Apparatus and method for collateral recovery
First Claim
1. An apparatus comprising:
- at least one mobile database;
at least one synchronization database;
at least one processor;
a memory coupled to said at least one processor;
at least one master database residing in said memory; and
a recovery mechanism residing in said memory, said recovery mechanism synchronizing at least one collateral recovery record in said at least master database with said at least one synchronization database, said recovery mechanism synchronizing said at least one collateral recovery record with said at least one mobile database.
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Accused Products
Abstract
A computer-based system for requesting, assigning, monitoring, updating, and reporting on the status of the collateral recovery process for all of the participants includes a communications methodology for maintaining a series of remote databases and synchronizing the remote databases with a master database via a synchronization server. Additionally, a lien holder can access the computer-based system via a global computer network such as the Internet and request collateral repossession services and then track the request during the process. This includes the ability to monitor the date of recovery, the condition of the collateral upon recovery, and the ultimate disposition of the collateral after recovery. Similarly, the repossession agent can more quickly and efficiently receive recovery requests and provide updates to the lien holder without undue delay. Finally, the computer-based system preferably provides a series of web-based reports that allow all of the participants in the collateral recovery process full and complete access to various performance criteria and measurements. By tracking the performance of the various parties involved in the collateral recovery process, the best service providers can be identified, thereby enhancing the prospect for efficient collateral recovery and providing for more effective decision-making.
44 Citations
20 Claims
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1. An apparatus comprising:
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at least one mobile database;
at least one synchronization database;
at least one processor;
a memory coupled to said at least one processor;
at least one master database residing in said memory; and
a recovery mechanism residing in said memory, said recovery mechanism synchronizing at least one collateral recovery record in said at least master database with said at least one synchronization database, said recovery mechanism synchronizing said at least one collateral recovery record with said at least one mobile database. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. An apparatus for enhancing collateral recovery comprising:
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at least one processor;
a memory coupled to said at least one processor;
a master database residing in said memory;
a synchronization database communicatively coupled to said master database;
a geographically remote mobile database communicatively coupled to said master database;
at least one collateral recovery record stored in said master database, said at least one collateral recovery record including data pertaining to at least one item used as collateral to secure a loan;
at least one wireless communication link communicatively and selectively coupled to said synchronization database and said mobile database;
a recovery mechanism residing in said memory, said recovery mechanism monitoring said at least one wireless communication link and periodically communicating at least one update for said at least one collateral recovery record between said synchronization database and said mobile database based on said monitoring of said at least one wireless communication link; and
a security mechanism residing in said memory, said security mechanism providing security and encryption services in conjunction with said periodically communicating said at least one update for said at least one collateral recovery record between said synchronization database and said mobile database.
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10. A method comprising the steps of:
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a) receiving a request for collateral recovery services;
b) updating a master database to reflect said request for collateral recovery services;
c) updating a synchronization database to reflect said request for collateral recovery services;
d) verifying a wireless communication link between said synchronization database and a mobile database;
e) updating said mobile database to include said request for collateral recovery services if said wireless communication link has been verified;
f) storing said request for collateral recovery services in said synchronization database if said wireless communication link is not verified; and
g) repeating steps d) and e) and f) until said wireless communication link has been verified and said mobile database has been updated to reflect said request for collateral recovery services. - View Dependent Claims (11, 12, 13, 14, 15)
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16. A program product comprising:
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a recovery mechanism, said recovery mechanism being configured to synchronize at least one collateral recovery record between at least one master database, at least one synchronization database, and at least one mobile database; and
signal bearing media bearing said predictive mechanism. - View Dependent Claims (17, 18, 19, 20)
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Specification