Method and apparatus for a mortgage loan originator compliance engine

• US 20050197953A1
• Filed: 03/07/2005
• Published: 09/08/2005
• 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:
  US11/074,321
• Publication Number:
  US 20050197953A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/02 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: Y10S 707/99931 Database or file accessing

Abstract

The automated compliance engine 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 to monitor the completion of the tasks in order to generate a Completion Certificate. Mortgage loan requestors may specify that the system will generate the plurality of required tasks, provide the plurality of required tasks to the requestor for his execution, and monitor the completion of all required tasks so as to provide a completion certificate to the requestor. Alternatively, loan requesters may specify that the automated compliance engine will generate the plurality of required tasks, will transfer the required tasks to other systems qualified to manage and control the execution of the required tasks, and the compliance engine will monitor the completion of all required tasks so as to provide a completion certificate to the requester.

Claims

1. A computer implemented method for generation of a set of required procedures for processing a mortgage loan comprising the acts of:

receiving a request to process a mortgage loan;

generating a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

distributing one or more of the tasks to one or more systems capable of performing one or more of the tasks.

2. The computer implemented method for automated processing a mortgage loan of claim 1 comprising the additional act of monitoring completion of the plurality of tasks whereby a report of completion of all required tasks can be generated.

3. The computer implemented method for automated processing of a mortgage loan of claim 1 comprising the additional act of authenticating a person submitting the request to process a mortgage loan.

4. The computer implemented method for automated processing of a mortgage loan of claim 1 comprising the additional act of electronically transferring the plurality of tasks required to process the loan to an electronic loan processing workflow engine for controlling and managing execution of the tasks.

5. The computer implemented method for automated processing of a mortgage loan of claim 1 wherein the plurality of tasks required to process the mortgage loan are based upon mortgage loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.

6. The computer implemented method for automated processing of a mortgage loan of claim 1 comprising an additional step of producing a completion certificate.

7. A compliance engine for automated processing of a mortgage loan comprising:

a computer system having communications devices for receiving a request to process a mortgage loan;

the computer system having logic mechanisms programmed to generate a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

the computer system having additional logic mechanisms programmed to electronically distribute one or more of the tasks to one or more systems capable of performing one or more of the tasks.

8. The compliance engine of claim 7 further comprising electronic logic devices programmed to monitor completion of the plurality of tasks and to generate a report of completion of all required tasks.

9. The compliance engine of claim 7 wherein selected vendors are automatically notified by the compliance engine to perform a task and to report task completion to the compliance engine.

10. The compliance engine of claim 7 wherein the plurality of tasks required to process the mortgage loan are based upon mortgage loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.

11. An apparatus for automated processing of a mortgage loan comprising:

means for receiving a request to process a mortgage loan;

means, coupled to the means for receiving a request to process a mortgage loan, for generating a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

means, coupled to the means for generating a plurality of tasks required to process the mortgage loan, for electronically distributing one or more of the plurality of tasks to one or more systems capable of performing one or more of the tasks.

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

a mortgage loan processing server node responsive to a request from said user node to process a mortgage loan, whereby said mortgage loan processing server node provides a first mechanism for generating a plurality of tasks, the tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

provides a second mechanism coupled to the first mechanism, for distributing one or more of the plurality of tasks to one or more systems capable of performing one or more of the tasks.

13. The loan processing server node of claim 12 wherein the loan processing server node provides a third mechanism to electronically monitor completion of the plurality of tasks whereby a certificate of completion of all required tasks can be generated.

14. The loan processing server node of claim 12 wherein the actions required to process the mortgage loan are based upon mortgage loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to loan processing.

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

a first computer readable program mechanism for receiving a request to process a mortgage loan;

a second computer readable program mechanism for generating a plurality of tasks, the plurality of tasks comprising actions required to process the mortgage loan, including tasks required by applicable federal or state law; and

a third computer readable code mechanism for distributing one or more of the plurality of tasks to one or more systems capable of performing one or more of the tasks.

16. The computer program product of claim 15 comprising a fourth computer readable code mechanism for monitoring completion of the plurality of tasks whereby a report of completion of all required tasks can be generated.

17. The computer program product of claim 15 wherein the plurality of tasks required to process the mortgage loan are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.