SYSTEM AND METHOD FOR PRODUCING A REAL ESTATE LOAN APPLICATION
First Claim
1. A system for facilitating the completion of a financial transaction, said system comprising:
- a database;
a central processing means in communication with said database, said central processing means having computer code running thereon operable to;
(a) allow loan application data, credit data, appraisal data, and title data to be stored in the database and retrieved from the database;
(b) allow electronic assignment of the appraisal and title data;
(c) allow electronic notification regarding completion of any of the loan application data, credit data, appraisal data and title data;
(d) serve web pages upon request to remote computer terminals over a network; and
(e) track changes to any of said loan application data, credit data, appraisal data and title data.
0 Assignments
0 Petitions
Accused Products
Abstract
The present disclosure provides a system and method for processing information related to a financial transaction. The system provides for a centralized electronic database for storing and managing all necessary information for completing the financial transaction. This information may include, or relate to, a loan application, credit report, appraisal, and title report. The information is available over a computer network to all the major participants in a financial transaction, such as lenders, title companies, appraisers, and brokers. The system is also able to track changes in the information. In addition, certain automated features provide for a paperless transaction, including requesting, reviewing and even legally assigning the information residing in the database.
-
Citations
67 Claims
-
1. A system for facilitating the completion of a financial transaction, said system comprising:
-
a database; a central processing means in communication with said database, said central processing means having computer code running thereon operable to; (a) allow loan application data, credit data, appraisal data, and title data to be stored in the database and retrieved from the database; (b) allow electronic assignment of the appraisal and title data; (c) allow electronic notification regarding completion of any of the loan application data, credit data, appraisal data and title data; (d) serve web pages upon request to remote computer terminals over a network; and (e) track changes to any of said loan application data, credit data, appraisal data and title data. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
-
-
16. A method of processing information used in a financial transaction, said method comprising the steps of:
-
(a) receiving and storing a first credit report for a borrower in an electronic database from a credit agency; (b) receiving an updated credit report for the borrower from the credit agency; (c) tracking changes between the first credit report and the updated credit report; and (d) generating upon request a visual display indicating changes between the first credit report and the updated credit report. - View Dependent Claims (17, 18, 19, 20, 21)
-
-
22. A method of processing information used in a financial transaction, said method comprising the steps of:
-
(a) receiving a request to order a title report for real property from a requestor; (b) generating an electronic notification of the request to a title company; (c) receiving an acceptance from the title company to the request; (d) receiving and storing in an electronic database the title report; and (e) receiving a request to assign the title report to a lender from the requestor. - View Dependent Claims (23, 24, 25, 26, 27)
-
-
28. A method of processing information used in a financial transaction, said method comprising the steps of:
-
(a) receiving a request to order an appraisal for real property from a requestor; (b) generating an electronic notification of the request to an appraiser; (c) receiving an acceptance from the appraiser to the request; (d) receiving and storing in an electronic database the appraisal from the appraisal; and (e) receiving a request to assign the appraisal to a lender from the requestor. - View Dependent Claims (29, 30, 31, 32)
-
-
33. A method of facilitating interaction between participants in a financial transaction, said method comprising the steps of:
-
maintaining an electronic database accessible to brokers, lenders, appraisers and title companies from remote computer terminals via a computer network; receiving and storing information regarding the financial transaction from any of said brokers, lenders, appraisers and title companies in the electronic database via the computer network; and providing any of said information to any of said brokers, lenders, appraisers and title companies upon request via the computer network. - View Dependent Claims (34, 35, 36, 37, 38, 39, 40, 41)
-
-
42. A system for facilitating a financial transaction, said system comprising:
-
an electronic database; a computer terminal in communication with the electronic database having computer code running thereon and operable to; (a) receive and store a first credit report for a borrower in the electronic database from a credit agency; (b) receive an updated credit report for the borrower from the credit agency; (c) track changes between the first credit report and the updated credit report; and (d) generate upon request a visual display indicating changes between the first credit report and the updated credit report. - View Dependent Claims (43, 44, 45, 46, 47)
-
-
48. A system for processing information used in a financial transaction, said system comprising:
-
an electronic database; a computer terminal in communication with the electronic database having computer code running thereon and operable to; (a) receive a request to order a title report for real property from a requestor; (b) generate an electronic notification of the request to a title company; (c) receive an acceptance from the title company to the request; (d) receive and store in the electronic database the title report; and (e) receive a request to assign the title report to a lender from the requestor. - View Dependent Claims (49, 50, 51, 52, 53)
-
-
54. A system of processing information used in a financial transaction, said system comprising:
-
an electronic database; a computer terminal in communication with the electronic database having computer code running thereon and operable to; (a) receive a request to order an appraisal for real property from a requestor; (b) generate an electronic notification of the request to an appraiser; (c) receive an acceptance from the appraiser to the request; (d) receive and store in the electronic database the appraisal from the appraiser; and (e) receive a request to assign the appraisal to a lender from the requestor. - View Dependent Claims (55, 56, 57, 58)
-
-
59. A system of facilitating interaction between participants in a financial transaction, said system comprising:
-
an electronic database; a computer terminal in communication with the electronic database having computer code running thereon and operable to; maintain the electronic database accessible to brokers, lenders, appraisers and title companies from remote computer terminals via a computer network; receive and store information regarding the financial transaction from any of said brokers, lenders, appraisers and title companies in the electronic database via the computer network; and provide any of said information to any of said brokers, lenders, appraisers and title companies upon request via the computer network. - View Dependent Claims (60, 61, 62, 63, 64, 65, 66, 67)
-
Specification