Mortgage loan data processing system and method for a loan broker

• US 20080215482A1
• Filed: 02/29/2008
• Published: 09/04/2008
• Est. Priority Date: 07/22/1998
• Status: Active Grant

• Current Assignee: Isourceloans LLC
• Original Assignee: Sourcetec Incorporated
• Inventors: McDonald, Russell W.
• Granted Patent: US 8,527,402 B2
• 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 50/16 Real estate
• CPC Class Codes: G06Q 50/18 Legal services

Abstract

The present invention includes a data processing system and method for managing the origination of a mortgage loan by a loan originator in coordination with a loan broker for a loan customer. The loan originator is not the loan broker. The loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker.

Claims

1. A system comprising:

means for processing a mortgage loan for a loan customer from loan application data prepared by a loan originator at least partly operating a loan originator computer in coordination with a loan broker distinct from the loan originator, comprising;

means for the loan originator providing services necessary for an origination of the mortgage loan and not duplicative of services provided by the loan broker that legally comply with guidelines of federal and state law, further comprising

means for transferring the loan application data from the loan originator computer to a loan broker computer operated by the loan broker;

means for reviewing the loan application data to determine completeness; and

means for completing a loan application whenever the loan application data is incomplete by contacting the loan originator.

2. The system of claim 1, wherein the means for the loan originator providing services further comprises:

means for processing the loan application data from the loan originator computer; and

means for adding missing customer data about the loan customer and loan data to the loan application.

3. The system of claim 1, wherein the means for the loan originator providing services further comprises:

means for transferring credit data about the loan customer from a remote computer system to the loan broker computer for inclusion in the loan application.

4. The system of claim 1, wherein the means for the loan originator providing services further comprises:

means for submitting the loan application to a member of the collection comprising an automated underwriting system and a traditional underwriting channel.

5. The system of claim 4, wherein the means for submitting the loan application further comprises:

means for transferring the loan application from the loan broker computer to a lender computer system.

6. The system of claim 1, wherein the loan broker is to fund loan application;

the system is further comprised of;

means for the loan broker to receive a funding package based upon the loan application;

means for approving the funding package; and

means for funding the loan application based upon the approval of the funding package.

7. The system of claim 4, wherein a lender-investor is to fund the loan application.

8. The system of claim 1, wherein the loan originator is not the loan customer.

9. The system of claim 8, further comprising:

means for determining how much to compensate the loan originator.

10. The system of claim 8, wherein the loan originator is at least one member of the collection comprising:

a real estate broker, a real estate agent, a home builder, an FSBO, and a relocation company.

11. The system of claim 8, wherein the loan originator is at least one member of the financial planning professional collection comprising:

a financial planner, a CPA, a broker/dealer, a stock broker, an insurance broker/agent, and an attorney.

12. The system of claim 8, wherein the loan originator is a member of the financial institution collection comprising a bank, a savings and loan, a thrift, and a credit union.

13. The system of claim 1, wherein the loan originator is the loan customer.

14. The system of claim 13, wherein the loan customer has access to the loan originator computer through a member of the collection comprising:

an employer of the loan customer, a club to which the loan customer is a member, an organization to which the loan customer is a member, a church group to which the loan customer is a member, a school to which a child of the loan customer attends, and a sports group to which the loan customer is a member.

15. The system of claim 1, further comprising at least one program residing in memory coupled to the loan broker computer implementing the means of claim 1.

16. The system of claim 1, further comprising:

means for analyzing the financial market to determine when there is financial advantage to the loan customer for refinancing a current loan for the loan customer.

17. The system of claim 16, further comprising:

means for contacting the loan originator when there is a financial advantage, if the loan originator is at least one member of a financial planning collection;

wherein the financial planning professional collection comprises;

a financial planner, a CPA, a broker/dealer, a stock broker, an insurance broker/agent, and an attorney.

18. The system of claim 16, further comprising:

means for contacting the loan customer when there is a financial advantage, if the loan originator is at least one of member of the collection comprising;

a real estate broker, a real estate agent, a home builder, an FSBO, and a relocation company.

19. The system of claim 16, further comprising:

means for contacting the loan customer when there is a financial advantage, if the loan originator is a member of the financial institution collection comprising a bank, a savings and loan, a thrift, and a credit union.

20. The system of claim 16, further comprising:

means for contacting the loan customer when there is a financial advantage, if the loan originator is the loan customer.