SYSTEM AND METHOD FOR VALIDATING COLLATERAL
First Claim
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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.
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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.
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Citations
10 Claims
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1. A method for real-time registration of collateral for a loan, comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 9, 10)
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8. A method for real-time validation of a Vehicle Identification Number (VIN) for a vehicle used as collateral, comprising:
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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.
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Specification