Loan origination software system for processing mortgage loans over a distributed network

• US 20060004651A1
• Filed: 07/02/2004
• Published: 01/05/2006
• Est. Priority Date: 07/02/2004
• Status: Active Grant

• Current Assignee: ICE Mortgage Technology, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: Ellie Mae Incorporated (Intercontinental Exchange, Inc.)
• Inventors: Hu, Limin, Chen, Tsu-Wang, Corr, Jonathan Howard
• Granted Patent: US 8,990,254 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06F 3/04842 Selection of displayed objects or displayed text elements G06F3/0482 takes precedence
• 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: H04L 63/083 using passwords cryptographic mechanisms or cryptographic arrangements for entity authentication using a predetermined code H04L9/3226
• CPC Class Codes: H04L 63/104 Grouping of entities
• CPC Class Codes: H04L 67/01 Protocols

Abstract

A loan origination and processing system is described. The system resides on a server computer that is coupled to a data store storing data related to a borrower. The server computer is further coupled to a brokerage network comprising a loan officer client, a loan processor client, and a broker manager client. Each brokerage client computer executes a unique interface to the loan origination and processing system. The brokerage network is coupled to third party users including lenders, underwriters, and settlement service providers. The brokerage interfaces display the pending loans in a list-based display, with each list entry representing a loan application for a particular borrower. Each interface for each individual type of brokerage client has unique access and display privileges with respect to the data stored in the data store. Process modules within the system define milestone events and alert conditions associated with each loan application. The system automatically routes the documents comprising each loan application among the client users within the brokerage. A logging function stores milestone events and communications among the client users. The management user interface includes display modules that generate and display statistically based reports for performance metrics associated with the loan officer and loan processor clients.

Claims

1. A loan origination system for processing a loan application on behalf of a borrower comprising:

a loan origination program resident on a server computer;

a database stored in a memory device coupled to the server computer, the database storing borrower data and loan data;

a loan broker computer network coupled to the server computer, the loan broker computer network including an officer client computer executing an officer user interface to the loan origination program and the borrower, a processor client computer executing a processor interface to the loan origination program; and

a manager client computer executing a manager user interface to the loan origination program.

2. The system of claim 1 wherein the officer user interface connects the officer client computer to one or more partner computers including at least one of the following, a lender computer and a settlement service vendor computer.

3. The system of claim 1 wherein the processor user interface connects the processor client computer to an underwriter company computer.

4. The system of claim 1 wherein the loan broker computer network includes a web-based interface system.

5. The system of claim 1 wherein the loan origination program is operable to display online forms comprising the loan application and populate the borrower data in appropriate locations of the online forms.

6. The system of claim 5 wherein the database further stores administrative rules dictating the formatting and population of data within the online forms.

7. The system of claim 1 wherein the online forms are packaged into a loan application, and wherein a plurality of different loan applications for different borrowers are displayed in a list format on the officer client computer through the officer user interface.

8. The system of claim 7 further comprising a milestone process defining one or more milestone events associated with processing each loan application pending within the system, and wherein process steps for the loan application are passed from the officer client to the processor client upon the attainment of a milestone indicating further processing by the processor.

9. The system of claim 8 further comprising an alert process defining one or more alert conditions associated with processing each loan application pending within the system, and wherein the officer interface displays an alert graphical icon indicating an impending deadline upon triggering of an alert condition.

10. The system of claim 8 further comprising a logging process logging milestone events associated with the loan application and logging communication between the officer client computer and the processor client computer

11. The system of claim 10 wherein the logging process further logs communications among users of the system and document ordering and receiving status.

12. The system of claim 8 further comprising a contact management process for organizing borrower data used by the officer client computer to automatically generate marketing correspondence.

13. The system of claim 1 wherein the manager interface includes modules that compile display statistical data relating to performance metrics associated with one or more loan officer users and one or more loan processor users of the system.

14. The system of claim 1 wherein the manager interface includes modules that compile display statistical data relating to performance metrics associated with one or lenders coupled to the system.

15. The system of claim 1 wherein the manager interface includes modules that compile display statistical data relating to performance metrics associated with one or third-party service providers coupled to the system.

16. The system of claim 1 wherein the manager interface includes modules that compile news items relating to services provided by the system operator.

17. A loan origination system for processing a loan application on behalf of a borrower comprising:

a loan broker computer network including an officer client computer, a processor client computer, and a manager client computer, wherein each computer of the loan broker computer network executing one or more modules of a loan origination program;

a server computer coupled to the loan broker computer network, the server computer storing a database including borrower data and loan data, wherein the server computer includes an interface to one or more partner computers including at least one of the following, a lender computer, a settlement service vendor computer, and an underwriter company computer.

18. The system of claim 17 wherein each computer of the loan broker computer network includes a database management module providing management control of data stored in the database.

19. The system of claim 18 wherein the data is stored in one or more data storage units remotely coupled to the loan broker computer network.