a loan on a property
First Claim
1. A computer program embodied in a machine readable device for communicating insurance related information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to said lender to cover a financial loss arising from a default on said loan independently of the reason for said default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said computer program comprising:
- a user interface programmed to
1) transmit loan information on said loan;
2) request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
3) receive said results of said loan related search; and
4) request registration of said loan under said insurance policy.
1 Assignment
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Accused Products
Abstract
The invention relates to a computer program embodied in a machine readable device for communicating mortgage guaranty insurance related information to a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to the lender to cover a financial loss arising from a default on the loan independently of the reason for the default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan. The invention also includes a data interface to transmit loan information; to request a loan related search by the information system of at least one borrower related data source and at least one property related data source; to receive the results of the loan related search; and to request registration of the loan under the policy.
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Citations
27 Claims
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1. A computer program embodied in a machine readable device for communicating insurance related information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to said lender to cover a financial loss arising from a default on said loan independently of the reason for said default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said computer program comprising:
a user interface programmed to
1) transmit loan information on said loan;
2) request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
3) receive said results of said loan related search; and
4) request registration of said loan under said insurance policy.- View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 22, 23)
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20. The computer program of claim 20, wherein said report further includes one or more selected from the group consisting of a loan number, a loan amount, a loan type, a term of said loan, borrower information, and property information.
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24. A computer program embodied in a machine readable device for communicating insurance related information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to said lender to cover a financial loss arising from a default on said loan independently of the reason for said default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said computer program comprising:
a user interface programmed to transmit loan information on said loan;
to request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
to receive said results of said loan related search;
to document that said lender has obtained a completed application from said borrower along with borrower supplied information setting forth encumbrances known or suspected by the borrower;
to document that said lender has compared said report, said borrower'"'"'s application, and said borrower supplied information to verify a lien position of said lender when making said loan;
to document that said lender has ensured that all outstanding encumbrances are subordinated to a new mortgage for said loan; and
to request registration of said loan under said insurance policy.
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25. A computer program embodied in a machine readable device for communicating insurance related information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to said lender to cover a financial loss arising from a default on said loan independently of the reason for said default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said computer program comprising:
a user interface programmed to transmit loan information on said loan;
to request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source; and
to enable an analysis of said loan related information and said report to determine whether said loan should be approved or denied.
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26. A data carrier signal for communicating insurance related information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to said lender to cover a financial loss arising from a default on said loan independently of the reason for said default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said data carrier signal comprising a code segment that includes loan information on said loan;
- a code segment to request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
a code segment to receive said results of said loan related search; and
a code segment to request registration of said loan under said insurance policy.
- a code segment to request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
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27. A data structure for communicating insurance related information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, wherein an insurance policy has been issued to said lender to cover a financial loss arising from a default on said loan independently of the reason for said default that provides a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said data structure comprising a data storage table that includes loan information on said loan;
- a data storage table to request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
a data storage table to receive said results of said loan related search; and
a data storage table to request registration of said loan under said insurance policy.
- a data storage table to request a loan related search, using said loan information, of at least one borrower related data source and at least one property related data source;
Specification