Loss impact tracking system and method

• US 20080243678A1
• Filed: 03/28/2007
• Published: 10/02/2008
• Est. Priority Date: 03/28/2007
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Countrywide Financial Corporation (Bank of America Corp.)
• Inventors: Hooley, Craig, Vivek, Hari, Vivanco, Esteban C., Lindemann, Paul, Kalla, Honey
• Granted Patent: US 7,899,741 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: Y02A 10/40 Controlling or monitoring, e.g. of flood or hurricane; Forecasting, e.g. risk assessment or mapping

Abstract

Methods and systems for assisting analysis of potential gain or loss associated with acquiring property, and analysis of data related to disaster (such as due to flood, fire, etc.) affected properties with delinquent payments to determine the appropriate equity decision regarding a foreclosure action on one or more liens associated with the property. Loans and information associated therewith are assigned to one of the status queues that include a queue for loans eligible for review, a queue for loans reviewed based on the analysis, a queue for loans having a certain risk factor associated therewith, a queue for loans designated for foreclosure, a queue for loans having a certain lien position associated therewith, a queue for loans designated for bid-at-sale, and a queue for loans designated for disposition without any further action by the lender. Multiple liens associated with a subject property can be displayed and analyzed to facilitate assessment of the loan and recommendations for disposition thereof. Insurance payment information for disaster-affected underlying properties is displayed and can be taken into account when assessing the loan and formulating recommendations for disposition thereof.

Claims

1. A method for assessing loss associated with a loan, the method comprising:

designating status queues;

assigning at least one loan and information associated therewith to one of the status queues;

accessing a loan and loan information associated therewith from at least one of the status queues;

displaying and analyzing the information associated with the loan;

updating the loan information based on the analysis; and

re-assigning the loan and the loan information to at least one of the status queues based on the updating of the information.

2. The method of claim 1, wherein the queues comprise at least one of a queue for loans eligible for review, a queue for loans reviewed based on the analysis, a queue for loans having a certain risk factor associated therewith, a queue for loans designated for foreclosure, a queue for loans having a certain lien position associated therewith, a queue for loans designated for bid-at-sale, and a queue for loans designated for disposition without any further action by lender.

3. The method according to claim 1, wherein the updating of the loan information comprises entering a recommendation for disposition of the loan based on the analysis.

4. The method according to claim 3, wherein the recommendation comprises an indication of at least one of foreclosure, bid-at-sale and disposition.

5. The method according to claim 1, wherein the information associated with the at least one loan comprises at least one of value of underlying property, delinquency information, disaster area designation of the underlying property and insurance payments information related to the underlying property.

6. The method according to claim 5, wherein the disaster area designation comprises at least one of a FEMA zone designation and a lender zone designation.

7. The method according to claim 5, wherein the value of the property comprises information based on at least one BPO.

8. The method according to claim 1, wherein the information associated with the at least one loan is retrieved from at least one Web-based data-base.

9. The method according to claim 1, wherein the information associated with the at least one loan is periodically updated manually when displaying the information or automatically by accessing at least one Web-based data base.

10. The method according to claim 1, wherein the loan information comprises a plurality of liens and lien information associated therewith, and the displaying comprises displaying the plurality of liens and the lien information associated therewith to facilitate the analysis.

11. The method according to claim 10, wherein the displaying comprises concurrently displaying like lien information for the plurality of respective liens.

12. The method according to claim 1, wherein the displaying and analysis comprises:

first displaying the loan information and results of calculations based thereon;

second displaying and providing interactive input of test information; and

third displaying results of calculations based on the test information.

13. The method according to claim 12, wherein the information displayed in the first, second and third displaying is displayed concurrently to facilitate comparative analysis thereof.

14. The method according to claim 1, wherein the analysis comprises evaluation of fees associated with disposition of the loan, wherein the disposition comprises at least one of foreclosure and bid-at-sale.

15. The method according to claim 1, wherein an underlying property associated with the at least one loan comprises a disaster-affected property, the information comprises insurance payment information associated with damage to the underlying property, and the analysis comprises evaluation of the insurance payment information to assess loss associated with disposition of the loan.

16. The method as claimed in claim 1, wherein a plurality of loans are assigned to the queues and information associated with each of the respective loans comprises at least one of value of underlying property, delinquency information, disaster area designation of the underlying property and insurance payments information related to the underlying property,

the method further comprising sorting the loans and information associated therewith by at least one of the value of underlying property, the delinquency information, the disaster area designation of the underlying property and the insurance payments information related to the underlying property

17. A system for assessing loss associated with a loan, the system comprising:

a display for providing interactive viewing of information;

an input for receiving user input;

a controller for providing access to the information and facilitating manipulation of the information on the display based on the user input;

wherein;

the information comprises at least one loan and information associated therewith to one of a plurality of status queues;

a loan and loan information associated therewith is accessible from at least one of the status queues for viewing on the display;

the information associated with the loan is displaying and analyzing based on the user input;

the loan information is updated based on the analysis and the user input; and

the controller re-assigns the loan and the loan information to at least one of the status queues based on the updating of the information.

18. The system of claim 17, wherein the queues comprise at least one of a queue for loans eligible for review, a queue for loans reviewed based on the analysis, a queue for loans having a certain risk factor associated therewith, a queue for loans designated for foreclosure, a queue for loans having a certain lien position associated therewith, a queue for loans designated for bid-at-sale, and a queue for loans designated for disposition without any further action by lender.

19. A computer readable medium having stored thereon set of instructions for assessing loss associated with a loan, the instructions comprising:

a first set of instructions for designating status queues;

a second set of instructions for assigning at least one loan and information associated therewith to one of the status queues;

a third set of instructions for accessing a loan and loan information associated therewith from at least one of the status queues;

a fourth set of instructions for displaying and analyzing the information associated with the loan;

a fifth set of instructions for updating the loan information based on the analysis; and

a sixth set of instructions for re-assigning the loan and the loan information to at least one of the status queues based on the updating of the information.

20. The computer readable medium of claim 19, wherein the queues comprise at least one of a queue for loans eligible for review, a queue for loans reviewed based on the analysis, a queue for loans having a certain risk factor associated therewith, a queue for loans designated for foreclosure, a queue for loans having a certain lien position associated therewith, a queue for loans designated for bid-at-sale, and a queue for loans designated for disposition without any further action by lender.