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 8,433,650 B1
• Filed: 06/16/2009
• Issued: 04/30/2013
• Est. Priority Date: 10/21/2003
• Status: Expired

• Current Assignee: Neil Thomas
• Original Assignee: Neil Thomas
• Inventors: Thomas, Neil
• Primary Examiner(s): Trammell, James
• Assistant Examiner(s): Greene, Daniel L
• Application Number:
  US12/457,598
• Time in Patent Office: 1,414 Days
• Field of Search: 705/35, 705/38
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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. One aspect of the invention is a greatly simplified process for a home buyer to search for a home and simultaneously receive accurate and competitive bids for mortgages and services from multiple lenders and service providers. The process includes an automated underwriting process which generates complete, accurate information on the costs of buying and owning a home at very beginning of the home buying process. Another aspect of the invention is greatly automating the entire sale, loan and settlement process.

Claims

1. A computer implemented method comprising the steps of:

maintaining one or more first computing processors, in communication with a real estate information system over a computing network, capable of executing programming instructions including;

receiving, including at least in part from a real estate buyer computing device comprising one or more computing processors able to at least receive, display and send information in communication with said real estate information system over said computing network, one or more first request for information comprising one or more request for real estate information comprising at least one time a desired price or price range, and;

returning at least one time in real time or near real time;

one or more real estate pricing information matching said desired price or price range retrieved from a source of real estate information for sale from a plurality of real estate sellers; and

one or more first loan information including loan pricing information generated in real time or near real time at least in part from;

at least one said matching real estate pricing information, and a source of loan information including loan pricing information comprising one or more;

loan information from at least one lender of a plurality of lenders and a plurality of loan types or loan programs;

said source loan information being upon which said lender and said plurality of lenders are willing to make loans;

at least a portion of said matching real estate pricing information and at least a portion of said first generated loan information including loan pricing information being one or more returned to and maintained by said computing device processors for one or more use and display together at least one time in real time or near real time;

and sending at least to said real estate buyer computing device processors one or more;

second information and a second generated loan information including loan pricing information generated at least in part from said second information at least one time in real time or near real time whenever said system receives or generates said second information.

2. The method of claim 1 further including said first request for information, said second information, or both including a request for loan information including loan pricing information received from said computing device processors comprising one or more of:

a loan type criteria, and a real estate buyer information comprising one or more;

real estate buyer down payment information, real estate buyer income information, real estate buyer debt information, real estate buyer employment information, and an information at least sufficient to one or more;

identify a real estate buyer to obtain real estate buyer credit information including one or more credit report and credit score or determine the credit worthiness of said real estate buyer, and

said generated loan information including loan pricing information being generated at least one time in real time or near real time at least in part from one or more;

said loan type criteria and said real estate buyer information.

3. The method of claim 2 wherein said request for loan information is selected from the group:

a request for loan information, a request for a loan quote, prequalification, preapproval and approval information, and a loan application information, and said generated loan information including loan pricing information is selected from the group;

a loan quote, prequalification, preapproval and approval information.

4. The method of claim 1 wherein said generated loan information including loan pricing information comprises one or more:

a loan amount information, a loan interest rate information, a periodic loan payment information, an annual percentage rate information or equivalent information, a loan discount or points information, a loan fee information, a good faith estimate or equivalent information, and a truth-in-lending or equivalent information; and

wherein said periodic loan payment comprises one or more;

loan payment information, real estate tax payment information, mortgage insurance premium payment information, and hazard insurance premium payment information.

5. The method of claim 1 including returning one or more information to buy or own real estate one or more:

returned to and maintained by said computing device processors for one or more use and display together at least one time in real time and near real with one or more said matching real estate pricing information and said generated loan information including loan pricing information and wherein said second information comprises said information to buy or own real estate comprising one or more;

an information to provide a service, a settlement service, and transfer title to real estate;

a real estate tax information, a hazard insurance information, a homeowner association information, and a utility information;

a bid, quote, price and cost information;

a lowest bid, quote, price, and cost information;

information for a real estate agent or broker service, or a service normally performed by a real estate agent or broker, and an information upon which a service provider is ready, willing and able to provide a service.

6. The method of claim 2 wherein said generated loan information including loan pricing information is upon which at least one said lender is willing to make a loan on, one or more:

said real estate buyer information, desired price or price range, said matching real estate pricing information, and one or more said returned information to buy or own real estate.

7. The method of claim 2 wherein said generated loan information including loan pricing information is upon which at least one said lender is willing to make a loan on:

all said real estate buyer information, at least one said matching real estate pricing information, and one or more said returned information to buy or own real estate.

8. The method of claim 1 wherein said lender comprises one or more of:

a loan finder, loan broker, direct lender, loan correspondent, wholesale lender, and loan investor.

9. A method for providing information to a real estate information system over a computing network comprising the steps of:

maintaining a first computing processor in communication with the computing network;

sending to the computing network including to one or more second computing processors in communication with the computing network one or more;

real estate information including real estate pricing information for sale from at least one seller of a plurality real estate sellers;

loan information including loan pricing information comprising one or more;

loan information including loan pricing information from at least one lender of a plurality of lenders, and a plurality of loan types or loan programs;

said loan information being upon which said at least one lender and said plurality of lenders are willing to make loans; and

information to buy or own real estate;

wherein said second computing processors receive a first request for information comprising a request for real estate information including desired real estate price or price range at least in part from a real estate buyer computing device processor in communication with the computing network, and return at least to said buyer computing device processor in real time or near real time;

at least one said real estate information including real estate pricing information, at least one said loan information including loan pricing information, and at least one said information to buy or own real estate;

such that at least one said returned real estate information including real estate pricing information matching said desired real estate price or price range, at least one said returned loan information including loan pricing information generated in real time or near real time from said matching real estate price information, and at least one said returned information to buy or own real estate are one or more returned to and maintained by said real estate buyer computing device processor for use together at least one time in real time or near real time on said real estate buyer computing device;

and

sending at least one time in real time or near real time one or more;

second real estate information, second loan information including loan pricing information, and second information to buy or own real estate at least one time whenever said system or said second computing processors receive or generate a second information;

while said second computing processors return at least to said real estate buyer computing device processor at least one time in real time or near real time at least one or more;

said second information and a second generated loan information including loan pricing information generated at least in part from one or more;

said second information, said second real estate information, said second loan information including loan pricing information, and said second information to buy or own real estate.

10. The method of claim 9 including sending in real time or near real time in response to receiving one or more requests for information from said information system.

11. The method of claim 9 said first request for information, said second information, or both including, and said generated loan information including loan pricing information being generated at least one time in real time or near real time from, a request for loan information received at least in part from said computing device processor comprising one or more:

loan type criteria, and a real estate buyer financial information comprising one or more;

said real estate buyer down payment information, said real estate buyer income information, said real estate buyer debt information, said real estate buyer employment information, and an information at least sufficient to identify said real estate buyer to obtain said real estate buyer credit report or credit score or to determine the credit worthiness of said real estate buyer.

12. The method of claim 11 wherein said request for loan information is selected from the group:

a request for loan information, a request for a loan quote, prequalification, preapproval and approval information, and a loan application information; and

said generated loan information including loan pricing information is selected from the group;

loan quote, prequalification, preapproval and approval information.

13. The method of claim 9 wherein said generated loan information including loan pricing information comprises one or more:

a loan amount information, a loan interest rate information, a periodic loan payment information, an annual percentage rate information or equivalent information, a loan discount or points information, a loan fee information, a good faith estimate or equivalent information, and a truth-in-lending or equivalent information;

wherein said periodic loan payment comprises one or more;

loan payment information, real estate tax payment information, mortgage insurance premium payment information, hazard insurance premium payment information.

14. The method of claim 9 wherein one or more said generated loan information including loan pricing information is generated at least in part from, and said second information includes, said information to buy or own real estate;

wherein said information to buy or own real estate comprises one or more;

an information to provide a service, provide a settlement service, and transfer title to a real estate;

real estate tax information, a hazard insurance information, a homeowner association information and a utility information;

a bid, quote, price, cost information;

a lowest bid, quote, price, cost information;

information for a real estate agent or broker service, or a service normally performed by a real estate agent or broker, and

an information upon which a service provider is ready, willing and able to provide a service.

15. The method of claim 9 wherein said generated loan information including loan pricing information is that upon which at least one said lender is willing to make a loan on:

all said real estate buyer information, at least one said matching real estate pricing information, and one or more said returned information to buy or own real estate.

16. The method of claim 9 wherein said lender comprises one or more of:

a loan finder, loan broker, direct lender, loan correspondent, wholesale lender, and loan investor.

17. A computerized method comprising the steps of:

maintaining a first computing processor in communication with a computing network;

receiving a request for real estate information comprising a desired price from a real estate buyer computing device processor in communication with the network;

returning in real time or near real time a real estate pricing information matching said desired price retrieved from a source of real estate information for sale from a plurality of real estate sellers;

receiving at least in part from said real estate buyer computing device processor a request for loan information comprising one or more;

at least one said matching real estate pricing information and at least one or more;

real estate buyer down payment, income, debt information, and an information at least sufficient to identify said real estate buyer to obtain a credit report or credit score or to determine the credit worthiness of said real estate buyer;

and

returning in real time or near real time a loan pricing information calculated by a second processor, in communication with said network, able to execute at least one loan underwriting programming instruction in real time or near real time, from at least;

a loan information from a source of loan information in communication with the network comprising one or more;

loan information upon which a plurality of lenders are willing to make loans and a plurality of loan types or loan programs upon which one or more lenders are willing to make loans; and

one or more;

said at least one matching real estate pricing information and said real estate buyer information;

such that said at least one matching real estate pricing information and said calculated loan pricing information are available for use or display together at least one time in real time or near real time by said computing device processor; and

and sending at least to said real estate buyer computing device processor one or more;

second information and a second calculated loan pricing information calculated by the second processor at least a portion of said second information at least one time in real time or near real time whenever said system receives or generates said second information;

said second calculated loan pricing information being upon which at least one said lender is willing to make a loan on said at least one matching real estate pricing information, all said real estate buyer information, and said calculated portion of said second information.

18. A computer system comprising:

a computing network;

one or more first computing processors in communication with said computing network;

said first computing processors able to execute programming instructions to at least;

receive, at least in part from a real estate buyer computing device processor in communication with said computing network, a first request for information including a request for real estate information comprising a desired price or price range;

return, for use by said real estate buyer computing device processor at least one time in real time or near real time with receiving said first request, a real estate pricing information matching said desired price or price range and a first loan pricing information generated in real time or near real time from said matching real estate pricing information;

and,

return one or more second information and second loan pricing information generated from at least one said matching real estate pricing information and said second information, at least one time in real time or near real time whenever said system one or more receives and generates said second information;

said matching real estate pricing information received by said first computing processors at least from one or more sources of real estate information for sale from a plurality of real estate sellers in communication with said computing network; and

said generated loan pricing information received by said first computing processors at least from;

one or more sources of loan information including loan pricing information, in communication with said computing network, comprising one or more;

loan information from at least one lender of a plurality of lenders and a plurality of loan types or loan programs;

said sources of loan information being upon which said at least one lender and said plurality of lenders offer to make loans; and

a second computing processor capable of executing one or more programming instructions to calculate said generated loan pricing information from one or more of said;

sources of loan information including loan pricing information;

matching real estate pricing information; and

second information if any.

19. The system of claim 18, said first request, said second information, or both including:

a real estate buyer information comprising one or more;

down payment information, income information, debt information, employment information, and an information at least sufficient to one or more;

identify said real estate buyer to obtain said real estate buyer credit information including one or more credit report and credit score or determine the credit worthiness of said real estate buyer;

wherein said generated loan pricing information is calculated by said second computing processor from, and upon which at least one said lender is willing to make a loan on;

at least one said matching real estate information, said real estate buyer information, and said second information, if any.

20. The system of claim 18 wherein said second information comprises an information to transfer title to said at least one matching real estate information.

21. The system of claim 20 wherein said information to transfer title comprises one or more of:

a real estate contract information, a settlement cost information, and a deed information to transfer to said at least one matching real estate information.

22. The system of claim 21 said real estate contract information including a real estate contract price information.