Computer system and method for networked interchange of data and information for members of the real estate financial and related transactional services industry

• US 20100274710A1
• Filed: 04/22/2010
• Published: 10/28/2010
• Est. Priority Date: 05/08/1999
• Status: Active Grant

• Current Assignee: Industry Access Incorporated
• Original Assignee: Industry Access Incorporated
• Inventors: Dickman, Glenn Alex, Misraje, Jack
• Granted Patent: US 8,117,120 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/101 Collaborative creation, e.g. joint development of products or services
• CPC Class Codes: G06Q 10/103 Workflow collaboration or project management
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/167 Closing

Abstract

An Interchange Party Computer System (“IPCS”) comprising: a plurality of units of allocated resources, configured for a lender party, broker party, transaction party and/or investor party, each unit of allocated resources including one or more administrator user interfaces that allow a participating party to manage its allocated resources and define which of its users and which other participating parties may access its allocated resources and use elements thereof, wherein at least one of the allocated resources include database allocated resources that are managed by the participating party assigned the resources, the allocated resources for the database being accessible and usable by a participating party on terms defined by the participating party responsible for managing the database allocated resources wherein at least one of the allocated resources include at one or more modules selected from the group of: a Rate and Loan Program Module that includes means to define loan programs or search defined loan programs in a database, an Automated Underwriting Module, a Mortgage Pools Module; a File Status and Transaction Party Module, which includes means to do two or more of: assign tasks, present task status, control viewing of task status, assign viewing privileges, monitor satisfaction of lender conditions, and upload loan documentation that are managed by the participating party assigned the resources; the allocated resources for the selected modules being accessible and usable by a participating party on terms defined by the participating party responsible for managing the selected modules allocated resources.

Claims

1. An Interchange Party Computer System (“

IPCS”

) comprising;

a plurality of units of allocated resources, each unit being configured for a specific kind of participating party, two or more of the specific parties being selected from the group of;

a lender party, broker party, transaction party and investor party, at least one unit of allocated resources including one or more administrator user interfaces that allow a participating party to manage its allocated resources and define which of its users and which participating parties may access its allocated resources and use elements thereof.

2. The system of claim 1 wherein at least one of the units of allocated resources include database allocated resources that are managed by the participating party assigned the resources, the allocated resources for the database being accessible and usable by a participating party on terms defined by the participating party responsible for managing the database allocated resources.

3. The system of claim 1 wherein at least one of the allocated resources include a File Status and Transaction Module allocated resources that are managed by the participating party assigned the resources, the allocated resources for the File Status and Transaction Module being accessible and usable by a participating party on terms defined by the participating party responsible for managing the File Status and Transaction Party Module resources, the File Status and Transaction Party Module including means to do two or more of:

assign tasks, present task status, control viewing of task status, assign viewing privileges, monitor satisfaction of lender conditions, and upload loan documentation.

4. The system of claim 2 wherein at least one of the allocated resources include a Rate and Loan Program Module allocated resources that are managed by the participating party assigned the resources, the allocated resources for the Rate and Loan Program Module being accessible and usable by a participating party on terms defined by the participating party responsible for managing the Rate and Loan Program Module allocated resources, the Rate and Loan Program Module including means for defining and inputting loan programs into the database.

5. The system of claim 2 wherein at least one of the allocated resources include a Rate and Loan Program Module allocated resources that are managed by the participating party assigned the resources, the allocated resources for the Rate and Loan Program Module being accessible and usable by a participating party on terms defined by the participating party responsible for managing the Rate and Loan Program Module resources, the Rate and Loan Program Module including a user interface associated with the database for presenting selectable search criteria to a user concerning loan program details of loan programs of interest to a user and a user interface associated with the database for presenting search results.

6. The system of claim 1 wherein at least one of the allocated resources include an Automated Underwriting Module allocated resources that are managed by the participating party assigned the resources, the allocated resources for the Automated Underwriting Module being accessible and usable by a participating party on terms defined by a participating party responsible for managing the Automated Underwriting Module allocated resources.

7. The system of claim 6 wherein the Automated Underwriting Module includes a Risk Based Pricing Module so that risk-based pricing determinations are made based on selected loan criteria entered through the Rate and Loan Program Module relative to loan application details submitted through the Automated Underwriting Module.

8. The system of claim 1 wherein at least one of the allocated resources include a Mortgage Pools Module allocated resources that are managed by the participating party assigned the resources, the allocated resources for the Mortgage Pools Module being accessible and usable by a participating party on terms defined by the participating party responsible for managing the Mortgage Pools Module allocated resources.

9. The system of claim 1 wherein at least one of the allocated resources include a Lender Page Module allocated resources that are managed by a lender party, the allocated resources for the Lender Page Module including user interfaces that are accessible and usable to a participating parties on terms defined by the lender party, the Lender Page Module user interfaces providing the other parties one or more of:

approved appraiser lists, Forms Submission Module, Automated Underwriting Module, Mortgage Pools Module, Rate and Loan Program Module.

10. The system of claim 1 wherein at least one of the allocated resources include an Uploading Files Module allocated resources that are managed by a lender party, the allocated resources for the Uploading Files Module including user interfaces that are accessible and usable to a participating parties on terms defined by a participating party, the Uploading Files Module user interfaces presenting uploaded files to the other participating parties under the defined terms, the uploaded files including one or more of a loan rate sheets, lender guidelines, submission forms, rate lock forms, and HOA certs.

11. The system of claim 1 wherein at least one of the allocated resources include an Viewing Reports Module allocated resources that are managed by a lender party assigned the resources, the allocated resources for the Viewing Reports Module being accessible and usable by users of the lender party on terms defined by the lender party responsible for managing the Viewing Reports Module allocated resources.

12. A method for collaborating on an Interchange Party Computer System (“

IPCS”

) comprising;

providing a unit of allocated resources to at least two participating party selected from the group of;

a lender party, broker party, transaction party and investor party, each unit being configured for the specific kind of participating party receiving the allocated resources, each unit of allocated resources including one or more administrator user interfaces that allow a participating party to manage its allocated resources and define which of its users and which other participating parties may access its allocated resources and use elements thereof, and

receiving from a participating party through an administrator user interface conditions for allowing access to the allocated resources comprising data related to a loan application file or a loan program details of a lender participating party; and

allowing a participating party to access the data according to conditions specified by a participating party setting access conditions.

13. The method system of claim 12 wherein at least one of the allocated resources include database allocated resources that are managed by the participating party assigned the resources, the allocated resources for the database being accessible and usable by a participating party on terms defined by the participating party responsible for managing the database allocated resources.

14. A method for information interchange conducted through an IPCS comprising:

providing an interchange party computer system

preconfiguring allocated resources specific for specific parties;

providing at least two participating parties selected from the group of a lender party, broker party, transaction party and investor party each unit of the preconfigured allocated resources, at least two different kinds of parties receiving preconfigured allocated resources including one or more administrator user interfaces that allow a participating party to manage its allocated resources and define which of its users and which other participating parties may access its allocated resources and use elements thereof, wherein at least one of the allocated resources include database allocated resources that are managed by the participating party assigned the resources, the allocated resources for the database being accessible and usable by a participating party on terms defined by the participating party responsible for managing the database allocated resources wherein at least one of the allocated resources include at least two or more modules selected from the group of;

a Rate and Loan Program Module that includes means to define loan programs or search defined loan programs in a database, an Automated Underwriting Module, a Mortgage Pools Module;

a File Status and Transaction Party Module, which includes means to do two or more of;

assign tasks, present task status, control viewing of task status, assign viewing privileges, monitor satisfaction of lender conditions, and upload loan documentation that are managed by the participating party assigned the resources;

the allocated resources for the selected modules being accessible and usable by a participating party on terms defined by the participating party responsible for managing the selected modules allocated resources.

15. The method of claim 14 wherein one or more user interfaces comprise lender user interfaces provided on lender allocated resources allow a lender party to enter and manage loan program details according to selectable criteria on lender allocated resources, the IPCS providing user interfaces that allow a participating party to select loan program criteria corresponding to the selectable criteria and search for matching loan programs, the IPCS also providing presentation user interfaces for presenting matching loan programs to the participating party.

16. The method of claim 15 wherein the lender user interfaces allow a lender to define loan program details based on a plurality of the following selectable criteria:

property type, rate sheets, finance type, amortization period, documentation type, loan to values, combined loan to values, loan amount, pre-payment penalty and mortgage insurance, applicable brokers, applicable regions, variable pricing adjustments according to loan application file details, reference guide/guidelines, product type, margin, life cap, and rate change adjustments.

17. The method of claim 14 wherein a user interface on lender allocated resources includes means for a lender to specify an electronic stacking order for loan application file documents, and the IPCS provides means for electronically receiving and stacking loan application file documents from participating parties in the specified order.

18. The method of claim 14 wherein a broker party'"'"'s allocated resources include a user interface for submitting a loan application file to a lender that meets the requirements of a mortgage pooling program, the lender party allocated resources including means to pool qualifying loan application programs and present a offering of pooled loan applications to an investor party.

19. The IPCS of claim 14 wherein the IPCS includes allocated resources to an investor party for receiving an offering of pooled loan applications.

20. The method of claim 19 wherein the investor party'"'"'s allocated resources includes means to submit a bid to the lender party for the offered pooled loan applications.