Method and apparatus for a mortgage loan management system

• US 6,985,886 B1
• Filed: 08/24/2000
• Issued: 01/10/2006
• Est. Priority Date: 03/14/2000
• Status: Expired due to Fees

• Current Assignee: Everbank NA (Everbank Financial Corporation)
• Original Assignee: Everbank NA (Everbank Financial Corporation)
• Inventors: Broadbent, David F., Coleman, Paul B., Cook, Redge L., Harten, William S.
• Primary Examiner(s): Trammell, Jame P.
• Assistant Examiner(s): Abdi, Kambiz
• Application Number:
  US09/645,799
• Time in Patent Office: 1,965 Days
• Field of Search: 705/67, 705/38, 705/35, 395/238, 395/233
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• 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: Y10S 707/99931 Database or file accessing

Abstract

The automated system of the present invention uses the Federal, State, local and professional regulations and requirements and implementing instructions to generate a plurality of tasks which can be used to control and drive the process of handling a mortgage loan application to completion and settlement in accordance with these regulations. Loan requestors may specify that the system will generate the plurality of required tasks, including tasks required by applicable federal and/or state law, provide the plurality of required tasks to the requester for his execution, and monitor the completion of all required tasks so as to provide a completion certificate to the requestor. Alternatively, loan requestors may specify that the automated system will generate the plurality of required tasks, including tasks required by applicable federal and/or state law, will manage and control the execution of the required tasks, and monitor the completion of all required tasks so as to provide a completion certificate to the requestor.

Claims

1. A computer implemented method for automated loan origination processing comprising:

receiving loan application data at a server node;

automatically generating a loan origination compliance task workflow comprising an organized sequence of a plurality of compliance tasks at the server node in response to the loan application data, the compliance tasks comprising actions required by one or more of a third-party loan originator, a lending institution, and a borrower to originate a loan so that lending institutions compensate third-party loan originators in compliance with federal or state law requirements in effect when the third-party loan originators are compensated, wherein the compliance tasks are dependent on at least one of a federal regulation, a state regulation, a state law, a federal law, a state requirement, and a federal requirement applicable to at least one of a location at which the loan is originated, a location at which the borrower resides, and a location at which a secured property is located; and

electronically distributing the plurality of compliance tasks to a loan originator for performing one or more of the compliance tasks.

2. The computer implemented method for automated loan origination processing of claim 1 further comprising monitoring completion of the plurality of compliance tasks whereby a report of completion of all required tasks can be generated.

3. The computer implemented method for automated loan origination processing of claim 1 further comprising authenticating a person submitting the request to process a loan.

4. The computer implemented method for automated loan origination processing of claim 1 further comprising electronically transferring the plurality of compliance tasks required to process the loan to an electronic loan processing workflow engine for controlling and managing execution of the tasks.

5. The computer implemented method for automated loan origination processing of claim 4 wherein the loan processing workflow engine for controlling and managing execution of the tasks notifies selected vendors to perform a task and monitors task completion.

6. The computer implemented method for automated loan origination processing of claim 5 wherein loan completion data is electronically passed to a secondary banking engine for management of loan inventory.

7. The computer implemented method for automated loan origination processing of claim 1 wherein the loan is a mortgage loan.

8. The computer implemented method for automated loan origination processing of claim 1 wherein the plurality of compliance tasks required to process the loan includes tasks which are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements and implementing instructions relating to loan processing.

9. The computer implemented method for automated loan origination processing of claim 8 wherein the loan related laws and regulations comprise Federal, State, local and professional regulations and requirements and implementing instructions relating to mortgage loan processing.

10. The computer implemented method for automated loan origination processing of claim 1 comprising additional step of creating a complete transaction and payment report.

11. An apparatus for automated loan origination processing comprising:

a computer system having communications devices for receiving loan application data;

the computer system having logic mechanisms programmed to automatically generate a loan origination compliance task workflow comprising an organized sequence of a plurality of compliance tasks in response to the loan application data, the compliance tasks comprising actions required by one or more of a third-party loan originator, a lending institution, and a borrower to originate a loan so that lending institutions compensate third-party loan originators in compliance with federal or state law requirements in effect when the third-party loan originators are compensated; and

the computer system having additional logic mechanisms programmed to electronically distribute the plurality of compliance tasks to a loan originator for performing one or more of the compliance tasks, wherein the compliance tasks are dependent on at least one of a federal regulation, a state regulation, a state law, a federal law, a state requirement, and a federal requirement applicable to at least one of a location at which the loan is originated, a location at which the borrower resides, and a location at which a secured property is located.

12. The apparatus of claim 11 further comprising electronic logic devices programmed to monitor completion of the plurality of compliance tasks and to generate a report of completion of all required tasks.

13. The apparatus of claim 11 further comprising logic mechanisms programmed to authenticate a person submitting the request to process a loan.

14. The apparatus of claim 11 further comprising logic devices programmed to electronically transfer the plurality of compliance tasks required to process the loan to an electronic loan processing workflow engine for controlling and managing execution of the compliance tasks.

15. The apparatus of claim 14 wherein the loan workflow engine for controlling and managing execution of compliance tasks notifies selected vendors to perform a task and monitors task completion.

16. The apparatus of claim 15 wherein loan completion data are electronically passed to a secondary banking engine for management of loan inventory.

17. The apparatus of claim 11 wherein the loan is a mortgage loan.

18. The apparatus of claim 11 wherein the plurality of compliance tasks required to process the loan are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements.

19. The apparatus of claim 18 wherein the loan related laws and regulations comprise Federal, State, local and professional regulations and requirements.

20. The apparatus of claim 11 further comprising logic devices programmed to create a complete transaction and payment report.

21. An apparatus for automated loan origination processing comprising:

means for receiving loan application data;

means, coupled to the means for receiving the loan application data, for automatically generating a loan origination compliance task workflow comprising an organized sequence of a plurality of compliance tasks in response to the loan application data, the compliance tasks comprising actions required by one or more of a third-party loan originator, a lending institution, and a borrower to originate a loan so that lending institutions compensate third-party loan originators in compliance with federal or state law requirements in effect when the third-party loan originators are compensated, wherein the compliance tasks are dependent on at least one of a federal regulation, a state regulation, a state law, a federal law, a state requirement, and a federal requirement applicable to at least one of a location at which the loan is originated, a location at which the borrower resides, and a location at which a secured property is located; and

means, coupled to the means for automatically generating a plurality of compliance tasks required to originate a loan, for electronically distributing the plurality of compliance tasks to a loan originator for performing one or more of the compliance tasks.

22. In a network having a user node including a browser program or other general-purpose or purpose-built client program, coupled to said network, said user node providing requests for information and providing loan application data on said network, a network node comprising:

a loan origination processing server node responsive to loan application data from said user node to originate a loan, whereby said loan origination processing server node provides a first mechanism for automatically generating a loan origination compliance task workflow comprising an organized sequence of a plurality of compliance tasks required to originate the loan in response to the loan application data, the compliance tasks comprising actions required by one or more of a third-party loan originator, a lending institution, and a borrower to originate a loan so that lending institutions compensate third-party originators in compliance with applicable federal or state law requirements in effect when the third-party loan originators are compensated; and

provides a second mechanism coupled to the first mechanism, for electronically distributing the plurality of compliance tasks to a loan originator for performing one or more of the compliance tasks, wherein the compliance tasks are dependent on at least one of a federal regulation, a state regulation, a state law, a federal law, a state requirement, and a federal requirement applicable to at least one of a location at which the loan is originated, a location at which the borrower resides, and a location at which a secured property is located.

23. The loan origination processing server node of claim 22 wherein the loan origination processing server node provides a third mechanism to electronically monitor completion of the plurality of compliance tasks whereby a certificate of completion of all required tasks can be generated.

24. The loan origination processing server node of claim 22 wherein the loan is a mortgage loan.

25. The loan origination processing server node of claim 22 wherein the actions required to process the loan are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements.

26. The loan origination processing server node of claim 25 wherein the loan related laws and regulations comprise Federal, State, local and professional regulations and requirements relating to mortgage loans.

27. The loan origination processing server node of claim 22 wherein the server node also provides a mechanism for electronically communicating the plurality of tasks to a custom workflow management process, wherein each task is assigned to an actionee and wherein the completion of each task is tracked in order to create a complete transaction and payment report.

28. A computer program product stored on a computed useable medium, comprising:

a first computer readable program mechanism for receiving loan application data;

a second computer readable program mechanism for automatically generating a loan origination compliance task workflow comprising an organized sequence of a plurality of compliance tasks in response to the loan application data, the plurality of compliance tasks comprising actions required by one or more of a third-party loan originator, a lending institution, and a borrower to originate a loan so that lending institutions compensate third-party originators in compliance with federal or state law requirements in effect when the third-party loan originators are compensated, wherein the compliance tasks are dependent on at least one of a federal regulation, a state regulation, a state law, a federal law, a state requirement, and a federal requirement applicable to at least one of a location at which the loan is originated, a location at which the borrower resides, and a location at which a secured property is located; and

a third computer readable code mechanism for electronically distributing the plurality of compliance tasks to a loan originator for performing one or more of the compliance tasks.

29. The computer program product of claim 28 comprising a fourth computer readable code mechanism for monitoring completion of the plurality of compliance tasks whereby a report of completion of all required tasks can be generated.

30. The computer program product of claim 28 wherein the loan is a mortgage loan.

31. The computer program product of claim 28 wherein the plurality of compliance tasks required to process the loan are based upon loan related laws and regulations comprising Federal, State, local and professional regulations and requirements.

32. The computer program product of claim 29 comprising an additional code mechanism for creating a completed transaction and payment report.