Method and system for monitoring for and reporting of lien distress events

• US 7,747,520 B2
• Filed: 08/04/2006
• Issued: 06/29/2010
• Est. Priority Date: 08/05/2005
• Status: Active Grant

• Current Assignee: Corelogic Solutions LLC (CoreLogic Incorporated)
• Original Assignee: First American CoreLogic Incorporated (CoreLogic Incorporated)
• Inventors: Pinnix, Michelle, Livermore, George S., Crawford, Charles E. Jr., Lange, Reid, Serio, Dianna L.
• Primary Examiner(s): Trammell; James P
• Assistant Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US11/499,401
• Publication Number:
  US 20070185806A1
• Time in Patent Office: 1,425 Days
• Field of Search: 705/35, 235/379, 707/3
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• 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: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A computer-based method of monitoring for and reporting of a lien distress event relatable to a property within a client loan portfolio includes inputting property data from the portfolio, standardizing the data for querying a lien distress event database, monitoring the database for lien distress events relatable to the standardized property data, and notifying the client if a lien distress event is detected. The monitoring period and the type of lien distress events to be monitored may be specified by the client. Notifying the client may include generating and delivering a lien distress report including a property valuation. The method may be executed automatically as a service periodically updating and monitoring a loan portfolio of a subscribing client.

Claims

1. A computer-based method of monitoring for and reporting of a lien distress event relatable to a property, comprising:

receiving borrower identification data and property data from a client loan portfolio;

storing information in a public records database pertaining to a public records transaction affecting the property;

iteratively monitoring for lien distress events relatable to the property data in the public records database by a processor-implemented search process, wherein the monitoring includes monitoring the public records database for lien distress events relatable to the property data, and monitoring a credit reporting database for lien distress events relatable to the borrower identification data; and

if a lien distress event relatable to the property data or the borrower identification data is detected, sending a notification to a client of the lien distress event.

2. The method of claim 1 further comprising, if a lien distress event relatable to the property data is not detected, repeating the monitoring step.

3. The method of claim 2 further comprising repeating the monitoring step periodically.

4. The method of claim 1 further comprising standardizing the property data, wherein the standardizing step comprises extracting property address data from the property data.

5. The method of claim 4 wherein the standardizing step comprises extracting the borrower identification data from the property data.

6. The method of claim 1 further comprising generating a lien distress report if a lien distress event relatable to the property data is detected in a database.

7. The method of claim 6 further comprising delivering the lien distress report to the client upon request by the client.

8. The method of claim 1 further comprising, if a statistic derived from detected lien distress events exceeds a specified threshold, notifying the client of the detected lien distress events.

9. A computer-based method of monitoring for and reporting of a lien distress event relatable to a property, comprising:

inputting property data including borrower identification data from a client loan portfolio for client loans to be monitored;

inputting lien distress event notification criteria;

standardizing the input property data;

updating the client loans to be monitored with the standardized property data and the custom lien distress event notification criteria;

iteratively monitoring two or more databases for lien distress events relatable to the client loans to be monitored, wherein the monitoring includes monitoring a public records database by a processor-implemented search process for lien distress events relatable to the property data and monitoring a credit reporting database for lien distress events relatable to the borrower identification data;

if a lien distress event relatable to the client loans to be monitored is detected, checking whether the lien distress event notification criteria is satisfied; and

if the lien distress event notification criteria is satisfied, delivering a lien distress report to the client.

10. The method of claim 9 further comprising periodically monitoring the two or more databases.

11. The method of claim 9 further comprising, prior to the monitoring step, specifying a monitoring frequency.

12. The method of claim 9 further comprising if a lien distress event relatable to the client loans to be monitored is not detected, repeating the monitoring step.

13. The method of claim 9 further comprising if the lien distress event notification criteria is not satisfied, repeating the monitoring step.

14. The method of claim 9 wherein the lien distress event notification criteria is based on a statistic derived from lien distress events.

15. A system for monitoring for and reporting of lien distress events relatable to lender loans on a property, comprising:

a client station inputting lender loan data for monitoring;

an FTP server uploading from the client station the lender loan data; and

a mainframe server comprising;

a data standardization module for standardizing the lender loan data,

a database search engine which iteratively monitors a public records database by a processor-implemented search process for lien distress events relatable to property data and monitors a credit reporting database for lien distress events relatable to borrower identification data, and

a report generating module for reporting to the client station via the FTP server lien distress events relating to the lender loan data.

16. The system of claim 15 wherein the mainframe server further comprises a client loans updating module for updating the lender loan data.

17. The system of claim 15 wherein the report generating module generates a report containing a valuation of property associated with the lender loan data.

18. The system of claim 17 wherein the FTP server uploads the report from the mainframe server and transmits the report to the client station upon request.

19. The system of claim 15 wherein the client station further comprises a property data extraction module for extracting the lender loan data from a lender loan portfolio.

20. A computer-based method of monitoring for and reporting of a lien distress event relatable to a property, comprising:

receiving, using a processor, borrower identification data and property data from a client loan portfolio including a plurality of loans;

iteratively monitoring, using the processor, a public records database for lien distress events relatable to the property data of the plurality of loans;

iteratively monitoring, using the processor, a credit reporting database for lien distress events relatable to the borrower identification data of the plurality of loans, the lien distress events including events symptomatic of a property at risk of foreclosure; and

if a lien distress event relatable to the property data or the borrower identification data of the plurality of loans is detected, sending a notification to a client of the lien distress event.