System and method for rendering automated real property title decisions
First Claim
1. A computer-assisted process of rendering real property title decisions, comprising the steps of:
- (1) evaluating financial information associated with a property owner for property that is the subject of an underwriting decision;
(2) in response to favorable evaluation of the financial information, initiating an expedited title decision-making process that does not require a full property title search; and
(3) in response to an unfavorable evaluation of the financial information, rejecting the expedited title decision-making process.
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0 Petitions
Accused Products
Abstract
An apparatus and method is provided for rendering title decisions on an expedited basis. In light of empirical data showing a correlation between negative financial information (e.g., credit delinquencies) of a property owner/borrower and potential encumbrances on title to real estate owned by the property owner/borrower, a computer-implemented process evaluates financial information of a prospective mortgage applicant. If the financial information is favorable, an expedited title decision-making process is used to determine the adequacy and quality of the security to be pledged in connection with the mortgage transaction, as well as to assist in the process of issuance of title insurance products. If the financial information is not favorable, a full title search is performed. The invention significantly increases the speed of the mortgage application process without incurring substantial risks. A variation of the invention permits lenders to prescreen prospective mortgage applicants by determining whether they would qualify for an expedited title decision-making process. Those candidates who would qualify for the expedited title decision-making process are solicited for an expedited mortgage process.
196 Citations
39 Claims
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1. A computer-assisted process of rendering real property title decisions, comprising the steps of:
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(1) evaluating financial information associated with a property owner for property that is the subject of an underwriting decision;
(2) in response to favorable evaluation of the financial information, initiating an expedited title decision-making process that does not require a full property title search; and
(3) in response to an unfavorable evaluation of the financial information, rejecting the expedited title decision-making process. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A computer-assisted process of pre-screening candidates for mortgages, comprising the steps of:
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(1) receiving information identifying a plurality of prospective mortgage candidates and corresponding property addresses;
(2) evaluating on the basis of financial information pertaining to each prospective candidate whether an expedited title decision can be provided, wherein the expedited title decision potentially avoids the need for a full title search; and
(3) for each prospective refinancing candidate that is evaluated in step (2) to qualify for an expedited title decision, sending a solicitation to such prospective candidate offering an expedited mortgage financing process. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26)
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27. A method of processing a mortgage transaction for a prospective borrower with respect to real property, comprising the steps of:
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(1) performing a credit check and mortgage qualification for the prospective borrower;
(2) causing to be performed a computer-implemented title evaluation, including the step of determining on the basis of credit information relating to the prospective borrower whether an expedited title decision-making process can be used and, if so, initiating a limited title search of the property and, if not, initiating a full title search of the property;
(3) obtaining a title insurance commitment; and
(4) preparing mortgage documents for a closing. - View Dependent Claims (28, 29, 30)
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31. A computer comprising a title decision-making engine including computer-executable instructions that perform the steps of:
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(1) evaluating non-title financial information associated with a property owner for property that is the subject of a title decision;
(2) in response to favorable evaluation of the non-title financial information, initiating an expedited title decision-making process including only a limited title search; and
(3) in response to an unfavorable evaluation of the non-title financial information, rejecting the expedited title decision-making process. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39)
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Specification