Mortgage loan data processing system and method for a loan broker

US 8,527,402 B2
Filed: 02/29/2008
Issued: 09/03/2013
Est. Priority Date: 07/22/1998
Status: Expired due to Fees

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1. A system comprising:

a graphical user interface adapted to receive loan application data from a loan originator regarding a loan customer, wherein the receipt of loan application data is a first loan originator service;

one or more storage devices adapted to store the loan application data;

one or more additional graphical user interfaces for receiving additional data, the receipt of the additional data coordinated by the loan originator, wherein the receipt of additional data is a second loan originator service;

a processor adapted to generate a loan application based on the loan application data and the additional data; and

a loan application transfer interface that electronically transfers the loan application to a computer associated with a lender, wherein first and second loan originator services are not duplicative of a lender'"'"'s services such that the loan originator qualifies for compensation under one or more of;

a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.

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Abstract

An exemplary embodiment includes a data processing system and method for managing the origination of a mortgage loan by a loan originator in coordination with a loan broker for a loan customer. The loan originator is not the loan broker. The loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker.

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1. A system comprising:
- a graphical user interface adapted to receive loan application data from a loan originator regarding a loan customer, wherein the receipt of loan application data is a first loan originator service;
  
  one or more storage devices adapted to store the loan application data;
  
  one or more additional graphical user interfaces for receiving additional data, the receipt of the additional data coordinated by the loan originator, wherein the receipt of additional data is a second loan originator service;
  
  a processor adapted to generate a loan application based on the loan application data and the additional data; and
  
  a loan application transfer interface that electronically transfers the loan application to a computer associated with a lender, wherein first and second loan originator services are not duplicative of a lender'"'"'s services such that the loan originator qualifies for compensation under one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
- - 2. The system of claim 1, wherein the additional data comprises credit data about the loan customer.
  - 3. The system of claim 1, wherein the additional data comprises:
    - an underwriting decision based upon the loan application data and the additional data, the receipt of the underwriting decision coordinated by the loan originator, wherein the a loan application is further based upon the underwriting decision.
  - 4. The system of claim 1, wherein the loan originator is not the loan customer.
  - 5. The system of claim 4, wherein the loan originator is:
    - a real estate broker,a real estate agent,a home builder,a member of a relocation company,a financial planner,a CPA,a broker/dealer,a stock broker,an insurance broker/agent,an attorney,a member of a bank,a member of a savings and loan,a member of a thrift, ora member of a credit union.
  - 6. The system of claim 1, wherein the processor further determines one or more of:
    - a loan originator compensation amount, a loan origination fee, and a loan originator credit.
  - 7. The system of claim 1, wherein the loan originator is the loan customer.
  - 8. The system of claim 1, wherein the additional data comprises notification of a financial advantage to the loan customer for refinancing a current loan for the loan customer.
  - 9. The system of claim 1, wherein the law regulating loan compensation is RESPA.
  - 10. The system of claim 1, wherein the processor determines one or more credits based on a pre-determined formula.
  - 11. The system of claim 10, wherein at least one of the more credits are for closing costs.
  - 12. The system of claim 1, wherein the additional data comprises one or more of:
    - credit report data,an underwriting decision,underwriting data,an underwriting condition,flood certification data,pest control data,home inspection data,escrow data,title data,fee data,appraisal data, andMLS data.
  - 13. The system of claim 12, wherein fee data comprises one or more of:
    - an appraisal fee,a credit report fee,a loan discount fee,a loan origination fee,a broker fee,a flood certificate fee,a tax service fee,a wire transfer fee,a processing fee,an underwriting fee,a document preparation fee,an administration fee,a lender fee,a title fee,an escrow fee,an insurance fee,a courier fee,a processing fee,a notary fee,an endorsement fee,a local government fee,a pest control fee, anda MLS fee.
  - 14. The system of claim 1,wherein the processor further generates one or more disclosure documents, andwherein at least one or more of the disclosure documents comprise one or more of:
    - a loan originator compensation amount, a loan origination fee, and one or more originator credits.
  - 15. The system of claim 14, wherein at least one of the one or more disclosure documents are required by one or more of:
    - the law regulating loan compensation, the regulation regulating loan compensation, the guideline relating to loan compensation, and the licensing requirement regulating loan compensation.
  - 16. The system of claim 1, wherein the pre-stored customer data is imported from one or more industry software systems.
  - 17. The system of claim 16, wherein the one or more industry software systems are one or more of:
    - a loan origination system,a tax system,a financial planning system,an insurance system,a broker system,a dealer system,an accounting system, anda legal system.

18. A system comprising:
- a graphical user interface adapted to receive loan application data from a loan originator regarding a loan customer;
  
  one or more storage devices adapted to store the loan application data;
  
  one or more data interfaces for receiving additional data, the receipt of the additional data coordinated by the loan originator; and
  
  a processor adapted to generate, based upon the loan application data and the additional data;
  
  a loan application; and
  
  an indication that the loan originator qualifies for a loan originator compensation amount under one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
- - 19. The system of claim 18, wherein the loan originator is not the loan customer.
  - 20. The system of claim 19, wherein the loan originator is:
    - a real estate broker,a real estate agent,a home builder,a member of a relocation company,a financial planner,a CPA,a broker/dealer,a stock broker,an insurance broker/agent,an attorney,a member of a bank,a member of a savings and loan,a member of a thrift, ora member of a credit union.
  - 21. The system of claim 18, wherein the processor determines one or more of:
    - a loan origination compensation amount, a loan origination fee, and a loan originator credit based on one or more of;
      
      the loan application data and the additional data.
  - 22. The system of claim 18, wherein the loan originator is the loan customer.
  - 23. The system of claim 18, wherein the additional data comprises notification of a financial advantage to the loan customer for refinancing a current loan for the loan customer.
  - 24. The system of claim 18, wherein the law regulating loan compensation is RESPA.
  - 25. The system of claim 18, wherein the processor determines one or more credits based on a pre-determined formula.
  - 26. The system of claim 25, wherein at least one of the more credits are for closing costs.
  - 27. The system of claim 18, wherein the additional data comprises one or more of:
    - credit report data,an underwriting decision,underwriting data,an underwriting condition,flood certification data,pest control data,home inspection data,escrow data,title data,fee data,appraisal data, andMLS data.
  - 28. The system of claim 27, wherein fee data comprises one or more of:
    - an appraisal fee,a credit report fee,a loan discount fee,a loan origination fee,a broker fee,a flood certificate fee,a tax service fee,a wire transfer fee,a processing fee,an underwriting fee,a document preparation fee,an administration fee,a lender fee,a title fee,an escrow fee,an insurance fee,a courier fee,a processing fee,a notary fee,an endorsement fee,a local government fee,a pest control fee, anda MLS fee.
  - 29. The system of claim 18,wherein the processor further generates one or more disclosure documents, andwherein at least one or more of the disclosure documents comprise one or more of:
    - a loan originator compensation amount, a loan origination fee, and one or more loan originator credits.
  - 30. The system of claim 29, wherein at least one of the one or more disclosure documents are required by one or more of:
    - the law regulating loan compensation, the regulation regulating loan compensation, the guideline relating to loan compensation, and the licensing requirement regulating loan compensation.
  - 31. The system of claim 18 further comprising an electronic import interface for importing pre-stored customer data about the loan customer from a loan originator computer, wherein the pre-stored customer data is imported from one or more industry software systems.
  - 32. The system of claim 31, wherein the one or more industry software systems are one or more of:
    - a loan origination system,a tax system,a financial planning system,an insurance system,a broker system,a dealer system,an accounting system, anda legal system.

33. A system comprising:
- an electronic import interface for importing pre-stored customer data about a loan customer from a loan originator computer;
  
  a memory for storing the pre-stored customer data;
  
  an input device for inputting loan application data; and
  
  a processor for generating, based upon the pre-stored customer data and the loan application data;
  
  a loan application; and
  
  an indication that the loan originator qualifies for a loan originator compensation amount under one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47)
- - 34. The system of claim 33, wherein the loan originator is not the loan customer.
  - 35. The system of claim 34, wherein the loan originator is:
    - a real estate broker,a real estate agent,a home builder,a member of a relocation company,a financial planner,a CPA,a broker/dealer,a stock broker,an insurance broker/agent,an attorney,a member of a bank,a member of a savings and loan,a member of a thrift, ora member of a credit union.
  - 36. The system of claim 33, further comprising one or more data interfaces for receiving additional data, wherein the processor further determines one or more of:
    - a loan origination compensation amount, a loan origination fee, and a loan originator credit based on one or more of;
      
      the pre-stored customer data, the loan application data, and the additional data.
  - 37. The system of claim 33, wherein the loan originator is the loan customer.
  - 38. The system of claim 33, wherein the additional data comprises notification of a financial advantage to the loan customer for refinancing a current loan for the loan customer.
  - 39. The system of claim 33, wherein the law regulating loan compensation is RESPA.
  - 40. The system of claim 33, wherein the processor determines one or more credits based on a pre-determined formula.
  - 41. The system of claim 40, wherein at least one of the more credits are for closing costs.
  - 42. The system of claim 33, further comprising one or more data interfaces for receiving additional data, wherein the loan application further comprises the additional data, wherein the additional data comprises one or more of:
    - credit report data,an underwriting decision,underwriting data,an underwriting condition,flood certification data,pest control data,home inspection data,escrow data,title data,fee data,appraisal data, andMLS data.
  - 43. The system of claim 42, wherein fee data comprises one or more of:
    - an appraisal fee,a credit report fee,a loan discount fee,a loan origination fee,a broker fee,a flood certificate fee,a tax service fee,a wire transfer fee,a processing fee,an underwriting fee,a document preparation fee,an administration fee,a lender fee,a title fee,an escrow fee,an insurance fee,a courier fee,a processing fee,a notary fee,an endorsement fee,a local government fee,a pest control fee, anda MLS fee.
  - 44. The system of claim 33,wherein the processor further generates one or more disclosure documents, andwherein at least one or more of the disclosure documents comprise one or more of:
    - the loan originator compensation amount, a loan origination fee, and one or more loan originator credits.
  - 45. The system of claim 44, wherein at least one of the one or more disclosure documents are required by one or more of:
    - the law regulating loan compensation,the regulation regulating loan compensation,the guideline relating to loan compensation, andthe licensing requirement regulating loan compensation.
  - 46. The system of claim 33, wherein the pre-stored customer data is imported from one or more industry software systems.
  - 47. The system of claim 46, wherein the one or more industry software systems are one or more of:
    - a loan origination system,a tax system,a financial planning system,an insurance system,a broker system,a dealer system,an accounting system, anda legal system.

48. A data processing system adapted to manage origination of a mortgage loan by a loan originator in coordination with a loan broker distinct from the loan originator for a loan customer distinct from the loan originator using already possessed data for the loan customer, wherein the loan originator provides services necessary for origination of the mortgage loan and not duplicative of services provided by the loan broker, comprising:
- a computer and graphical interfaces adapted to;
  
  collect data regarding the loan customer not previously possessed by the loan originator, andgenerate a loan application for the loan customer regarding the not previously possessed data and the already possessed data regarding the loan customer, andgenerate disclosure documents regarding the mortgage loan and the already possessed data and the not previously possessed data regarding the loan customer; and
  
  a modem or Ethernet card adapted to transfer the loan application to a computer associated with the loan broker, wherein the services are verified to be compliant with one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (49, 50)
- - 49. The data processing system of claim 48, wherein a financial market is analyzed to determine when there is financial advantage to refinancing a current loan.
  - 50. The data processing system of claim 48, wherein the disclosure documents include a notice disclosure statement further including an estimate of a loan origination fee to be paid to the loan originator.

51. A data processing system adapted to manage the origination of a mortgage loan by a loan originator in coordination with a loan broker distinct from the loan originator for a loan customer distinct from the loan originator using already possessed data for the loan customer, who is an existing client of the loan originator, wherein the loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker, comprising:
- a computer and associated peripheral adapted to;
  
  import already possessed data by the loan originator regarding the loan customer,collect data regarding the loan customer not previously possessed by the loan originator,generate a loan application for the loan customer based upon the not previously possessed data and the already possessed data, both regarding the loan customer, andgenerate disclosure documents based upon the mortgage loan and the already possessed data and the not previously possessed data regarding the loan customer; and
  
  a modem or Ethernet card adapted to transfer the loan application to a computer associated with the loan broker wherein the services are verified to be compliant with one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (52, 53)
- - 52. The data processing system of claim 51, wherein a financial market is analyzed to determine when there is financial advantage to refinancing a current loan.
  - 53. The data processing system of claim 51, wherein the disclosure documents include a notice disclosure statement further including an estimate of a loan origination fee to be paid to the loan originator.

54. A method comprising:
- receiving, via a graphical user interface, a loan application data from a loan originator regarding a loan customer;
  
  storing, using one or more storage devices, the loan application data;
  
  receiving, using one or more data interfaces, additional data the receipt of the additional data coordinated by the loan originator; and
  
  generating, using a processor, based upon the loan application data and the additional data;
  
  a loan application; and
  
  an indication on one or more of the graphical user interface and a disclosure document that the loan originator qualifies for a loan originator compensation amount under one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68)
- - 55. The method of claim 54, wherein the loan originator is not the loan customer.
  - 56. The system of claim 55, wherein the loan originator is:
    - a real estate broker,a real estate agent,a home builder,a member of a relocation company,a financial planner,a CPA,a broker/dealer,a stock broker,an insurance broker/agent,an attorney,a member of a bank,a member of a savings and loan,a member of a thrift, ora member of a credit union.
  - 57. The method of claim 54, wherein the processor determines one or more of:
    - a loan origination compensation amount, a loan origination fee, and a loan originator credit based on one or more of;
      
      the loan application data and the additional data.
  - 58. The method of claim 54, wherein the loan originator is the loan customer.
  - 59. The method of claim 54, wherein the additional data comprises notification of a financial advantage to the loan customer for refinancing a current loan for the loan customer.
  - 60. The method of claim 54, wherein the law regulating loan compensation is RESPA.
  - 61. The method of claim 54, wherein the processor determines one or more credits based on a pre-determined formula.
  - 62. The method of claim 61, wherein at least one of the one or more credits are for closing costs.
  - 63. The method of claim 54, wherein the additional data comprises one or more of:
    - credit report data,an underwriting decision,underwriting data,an underwriting condition,flood certification data,pest control data,home inspection data,escrow data,title data,fee data,appraisal data, andMLS data.
  - 64. The method of claim 54, wherein fee data comprises one or more of:
    - an appraisal fee,a credit report fee,a loan discount fee,a loan origination fee,a broker fee,a flood certificate fee,a tax service fee,a wire transfer fee,a processing fee,an underwriting fee,a document preparation fee,an administration fee,a lender fee,a title fee,an escrow fee,an insurance fee,a courier fee,a processing fee,a notary fee,an endorsement fee,a local government fee,a pest control fee, anda MLS fee.
  - 65. The method of claim 54,wherein the processor further generates one or more disclosure documents, andwherein at least one or more of the disclosure documents comprise one or more of:
    - a loan originator compensation amount, a loan origination fee, and one or more originator credits.
  - 66. The method of claim 65, wherein at least one of the one or more disclosure documents are required by one or more of:
    - the law regulating loan compensation,the regulation regulating loan compensation,the guideline relating to loan compensation, andthe licensing requirement regulating loan compensation.
  - 67. The method of claim 54 further comprising importing, using an electronic import interface, pre-stored customer data about the loan customer from a loan originator computer, wherein the pre-stored customer data is imported from one or more industry software systems.
  - 68. The method of claim 67, wherein the one or more industry software systems are one or more of:
    - a loan origination system,a tax system,a financial planning system,an insurance system,a broker system,a dealer system,an accounting system, anda legal system.

69. A method comprising:
- importing, using an electronic import interface, pre-stored customer data about a loan customer from a loan originator computer;
  
  storing, using a memory, the pre-stored customer data;
  
  receiving, from an input device, loan application data; and
  
  generating, using a processor, based upon the pre-stored customer data and the loan application data;
  
  a loan application; and
  
  an indication on one or more of the graphical user interface and a disclosure document that the loan originator qualifies for a loan originator compensation amount under one or more of;
  
  a law regulating loan origination compensation,a regulation regulating loan origination compensation,a guideline relating to loan origination compensation, anda licensing requirement regulating loan origination compensation.
- View Dependent Claims (70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83)
- - 70. The method of claim 69, wherein the loan originator is not the loan customer.
  - 71. The system of claim 70, wherein the loan originator is:
    - a real estate broker,a real estate agent,a home builder,a member of a relocation company,a financial planner,a CPA,a broker/dealer,a stock broker,an insurance broker/agent,an attorney,a member of a bank,a member of a savings and loan,a member of a thrift, ora member of a credit union.
  - 72. The method of claim 69, further comprising receiving additional data, using one or more data interfaces, wherein the processor further determines one or more of:
    - a loan origination compensation amount, a loan origination fee, and a loan originator credit based on one or more of;
      
      the pre-stored customer data, the loan application data, and the additional data.
  - 73. The method of claim 69, wherein the loan originator is the loan customer.
  - 74. The method of claim 69, wherein the additional data comprises notification of a financial advantage to the loan customer for refinancing a cuiTent loan for the loan customer.
  - 75. The method of claim 69, wherein the law regulating loan compensation is RESPA.
  - 76. The method of claim 69, wherein the processor determines one or more credits based on a pre-determined formula.
  - 77. The method of claim 76, wherein at least one of the more credits are for closing costs.
  - 78. The method of claim 69, further comprising one or more data interfaces for receiving additional data, wherein the loan application further comprises the additional data, wherein the additional data comprises one or more of:
    - credit report data,an underwriting decision,underwriting data,an underwriting condition,flood certification data,pest control data,home inspection data,escrow data,title data,fee data,appraisal data, andMLS data.
  - 79. The method of claim 78, wherein fee data comprises one or more of:
    - an appraisal fee,a credit report fee,a loan discount fee,a loan origination fee,a broker fee,a flood certificate fee,a tax service fee,a wire transfer fee,a processing fee,an underwriting fee,a document preparation fee,an administration fee,a lender fee,a title fee,an escrow fee,an insurance fee,a courier fee,a processing fee,a notary fee,an endorsement fee,a local government fee,a pest control fee, anda MLS fee.
  - 80. The method of claim 69,wherein the processor further generates one or more disclosure documents, andwherein at least one or more of the disclosure documents comprise one or more of:
    - the loan originator compensation amount, a loan origination fee, and one or more loan originator credits.
  - 81. The method of claim 80, wherein at least one of the one or more disclosure documents are required by one or more of:
    - the law regulating loan compensation,the regulation regulating loan compensation,the guideline relating to loan compensation, andthe licensing requirement regulating loan compensation.
  - 82. The method of claim 69, wherein the pre-stored customer data is imported from one or more industry software systems.
  - 83. The method of claim 82, wherein the one or more industry software systems are one or more of:
    - a loan origination system,a tax system,a financial planning system,an insurance system,a broker system,a dealer system,an accounting system, anda legal system.

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Litigation Data

Current Assignee
Isourceloans LLC
Original Assignee
Isourceloans LLC
Inventors
McDonald, Russell W., McDonald, II, Russell W.
Primary Examiner(s)
Dunham, Jason
Assistant Examiner(s)
SWARTZ, JAMIE H

Application Number

US12/074,163
Publication Number

US 20080215482A1
Time in Patent Office

2,013 Days
Field of Search

705/35, 705/38
US Class Current

705/38
CPC Class Codes

G06Q 40/00   Finance; Insurance; Tax str...

G06Q 40/02   Banking, e.g. interest calc...

G06Q 40/03   Credit; Loans; Processing t...

G06Q 50/16   Real estate

G06Q 50/18   Legal services

Mortgage loan data processing system and method for a loan broker

First Claim

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Mortgage loan data processing system and method for a loan broker

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2 Assignments

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