METHOD AND SYSTEM FOR LOAN ORGANIZATION AND UNDERWRITING

• US 20080103963A1
• Filed: 10/22/2007
• Published: 05/01/2008
• Est. Priority Date: 12/30/1999
• Status: Abandoned Application

• Current Assignee: James Mohen, John Mahoney
• Original Assignee: James Mohen, John Mahoney
• Inventors: Mahoney, John, Mohen, James
• Application Number:
  US11/876,540
• Publication Number:
  US 20080103963A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A system and method for use by a business entity for loan origination and underwriting in connection with real estate investment using a computer implemented application having a plurality of data input and dialog screens requiring one-time entry of data. The method includes steps to be followed in any sequence by one or more users of the business entity for using the system. The method includes inputting and storing loan origination information via data input screens, the information including financial and physical information relating to a specific real estate investment. The input loan origination information is dynamically compared with pre-determined rules and a dialog screen is displayed on a near real-time basis if any of said rules are violated. The input data is dynamically compared with other rules for determining the ongoing sequence of data input and dialog screens. Comparison with other rules results in the calculation of calculated values and automatically generated dialog text, some of which is automatically populated 15 in word processing documents, an automated loan request and a credit application. The system includes both manual and automatic input of market data quantitatively describing the real estate market associated with the property, as well as multimedia data describing the property and the region surrounding the property. A report representing all of the stored input and calculated values are automatically produced in both paper and electronic form suitable for loan origination and underwriting.

Claims

1-19. -19. (canceled)

20. A method for facilitating approval of a real estate investment in a system having a plurality of remote members of a business entity, each of said plurality of remote members entering data associated with said real estate investment, the method comprising:

periodically receiving and storing loan origination data from said plurality of remote members via a plurality of data input screens, said data including financial and physical data relating to said real estate investment;

automatically comparing the input loan origination data with first data input rules and if any of said data input rules are violated, then displaying an information screen including a text message corresponding to a respective violated rule;

automatically comparing the loan origination data with second pre-determined rules and, based on results of the comparison with said second pre-determined rules, dynamically determining a set of data input and dialog screens;

automatically comparing the loan origination data with third pre-determined rules and based on results of the comparison with said third pre-determined rules dynamically calculating at least one or more profitability values, said third pre-determined rules including at least one of a debt model and an equity financial model;

inputting and storing user comments from at least a second one of said plurality of remote users via at least one of said data input screens;

presenting said user comments, said stored loan origination data, and said at least one or more calculated values to at least one of said remote members for approval; and

generating at least one loan origination and underwriting report, said report including said stored loan origination data and said at least one or more profitability values.

21. A method for facilitating approval of a real estate investment using a computer implemented application connected to a spreadsheet application, said computer implemented application having a plurality of data input and information screens accessible by a plurality of remote members of a business entity, each of said plurality of remote members entering data associated with said real estate investment, the method comprising:

periodically receiving and storing loan origination data from at least one of said plurality of remote members via said data input screens, said data including financial and physical data relating to said real estate investment;

automatically comparing the input loan origination data with first data input rules and if any of said input rules are violated, then displaying an information screen including a text message corresponding to a respective violated rule;

automatically comparing the loan origination data with second pre-determined rules and based on results of the comparison with said second pre-determined rules dynamically determining a set of data input and dialog screens;

automatically comparing the input loan origination data with third pre-determined rules and based on results of the comparison with said third pre-determined rules dynamically calculating at least one of;

one or more profitability values, said third predetermined rules including at least one of a debt model and an equity financial model, at least one of said calculated values displayed on said set of data input screens;

auto-populating fields of input screens and information screens with at least one of previously entered data and calculated values;

inputting and storing market data, said market data describing the real estate market associated with the real estate investment;

presenting said loan origination data, said calculated values, and said market data to at least one of said members for approval; and

generating at least one loan origination and underwriting report including the stored loan origination data, the stored market data, and the profitability values.