SYSTEM AND METHOD FOR VALIDATING COLLATERAL

• US 20110099099A1
• Filed: 10/21/2010
• Published: 04/28/2011
• Est. Priority Date: 10/22/2008
• Status: Abandoned Application

• Current Assignee: D+H Collateral Management Corporation (Teranet Holdings LP)
• Original Assignee: Davis + Henderson Limited Partnership (Finastra Global Ltd.)
• Inventors: RIVEST, Sergo, CLARK, Richard, KING, Michael
• Application Number:
  US12/909,771
• Publication Number:
  US 20110099099A1
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

Abstract

The invention consists of a method for real-time registration of collateral for a loan, comprising: a) inputting collateral information into a form; b) verifying the collateral information in the form via a self-checking algorithm; c) submitting the collateral information to a registration service; and d) providing confirmation that the collateral information was recorded with the registration service.

Claims

1. A method for real-time registration of collateral for a loan, comprising:

a) inputting collateral information into a form;

b) verifying said collateral information in said form via a self-checking algorithm;

c) submitting said collateral information to a registration service;

d) providing confirmation that said collateral information was recorded with said registration service; and

e) providing a warning in the event steps b) and/or c) are unsuccessfully executed.

2. The method of claim 1, wherein said collateral is a vehicle and said collateral information includes a Vehicle Identification Number (VIN) for said vehicle.

3. The method of claim 2, further including an additional step of verifying said VIN as a legitimate VIN prior to said submitting step.

4. The method of claim 3, wherein said verification step for said VIN further includes confirmation that said VIN corresponds to said vehicle designated as said collateral.

5. The method of claim 1, further including, as part of said warning step e), suggesting a corrective procedure to allow for successful execution of said steps.

6. The method of claim 1, further including an additional step of providing a user with an opportunity to make changes to said form at each of steps b) and c).

7. The method of claim 6, wherein said additional step is enacted in response to a failure of any of steps b) and c).

9. The method of claim 6, wherein said method is included a part of a method of registering said vehicle as collateral.

10. The method of claim 6, further including additional steps notifying of specific reasons for failure of any of steps a) and b) and providing suggestions corrections to address said failure.

8. A method for real-time validation of a Vehicle Identification Number (VIN) for a vehicle used as collateral, comprising:

a) verifying said VIN as a legitimate VIN using a VIN validation algorithm;

b) confirming said VIN corresponds to said vehicle by comparing said VIN against one or more vehicle VIN databases; and

c) notifying whether said VIN is successfully confirmed.