Mortgage loan data collection method and apparatus for a financial planning originator and/or financial institution originator of a mortgage loan

• US 20040019558A1
• Filed: 05/05/2003
• Published: 01/29/2004
• Est. Priority Date: 07/22/1998
• Status: Active Grant

• Current Assignee: Isourceloans LLC
• Original Assignee: Sourcetec Incorporated
• Inventors: McDonald, Russell W., McDonald, Russell W. II
• Granted Patent: US 7,386,504 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 50/18 Legal services

Abstract

The present invention includes a method and apparatus for collecting information for a mortgage loan originated by a loan originator for a loan customer in coordination with a loan broker. The loan originator is not the loan broker. The loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker. In certain embodiments, the loan originator is at least one of the following: CPA, Financial Planner, Broker/Dealer, Stock Broker, Insurance Broker/Agent, Attorney or other financial professionals. In other embodiments, the loan originator is one of the following: a Bank, Savings and Loan, Thrift, or Credit Union.

Claims

1. A method for collecting loan data for a loan application, by a loan originator in coordination with a loan broker, for a loan customer applying for a loan, comprising the steps of:

collecting pre-stored customer data regarding the loan customer;

collecting new customer data different from the pre-stored customer data;

combining the pre-stored customer data, the new customer data, and information about the loan into a loan application; and

transferring the loan application to the loan broker;

wherein the loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker;

wherein the loan originator is not the loan customer;

wherein the loan originator is not the loan broker; and

wherein the loan originator is at least one member of the financial planning professional collection comprising;

a financial planner, a CPA, a broker/dealer, a stock broker, an insurance broker/agent, and an attorney.

2. The method of claim 1,

wherein the step collecting the pre-stored customer data regarding the loan customer is further comprised of a member of the collection comprising the steps of:

reading information from tax files for the CPA;

reading information from insurance files for the insurance broker/agent; and

reading information from Broker/Dealer files for the broker/dealer.

3. The method of claim 1,

the step collecting the new customer data is further comprised of the steps of:

the loan originator obtaining credit bureau data regarding the loan customer from a remote credit bureau computer system.

6. The method of claim 1,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively include at least one member of the information type collection comprising:

personal information, property information, declarations, and demographics.

7. The method of claim 6,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively include each member of the information type collection.

8. The method of claim 6,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively further include assets-liabilities.

9. The method of claim 6,

wherein the personal information includes a current address, at least one phone number, a length of time at residence, an employer name, an employer address, time on the job, current compensation, job title, and an employer phone number.

10. The method of claim 6,

wherein the property information includes a current value of a home, home age, and at least one current payment.

11. The method of claim 6,

wherein the declarations includes disclosure of any lawsuits, disclosure of any bankruptcies, disclosure of any foreclosures, and disclosure of any loan defaults.

12. The method of claim 6,

wherein the demographics includes:

results of the loan originator requesting sex information of the loan customer; and

results of the loan originator requesting demographic information of the loan customer.

13. The method of claim 1,

wherein the information about the loan includes a loan rate, a term, points, whether there is a balloon payment, a title fee, an escrow fee, whether the loan broker giving credit for closing costs, whether the Borrower will have impounds for taxes/insurance, and applicable credits if loan is to be no point-no fee.

14. The method of claim 13, further comprising the step of:

determining the loan rate.

15. The method of claim 14,

wherein the step determining the loan rate is further comprised of at least one member of the collection comprising the steps of:

the loan originator getting the loan rate directly from the loan broker;

using a computerized system to look up the loan rates;

using the loan rates available online;

using the loan rates through a fax distribution system; and

using the loan rates through a fax-on-demand system.

16. The method of claim 1, further comprising the steps of:

providing the loan originator with a stacking order checklist for the loan customer; and

the loan originator collecting from the loan customer applicable documentation;

wherein the applicable documentation includes a W-2 form, a paystub, a bank statement, a tax return, a bankruptcy paper, and retirement information.

17. The method of claim 16, further comprising the steps of:

the loan originator printing a form collection comprising at least two forms and printing at least two pamphlets;

the loan originator presents the form collection and printed pamphlets to the loan customer;

the loan originator explains the form collection and printed pamphlets to the loan customer; and

the loan originator receives the form collection members signed by the loan customer.

18. The method of claim 16,

wherein the step transferring the loan application is further comprised of the steps of:

the loan originator packaging the collected applicable documentation, and form collection members signed by the loan customer in a pre-determined stacking order to create the loan application.

19. The method of claim 1, further comprising the step of:

the loan originator receiving a contact from the loan broker to get missing information and arrange delivery of missing documents.

20. The method of claim 1, further comprising the step of:

the loan originator receiving a notification from the loan broker indicating loan approval and discussion of any conditions.

21. The method of claim 20, further comprising the step of:

the loan originator gathers and coordinates at least one condition per condition discussion, forwarding to at least one member of the collection comprising the loan broker and a lender.

22. The method of claim 1, further comprising the step of:

the loan originator receiving a compensation from the loan broker for the loan application when closed.

23. The compensation, as a product of the process of claim 22.

24. The method of claim 1, further comprising the step of:

the loan originator receiving a contact from the loan broker indicating a financial advantage in creating a new loan application.

25. The contact from the loan broker, as a product of the process of claim 24.

26. The financial advantage in creating a new loan application, as a product of the process of claim 24.

27. The new loan application, as a product of the process of claim 24.

28. The loan application, as a product of the process of claim 1.

29. An apparatus implementing the method of claim 1, wherein at least one step of the method is implemented in a computer program residing in memory coupled with a computer operated by the loan originator.

30. An apparatus implementing the method of claim 1, comprising a means for each step of claim 1.

4. The method of Clam 1,

wherein the step collecting pre-stored customer data is further comprised of the steps of:

reading at least one file the loan originator uses in normal business to extract information for the loan application; and

inserting the information into the loan application.

5. The method of claim 4,

wherein the step inserting the information into the loan application is comprised of at least one member of the collection comprising the steps of:

transferring the information into the loan application; and

the loan originator manually inputting other required information not provided by the files used by the loan originator into loan application.

31. A method for collecting loan data for a loan application, by a loan originator in coordination with a loan broker, for a loan customer applying for a loan, comprising the steps of:

collecting pre-stored customer data regarding the loan customer;

collecting new customer data different from the pre-stored customer data;

combining the pre-stored customer data, the new customer data, and information about the loan into a loan application; and

transferring the loan application to the loan broker;

wherein the loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker;

wherein the loan originator is not the loan customer;

wherein the loan originator is not the loan broker; and

wherein the loan originator is a member of the financial institution collection comprising a bank, a savings and loan, a thrift, and a credit union.

32. The method of claim 31,

wherein the step collecting the pre-stored customer data regarding the loan customer is further comprised of the step of:

reading files from industry software used by the loan originator to extract pre-stored customer data regarding the loan customer.

33. The method of claim 31,

the step collecting the new customer data is further comprised of the steps of:

the loan originator obtaining credit bureau data regarding the loan customer from a remote credit bureau computer system.

36. The method of claim 31,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively include at least one member of the information type collection comprising:

personal information, property information, declarations, and demographics.

37. The method of claim 36,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively include each member of the information type collection.

38. The method of claim 36,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively further include assets-liabilities.

39. The method of claim 36,

wherein the personal information includes a current address, at least one phone number, a length of time at residence, an employer name, an employer address, time on the job, current compensation, job title, and an employer phone number.

40. The method of claim 36,

wherein the property information includes a current value of a home, home age, and at least one current payment.

41. The method of claim 36,

wherein the declarations includes disclosure of any lawsuits, disclosure of any bankruptcies, disclosure of any foreclosures, and disclosure of any loan defaults.

42. The method of claim 36,

wherein the demographics includes:

results of the loan originator requesting sex information of the loan customer; and

results of the loan originator requesting demographic information of the loan customer.

43. The method of claim 31,

wherein the information about the loan includes a loan rate, a term, points, whether there is a balloon payment, a title fee, an escrow fee, whether the loan broker giving credit for closing costs, whether the Borrower will have impounds for taxes/insurance, and applicable credits if loan is to be no point-no fee.

44. The method of claim 43, further comprising the step of:

determining the loan rate.

45. The method of claim 44,

wherein the step determining the loan rate is further comprised of at least one member of the collection comprising the steps of:

the loan originator getting the loan rate directly from the loan broker;

using a computerized system to look up the loan rates;

using the loan rates available online;

using the loan rates through a fax distribution system; and

using the loan rates through a fax-on-demand system.

46. The method of claim 31, further comprising the steps of:

providing the loan originator with a stacking order checklist for the loan customer; and

the loan originator collecting from the loan customer applicable documentation;

wherein the applicable documentation includes a W-2 form, a paystub, a bank statement, a tax return, a bankruptcy paper, and retirement information.

47. The method of claim 46, further comprising the steps of:

the loan originator printing a form collection comprising at least two forms and printing at least two pamphlets;

the loan originator presents the form collection and printed pamphlets to the loan customer;

the loan originator explains the form collection and printed pamphlets to the loan customer; and

the loan originator receives the form collection members signed by the loan customer.

48. The method of claim 46, wherein the step transferring the loan application is further comprised of the steps of:

the loan originator packaging the collected applicable documentation, and form collection members signed by the loan customer in a pre-determined stacking order to create the loan application.

49. The method of claim 31, further comprising the step of:

the loan originator receiving a contact from the loan broker to get missing information and arrange delivery of missing documents.

50. The method of claim 31, further comprising the step of:

the loan originator receiving a notification from the loan broker indicating loan approval and discussion of any conditions.

51. The method of claim 50, further comprising the step of:

the loan originator gathers and coordinates at least one condition per condition discussion, forwarding to at least one member of the collection comprising the loan broker and a lender.

52. The method of claim. 31, further comprising the step of:

the loan originator receiving a compensation from the loan broker for the loan application when closed.

53. The compensation, as a product of the process of claim 52.

54. The loan application, as a product of the process of claim 31.

55. An apparatus implementing the method of claim 31, wherein at least one step of the method is implemented in a computer program residing in memory coupled with a computer operated by the loan originator.

56. An apparatus implementing the method of claim 31, comprising a means for each step of claim 31.

34. The method of Clam 31,

wherein the step collecting pre-stored customer data is further comprised of the steps of:

reading at least one file the loan originator uses in normal business to extract information for the loan application; and

inserting the information into the loan application.

35. The method of claim 34,

wherein the step inserting the information into the loan application is comprised of at least one member of the collection comprising the steps of:

transferring the information into the loan application; and

the loan originator manually inputting other required information not provided by the files used by the loan originator into loan application.