METHOD AND APPARATUS FOR HOME BUYERS LOAN APPROVAL VALIDATION

• US 20100042534A1
• Filed: 10/01/2009
• Published: 02/18/2010
• Est. Priority Date: 02/22/2006
• Status: Active Grant

• Current Assignee: William Moran
• Original Assignee: William Moran
• Inventors: Moran, William
• Granted Patent: US 8,108,303 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

Abstract

A method for providing to a real estate purchaser such has a home buyer an indicia such as a printed card or an entry onto a portal signifying to those concerned in the industry such as a seller or a seller'"'"'s representative that the home buyer has provided the information required for obtaining a loan, that the information including the financial information has been independently verified and has been processed through an appropriate approval process such as an automated underwriting system and has been approved for a predetermined loan amount and that the home buyer'"'"'s condition is such that the loan is ready to close.

Claims

1. The method of providing a prospective home buyer indicia indicative of independent verification of an approved loan amount comprising the steps of:

providing a portal having access to automated underwriting capability for processing a loan application;

providing access to the portal by a prospective home buyer;

providing means for the prospective home buyer to submit to the portal information including the home buyers financial information required for processing a desired loan amount;

independently verifying the information including the financial information submitted by the prospective home buyer;

processing the independently verified information provided by the prospective home buyer to determine whether the desired loan amount is approved;

if the desired loan amount is approved, then issuing indicia to the prospective home buyer signifying that the submitted information has been independently verified for use by the prospective home buyer with prospective lenders and brokers, which indicia is indicative of the fact that the desired loan amount is approved and that the loan is ready to close;

storing the ready to close designation at the portal; and

providing access to the portal by prospective lenders and brokers for the purpose of allowing said prospective lenders and brokers to independently verify the ready to close status of the desired loan amount approved for the prospective home buyer.

2. The method as defined in claim 1 wherein said indicia is a ready to close card for use by the prospective home buyer to show that the loan is ready to close.

3. The method as defined in claim 1 wherein said indicia is an entry posted on said portal that can be accessed by seller'"'"'s representatives.

4. The method as defined in claim 1 wherein said indicia is an entry posted on said portal that can be accessed by lenders.

5. The method as defined in claim 1 wherein said processing step includes submitting said prospective home buyer information to an automated underwriting system (AUS).

6. The method of validating approval of a requested loan amount as defined in claim 1 further comprising providing access by a real estate lender to said database for said real estate lender to enter information relevant to said lenders identity and status into said database, verifying said real estate lenders information, and granting access by the real estate lender to said system for said lender to verify the real estate purchasers pre-approved ready to close loan amount.

7. The method of claim 1 wherein the step of independently verifying said home buyer information comprises submitting said information to a third party.

8. The method of claim 7 which further includes said third party transferring information to said portal of independent verification of said prospective home buyer'"'"'s information.

9. The method of validating approval of a real estate transaction including a requested loan amount comprising:

(A) providing an internet based computer system for use in real estate financing verification;

(B) creating a computer database for use in generating an indicia indicative of a prospective real estate purchaser having a pre-approved ready to close loan;

(C) providing access by a prospective purchaser to said database for said prospective real estate purchaser to enter information relevant to said prospective real estate purchasers ability to pay the requested loan amount into said database;

(D) submitting said prospective real estate purchaser information to an independent third party for independent verification;

(E) processing said information to determine whether a loan amount requested by said prospective real estate purchaser is pre-approved;

(F) If the loan amount is approved, then issuing an said indicia for use by said prospective purchaser with prospective lenders and brokers, which indicia is indicative that said requested loan amount is pre-approved and ready to close; and

(G) providing access by a real estate seller to said database for said seller to enter information relevant to said real estate sellers identity, status and the real estate for sale into said database, verifying said sellers information, and granting access by the real estate seller to said system for the purpose of reviewing the prospective real estate buyers ready to close verification.