System and method for facilitating loan provision

• US 20040078318A1
• Filed: 02/18/2003
• Published: 04/22/2004
• Est. Priority Date: 02/21/2002
• Status: Abandoned Application

• Current Assignee: Reliance First Capital LLC (Tiptree Inc.)
• Original Assignee: Reliance First Capital LLC (Tiptree Inc.)
• Inventors: Miller, Hugh I.
• Application Number:
  US10/368,955
• Publication Number:
  US 20040078318A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Systems and methods for facilitating various aspects of loan provision. For example, the execution of various loan-related tasks may be facilitated. As another example, the coordination of the efforts of individuals, groups, and/or departments involved in loan provision may be facilitated.

Claims

1. A method for facilitating loan provision, comprising:

receiving a loan application;

receiving data corresponding to an evaluation of said application;

facilitating formulation of one or more loan scenarios corresponding to said application;

receiving notification of fulfillment of one or more stipulations, said one or more stipulations relating to a chosen one of said one or more loan scenarios; and

facilitating closing for a loan corresponding to the chosen one of said one or more loan scenarios.

2. The method of claim 1, further comprising facilitating performance of quality control operations corresponding to said loan.

3. The method of claim 1, further comprising warehousing data corresponding to said loan.

4. The method of claim 1, further comprising facilitating the sale of said loan.

5. The method of claim 1, further comprising ordering title information corresponding to said loan.

6. The method of claim 1, further comprising ordering appraisal information corresponding to said loan.

7. The method of claim 1, wherein the data corresponding to the evaluation includes one or more stipulations.

8. The method of claim 1, wherein said evaluation is an underwriter evaluation.

9. The method of claim 1, further comprising facilitating selection of closing agents.

10. The method of claim 1, further comprising initiating funds dispensing corresponding to said loan.

11. The method of claim 10, wherein initiating comprises initiation of electronic funds transfer.

12. The method of claim 1, further comprising performing verification of licensure for one or more individuals associated with said loan provision.

13. The method of claim 1, further comprising determining if said loan is in compliance with predetermined guidelines.

14. The method of claim 1, wherein facilitating formulation comprises determining a rate for each of said one or more loan scenarios.

15. The method of claim 14, wherein rate determination involves consulting correlations.

16. The method of claim 14, wherein rate determination involves consulting rules.

17. The method of claim 1, wherein facilitating formulation comprises determining a prepayment penalty for each of said one or more loan scenarios.

18. The method of claim 17, wherein prepayment penalty determination involves consulting correlations.

19. The method of claim 17, wherein prepayment penalty determination involves consulting rules.

20. The method of claim 1, wherein facilitating formulations comprises determining stipulations for each of said one or more loan scenarios.

21. The method of claim 20, wherein stipulation determination involves consulting correlations.

22. The method of claim 20, wherein stipulation determination involves consulting rules.

23. The method of claim 1, further comprising facilitating a credit check.

24. The method of claim 1, wherein said loan application is received from an internal party.

25. The method of claim 1, wherein said loan application is received from an external party.

26. The method of claim 1, further comprising facilitating contact with an individual predicted to require loaned funds.

27. The method of claim 26, further comprising facilitating determination of desirability of said individual as a loan applicant.

28. The method of claim 1, further comprising receiving data corresponding to a request submitted to a third party.

29. The method of claim 28, wherein the data corresponding to the request comprises appraisal data.

30. The method of claim 28, wherein the data corresponding to the request comprises title data.

31. The method of claim 28, wherein the data corresponding to the request comprises flood certification data.

32. The method of claim 28, wherein the data corresponding to the request comprises life-of-loan flood certification data.

33. The method of claim 28, wherein the data corresponding to the request comprises automated value model determination data.

34. The method of claim 28, wherein the data corresponding to the request comprises income verification data.

35. The method of claim 28, wherein the data corresponding to the request comprises identify verification data.

36. A method for facilitating loan provision, comprising:

informing an individual of a need to contact a potential loan applicant;

receiving an evaluation corresponding to said potential loan applicant;

facilitating formulation of one or more loan scenarios corresponding to said potential loan applicant; and

receiving a prequalification status corresponding to said potential loan applicant.

37. The method of claim 36, wherein said individual is a telemarketer.

38. The method of claim 36, wherein said evaluation includes a grade.

39. The method of claim 36, wherein said evaluation includes one or more comments.

40. The method of claim 36, wherein facilitating formulation comprises determining a rate for each of said one or more loan scenarios.

41. The method of claim 40, wherein rate determination involves consulting correlations.

42. The method of claim 40, wherein rate determination involves consulting rules.

43. The method of claim 36, wherein facilitating formulation comprises determining a prepayment penalty for each of said one or more loan scenarios.

44. The method of claim 43, wherein prepayment penalty determination involves consulting correlations.

45. The method of claim 43, wherein prepayment penalty determination involves consulting rules.

46. The method of claim 36, wherein facilitating formulations comprises determining stipulations for each of said one or more loan scenarios.

47. The method of claim 46, wherein stipulation determination involves consulting correlations.

48. The method of claim 46, wherein stipulation determination involves consulting rules.

49. The method of claim 36, further comprising facilitating consideration of a loan application corresponding to said potential loan applicant.

50. A system for facilitating loan provision, comprising:

a memory having program code stored therein; and

a processor operatively connected to said memory for carrying out instructions in accordance with said stored program code;

wherein said program code, when executed by said processor, causes said processor to perform the steps of;

receiving a loan application;

receiving data corresponding to an evaluation of said application;

facilitating formulation of one or more loan scenarios corresponding to said application;

receiving notification of fulfillment of one or more stipulations, said one or more stipulations relating to a chosen one of said one or more loan scenarios; and

facilitating closing for a loan corresponding to the chosen one of said one or more loan scenarios.

51. The system of claim 50, wherein said processor further performs the step of facilitating performance of quality control operations corresponding to said loan.

52. The system of claim 50, wherein said processor further performs the step of warehousing data corresponding to said loan.

53. The system of claim 50, wherein said processor further performs the step of facilitating the sale of said loan.

54. The system of claim 50, wherein said processor further performs the step of ordering title information corresponding to said loan.

55. The system of claim 50, wherein said processor further performs the step of ordering appraisal information corresponding to said loan.

56. The system of claim 50, wherein the data corresponding to the evaluation includes one or more stipulations.

57. The system of claim 50, wherein said evaluation is an underwriter evaluation.

58. The system of claim 50, wherein said processor further performs the step of facilitating selection of closing agents.

59. The system of claim 50, wherein said processor further performs the step of initiating funds dispensing corresponding to said loan.

60. The system of claim 59, wherein initiating comprises initiation of electronic funds transfer.

61. The system of claim 50, wherein said processor further performs the step of performing verification of licensure for one or more individuals associated with said loan provision.

62. The system of claim 50, wherein said processor further performs the step of determining if said loan is in compliance with predetermined guidelines.

63. The system of claim 50, wherein facilitating formulation comprises determining a rate for each of said one or more loan scenarios.

64. The system of claim 63, wherein rate determination involves consulting correlations.

65. The system of claim 63, wherein rate determination involves consulting rules.

66. The system of claim 50, wherein facilitating formulation comprises determining a prepayment penalty for each of said one or more loan scenarios.

67. The system of claim 66, wherein prepayment penalty determination involves consulting correlations.

68. The system of claim 66, wherein prepayment penalty determination involves consulting rules.

69. The system of claim 50, wherein facilitating formulations comprises determining stipulations for each of said one or more loan scenarios.

70. The system of claim 69, wherein stipulation determination involves consulting correlations.

71. The system of claim 69, wherein stipulation determination involves consulting rules.

72. The system of claim 50, wherein said processor further performs the step of facilitating a credit check.

73. The system of claim 50, wherein said loan application is received from an internal party.

74. The system of claim 50, wherein said loan application is received from a an external party.

75. The system of claim 50, wherein said processor further performs the step of facilitating contact with an individual predicted to require loaned funds.

76. The system of claim 75, wherein said processor further performs the step of facilitating determination of desirability of said individual as a loan applicant.

77. The system of claim 50, further comprising receiving data corresponding to a request submitted to a third party.

78. The system of claim 77, wherein the data corresponding to the request comprises appraisal data.

79. The system of claim 77, wherein the data corresponding to the request comprises title data.

80. The system of claim 77, wherein the data corresponding to the request comprises flood certification data.

81. The system of claim 77, wherein the data corresponding to the request comprises life-of-loan flood certification data.

82. The system of claim 77, wherein the data corresponding to the request comprises automated value model determination data.

83. The system of claim 77, wherein the data corresponding to the request comprises income verification data.

84. The system of claim 77, wherein the data corresponding to the request comprises identify verification data.

85. A system for facilitating loan provision, comprising:

a memory having program code stored therein; and

a processor operatively connected to said memory for carrying out instructions in accordance with said stored program code;

wherein said program code, when executed by said processor, causes said processor to perform the steps of;

informing an individual of a need to contact a potential loan applicant;

receiving an evaluation corresponding to said potential loan applicant;

facilitating formulation of one or more loan scenarios corresponding to said potential loan applicant; and

receiving a prequalification status corresponding to said potential loan applicant.

86. The system of claim 85, wherein said individual is a telemarketer.

87. The system of claim 85, wherein said evaluation includes a grade.

88. The system of claim 85, wherein said evaluation includes one or more comments.

89. The system of claim 85, wherein facilitating formulation comprises determining a rate for each of said one or more loan scenarios.

90. The system of claim 89, wherein rate determination involves consulting correlations.

91. The system of claim 89, wherein rate determination involves consulting rules.

92. The system of claim 85, wherein facilitating formulation comprises determining a prepayment penalty for each of said one or more loan scenarios.

93. The system of claim 92, wherein prepayment penalty determination involves consulting correlations.

94. The system of claim 92, wherein prepayment penalty determination involves consulting rules.

95. The system of claim 85, wherein facilitating formulations comprises determining stipulations for each of said one or more loan scenarios.

96. The system of claim 95, wherein stipulation determination involves consulting correlations.

97. The system of claim 95, wherein stipulation determination involves consulting rules.

98. The system of claim 85, wherein said processor further performs the step of facilitating consideration of a loan application corresponding to said potential loan applicant.