LOAN ORIGINATION SYSTEM INTERFACE FOR ONLINE LOAN APPLICATION PROCESSING

• US 20090083173A1
• Filed: 11/18/2008
• Published: 03/26/2009
• Est. Priority Date: 08/15/2002
• Status: Active Grant

• Current Assignee: ICE Mortgage Technology, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: Ellie Mae Incorporated (Intercontinental Exchange, Inc.)
• Inventors: Khanpour, Babak, Hu, Limin
• Granted Patent: US 8,117,117 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

Abstract

A loan origination system interface module, methods and computer program products. One computer program product for processing loan application data including instructions to extract loan application data including retrieving identification information for a loan application associated the loan application data from a broker device and displaying on the broker device a list of loan applications available to process in an interface that is consistent with a loan origination computer program associated with the broker device. In response to command input from the broker device selecting a loan application from the list of loan applications, the computer program product includes instructions to reformat loan application data for the selected loan application to a format compatible with that required by a lender device and transmit reformatted loan application data to a lender device.

Claims

1. A system comprising:

a broker device configured to execute a loan origination computer program for storing and processing loan application data regarding one or more borrowers; and

a lender device including a web server operable to serve at least one web page providing access to services provided by an entity associated with the lender device, wherein the web page is accessible by a user through a web browser executed on the broker device; and

an interface module initiated from the at least one web page served by the lender device, the interface module configured to

display, on the at least one web page served by the lender device, a list of loan applications in an interface that is consistent with the loan origination computer program associated with the broker device;

extract loan application data associated with a selected loan application upon the user'"'"'s initiation of a loan function presented to the user on the at least one web page served by the lender device,

change as necessary the loan application data to be compatible with the lender device, and

retrieve the loan application data for the selected loan application from the broker device.

2. The system of claim 1, wherein the interface module is further configured to extract, validate, format, and deliver a loan application package utilizing the loan application data from the broker device to the lender through the at least one web page served by the lender device.

3. The system of claim 1, wherein the interface module is further configured to read internal index, user file information, database structure information, or any combination thereof from the broker device loan origination computer program and adapt the data contained therein to a format compatible with that required by the lender device.

4. The system of claim 3, wherein the loan application package comprises a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

5. The system of claim 4, wherein the loan application package comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

6. The system of claim 1, wherein the interface module is logically coupled to the loan origination computer program through direct data structure access.

7. The system of claim 1, wherein the interface module is logically coupled to the loan origination computer program resident on the broker device through an application programming interface.

8. The system of claim 1, wherein the interface module is further configured to execute a logging process on the broker device to store, on a memory coupled to the broker device or on a memory of an external device, each user initiated access to the at least one web page served by the lender device.

9. The system of claim 1, wherein the interface module is stored on the lender device or a separate server connected to the Internet as a downloadable program object served by a server computer.

10. The system of claim 1, wherein system is coupled by a network and to one or more third party server computers operated by at least one of a group consisting of loan underwriters;

correspondent lenders, or loan settlement service vendors.

11. A computer program product for processing loan application data, the computer program product encoded in a computer readable medium and including instructions to:

extract loan application data including retrieving identification information for a loan application associated the loan application data from a broker device and displaying on the broker device a list of loan applications available to process in an interface that is consistent with a loan origination computer program associated with the broker device;

in response to command input from the broker device selecting a loan application from the list of loan applications, reformat loan application data for the selected loan application to a format compatible with that required by a lender device; and

transmit reformatted loan application data to a lender device.

12. The computer program product of claim 11, wherein the reformatted loan application data is formatted as a loan application document.

13. The computer program product of claim 12, wherein the loan application document comprises a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

14. The computer program product of claim 11, wherein the reformatted loan application data comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

15. A method comprising:

providing to a broker device a web page from a lender web site, wherein the web page is accessible from a web browser application executed on the broker device;

upon receiving a selection from the broker device of a loan submission function on the web page, displaying at the broker device within the web page a list of loan applications in an interface that is consistent with a loan origination computer program associated with the broker device;

upon receiving a selection from the broker device of a loan application from the list of loan applications, changing loan application data associated with the selected loan application as necessary to be compatible with a serving device; and

retrieving changed loan application data for the selected loan application from the broker device.

16. The method of claim 15, wherein the method further comprises:

emulating a format of data storage and presentation for the loan application data according to a loan origination computer program associated with the broker device.

17. The method of claim 16, further comprising:

determining a format and content of the loan application data; and

conforming the format and content of the loan application data to a format and content compatible with interface requirements of a lender device associated with the serving device.

18. The method of claim 15, wherein the loan application data includes on-line loan application documents comprising a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

19. The method of claim 15, wherein the loan application data comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

20. A method comprising:

using a web browser application executed on a broker device to access at least one web page from a lender web site;

selecting at least one loan submission function on the at least one web page to initiate the execution of an executable object;

displaying a list of loan applications associated with the broker device obtained by the executable object from identification information retrieved from the broker device on the at least one web page in a format consistent with a broker computer loan origination computer program;

receiving a selection of at least one loan application from the list of loan applications;

retrieving loan application data associated with the selected loan application from the broker device and changing the loan application data to a be compatible with a lender device associated with the lender web site; and

providing the loan application data to the lender device.

21. The method of claim 20, wherein the selecting at least one loan submission function further includes downloading the executable object to the broker device upon a first initiation of the executable object.

22. The method of claim 20, wherein the executable object is stored on the broker device.

23. The method of claim 20, wherein the lender device is selected from the group consisting of a lender computer, a partner computer, an associate processor of data, or combinations thereof.

24. The method of claim 20, wherein the identification information and compatible data format information are included in the executable object.