Online system for fulfilling loan applications from loan originators

• US 8,364,579 B2
• Filed: 10/27/2008
• Issued: 01/29/2013
• Est. Priority Date: 06/14/2002
• Status: Active Grant

• Current Assignee: ICE Mortgage Technology, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: Ellie Mae Incorporated (Intercontinental Exchange, Inc.)
• Inventors: Hu, Limin, Khanpour, Babak, Wu, Ting-Hu
• Primary Examiner(s): Kazimi, Hani M
• Application Number:
  US12/259,247
• Publication Number:
  US 20090055309A1
• Time in Patent Office: 1,555 Days
• Field of Search: 705 38- 42
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• 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 50/01 Social networking

Abstract

A loan submission and processing system, methods, apparatus and computer program products. One example method includes receiving user specified input relating to a loan application, storing the user specified input in a loan application file, determining a partner system that is to receive data related to the electronic loan application including dynamically determining a format and contents required to present a service request to the partner system for processing by the partner system, dynamically formatting the user specified input and any other required content into a service request, the service request compatible with the partner system and including the user specified data and the other required content and transmitting the service request to the partner system.

Claims

1. A method for the formatting and transmission of data from a loan originator computer to one or more partner computers, the method comprising:

providing a loan origination software program resident on a loan originator computer including a native web browser, formatting and transmitting capability embedded in the loan origination software program;

formatting including re-formatting and publishing loan application information provided by the loan origination software program in a format compatible with a financial service software program of a target partner computer of the one or more partner computers; and

transmitting re-formatted loan application information to the target partner computer.

2. The method of claim 1 wherein the target partner computers comprises at least one of the following, a lender computer, an underwriter company computer, or a settlement service vendor computer.

3. The method of claim 1 further comprising receiving one or more modules for processing the loan application information wherein the processing includes formatting the loan application information.

4. The method of claim 3 wherein the one or more modules comprises an instruction script downloaded from a server process for local execution by the native web browser embedded in the loan origination software program.

5. The method of claim 1 further comprising validating the loan application information prior to transmission to the target partner computer.

6. The method of claim 1 wherein transmitting the re-formatted loan application information to the target partner computer includes a transmission selected from the group consisting of synchronous transmission, polling-based transmission, or asynchronous transmission.

7. The method of claim 1 further comprising logging results of the transmitting step in a memory functionally coupled to the native web browser embedded in the loan origination software program.

8. The method of claim 1 further comprising receiving return information from the target partner computer and displaying the return information in a format compatible with the native web browser embedded in the loan origination software program.

9. The method of claim 1 further comprising receiving return information from the target partner computer and merging the return information with the loan application information.

10. A non-transitory computer program product including instructions stored on a tangible medium, the instructions when executed configured to:

provide a loan origination software program that is to be resident on a loan originator computer, the loan origination software program including a native web browser, formatting and transmitting capabilities embedded in the loan origination software program;

format including re-formatting and publishing loan application information provided by the loan origination software program in a format compatible with a financial service software program of a target partner computer; and

transmit re-formatted loan application information to the target partner computer.

11. A loan origination apparatus comprising:

a formatter for re-formatting and publishing loan application information associated with the loan origination apparatus in a format compatible with a financial service software program of a target partner computer and a native web browser;

a transmitter that transmits re-formatted loan application information to the target partner computer; and

a loan origination module including the native web browser, the loan origination module receiving return information from the target partner computer and displaying the return information in a format compatible with the native web browser.

12. The apparatus of claim 11 wherein the target partner computer comprises at least one of the following, a lender computer, an underwriter company computer, or a settlement service vendor computer.

13. The apparatus of claim 11 further comprising one or more modules for processing the loan application information wherein the processing includes formatting the loan application information, the one or more modules received from an external source.

14. The apparatus of claim 13 wherein the one or more modules comprises an instruction script downloaded from a server process for local execution by the native web browser.

15. The apparatus of claim 11 further comprising a validation engine that validates the loan application information prior to transmission to the target partner computer.

16. The apparatus of claim 11 wherein the transmitter transmits the loan application information to the target partner computer by means selected from the group consisting of synchronous transmission, polling-based transmission, or asynchronous transmission.

17. The apparatus of claim 11 further comprising a logging engine that logs results of the transmitter in a memory functionally coupled to the native web browser.

18. The apparatus of claim 11 wherein the loan origination module further comprising a receiver that receives return information from the target partner computer and merges the return information with the loan application information.

19. A method for processing loan application data, the method employing a loan origination software program with the native web browser capability, the method comprising:

accepting user specified data for one or more of user input fields of a file template, the file template corresponding to a document within a loan application;

automatically, by the loan origination software program, entering the user specified data into one or more corresponding user input fields in another file template that includes the one or more of user input fields of the file template;

calculating data entries for the one or more corresponding user input fields in the another file template that depend on data from the one or more of user fields of the file template; and

transmitting the another file template containing the user specified data associated data entries to a target partner computer, the another file template being transmitted in a transmission format different from a format of the accepted user specified data.

20. The method of claim 19 wherein the loan application comprises an on-line version of a loan application package available from a partner associated with the target partner computer.

21. The method of claim 19 further comprising storing the user specified data in a memory coupled to a loan originator computer.

22. The method of claim 19 wherein the file template is selected from the group of document types consisting of word processing documents, commercially formatted loan application documents, government specified loan application documents or spreadsheet program documents.

23. The method of claim 19 wherein the loan application is selected from the group consisting of federal housing authority loan, veterans administration loan, or conventional mortgage loan.

24. The method of claim 19 further comprising

determining a type of loan a user is interested in obtaining to establish a desired loan;

performing a pre-qualification analysis of the user in relation to the desired loan; and

providing to the user a list of one or more partners who can provide the desired loan.

25. The method of claim 19 further comprising

establishing an account for a user upon transmission of the another file template containing the user specified data to the target partner computer;

storing the user specified data; and

using the stored user specified data to compile a profile for the user.

26. The method of claim 25 further comprising automatically entering the user specified data into corresponding user input fields in any subsequent file templates provided to the user based on the profile for the user stored in a memory.

27. The method of claim 19 further comprising

tracking the one or more completed file templates transmitted to the partner computer;

checking a status of an existing loan application; and

logging a loan application transaction in a memory.