AUTOMATIC DELINQUENCY ITEM PROCESSING WITH CUSTOMIZATION FOR LENDERS

• US 20100106629A1
• Filed: 12/31/2009
• Published: 04/29/2010
• Est. Priority Date: 06/13/2006
• Status: Active Grant

• Current Assignee: CoreLogic Tax Services LLC (CoreLogic Incorporated)
• Original Assignee: First American Real Estate Tax Service LLC
• Inventors: Holcomb, Rick, Comer, Paul, Jones, Shane, Johannes, Bobbie, GILBERTI, John M., Walker, Nancy, Agenbag, Ben
• Granted Patent: US 8,224,745 B2
• Time in Patent Office: Days
• US Class Current: 705/31
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/123 Tax preparation or submission
• CPC Class Codes: Y10S 707/946 Real estate

Abstract

A method of processing delinquency items associated with taxes on properties may include receiving preferences from two or more lenders. Delinquency items may be automatically processed according to the preferences of each lender for their respective loans. The preferences may include business rules for whether to process a delinquency item. A lender preference may include specific criteria for a determination process (e.g., criteria for when to act on delinquencies with respect to particular states).

Claims

1. A method of processing tax delinquency status on a property throughout the term of a loan, comprising:

receiving a property identification information relating to the property;

monitoring at least one tax database throughout the term of the loan for any change in the tax delinquency status related to the property; and

notifying a lender of any change in the tax delinquency status related to the property during the term of the loan.

2. A method of processing tax delinquency items associated with taxes on a property throughout the term of a loan comprising:

receiving a property identification information relating to the property;

monitoring at least one tax database throughout the term of the loan for any tax delinquency items related to the property;

locating any tax delinquency items associated with the property; and

extinguishing any tax delinquency items during the term of the loan based on an equity analysis and a state matrix selection process.

3. The method of claim 2, wherein the equity analysis extinguishes the tax delinquency if the estimated equity of a borrower in the property is small compared to the loan balance or the amount of delinquent tax, payment to cure the delinquency is necessary to adequately protect the interest of a lender.

4. The method of claim 2, wherein the state matrix a threshold date is defined for each state or agency, and the threshold time for each state in determining whether to extinguish the tax delinquency item(s).

5. The method of claim 2, wherein the equity analysis comprises extinguishing the tax delinquency item(s) if the net of sales is equal to or greater than the principal balance.

6. A system for processing tax delinquency status on a property throughout the term of a loan, comprising:

a CPU;

a memory coupled to the CPU, wherein the memory comprises program instructions executable to implement;

receiving a property identification information relating to the property;

monitoring at least one tax database throughout the term of the loan for any change in the tax delinquency status related to the property; and

notifying a lender of any change in the tax delinquency status related to the property during the term of the loan.

7. A system of processing tax delinquency items associated with taxes on a property throughout the term of a loan comprising:

a CPU;

a memory coupled to the CPU, wherein the memory comprises program instructions executable to implement;

receiving a property identification information relating to the property;

monitoring at least one tax database throughout the term of the loan for any tax delinquency items related to the property;

locating any tax delinquency items associated with the property; and

extinguishing any tax delinquency items during the term of the loan based on an equity analysis and a state matrix selection process.