Method for home buyer loan approval process validation

• US 20070208661A1
• Filed: 02/22/2007
• Published: 09/06/2007
• Est. Priority Date: 02/22/2006
• Status: Abandoned Application

• Current Assignee: William Moran
• Original Assignee: William Moran
• Inventors: Moran, William
• Application Number:
  US11/710,120
• Publication Number:
  US 20070208661A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A method for receiving and verifying information received from a prospective home buyer and providing an indicia to the home buyer of loan approval. Such indicia is then used by the home buyer in soliciting property to purchase and in obtaining a final loan for purchase of the selected property.

Claims

1. The method of providing indicia indicative of an approved loan amount comprising the steps of:

providing a portal containing appropriate automated underwriting capability for processing a loan application;

providing access to the portal by a prospective home buyer;

providing means for the home buyer to submit to the portal information required for processing a desired loan amount;

processing the information provided by the purchaser and if approved, issuing an indicia to the home buyer indicative of the fact that the loan amount is ready to close; and

storing the ready to close designation at the portal and providing access to the portal by prospective lenders and brokers for the purpose of allowing verification of the ready to close status of the home buyer.

2. The method as defined in claim 1 which further includes originating lenders registering with the portal;

originating lenders obtaining said home buyer information and submitting said information to said portal for processing.

3. The method as defined in claim 2 wherein said processing step includes submitting said information to an automated underwriting system (AUS).

4. The method as defined in claim 3 which further includes independently verifying the information provided by the home buyer prior to submitting the information to the AUS.

5. The method as defined in claim 4 which further includes seller'"'"'s representatives registering with the portal, logging onto the portal, and verifying accuracy of the indicia.

6. The method as defined in claim 5 which further includes validation of said information and insuring the loan amount.

7. The method as defined in claim 6 wherein said indicia is a cord for use by the home buyer to show the loan is ready to close.

8. The method as defined in claim 6 wherein said indicia is an entry posted on said portal that can be accessed by seller'"'"'s representatives.

9. The method as defined in claim 6 wherein said indicia is an entry on said portal that can be accessed by lenders.