Method for mortgage customer retention

• US 8,660,939 B2
• Filed: 05/16/2001
• Issued: 02/25/2014
• Est. Priority Date: 05/17/2000
• Status: Active Grant

• Current Assignee: Aboutyourmortgage LLC
• Original Assignee: Edward Wollman, Timothy D. Allen
• Inventors: Allen, Timothy D., Wollman, Edward
• Primary Examiner(s): Weisberger, Richard C
• Application Number:
  US09/858,384
• Publication Number:
  US 20010044772A1
• Time in Patent Office: 4,668 Days
• Field of Search: 705/35
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

This invention relates generally to a method and system by which mortgage customers are linked to their existing mortgage servicer via an improved Internet process for achieving a mortgage modification, by their existing mortgage servicing institution rather than by a mortgage refinancing with loss of the customer to another servicing institution.

Claims

1. An Internet-facilitated process for retention of a borrower by a mortgage servicing institution, the process being stored on a server and inter-connected with one or more databases, the process comprising:

(a) receiving user indicia information input through a web page and stored into a database by the borrower, the user indicia information being related to an existing mortgage associated with an existing relationship with the mortgage servicing institution and including a name, an address, a social security number, a loan amount, a date of the loan, and a term of the loan;

(b) automatic and electronic comparison of the user indicia information with the one or more databases to identify the mortgage servicing institution, the one or more databases including a mortgage servicer database;

(c) providing the borrower with specific information about an availability of a mortgage modification from the mortgage servicing institution;

(d) providing the borrower with specific information about an availability of a home equity loan and other products and services related to the user indicia information from the mortgage servicing institution;

(e) determining a suitability of the borrower with at least one of the mortgage modification, the home equity loan, and the other products and services; and

(f) upon receiving a selection from the borrower, notifying the mortgage servicing institution of the suitability of the borrower with the at least one of the mortgage modification, the home equity loan, and the other products and services.

2. The process of claim 1 which further comprises

(a) securing permission of said borrower prior to notification of said mortgage servicing institution.

3. The process of claim 2 which further comprises

(a) identification of said borrower'"'"'s mortgage servicing institution by a borrower'"'"'s credit report.

4. The process of claim 3 which further comprises

(a) electronically parsing said borrower'"'"'s credit report to identify at least one of said borrower'"'"'s mortgage servicing institutions.

5. The process of claim 1 which further comprises

(a) displaying at least one of said borrower'"'"'s mortgage servicing institution customer retention programs.

6. The process of claim 1 wherein

(a) said customer retention programs further comprises at least one of:

(i) home equity loan options,

(ii) refinance options,

(iii) bi-weekly mortgage program options; and

(iv) mortgage modification options.