Product, system and method for certification of closing and mortgage loan fulfillment

• US 20060136330A1
• Filed: 10/24/2005
• Published: 06/22/2006
• Est. Priority Date: 10/22/2004
• Status: Active Grant

• Current Assignee: First American Financial Corporation
• Original Assignee: First American Financial Corporation
• Inventors: Ramanathan, Ravi, Dufficy, Jim, Collins, Kathleen, Hull, Roger S., DeRoy, Craig I.
• Granted Patent: US 8,527,401 B2
• 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: G06Q 40/08 Insurance

Abstract

A computer system and method for processing a mortgage loan receives borrower, property, loan and underwriting data entered by a lender via a certifying company Internet web site. The system, which is operated by the certifying company, communicates with outside service provider systems to order and obtain products there from. The system is loaded with lender parameters for assessing loan risk. The system uses the entered data, outside service provider products and lender parameters to provide a loan assessment and a mortgage loan fulfillment product if the assessment is favorable. The mortgage loan fulfillment product includes a loan package, deed of trust, a promissory note, a title insurance policy and a loan fulfillment certification of the process compliance and data integrity.

Claims

1. A mortgage loan fulfillment product delivered by a certifying company computer system comprising:

a. a deed of trust;

b. a promissory note;

c. a title insurance policy; and

d. a loan fulfillment certification of compliance for an assessment process performed by the certifying company computer system and integrity of the data used by the certifying company computer system in performing the assessment.

2. A method of processing a mortgage loan comprising the steps of:

a. providing a certifying company computer system;

b. inputting borrower, property and loan data into the certifying company computer system;

c. ordering and obtaining products from outside service provider systems with the certifying company computer system;

d. entering lender parameters for assessing loan risk into the certifying company computer system;

e. assessing the borrower, property and loan data and the outside service provider products with the certifying computer system and lender parameters; and

f. delivering mortgage loan fulfillment product based on the assessment.

3. The method of claim 2 where step b. is performed by a lender.

4. The method of claim 2 wherein step b. also includes inputting underwriting results.

5. The method of claim 2 wherein step b. is accomplished through an Internet web page of the certifying company'"'"'s Internet web site.

6. The method of claim 2 wherein step e. includes a borrower risk assessment, a collateral value risk assessment and a collateral encumbrances risk assessment.

7. The method of claim 2 wherein step e. includes an initial assessment followed with an optional rigorous assessment.

8. The method of claim 7 wherein the initial assessment includes a borrower risk assessment, a collateral value risk assessment and a collateral encumbrances risk assessment and the optional rigorous assessment includes verification of borrower income and employment, evaluation of property value and researching property title.

9. The method of claim 2 wherein the mortgage loan fulfillment product includes a deed of trust, a promissory note and a title insurance policy.

10. The method of claim 9 wherein the mortgage loan fulfillment product also includes a loan fulfillment certification of process compliance and data integrity.

11. The method of claim 2 wherein the outside service providers provide credit fulfillment, title fulfillment and Automated Valuation Model products.

12. A method of processing a mortgage loan comprising the steps of:

a. inputting borrower, property and loan data;

b. ordering and obtaining products from outside service provider systems;

c. entering lender parameters for assessing loan risk;

e. assessing the borrower, property and loan data and the outside service provider products with lender parameters; and

f. delivering mortgage loan fulfillment product based on the assessment.

13. The method of claim 12 where step b. is performed by a lender.

14. The method of claim 12 wherein step b. also includes inputting underwriting results.

15. The method of claim 12 wherein step e. includes a borrower risk assessment, a collateral value risk assessment and a collateral encumbrances risk assessment.

16. The method of claim 12 wherein step e. includes an initial assessment followed with an optional rigorous assessment.

17. The method of claim 16 wherein the initial assessment includes a borrower risk assessment, a collateral value risk assessment and a collateral encumbrances risk assessment and the optional rigorous assessment includes verification of borrower income and employment, evaluation of property value and researching property title.

18. The method of claim 12 wherein the mortgage loan fulfillment product includes a deed of trust, a promissory note and a title insurance policy.

19. The method of claim 12 wherein the mortgage loan fulfillment product also includes a loan fulfillment certification of process compliance and data integrity.

20. The method of claim 12 wherein the outside service providers provide credit fulfillment, title fulfillment and Automated Valuation Model products.

21. A system for processing a mortgage loan comprising:

a. a portal manager module through which borrower, property and loan data may be entered;

b. a database in communication with the portal manager module and storing the entered data;

c. a routing manager module in communication with the database and adapted to communicate with outside service provider systems to order and obtain products there from, said products stored on the database when received by the routing manager module; and

d. a decision manager module in communication with the database and loaded with lender parameters for assessing loan risk, said decision manager module using the data and products stored on the database and lender parameters to provide a loan assessment and a mortgage loan fulfillment product if the assessment is favorable.

22. The system of claim 21 wherein the portal manager module is stored on a portal server and the routing manager module and the decision manager module are stored on a core server.

23. The system of claim 22 further comprising a workflow server including a workflow manager module in communication with the portal server and the core server, said workflow manager module providing task delegation, status and management.

24. The system of claim 21 wherein the loan assessment is based a borrower risk assessment, a collateral property risk assessment and a collateral encumbrances risk assessment.

25. The system of claim 21 wherein the assessment includes an initial assessment followed by an optional rigorous assessment.

26. The system of claim 25 wherein the initial assessment includes a borrower risk assessment, a collateral value risk assessment and a collateral encumbrances risk assessment and the optional rigorous assessment includes verification of borrower income and employment, evaluation of property value and researching property title.

27. The system of claim 21 further comprising web servers that communicate with the portal manager module and the Internet so that the borrower, property and loan data may be entered via a web page display screen.

28. The system of claim 27 wherein loan transaction information from the database and portal manager module is also displayed on the web page display screen.

29. The system of claim 27 further comprising a security &

entitlement manager module that communicates with the portal manager module to restrict access to the system via the Internet.

30. The system of claim 21 further comprising a transaction manager module in communication with the portal manager module and a data manager module in communication with the transaction manager module and the database, said transaction manager module receiving data from the portal manager module, parsing it and passing it to the data manager module which creates an electronic wrapper containing the data and stores it on the database.

31. The system of claim 21 wherein the mortgage loan fulfillment product includes a deed of trust, a promissory note and a title insurance policy.

32. The system of claim 31 wherein the mortgage loan fulfillment product also includes a loan fulfillment certification of the process compliance and data integrity.

33. the system of claim 21 wherein the outside service providers provide credit fulfillment, title fulfillment and Automated Valuation Model products.