Method and apparatus for detecting fraudulent loans
First Claim
Patent Images
1. A computer-based method of detecting potentially fraudulent loan applications on a property, comprising:
- obtaining data from a plurality of loan applications and storing the data in a database;
searching the data in the database and detecting, using a server, whether at least two of the plurality of loan applications are using the same property as collateral;
determining, using the server, a status for each of the plurality of loan applications which are using the same property as collateral;
identifying, using the server, two or more of the plurality of loan applications which are using the same property as collateral, where each of the two or more of the plurality of loan applications identified is currently pending, has an approved status, and is from a different lender; and
alerting, using the server, a user of the two or more of the plurality of loan applications identified as potentially fraudulent loan applications on a property.
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Abstract
The present invention relates to a method and apparatus for detecting fraudulent activity by preventing the rapid funding of multiple loans on the same property, by providing a collective database where real estate property information is examined and the apparatus detects whether at least two mortgage applications are the same property as collateral.
10 Citations
11 Claims
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1. A computer-based method of detecting potentially fraudulent loan applications on a property, comprising:
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obtaining data from a plurality of loan applications and storing the data in a database; searching the data in the database and detecting, using a server, whether at least two of the plurality of loan applications are using the same property as collateral; determining, using the server, a status for each of the plurality of loan applications which are using the same property as collateral; identifying, using the server, two or more of the plurality of loan applications which are using the same property as collateral, where each of the two or more of the plurality of loan applications identified is currently pending, has an approved status, and is from a different lender; and alerting, using the server, a user of the two or more of the plurality of loan applications identified as potentially fraudulent loan applications on a property. - View Dependent Claims (2, 3, 4)
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5. An apparatus for detecting potentially fraudulent loan applications on a property, comprising:
a server configured to collect loan application data from a plurality of loan applications and store the data in a database, wherein the server detects and alerts a user that at least two of the plurality of loan applications are for the same property and have been approved for funding as potentially fraudulent loan applications on a property, wherein each of the at least two of the plurality of loan applications is currently pending, and is from a different lender. - View Dependent Claims (6, 7)
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8. A non-transitory computer readable storage medium comprising instructions which, when executed by a computer system and is connected to at least one data repository, perform a method comprising:
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(a) obtaining, by the computer system, data from a plurality of loan applications and storing the data in the data repository; (b) searching, by the computer system through a communication channel, the data in the data repository and detecting whether at least two of the plurality of loan applications are using the same property as collateral; (c) identifying, by the computer system, two or more of the plurality of loan applications which are using the same property as collateral, where each of the two or more of the plurality of loan applications identified is currently pending, has an approved status, and is from a different lender; and (d) alerting, by the computer system, a user of the two or more of the plurality of loan applications identified. - View Dependent Claims (9, 10, 11)
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Specification