METHOD AND APPARATUS FOR IMAGE DATA BASED VALUATION

• US 20090171822A1
• Filed: 12/24/2008
• Published: 07/02/2009
• Est. Priority Date: 12/24/2007
• Status: Active Grant

• Current Assignee: Visual Real Estate Incorporated (California Gold Corporation)
• Original Assignee: Visre Incorporated
• Inventors: Pavelle, Matthew, Meadow, William D.
• Granted Patent: US 8,090,633 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• 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 40/12 Accounting
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

The present invention teaches methods and apparatus for capturing image of a subject property and utilizing the captured image data to determine a value of the subject property. In some embodiments, one or more of VideoDriveBy and VideoWalkABout are included in the captured image data. The captured image data can support a valuation of loan collateral.

Claims

1. A method for disbursing loan funds, the method comprising the steps of:

receiving digital data into a computerized device with a processor and executable software, the digital data indicative of a value of a property in a first state and in a second state, wherein the second state comprises a state after completion of one or more specified conditions precedent related to the property, wherein at least the value of the property in the first condition is based upon electronic image data;

indicating in the computerized device a first loan amount secured by the property and based upon the first value of the property;

indicating in the computerized device a schedule of one or more disbursements of funds correlating with the one or more conditions precedent related to the property and receipt of digital image data quantifying the completion of the one or more conditions precedent; and

recording in the computerized device a disbursement of the first loan amount.

2. The method of claim 1 additionally comprising the steps of receiving the digital image data quantifying completion of at least one of the one or more conditions precedent;

and disbursing a second loan amount.

3. The method of claim 2 wherein the one or more conditions precedent comprise improvements to a structure located on the property.

4. The method of claim 3 additionally comprising the step of receiving an electronic request for a disbursement of loan funds, wherein the request includes a description of a condition precedent which that has been met which supports the request for the disbursement of loan funds.

receiving digital image data in support of the request for the disbursement of loan funds;

and

disbursing funds based upon the request for the disbursement of funds and the digital image.

5. The method of claim 4 wherein the disbursement of funds comprises an electronic transfer of funds into a predetermined financial account.

6. The method of claim 4 additionally comprising the step of providing data indicative of a geospatial location from which the digital image data was captured.

7. The method of claim 1 additionally comprising the step of providing digital data indicating a date and time during which the digital image data was captured.

8. The method of claim 1 wherein the first loan amount comprises a purchase money mortgage amount for a real estate property.

9. The method of claim 1 wherein the first loan amount is between about 90% and 110% of the purchase amount for the property.

10. A method of processing asset backed loans comprising loan amounts more than the purchase value of the assets, the method comprising:

receiving into a computerized apparatus with a processor and executable software digital data descriptive of a purchase of multiple loans, wherein each loan comprises a collateral value of an asset securing each respective loan comprises an amount greater than a purchase price for the asset; and

receiving into the computerized apparatus data descriptive of a credit rating based upon an aggregate of the multiple loans purchased; and

receiving into the computerized apparatus data descriptive of a sale of the credit rated aggregates as a security.

11. The method of claim 10 wherein a loan amount for each of the multiple loans is based upon fulfillment of one or more specified conditions, and wherein funds comprising the full value of the loan amount are not disbursed until evidence of the fulfillment of the one or more specified conditions.

12. The method of claim 11 wherein the multiple loans are acquisition and improvement mortgage loans for real estate properties.

13. The method of claim 12 wherein the specified conditions comprise improvements to a structure located on the respective real estate properties.

14. The method of claim 13 wherein evidence of the fulfillment of the one or more specified conditions comprises receipt of digital image data.

15. A method of ascertaining a value of a subject property, the method comprising the steps of:

associating in a computerized apparatus with a processor and executable software digital data descriptive of the subject property and a geospatial designation associated with the subject property;

receiving image data captured by an image data capture device and descriptive of the subject property;

receiving digital data descriptive of a geospatial location of the image data capture device at the time of acquisition of the image data; and

estimating a value of the subject property based, at least in part, upon the image data descriptive of the subject property.

16. The method of claim 15 additionally comprising the step of:

receiving digital data descriptive of a time and date of acquisition of the image data descriptive of the subject property.

17. The method of claim 16 additionally comprising the step of:

receiving digital data descriptive of a unique identifier of the image data capture device and determining the image capture device is an authorized for data capture based upon the unique identifier.

18. The method of claim 17 additionally comprising the step of:

authorizing a financial loan amount based, at least in part, upon the image data received and the digital data descriptive of the time and date of acquisition.

19. The method of claim 15 additionally comprising the step of:

storing the image data descriptive of the subject property in the computerized apparatus; and

accessing the digital data descriptive of the subject property in correlation with valuation of a real property other than the subject property.

20. The method of claim 15 wherein the image data comprises composite image data acquired via a VideoDriveBy.