Method and apparatus for protecting a lender having an interest in a property against a loss
First Claim
1. A method of protecting a lender having a security interest in a real property against a loss arising from a default by a borrower on a loan for said real property, said method comprising the steps of:
- covering said lender under an insurance policy to provide financial compensation for at least a portion of said loss arising from said default independently of the reason for the default;
providing a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan.
1 Assignment
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Accused Products
Abstract
The invention relates to a system for protecting a lender, having a security interest in a real property against a loss arising in default by a borrower on a loan therefor, which includes covering the lender under a mortgage guaranty insurance policy to provide financial compensation for a portion of the loss independently of the reason for the default; and providing a separate monetary limit for loan defaults involving one or more undisclosed liens on the property that secures the loan; causing the loan to be generated between a lender and a borrower for a portion of the value of the property, which is associated with the policy to trigger the policy in the event of a default on the loan; and requiring that a loan related search be conducted prior to covering of the property under the policy, including reviewing both borrower related information and property related information.
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Citations
22 Claims
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1. A method of protecting a lender having a security interest in a real property against a loss arising from a default by a borrower on a loan for said real property, said method comprising the steps of:
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covering said lender under an insurance policy to provide financial compensation for at least a portion of said loss arising from said default independently of the reason for the default;
providing 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)
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10. A method of protecting a lender having a security interest in a real property against a financial loss arising from a default by a borrower on a loan for said real property, said method comprising the steps of:
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causing said lender to be covered under an insurance policy for a portion of said financial loss arising from said default independently of the reason for said default, wherein a separate monetary limit is provided for loan defaults involving one or more undisclosed liens on said property that secures said loan;
causing a loan to be generated between said lender and said borrower for at least a portion of said value of said real property; and
causing said loan to be associated with said insurance policy to trigger said insurance policy in the event of said default on said loan.
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11. A method of protecting a lender having a security interest in a real property against a financial loss, wherein a loan is to be generated between a lender and a borrower for at least a portion of said value of said real property;
- said method comprising the step of;
causing an insurance policy to be issued by an insurer to said lender and covering said lender for a portion of said financial loss arising from a default on said loan;
providing a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan; and
requiring that a loan related search be conducted prior to covering said real property under said insurance policy, said loan related search including a review of both borrower related information and property related information.
- said method comprising the step of;
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12. An apparatus for protecting a lender having security interest in a real property against a loss arising from a default by a borrower on a loan for said real property, said apparatus comprising:
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a means for covering said lender under an insurance policy to provide financial compensation for a portion of said loss arising from said default independently of the reason for the default; and
a means for providing separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20)
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21. An apparatus for protecting a lender having a security interest in a real property against a financial loss arising from a default on a loan for said real property, said apparatus comprising:
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means for causing said lender to be covered under a mortgage guaranty insurance policy for a portion of said financial loss arising from said default independently of the reason for said default, wherein a separate monetary limit is provided for loan defaults involving one or more undisclosed liens on said property that secures said loan;
means for causing a loan to be generated between said lender and said borrower for at least a portion of said value of said real property; and
means for causing said loan to be associated with said mortgage guaranty insurance policy to trigger said insurance policy in the event of said default on said loan.
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22. An apparatus for protecting a lender having an interest in a real property against a loss wherein a loan is to be generated between a lender and a borrower for at least a portion of said value of said real property;
- said apparatus comprising;
means for causing said lender to be covered under a mortgage guaranty insurance policy for a portion of said loss arising from a default on said loan;
means for providing a separate monetary limit for loan defaults involving one or more undisclosed liens on said property that secures said loan; and
means for requiring that a loan related search be conducted prior to covering said real property under said mortgage guaranty insurance policy, said loan related search including a review of both borrower related information and property related information.
- said apparatus comprising;
Specification