Computerized process to, for example, automate the home sale, mortgage loan financing and settlement process, and the home mortgage loan refinancing and settlement processes

• US 7,548,884 B1
• Filed: 11/03/2004
• Issued: 06/16/2009
• Est. Priority Date: 10/21/2003
• Status: Active Grant

• Current Assignee: Neil Thomas
• Original Assignee: Neil Thomas
• Inventors: Thomas, Neil
• Primary Examiner(s): Cheung; Mary
• Assistant Examiner(s): GREENE, DANIEL LAWSON
• Application Number:
  US10/979,822
• Time in Patent Office: 1,686 Days
• Field of Search: 705 35- 45
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/0623 Item investigation
• 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: G06Q 50/16 Real estate

Abstract

In some embodiments, a comprehensive computer system and method (See FIGS. 1, 1a, 2) for automating and facilitating the performing and processing of tasks, information transfer, and information storage associated with the home sale (See FIG. 3a), mortgage origination (See FIG. 3b), and settlement process (See FIG. 3c), and the home mortgage refinancing origination and settlement process (See FIGS. 1b, 1c, 2a) (or performing other business processes), over a distributed computing network are disclosed.

Claims

1. A computer system to perform real estate transactions, comprising:

a first means for receiving and displaying real estate transaction information comprising one or more of a real estate purchase criteria information and a loan criteria information,

means for generating real estate information,

means for generating real estate pricing information,

means for matching real estate purchase criteria information,

means for generating loan inquiry information

means for generating loan information matching loan inquiry information,

means for generating service information,

means for performing automated loan underwriting tasks,

means for generating ownership cost information,

means for communicating among said means for receiving and displaying real estate transaction information, said means for generating real estate information, said means for generating real estate pricing information, said means for matching real estate purchase criteria information, said means for generating loan inquiry information, said means for generating loan information matching loan inquiry information, said means for generating service information, said means for performing automated loan underwriting tasks, and said means for generating ownership cost information,

means for sorting and comparing information,

said first means for receiving and displaying further receiving and displaying said real estate information, said real estate pricing information, said loan information, said service information, and said ownership cost information;

wherein each of said loan information, said service information, and said ownership cost information is associated with at least one of said real estate purchase criteria information, said real estate information, or said real estate pricing information,

whereby a buyer searches for and compares real estate, together with quotes, prices and terms for loans and services and the total cumulative costs of buying and owning real estate.

2. The system of claim 1, wherein said ownership cost information comprises at least one of a down payment, a settlement service information, a settlement cost, funds needed to close, funds at settlement, or a periodic payment for a loan, taxes, or a utility cost.

3. The system of claim 1 wherein said loan inquiry information comprises at least one of said real estate purchase criteria information, said real estate information, said real estate pricing information, a loan criteria information, a type of loan information, a type of transaction information, or a sales contract information.

4. The system of claim 3 wherein said loan criteria information includes at least one of a real estate buyer'"'"'s personal information, employment information, financial information, income information, debt information, or down payment information.

5. The system of claim 1 wherein said loan inquiry information further comprises a loan application.

6. The system of claim 1 wherein said loan information comprises at least one of a loan product and pricing information, a loan quote information, a prequalification information, a preapproval information, an approval information, a loan document information, a mortgage insurance information, a loan investor information, a loan funding information, a loan underwriting information, a loan closing information, or a loan recording information.

7. The system of claim 1 wherein said means for generating loan information comprises a loan database containing loan information, including loan product and pricing information, said loan database capable of receiving a request containing loan inquiry information, and generating loan information, including loan product and pricing information, in response to said request.

8. The system of claim 1 further comprising means for one or more lenders to one or more of receive loan inquiry information, receive loan product and pricing information generated from said loan database containing loan product and pricing information, receive one or more of a credit evaluation information, an appraisal information, or a mortgage insurance information, and perform tasks and processes to generate loan information.

9. The system of claim 8 wherein one or more of a loan inquiry information or a loan information is sent to one or more databases.

10. The system of claim 1 wherein the means for performing automated loan underwriting tasks comprises at least one of receiving a loan inquiry information, receiving loan product and pricing information generated from said loan database containing loan product and pricing information, generating or retrieving, one or more of a credit evaluation information, an appraisal information, a mortgage insurance information, a title information, a real estate tax information, a public record information, an encumbrance information, a recording information, or a recording and transfer charge information, and performing at least one task or process to generate a loan information.

11. The system of claim 1 wherein said service information comprises at least one of a service quote, a bid, an order, or an information to sell a real estate, buy a real estate, make a loan, provide at least one service, provide a settlement service, or transfer title to a property.

12. The system of claim 1 wherein said service information is generated by or retrieved from, in whole or in part, one or more of a service provider, a database, or a system.

13. The system of claim 1 further comprising said first means for receiving and displaying real estate transaction information, receiving and displaying service inquiry information;

wherein service inquiry information comprises one or more of a seller information, a loan inquiry information, a loan information, other service information, or an information to request one or more of a service quote, bid, order, or service information.

14. The system of claim 1 further comprising means for one or more service providers to process service inquiry information, or perform one or more tasks and processes to generate a service information.

15. The system of claim 14 wherein a service provider further comprises one or more of a real estate agent, a real estate broker, a real estate personnel, a settlement service provider, or a means to perform one or more tasks or processes thereof.

16. The system of claim 1 wherein service information comprises settlement service information.

17. The system of claim 16 wherein said settlement service information comprises one or more of a settlement information, a settlement cost information, a settlement statement entry and calculation information, an escrow task and process information, an escrow accounting information, a title information, a title insurance information, a settlement, title and legal document information, an encumbrance release information, a document recording information, a transfer and recording charge information, a real estate title transfer information, a funds needed to close information, or a funds at settlement information.

18. The system of claim 1 further comprising a means for generating and said first display means displaying one or more of a good faith estimate, truth-in-lending, or a disclosure information associated with at least one of a real estate purchase criteria, a real estate information, a real estate pricing information or a loan information.

19. The system of claim 1 further comprising means for generating and displaying a sale contract information;

wherein said sale contract information comprises one or more of a service information, a loan information, a settlement service information, a settlement cost, and a funds at settlement.

20. The system of claim 1 further comprising a means for sending or receiving funds electronically.

21. The system of claim 20 further comprising the funds being sent to or received from an escrow account.

22. The system of claim 1 further comprising a means for generating at least one document necessary to sell said real estate, buy said real estate, make a loan, provide a settlement service, provide at least one service, or transfer title to a real estate.

23. The system of claim 1 further comprising a second means for receiving and displaying real estate transaction information comprising one or more of a seller information, a real estate information, or a service inquiry information to sell a real estate and displaying at least one of a service information or a sale contract information.

24. A system to perform a real estate sale transaction, comprising:

a computing device in connection with a computing network, wherein said computing device receives real estate purchase criteria information, loan criteria information, and service inquiry information;

wherein service inquiry information comprises one or more of real estate purchase criteria information, loan criteria information, or an information to request a service quote, bid, order, or service information;

a real estate property database containing real estate information, real estate pricing information or both, in connection with said network, wherein said real estate property database generates real estate information, real estate pricing information or both, matching the real estate purchase criteria information, in response to a request from the computing device;

a loan database containing loan product and pricing information, in connection with said network, wherein loan database generates loan information, including loan product and pricing information, matching the loan criteria information, in response to a request from the computing device;

said loan database further generating loan information, including loan product and pricing information, matching one or more of said real estate purchase criteria information, and real estate information, real estate pricing information or both generated from said real estate property database;

a service information database containing service information, in connection with said network, said service information database generating service information matching the service inquiry information, in response to a request from the computing device;

wherein said service information comprises at least one of a service quote, a bid, an order, or an information to sell a real estate, buy a real estate, make a loan, provide at least one service, provide a settlement service, or transfer title to a property;

a means for generating ownership cost information, in connection with said network;

a means for performing automated loan underwriting tasks, in connection with said network, to generate at least one of a loan quote information, a loan prequalification information, a loan preapproval information, or a loan approval information;

wherein said automated loan underwriting tasks are performed on one or more of said loan criteria information, said real estate purchase criteria information, said real estate information, said real estate pricing information, said loan information generated from said loan database, and said service information;

wherein the computing device sorts and compares information from the real estate property database, loan database, service information database, and ownership cost information means,

further wherein said computing device displays said real estate information, said real estate pricing information, said loan information, said service information, and said ownership cost information, wherein each of said loan information, said service information, and said ownership cost information is associated with at least one of said real estate purchase criteria information, said real estate information, or said real estate pricing information,

whereby a buyer searches for and compares real estate, and quotes, prices, and terms for loans and services and the total cumulative costs of buying and owning real estate.