Method and System for Monitoring and Protecting Real Estate Title (Ownership) Against Fraudulent Transaction (Title Theft) and Mortgage Fraud

• US 20080167883A1
• Filed: 01/05/2007
• Published: 07/10/2008
• Est. Priority Date: 01/05/2007
• Status: Abandoned Application

• Current Assignee: Ramin Thavildar Khazaneh
• Original Assignee: Ramin Thavildar Khazaneh
• Inventors: Thavildar Khazaneh, Ramin
• Application Number:
  US11/620,404
• Publication Number:
  US 20080167883A1
• Time in Patent Office: Days
• US Class Current: 705/1
• CPC Class Codes: G06Q 30/018 Certifying business or products
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

A method for monitoring and protecting a designated real estate Title (Deed/Transfer) against title theft, fraudulent transaction, mortgage fraud includes process and steps of compiling selected data records associated with a designated real estate Title from plurality of predefined sources and storing the compiled data into an associated file within a computer database, number referencing stored selected data to further facilitate confirmation and authentication of the data records, execute monitoring process for an authenticated Title by preparing and registering security Charge/Mortgage on the Title, Issue transaction permit code, registering with local and national lender data base, Mortgage default insurers and Title insurance companies as protected Title, protect an authenticated Title from fraudulent transaction, mortgage fraud and illegal activity by further verifying transactional data of the requesting party with the stored authenticated data, stop transaction on detection of data discrepancies, issue transaction completion permit and discharge registered security charge by obtaining consistency in obtained data records. A system comprising of confirmation, authentication and verification algorithm and ID validation hardware components. The system further includes a computer database for storing data records, computer software to validate ID cards, reference number data records, execute confirmation, authentication and verification algorithm and issue transaction completion permit/Termination warning and security charge/discharge documents.

Claims

1. A method for monitoring and protecting a designated real estate Title (Deed/Transfer) against title theft, fraudulent transaction, mortgage fraud and illegal activity from unauthorized party, comprising the process and steps of:

a) Compiling selected data records associated with a designated real estate Title (Deed/Transfer) from plurality of predefined sources and storing the compiled selected data within a computer database;

b) Number referencing stored selected data to further facilitate the authentication process with owner/seller'"'"'s Title (Deed/Transfer), Mortgage/charge, Tax statement documents and validated owner/seller'"'"'s personal Identification information;

c) Assign owner/seller transaction permit code to an authenticated Title,

d) Produce and issue security charge registration document derived from the said authenticated selected data record;

e) Register produced security charge for an authenticated designated real estate Title(Deed/Transfer);

f) Monitor an authenticated real estate title by registering the said Title with local and national lender data base, Mortgage default insurers and Title insurance companies as protected Title;

g) Protecting an authenticated designated real estate Title from fraudulent transaction, mortgage fraud and illegal activity by further implementing the verification of personal information and transactional data of the transaction requesting party with authenticated data records available for the protected Title,

h) Stop transaction in detection of informational and data discrepancies by notifying legal entity acting on transaction and related law enforcement agencies of fraudulent status of transaction;

i) Issue transaction completion permit and produce discharge documents for the said registered security charge.

2. The method according to claim 1, Wherein said process for collecting selected data records from plurality of different sources related to a designated real estate property and storing the said collected data records into a computer database further includes steps using data records registered in the land registry office (system) as first set of data records.

3. The method according to claim 1, which further comprises of steps to reference number first set of data records using reference numbering algorithm.

4. The method according to claim 3, wherein said reference numbering algorithm which further comprises of steps to reference number each selected data record in the first set of data records.

5. The method according to claim 4, which further comprises the use of Municipality address, Legal Description, Transferor, Transferee, Transfer date, Mortgagee, Mortgagor, Mortgage Principle amount and Consideration amount registered in the Land registry office (system) for a designated real estate property as the 1^st, 2^nd, 3^rd 4^th, 5^th, 6^th, 7^th, 8^th and 9^th reference data.

6. The method according to claim 1, wherein said process for collecting data records related to the designated real estate property and reference numbering the said complied data records includes further steps of using data records registered in the owner/seller Title (Deed/Transfer), Mortgage/Charge, Land Transfer Tax and document for the designated real property as the second, Third and Fourth set of references data.

7. The method according to claim 6, wherein said reference numbering second, third and fourth set of data records which further comprises of reference numbering algorithm.

8. The method according to claim 7, Wherein said reference numbering algorithm further includes using steps to reference number each selected data record in the second, third and fourth set of data records.

9. The method according to claim 8, which further comprises the use of Municipality address, Legal Description, Transferor, Transferee and Transfer date, Mortgagee, Mortgagor, Principle amount, Receipt date, Consideration amount and Beneficiary owner registered in the owner/seller'"'"'s Title (Deed/Transfer), Mortgage/Charge and Land Transfer Tax documents of the designated real estate property as the 10^th, 11^th, 12^th, 13^th,14^th, 15^th, 16^th, 17^th, 18^th, 19^th and 20^th reference data.

10. The method according to claim 1, Wherein said validation of the owner(s)/seller(s)'"'"'s identification information includes further steps of collecting selected data from 2 piece picture ID document.

11. The method according to claim 10, which further comprises of steps of selecting drivers license as the fixed component of the 2 piece picture ID document and Passport, Immigration card or Health card as the second piece picture Id document.

12. The method according to claim 11, further includes steps of collecting selected data from 2 piece picture ID document and SI/SS card further includes steps for reference numbering selected data.

13. The method according to claim 12, wherein said reference numbering selected data further includes reference data numbering algorithm.

14. The method according to claim 13, further includes steps of using drivers license in a swipe card technology to validate data on a drivers license.

15. The method according to claim 14, wherein said drivers license validated data are further appointed as:

a. Name as 21^st data.

b. Address as 22^nd reference data.

c. Date of birth as 23^rd reference data.

16. The method according to claim 15, Wherein said reference numbering algorithm using data in the selected second ID document mentioned in claim 36 further appoints:

a. Name as 24^th second reference data.

d. Address as 25^th reference data.

e. Date of birth as 26^th reference data.

17. The method according to claim 16, which further comprises the use of name and Social Insurance/Security Number on owner/seller(s)'"'"'s SIN card as 27^th, and 28^th reference data.

18. The method according to claim 17, Wherein said comparing selected reference numbered data to further assist the validation process of owner/seller(s)'"'"'s personal identification data.

19. The method according to claim 18, Wherein said validation process of owner/seller personal identification data further includes validation algorithm.

20. The method according to claim 19, Wherein said validation of Owner'"'"'s/Sellers Identification data further includes validation algorithm comprises of steps for comparing 17^th, 18^th and 129^th reference data with 20^th, 21^st, and 22^nd second reference data for determination of exact consistency.

21. The method according to claim 11, which further comprises the use of selected data records from an up to date credit bureau report in circumstance of non-availability of drivers license.

22. The method according to claim 21, which further comprises the use of Name, Social (Insurance/Security) number, Date of birth and Latest address in credit report as 29^th, 30^th 31^st and 32^nd reference data.

23. The method according to claim 22, Wherein said validation of Owner'"'"'s/Sellers Identification data further includes validation algorithm comprises of steps for comparing 29^th, 25^th, 30^th and 31^st reference data with 24^th &

27^th, 32^nd, 28^th and 26^th data for determination of exact consistency.

24. The method according to claim 23, wherein said owner(s)/seller(s) validated personal information are copied and stored into a computer database as owner/seller'"'"'s valid personal data.

25. The method according to claim 1, wherein authentication process further includes authentication algorithm.

26. The method according to claim 25, wherein said authentication algorithm further includes steps to compare reference data 1,10 &

25;

2 &

11;

3, 7, 12, 15, 24 &

20;

4 &

13;

5, 14 &

18;

8 &

17;

6 &

16 for determination of exact consistency

27. The method according to claim 26, which further comprises of steps to appoint reference data 1, 2, 6, 8, 19 &

20 as authenticated real estate title (Deed/transfer) data records.

28. The method according to claim 27, which further comprises of steps for assigning a Transaction permit serial number and security code to an authenticated real estate Title (Deed/transfer).

29. The method according to claim 28, wherein said authenticated real estate title (Deed/transfer) data records and assigned transaction permit code are copied and stored into an associated file in computer Database.

30. The method according to claim 29, which further comprises of steps for issuing a security Charge/Mortgage document for an authenticated real estate Title (Deed/Transfer).

31. The method according to claim 1, which further comprises of steps for monitoring an authenticated real estate Title (Deed/Transfer) by registering the said Title with the national database for mortgage lenders, mortgage default insurance corporations and title insurance companies.

32. The method according to claim 30, which further comprises of steps of protecting an authenticated designated real estate Title (Deed/Transfer) by registering the security charge on the authenticated Title (Deed/Transfer).

33. The method according to claim 1, which further comprises of steps for protecting an authenticated real estate title (Deed/Transfer) by verifying the personal and transactional data of the transaction requesting party with the authenticated data available for the said Title (Deed/Transfer) available in the database.

34. The method according to claim 33, wherein said verification of personal and transactional data of the requesting party further includes verification algorithm.

35. The method according to claim 34, wherein said verification algorithm further compares obtained transactional data and assigned permit code with authenticated data records stored in the database to determine precise consistency.

36. The method according to claim 35, further includes steps for issuing a transaction permit to the legal entity(s), the lender/mortgage corporation and title insurance provider acting on the transaction.

37. The method according to claims 35, which further comprises of step to terminate the transaction in determination of inconsistency of compared data in verification process.

38. The method according to claim 37, which further comprises of step for issuing transaction termination warning to the Legal entity, Lender/mortgage corporation and Title insurance company acting on the transaction and the related law enforcement authorities of the fraudulent status of the transaction.

39. The system according to claim 1, wherein using validation, authentication and verification algorithm for comparing information obtained from selected data record related to a designated real estate title (Ownership/Deed/Transfer) from plurality of predefined sources for the purpose of validation, authentication and verification process.

40. The system according to claim 1, Wherein the system further includes a computer database for storing selected data records related to a designated real estate Title(Deed/Transfer) and a computer software to number reference the said data records, execute the said validation authentication and verification algorithm and populate the authenticated and verified information into a predefine file format as transaction completion permit, security charge registration, security discharge documents and transaction termination warring.

41. The system according to claim 1, Wherein said stored data records, reference numbered data, validated, authenticated, verified data are stored in a databases are viewable in a predefined format using standard computer monitor and printable copy for hard copy record keeping.