Method and apparatus for worker compensation and task performance reporting in a mortgage loan transaction system

• US 20040230521A1
• Filed: 01/09/2004
• Published: 11/18/2004
• Est. Priority Date: 03/14/2000
• Status: Abandoned Application

• Current Assignee: Everbank NA (Everbank Financial Corporation)
• Original Assignee: Everbank NA (Everbank Financial Corporation)
• Inventors: Broadbent, David F., Coleman, Paul B., Cook, Redge L., Harten, William S.
• Application Number:
  US10/755,078
• Publication Number:
  US 20040230521A1
• Time in Patent Office: Days
• US Class Current: 705/38
• 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

Abstract

The automated system of the present invention uses the Federal, State, local and professional regulations and requirements and implementing instructions to generate a plurality of tasks which can be used to control and drive the process of handling a mortgage loan application to completion and settlement in accordance with these regulations. Upon the completion of all required tasks related to processing a loan, including tasks required by applicable federal or state law, reports are generated showing completion of all requirements and for use in payment of fees to are appropriate persons. Loan requesters may specify that the system will generate the plurality of required tasks, including tasks required by applicable federal or state law, provide the plurality of required tasks to the requestor for his execution, and monitor the completion of all required tasks so as to a completion certificate to the requestor. Alternatively, loan requesters may specify that the automated system will generate the plurality of required tasks, including tasks required by applicable federal or state law, will manage and control the execution of the required tasks, and monitor the completion of all required tasks so as to a completion certificate to the requestor.

Claims

1. A computer implemented method for automated processing of loans comprising the acts of:

monitoring completion of a loan origination compliance task workflow housed in a loan management system, the loan origination compliance task workflow comprising an organized sequence of a plurality of appropriate compliance tasks required to originate a loan, the appropriate compliance tasks comprising actions required by one or more of a third party loan originator, a lending institution, and a borrower so that lending institutions may legally compensate third party originators in compliance with applicable federal or state law and recording the completion thereof electronically; and

upon completion of all of the plurality of appropriate compliance tasks required to originate the loan, generating a report showing completion status of the plurality of appropriate compliance tasks.

2. The computer implemented method for of claim 1 comprising generating a report of fees earned by all participants in upon completion of all of the plurality of appropriate compliance tasks required to process the loan.

3. The computer implemented method of claim 1 wherein the loan is a mortgage loan.

4. The computer implemented method of claim 1 wherein the plurality of appropriate compliance tasks is based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements.

5. The computer implemented method of claim 4 wherein the loan related laws and regulations comprise Federal, State, local and professional regulations and requirements.

6. An apparatus for automated processing of loans comprising:

a computer system having logic mechanisms programmed to monitor completion of a loan origination compliance task workflow housed in a loan management system, the loan origination compliance task workflow comprising an organized sequence of a plurality of appropriate compliance tasks required to originate a loan, the appropriate compliance tasks comprising actions required by one or more of a third party loan originator, a lending institution, and a borrower so that lending institutions may legally compensate third party originators in compliance with applicable federal or state law and recording the completion thereof electronically; and

upon completion of all of the plurality of appropriate compliance tasks required to originate the loan, the computer system having logic mechanisms programmed to generate a report showing completion status of the plurality of appropriate compliance tasks.

7. The apparatus claim 6 comprising additional logic mechanisms to generating a report of fess earned by all participants in processing the loan upon completion of all of the plurality of appropriate compliance tasks.

8. The apparatus of claim 6 wherein the loan is a mortgage loan.

9. The apparatus of claim 6 wherein the plurality of appropriate compliance tasks are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements.

10. The apparatus of claim 9 wherein the loan related laws and regulations comprise Federal, State, local and professional regulations and requirements.

11. In a network having a user node including a browser program coupled to said network, said user node providing requests for information and providing loan application related commands on said network, a network node comprising:

a loan server node for monitoring completion of a loan origination compliance task workflow housed in a loan management system, the loan origination compliance task workflow comprising an organized sequence of a plurality of appropriate compliance tasks required to originate a loan the appropriate compliance tasks comprising actions required by one or more of a third party loan originator, a lending institution, and a borrower so that lending institutions may legally compensate third party originators in compliance with applicable federal or state law and recording the completion thereof electronically; and

a mechanism coupled to the loan server node for generating a report showing completion status of the plurality of appropriate compliance tasks upon completion of all the plurality of appropriate compliance tasks.

12. The node of claim 11 wherein the loan server node provides a mechanism coupled to the mechanism for generating a report of fees earned by all participants upon completion of all of the plurality of appropriate compliance tasks.

13. The node of claim 11 wherein the loan is a mortgage loan.

14. The node of claim 11 wherein the actions required to process the loan include actions which are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements.

15. The node of claim 14 wherein the loan related laws and regulations comprise Federal, State, local and professional regulations and requirements.

16. A computer program product stored on a computed useable medium, comprising;

a computer readable code mechanism for monitoring completion of a loan origination compliance task workflow housed in a loan management system, the loan origination compliance task workflow comprising an organized sequence of a plurality of appropriate compliance tasks required to originate a loan, the appropriate compliance tasks comprising actions required by one or more of a third party loan originator, a lending institution, and a borrower so that lending institutions may legally compensate third party originators in compliance with applicable federal or state law and recording the completion thereof electronically; and

upon completion of all of the plurality of appropriate compliance tasks a computer readable code mechanism for generating a report showing completion status of the plurality of appropriate compliance tasks.

17. The computer program product of claim 16 comprising a computer readable code mechanism for generating a report of fees earned by all participants upon completion of all of the plurality of appropriate compliance tasks.

18. The computer program product of claim 16 wherein the loan is a mortgage loan.

19. The computer program product of claim 16 wherein the plurality of appropriate compliance tasks is based upon loan related laws and regulations comprising Federal, State, local and professional regulations.

20. The computer program product of claim 19 comprising an additional code mechanism for creating a completed transaction and payment report.