Loan origination system interface for online loan application processing

• US 7,472,089 B2
• Filed: 08/15/2002
• Issued: 12/30/2008
• Est. Priority Date: 08/15/2002
• Status: Active Grant

• Current Assignee: ICE Mortgage Technology, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: Ellie Mae Incorporated (Intercontinental Exchange, Inc.)
• Inventors: Khanpour, Babak, Hu, Limin
• Primary Examiner(s): KAZIMI, HANI M
• Application Number:
  US10/222,637
• Publication Number:
  US 20040034592A1
• Time in Patent Office: 2,329 Days
• Field of Search: 705/38, 705/35
• US Class Current: 705/38
• 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

Abstract

A loan origination system interface module for processing loan applications from a user through a lender web site is described. The loan originator accesses a lender web site to perform loan processing procedures. The module is included on the lender'"'"'s web page through a standard object reference in HTML specification. The module contains information unique to that lender, and the lender'"'"'s identification number as well as desired data format. Once the loan originator decides to transfer a loan application or supplemental data to the lender, the module examines the loan origination software pipeline and presents a selection of loan products to the user. Once the user makes a selection, the module extracts loan information stored in the loan origination software by conducting a search for each required data field, relates that data to the specific field in the vendor application format, and packages the data in a format acceptable to the lender. The module then finds the appropriate route to deliver the loan data to the lender, either directly through a standard Internet secure communication protocol, or indirectly through a separate server computer. The user can then continue the transaction on the lender'"'"'s web site in an uninterrupted work flow. Loan processing occurs on the lender'"'"'s web site, and the interaction of the web site and loan origination software is handled by the module.

Claims

1. A system for processing and submitting loan application data over a computer network, the system comprising:

a lender computer including a web server operable to serve at least one web page providing access to services provided by a lender operating the lender computer, wherein the web page is accessible by a user through a web browser executed on a broker computer;

the broker computer configured to execute a desktop loan origination computer program for storing and processing loan application data regarding one or more borrowers; and

an interface module initiated from the at least one web page served by the lender computer, the interface module configured to

extract loan application data associated with, the desktop loan origination computer program upon the user'"'"'s initiation of a loan submission function presented to the user on the at least one web page served by the lender computer,

display, on the at least one web page served by the lender computer, a list of loan applications in an interface that is consistent with the desktop loan origination computer program associated with the broker computer, so that the user is presented with a list of loan applications for further processing on the lender computer,

when the user selects a loan application from the list, change the format of the loan application data from a format in which the loan application data was stored to a format compatible with the lender computer, and

retrieve loan application data for the selected loan application from the broker computer.

2. The system of claim 1, wherein the interface module is further configured to extract, validate, format, and deliver a loan application package utilizing the loan application data from the broker computer to the lender through the at least one web page served by the lender computer.

3. The system of claim 1, wherein the interface module is further configured to read internal index, user file information, database structure information, or any combination thereof from the broker computer loan origination computer program and adapt the data contained therein to a format compatible with that required by the lender computer.

4. The system of claim 2, wherein the loan application package comprises a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

5. The system of claim 4, wherein the loan application package comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

6. The system of claim 1, wherein the interface module is logically coupled to the loan origination computer program through direct data structure access.

7. The system of claim 1, wherein the interface module is logically coupled to the loan origination computer program resident on the broker computer through an application programming interface.

8. The system of claim 1, wherein the interface module is further configured to execute a logging process on the broker computer to store, on a memory coupled to the broker computer or on a memory of an outside server, each user initiated access to the at least one web page served by the lender computer.

9. The system of claim 1, wherein the interface module is stored on the lender computer or a separate server connected to the Internet as a downloadable program object served by a server computer.

10. The system of claim 1, wherein the network couples the broker computer and the lender computer to one or more third party server computers operated by at least one of a group consisting of loan underwriters;

correspondent lenders, or loan settlement service vendors.

11. A computer program product for processing and submitting loan application data over a web-based computer network including at least a lender computer and a broker computer executing a loan origination computer program, the computer program product encoded in a computer readable medium and including instructions to:

extract from a broker computer loan application data for one or more borrowers stored on the broker computer including;

retrieving identification information of the loan applications from the broker computer;

displaying on the broker computer a list of loan applications in an interface that is consistent with the loan origination computer program associated with the broker computer;

in response to command input from the broker computer selecting one or more loan applications from the list of loan applications, and re-formatting loan application data for the selected one or more loan applications stored on the broker computer to a format compatible with that required by the lender computer; and

retrieving user loan application data from the broker computer.

12. The computer program product of claim 11, wherein the reformatted loan application data is formatted as a loan application document.

13. The computer program product of claim 12, wherein the on-line loan application document comprises a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

14. The computer program product of claim 13, wherein the reformatted loan application comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

15. A method comprising:

providing to a broker computer a web page from a lender web site serve by a web server executed on a lender computer, wherein the web page is accessible from a web browser application executed on the broker computer;

upon receiving a selection from the broker computer of a loan submission function on the web page, displaying at the broker computer within the web page a list of loan applications in an interface that is consistent with a desktop loan origination computer program associated with the broker computer;

upon receiving a selection command from the broker computer regarding selection of at least one loan application from the list of loan applications, changing the format of the loan application data necessary for the selected loan submission function from the format in which it was stored in the broker computer to a format compatible with the lender computer; and

retrieving loan application data for the selected at least one loan application from the broker computer.

16. The method of claim 15, wherein the method further comprises:

emulating a format of data storage and presentation for the loan application information according to a loan origination computer program associated with the broker computer.

17. The method of claim 16, further comprising:

determining a format and content of data comprising the loan application information; and

conforming the format and content of the loan application data to a format and content compatible with interface requirements of the lender computer.

18. The method of claim 17, wherein the loan application information includes on-line loan application documents comprising a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

19. The method of claim 17, wherein the loan application comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

30. The method of claim 17, further comprising:

reading an internal index referencing the data comprising the loan application information; and

determining a database structure of the loan application information as it is stored in the broker computer.

20. A method comprising:

using a web browser application executed on a broker computer to access at least one web page from a lender web site served by a web server executed on a lender computer;

selecting at least one loan submission function on the at least one web page to initiate the execution of an executable object;

displaying a list of loan applications at the broker computer obtained by the executable object from identification information retrieved from the broker computer on the at least one web page from the lender computer in a format consistent with a broker computer loan origination computer program; and

selecting at least one loan application from the list of loan applications including retrieving loan application data associated with the selected loan application from the broker computer and provides it to the lender computer.

21. The method of claim 20, wherein the selecting at least one loan submission function further includes downloading the executable object to the broker computer upon the first initiation of the executable object.

22. The method of claim 20, wherein the executable object is stored on the broker computer.

23. The method of claim 20, wherein the lender computer is selected from the group consisting of a lender computer, a partner computer, an associate processor of data, or combinations thereof.

24. The method of claim 20, wherein lender identification information and lender compatible data format information are included in the executable object.

25. The method of claim 20, wherein retrieving loan application data further comprises:

receiving user input regarding a loan application to be submitted to the lender computer;

locating data regarding the loan application in the loan origination system; and

delivering the located data to the lender computer.

26. The method of claim 20, wherein prior to displaying the method further includes:

emulating a format of data storage and presentation for the loan application information;

determining a format and content of data comprising the loan application information;

reading an internal index referencing the data comprising the loan application information;

determining a database structure of the loan application information as it is stored in the broker computer; and

conforming the format and content of the data to a format and content compatible with the lender computer.

27. The method of claim 26, wherein the database structure includes data selected from the group consisting of a data file, an index file, or a combination thereof.

28. The method of claim 26, wherein the loan application information includes on-line loan application documents comprising a document type selected from the group consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents, spreadsheet program documents, or combinations thereof.

29. The method of claim 26, wherein the loan application comprises data conforming with a loan selected from the group consisting of a federal housing authority loan, a veterans administration loan, a home equity loan, a home refinancing loan, a commercial loan, or a conventional mortgage loan.

31. A method comprising:

providing to a broker computer a web page from a lender web site serve by a web server executed on a lender computer, wherein the web page is accessible from a web browser application executed on the broker computer;

responsive each time to a selection from the broker computer of a loan submission function on the web page, displaying at the broker computer within the web page a list of loan applications;

upon receiving a selection command from the broker computer regarding selection of at least one loan application from the list of loan applications, changing the format of the loan application data necessary for the selected loan submission function from the format in which it was stored in the broker computer to a format compatible with the lender computer; and

retrieving loan application data for the selected at least one loan application from the broker computer.