System and method for tracking and funding asset purchase and insurance policy
First Claim
1. A data processing system for administering a combined mortgage loan and life insurance program to finance a real estate purchase and to purchase a life insurance product, said system comprising:
- a program coordinator'"'"'s computer subsystem;
mortgage originators'"'"' computer subsystems;
at least one life insurance company'"'"'s computer subsystem;
at least one depository company'"'"'s computer subsystem;
said program coordinator'"'"'s computer subsystem including;
communications means for sending communications to and receiving communications from said mortgage originators'"'"' computer subsystems, said at least one life insurance company'"'"'s computer subsystem, and said at least one depository company'"'"'s computer subsystem;
a database for storing information about program participants, mortgage originators participating in said combined program, life insurance companies participating in said combined program and the life insurance products of the participating life insurance companies available to the program participants through the combined program, and depository companies participating in said combined program;
each said mortgage originator'"'"'s computer subsystem including;
means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about applications by prospective program participants, including communications to the program coordinator'"'"'s computer subsystem indicating personal information about each said prospective program participant, the amount of beginning funds to be invested by each said prospective program participant, the size of an amortized mortgage loan for which each said prospective program participant has applied;
a database for storing information about participants and prospective participants and associated amortized mortgage loans;
each said life insurance company'"'"'s computer subsystem including;
means for establishing a life insurance policy and an associated premium deposit account for each program participant who purchased a life insurance product of said life insurance company;
means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about life insurance applications by prospective program participants, and about establishment of and status of said life insurance policies; and
premium payment means for transferring funds at scheduled times from each premium deposit account so as to pay corresponding scheduled premiums due on the associated life insurance policy; and
each said depository company'"'"'s computer subsystem, including;
means for establishing a mortgage collateral account for specified ones of said program participants;
fund transfer means for transferring funds at scheduled times from each mortgage collateral account to a specified one of the life insurance companies so as to pay corresponding scheduled premiums due on an associated life insurance policy; and
means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about establishment of a mortgage collateral account for specified ones of said program participants, and for sending communications to said program coordinator'"'"'s computer system indicating when funds in said mortgage collateral account have been transferred to one of said life insurance companies to pay life insurance product premiums;
wherein the premium deposit account and mortgage collateral account for each program participant are funded by a single initial payment by the program participant.
1 Assignment
0 Petitions
Accused Products
Abstract
A computer and communications system facilitates the administration of a mortgage and life insurance combination program in which all or a portion of the funds normally used as a down payment are used to purchase a life insurance policy. The system includes computer subsystems of a program coordinator, mortgage originators, life insurance companies, depository companies and at least one mortgage insurance company. Preferably, the system also includes the computer subsystem of licensed insurance agents. Each of the computer subsystems includes communication apparatus and software for sending communications to and receiving communications from other ones of the computer subsystems. The program coordinator maintains a database of information concerning all program participants and the products they have purchased or for which they are applying. The mortgage originator selects mortgage applicants financially eligible to participate in the combined program, determines which ones are interested in potentially participating in the combined program, and refers those applicants to the program coordinator. Each life insurance company participating in the program has facilities for establishing 7-pay life insurance policies, and for establishing associated premium deposit accounts for holding the 2nd, 3rd and 4th annual life insurance premiums associated with 7-pay life insurance policies. Each depository company has facilities for establishing mortgage collateral accounts to hold the 5th, 6th and 7th annual life insurance premiums associated with 7-pay life insurance policies. Scheduling software schedules events associated with the mortgage and life insurance application and closing process as well as funds flows and other events subsequent to the closing.
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Citations
9 Claims
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1. A data processing system for administering a combined mortgage loan and life insurance program to finance a real estate purchase and to purchase a life insurance product, said system comprising:
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a program coordinator'"'"'s computer subsystem; mortgage originators'"'"' computer subsystems; at least one life insurance company'"'"'s computer subsystem; at least one depository company'"'"'s computer subsystem; said program coordinator'"'"'s computer subsystem including; communications means for sending communications to and receiving communications from said mortgage originators'"'"' computer subsystems, said at least one life insurance company'"'"'s computer subsystem, and said at least one depository company'"'"'s computer subsystem; a database for storing information about program participants, mortgage originators participating in said combined program, life insurance companies participating in said combined program and the life insurance products of the participating life insurance companies available to the program participants through the combined program, and depository companies participating in said combined program; each said mortgage originator'"'"'s computer subsystem including; means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about applications by prospective program participants, including communications to the program coordinator'"'"'s computer subsystem indicating personal information about each said prospective program participant, the amount of beginning funds to be invested by each said prospective program participant, the size of an amortized mortgage loan for which each said prospective program participant has applied; a database for storing information about participants and prospective participants and associated amortized mortgage loans; each said life insurance company'"'"'s computer subsystem including; means for establishing a life insurance policy and an associated premium deposit account for each program participant who purchased a life insurance product of said life insurance company; means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about life insurance applications by prospective program participants, and about establishment of and status of said life insurance policies; and premium payment means for transferring funds at scheduled times from each premium deposit account so as to pay corresponding scheduled premiums due on the associated life insurance policy; and each said depository company'"'"'s computer subsystem, including; means for establishing a mortgage collateral account for specified ones of said program participants; fund transfer means for transferring funds at scheduled times from each mortgage collateral account to a specified one of the life insurance companies so as to pay corresponding scheduled premiums due on an associated life insurance policy; and means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about establishment of a mortgage collateral account for specified ones of said program participants, and for sending communications to said program coordinator'"'"'s computer system indicating when funds in said mortgage collateral account have been transferred to one of said life insurance companies to pay life insurance product premiums; wherein the premium deposit account and mortgage collateral account for each program participant are funded by a single initial payment by the program participant. - View Dependent Claims (2, 3)
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4. A data processing system for administering a combined mortgage loan and life insurance program to finance a real estate purchase and to purchase a life insurance product, said system comprising:
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a program coordinator'"'"'s computer subsystem; mortgage originators'"'"' computer subsystems; at least one life insurance company'"'"'s computer subsystem; at least one depository company'"'"'s computer subsystem; said program coordinator'"'"'s computer subsystem including; communications means for sending communications to and receiving communications from said mortgage originators'"'"' computer subsystems, said at least one life insurance company'"'"'s computer subsystem, and said at least one depository company'"'"'s computer subsystem; a database for storing information about program participants, mortgage originators participating in said combined program, life insurance companies participating in said combined program and the life insurance products of the participating life insurance companies available to the program participants through the combined program, and depository companies participating in said combined program; said database storing, for each program participant and prospective program participant, (A) personal information, (B) beginning funds information indicating the amount of beginning funds invested or to be invested, (C) mortgage information indicating an amortized mortgage loan size and which one of said participating mortgage originators originated said program participant'"'"'s amortized mortgage, (D) life insurance information indicating a selected life insurance product purchased by the program participant, a corresponding selected life insurance company providing said purchased life insurance product, and the life insurance premiums to be paid, (E) premium deposit account information concerning a premium deposit account in which a portion of said beginning funds are deposited;
(F) mortgage collateral account information concerning a mortgage collateral account in which a portion of said beginning funds are deposited, and the depository company holding said mortgage collateral account;each said mortgage originator'"'"'s computer subsystem including; means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about applications by prospective program participants, including communications to the program coordinator'"'"'s computer subsystem indicating personal information about each said prospective program participant, the amount of beginning funds to be invested by each said prospective program participant, the size of an amortized mortgage loan for which each said prospective program participant has applied; a database for storing information about participants and prospective participants and associated amortized mortgage loans; each said life insurance company'"'"'s computer subsystem including; means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about life insurance applications by prospective program participants, including communications to the program coordinator'"'"'s computer subsystem indicating qualification or non-qualification of each said prospective program participant who selected a life insurance of said life insurance company with respect to said life insurance applications, communications to the program coordinator'"'"'s computer subsystem concerning establishment of a premium deposit account for each program participant who selected a life insurance product of said life insurance company; means for establishing a life insurance policy and an associated premium deposit account for each program participant who purchased a life insurance product of said life insurance company; and premium payment means for transferring funds at scheduled times from each premium deposit account so as to pay corresponding scheduled premiums due on the associated life insurance policy; and each said depository company'"'"'s computer subsystem including; means for sending communications to and receiving communications from said program coordinator'"'"'s computer subsystem about program participants, including communications from the program coordinator'"'"'s computer subsystem requesting establishment of a mortgage collateral account for specified ones of said program participants, and for sending communications to the program coordinator'"'"'s computer subsystem indicating establishment of said mortgage collateral accounts and for sending communications to said program coordinator'"'"'s computer system indicating when funds in said mortgage collateral account have been transferred to one of said life insurance companies to pay life insurance product premiums; means for establishing a mortgage collateral account for said specified ones of said program participants; and fund transfer means for transferring funds at scheduled times from each mortgage collateral account to a specified one of the life insurance companies so as to pay corresponding scheduled premiums due on an associated life insurance policy; wherein the premium deposit account and mortgage collateral account for each program participant are funded by a single initial payment by the program participant. - View Dependent Claims (5, 6)
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7. A method of administering a combined mortgage loan and life insurance program to finance a real estate purchase and to purchase a life insurance product, the method being performed by a distributed set of computers, the method comprising the steps of:
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for each participant in the program, establishing an amortized mortgage loan with a mortgage lender, a life insurance policy with a life insurance company, a premium deposit account at the life insurance company, a mortgage collateral account at a depository company, a private mortgage insurance (PMI) policy at an PMI insurance company;
wherein each life insurance policy is a fixed N-payment policy, where N is a positive integer;funding the life insurance policy for each particular program participant entirely with a single, initial payment by the program participant, wherein a first portion of the initial payment is used to fund a first payment of the life insurance policy, a second portion of the initial payment is deposited in the premium deposit account established for the program participant and a remaining third portion of the initial payment is deposited in the mortgage collateral account established for the program participant;
wherein the second portion of the initial payment is fixed so as to be sufficient to fund payments 2 through M on the life insurance policy, where M is a positive integer smaller than N, and the third portion of the initial payment is sized so as to be sufficient to fund payments M+1 through N on the life insurance policy;for each program participant, establishing a lien by the associated mortgage lender on the funds in the program participant'"'"'s mortgage collateral account; scheduling periodic payments by the program participant on the amortized mortgage loan and on the PMI policy; for each program participant;
automatically transferring funds at scheduled times from the program participants premium deposit account so as to pay corresponding scheduled premiums 2 through M due on the associated life insurance policy; andfor each program participant, automatically transferring funds at scheduled times from the program participant'"'"'s mortgage collateral account so as to pay corresponding scheduled premiums M+1 to N due on the program participant'"'"'s associated life insurance policy; and at the program coordinator'"'"'s computer subsystem, maintaining program status information for each program participant, including receiving notifications of the fund transfers from each program participant'"'"'s premium deposit account and mortgage collateral account and updating the program participant'"'"'s status information in accordance therewith. - View Dependent Claims (8, 9)
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Specification