System, method, and apparatus for a complete mortgage solution for borrowers, mortgage brokers, mortgage bankers, and investors
First Claim
1. An electronic marketplace method for loans, the method comprising:
- receiving, via an electronic interface, mortgage loan information, the loan information comprising social security information;
retrieving credit information using, at least in part, the social security information;
generating a credit score based upon the retrieved credit information;
transmitting, via an electronic interface, the generated credit score to a plurality of brokers;
auctioning to the brokers, via an electronic interface, access to the received mortgage loan information;
wherein the auctioning to the brokers comprises;
setting an initial value for a broker bid and a bid increment;
automatically receiving bids from the plurality of brokers; and
automatically determining one of the bids based upon auction criteria and the broker bid value;
setting an initial value for a service provider bid item based on, at least in part, the loan information;
receiving bids from a plurality of service providers in conjunction with a loan;
automatically determining one of the service provider bids based upon auction criteria and the service provider bid item;
identifying at least one borrowing criteria based on an underwritable loan package;
automatically receiving bids from a plurality of mortgage bankers;
automatically determining one of the bids based upon auction criteria and the borrowing criteria;
receiving one or more secondary underwritten loan packages associated with a banker, the secondary loan packages identifying a secondary loan bid item;
setting an initial value for the secondary loan bid item based on the secondary loan packages;
automatically receiving bids from a plurality of investors; and
automatically determining one of the investor bids based upon auction criteria and the secondary loan bid item.
0 Assignments
0 Petitions
Accused Products
Abstract
The system and method provide a complete solution for borrowers, brokers, mortgage bankers, and investors in the mortgage industry. The embodiments provide a centralized Internet system that auctions mortgage loans—a system for auctioning loans in the primary market and another for auctioning loans in the secondary market. There is a third auctioning system for auctioning leads (information about potential borrowers) to brokers. The latter system feeds the primary loan auction system while at the same time increasing a borrower'"'"'s opportunity to obtain a satisfactory loan package. The primary loan auction system encourages optimum rebate values for brokers, provides an improved opportunity to borrowers to obtain the best loan program with the lowest rate available, and feeds the secondary loan auction system with loan packages. The secondary loan auction system encourages optimum rebate values for mortgage bankers and provides improved opportunities to investors to access a large pool of loans matching their requirements.
-
Citations
100 Claims
-
1. An electronic marketplace method for loans, the method comprising:
-
receiving, via an electronic interface, mortgage loan information, the loan information comprising social security information;
retrieving credit information using, at least in part, the social security information;
generating a credit score based upon the retrieved credit information;
transmitting, via an electronic interface, the generated credit score to a plurality of brokers;
auctioning to the brokers, via an electronic interface, access to the received mortgage loan information;
wherein the auctioning to the brokers comprises;
setting an initial value for a broker bid and a bid increment;
automatically receiving bids from the plurality of brokers; and
automatically determining one of the bids based upon auction criteria and the broker bid value;
setting an initial value for a service provider bid item based on, at least in part, the loan information;
receiving bids from a plurality of service providers in conjunction with a loan;
automatically determining one of the service provider bids based upon auction criteria and the service provider bid item;
identifying at least one borrowing criteria based on an underwritable loan package;
automatically receiving bids from a plurality of mortgage bankers;
automatically determining one of the bids based upon auction criteria and the borrowing criteria;
receiving one or more secondary underwritten loan packages associated with a banker, the secondary loan packages identifying a secondary loan bid item;
setting an initial value for the secondary loan bid item based on the secondary loan packages;
automatically receiving bids from a plurality of investors; and
automatically determining one of the investor bids based upon auction criteria and the secondary loan bid item. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
-
-
19. In an apparatus for facilitating issuance of mortgage loans, comprising the computer implemented acts of:
-
storing a plurality of bid items;
comparing the stored bid items with bids received from mortgage bankers;
automatically determining one of the bids based upon auction criteria and the bid items, wherein the auction criteria comprise improving on a valid bid, wherein the valid bid improves on a predetermined number of bid items of a last valid bid by at least a guideline value, and wherein the auction criteria comprise a lack of banker conditions for the loan;
receiving one or more secondary underwritten loan packages associated with a banker, the secondary underwritten loan packages identifying a secondary loan bid item;
storing an initial value for the secondary loan bid item based on the secondary underwritten loan packages;
comparing the stored secondary loan bid item value with bids received from investors; and
automatically determining one of the bids based upon secondary loan auction criteria and the secondary loan bid item, wherein the secondary loan auction criteria comprise improving on a valid bid, wherein the valid bid improves on a last valid bid by at least a guideline value, and wherein the secondary loan auction criteria comprise a lack of investor conditions for the loan. - View Dependent Claims (20, 21)
-
-
22. In an apparatus for facilitating issuance of mortgage loans, comprising the computer implemented acts of:
-
storing a plurality of bid items;
comparing the stored bid items with bids received from mortgage bankers; and
automatically determining one of the bids based upon auction criteria and the bid items, wherein the auction criteria comprise improving on a valid bid, wherein the valid bid improves on a predetermined number of bid items of a last valid bid by at least a guideline value, and wherein the auction criteria comprise a lack of banker conditions for the loan.
-
-
23. A computerized method comprising:
-
receiving, via an electronic interface, mortgage loan information about a plurality of prospective borrowers, the loan information comprising social security information;
retrieving credit information using, at least in part, the social security information;
generating a credit score based upon the retrieved credit information;
transmitting, via an electronic interface, the generated credit score to a plurality of bidders; and
auctioning to the bidders, via an electronic interface, access to the received mortgage loan information. - View Dependent Claims (24, 25, 26, 27)
-
-
28. A computerized method comprising:
-
receiving, via an electronic interface, mortgage loan information from a plurality of prospective borrowers;
selecting mortgage loan information not having social security information; and
selling, via an electronic interface, access to the selected mortgage loan information.
-
-
29. A computerized method comprising:
-
receiving an underwritable loan package, the underwritable loan package identifying at least one borrowing criteria;
automatically receiving bids from a plurality of mortgage bankers; and
automatically determining one of the bids based upon auction criteria and the borrowing criteria. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43)
-
-
44. A computerized system comprising:
-
means for receiving an underwritable loan package, the underwritable loan package identifying at least one borrowing criteria, means for automatically receiving bids from a plurality of mortgage bankers; and
means for automatically determining one of the bids based upon auction criteria and the borrowing criteria.
-
-
45. A computer readable medium containing software that, when executed, causes the computer to perform the acts of:
-
receiving an underwritable loan package, the underwritable loan package identifying at least one borrowing criteria;
automatically receiving bids from a plurality of mortgage bankers; and
automatically determining one of the bids based upon auction criteria and the borrowing criteria.
-
-
46. A computerized method comprising:
-
receiving an underwritable loan package, the underwritable loan package identifying at least one borrowing criteria;
automatically receiving bids from a plurality of mortgage bankers; and
automatically determining one of the bids based upon auction criteria and the borrowing criteria, wherein the bids include certain documentation or funding conditions or no banker conditions. - View Dependent Claims (47, 48, 49)
-
-
50. A method comprising:
-
receiving loan information about a borrower, the loan information including at least a unique identifier corresponding to the borrower;
setting an initial value for a bid and a bid increment;
automatically receiving bids from a plurality of mortgage brokers; and
automatically determining one of the bids based upon auction criteria and the bid value. - View Dependent Claims (51, 52, 53, 54, 55, 56)
-
-
57. A method comprising:
-
receiving an underwritable loan package, the underwritable loan package identifying at least one bid item;
setting an initial value for each bid item based on the underwritable loan package;
automatically receiving bids from a plurality of mortgage bankers; and
automatically determining one of the bids based upon auction criteria and the bid items. - View Dependent Claims (58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69)
-
-
70. A computerized system comprising:
-
means for receiving an underwritable loan package, the underwritable loan package identifying at least one bid item;
means for setting an initial value for each bid item based on the underwritable loan package;
means for automatically receiving bids from a plurality of mortgage bankers; and
means for automatically determining one of the bids based upon auction criteria and the bid items.
-
-
71. A computer readable medium containing software that, when executed, causes the computer to perform the acts of:
-
receiving an underwritable loan package, the underwritable loan package identifying at least one bid item;
setting an initial value for each bid item based on the underwritable loan package;
automatically receiving bids from a plurality of mortgage bankers; and
automatically determining one of the bids based upon auction criteria and the bid items.
-
-
72. A computerized method comprising:
-
receiving one or more secondary underwritten loan packages associated with a banker, the secondary underwritten loan packages identifying a bid item;
setting an initial value for the bid item based on the secondary underwritten loan packages;
automatically receiving bids from a plurality of investors; and
automatically determining one of the bids based upon auction criteria and the bid item. - View Dependent Claims (73, 74, 75, 76, 77, 78, 79)
-
-
80. A computerized system comprising:
-
means for receiving one or more secondary underwritten loan packages associated with a banker, the secondary underwritten loan packages identifying a bid item;
means for setting an initial value for the bid item based on the secondary underwritten loan packages;
means for automatically receiving bids from a plurality of investors; and
means for automatically determining one of the bids based upon auction criteria and the bid item.
-
-
81. A computer readable medium containing software that, when executed, causes the computer to perform the acts of:
-
receiving one or more secondary underwritten loan packages associated with a banker, the secondary underwritten loan packages identifying a bid item;
setting an initial value for the bid item based on the secondary underwritten loan packages;
automatically receiving bids from a plurality of investors; and
automatically determining one of the bids based upon auction criteria and the bid item.
-
-
82. A method comprising:
-
receiving loan information about a borrower;
setting an initial value for a bid item based on, at least in part, the loan information;
automatically receiving bids from a plurality of service providers in conjunction with a loan; and
automatically determining one of the bids based upon auction criteria and the bid item. - View Dependent Claims (83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93)
-
-
94. A computerized method comprising:
-
electronically tracking a receipt of each of a plurality of documents in an underwritable loan package in preparation of an electronic auction; and
electronically displaying a status to a broker, the status identifying which of the plurality of documents have been received and which of the documents are missing from the loan package. - View Dependent Claims (95, 96, 97, 98, 99, 100)
-
Specification