System for providing information related to insurance on a loan for real property
First Claim
1. A system for providing insurance related information to a user in connection with a loan for a real property to be made by said lender to a borrower comprising a data interface programmed to cover said lender under an insurance policy to provide financial compensation for a loss arising from a default on said loan, independently of the reason for said default;
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan.
1 Assignment
0 Petitions
Accused Products
Abstract
The invention is directed to a system for providing insurance related information to a user in connection with a loan for a real property to be made by the lender to a borrower, wherein an insurance policy has been issued to the lender to provide financial compensation for a loss arising from a default on the loan, independently of the reason for the default; and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan. The system includes a data interface programmed to receive loan information on the loan from the user; cause a loan related search to be conducted using the loan information of at least one borrower related data source and at least one property related data source to generate a report; provide the results of the loan related search to the user; and register the loan under the insurance policy if the loan is approved. The data interface may be further programmed to document that the lender has obtained a completed application from the borrower along with borrower supplied information setting forth any encumbrances known or suspected by the borrower; document that the lender has compared the report, the borrower'"'"'s application, and the borrower supplied information to verify the lien position of said lender when making said loan; and document that the lender has ensured that all outstanding encumbrances are subordinated to a new mortgage for the loan.
59 Citations
29 Claims
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1. A system for providing insurance related information to a user in connection with a loan for a real property to be made by said lender to a borrower comprising a data interface programmed to cover said lender under an insurance policy to provide financial compensation for a loss arising from a default on said loan, independently of the reason for said default;
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan.
- View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 25, 26)
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24. The system of claim 24, 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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27. A system for providing insurance related information to a user in connection with a loan for a real property to be made by said lender to a borrower, wherein an insurance policy has been issued to cover said lender for a loss arising from a default on said loan, independently of the reason for said default;
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said system comprising a data interface programmed to;
1) receive loan information on said loan from said user;
2) cause a loan related search to be conducted using said loan information of at least one borrower related data source and at least one property related data source to generate a report;
3) provide said results of said loan related search to said user through said user interface; and
4) register said loan under said insurance policy if said loan is approved.
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan, said system comprising a data interface programmed to;
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28. A system for providing insurance related information to a user in connection with a loan for a real property to be made by said lender to a borrower, wherein an insurance policy has been issued to said lender to provide financial compensation for a loss arising from a default on said loan, independently of the reason for said default;
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan, said system comprising a data interface programmed to;
1) receive loan information on said loan from said user;
2) cause a loan related search to be conducted using said loan information of at least one borrower related data source and at least one property related data source to generate a report;
3) provide results of said loan related search to said user through said user interface;
4) 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;
5) 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; and
6) document that said lender has ensured that all outstanding liens and encumbrances are subordinated to a new mortgage for said loan; and
7) register said loan under said insurance policy if said loan is approved.
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan, said system comprising a data interface programmed to;
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29. A system for providing insurance related information to a user in connection with a loan for a real property to be made by said lender to a borrower, wherein an insurance policy has been issued to said lender to provide financial compensation for a loss arising from a default on said loan, independently of the reason for said default;
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan, said system comprising a data interface programmed to;
1) receive loan information on said loan from said user;
2) cause a loan related search to be conducted using said loan information of at least one borrower related data source and at least one property related data source to generate a report; and
3) analyze said loan related information and said report to determine whether said loan qualifies for registration under said insurance policy.
- and to provide a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan, said system comprising a data interface programmed to;
Specification