Loan origination software system for processing mortgage loans over a distributed network

• US 9,313,209 B2
• Filed: 03/23/2015
• Issued: 04/12/2016
• Est. Priority Date: 07/02/2004
• Status: Active Grant

• Current Assignee: ICE Mortgage Technology, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: Ellie Mae Incorporated (Intercontinental Exchange, Inc.)
• Inventors: Corr, Jonathan H., Hu, Limin, Chen, Tsu-Wang
• Primary Examiner(s): NGUYEN, KIM T
• Application Number:
  US14/666,197
• Publication Number:
  US 20150262292A1
• Time in Patent Office: 386 Days
• Field of Search: 707/790, 707/805
• US Class Current: 1/1
• CPC Class Codes: G06F 3/04842 Selection of displayed objects or displayed text elements G06F3/0482 takes precedence
• 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: H04L 63/083 using passwords cryptographic mechanisms or cryptographic arrangements for entity authentication using a predetermined code H04L9/3226
• CPC Class Codes: H04L 63/104 Grouping of entities
• CPC Class Codes: H04L 67/01 Protocols

Abstract

A loan origination and processing system is described. The system can reside on a server computer that is coupled to a data store storing data related to a borrower. The server computer is further coupled to a brokerage network that comprises a loan officer client, a loan processor client, and a broker manager client. Each brokerage client computer executes a unique interface to the loan origination and processing system.

Claims

1. A loan origination system comprising:

a loan origination program;

a database stored in a memory device coupled to a server computer, the database storing borrower data and loan data; and

one or more computers configured to provide;

a processing and management system configured to present a plurality of user interfaces corresponding to a plurality of user roles, each user interface being customized for presentation to a user based on a role of the user wherein users with different user roles are presented with different user interfaces, the user roles being selected from a group including an officer, a processor, or a manager;

a milestone process defining one or more milestones associated with processing each loan application and configured to evaluate progress of users associated with user roles as against the one or more milestones wherein the milestones are ordered and include one or more of file started, sent to processing, submitted, approved, docs signed, loan funded and closed;

a logging process monitoring and recording events in a log that have or need to occur between respective milestones; and

an alert process defining one or more alert conditions associated with processing each loan application wherein the alerts include a rate lock alert, milestone alerts and log entry alerts, wherein a respective user interface displays an alert graphical icon indicating an impending deadline upon triggering of an alert condition as a result of an imminent rate lock, milestone or log entry that has yet to be completed.

2. The system of claim 1 wherein the logging process logging milestone events associated with the loan application and logging communications between an officer client computer, a processor client computer and a manager client computer.

3. The system of claim 2 wherein the logging process further logs communications among users of the system and document ordering and receiving status.

4. The system of claim 2 further comprising a contact management process that organizes borrower data used by the officer client computer and automatically generates marketing correspondence.

5. The system of claim 1 wherein the plurality of user roles include a loan officer role and a loan processor role, wherein one of the plurality of user interfaces includes a manager interface, and wherein the manager interface includes a module that compiles and displays statistical data relating to performance metrics associated with the loan officer role and the loan processor role.

6. The system of claim 1 wherein one of the plurality of user interfaces includes a manager interface, and wherein the manager interface includes a module that compiles and displays statistical data relating to performance metrics associated with one or more lenders.

7. The system of claim 1 wherein one of the plurality of user interfaces includes a manager interface, and wherein the manager interface includes a module that compiles and displays statistical data relating to performance metrics associated with one or more third-party service providers.

8. The system of claim 1 wherein one of the plurality of user interfaces includes a manager interface, and wherein the manager interface includes a module that compiles news items relating to services provided by the system.

9. The system of claim 1 where one of the plurality of user interfaces includes an officer user interface executed by an officer client computer, the officer user interface being configured to connect the officer client computer to one or more partner computers including at least one of a lender computer or a settlement service vendor computer.

10. The system of claim 1 where one of the plurality of user interfaces includes a processor user interface executed by a processor client computer, the processor user interface being configured to connect the processor client computer to an underwriter company computer.

11. The system of claim 1 wherein the processing and management system is connected to a web-based interface system, the web-based interface system being configured to provide the plurality of user interfaces.

12. The system of claim 1 wherein the loan origination program is operable to display online forms comprising the loan application and populate the borrower data in appropriate locations of the online forms.

13. The system of claim 12 wherein the database further stores administrative rules dictating formatting and population of data within the online forms.

14. The system of claim 1 wherein one of the plurality of user interfaces includes an officer user interface executed by an officer client computer, wherein one or more online forms are packaged into a loan application, and wherein a plurality of different loan applications for different borrowers are displayed in a list format on the officer client computer through the officer user interface.

15. A loan origination system comprising:

one or more computers configured to provide a processing and management system, the processing and management system configured to present a plurality of user interfaces in association with processing loans, each user interface being customized for presentation to a user based on a role of the user, wherein users with different user roles are presented with different user interfaces and wherein the different roles are selected from the group of loan officer, loan processor or manager, wherein the processing and management system is configured to execute a milestone process defining one or more milestones associated with processing each loan application and configured to evaluate progress of users associated with user roles as against the one or more milestones, wherein the milestones are ordered and include one or more of file started, sent to processing, submitted, approved, docs signed, loan funded and closed, wherein the processing and management system is configured to execute a logging process monitoring and recording events in a log that have or need to occur between respective milestones, wherein the processing management system is configured to execute an alert process defining one or more alert conditions associated with processing each loan application wherein the alerts include a rate lock alert, milestone alerts and log entry alerts, wherein a respective user interface displays an alert graphical icon indicating an impending deadline upon triggering of an alert condition as a result of an imminent rate lock, milestone or log entry that has yet to be completed for a given loan application; and

a server computer coupled to the processing and management system, the server computer storing a database including borrower data and loan data, wherein the server computer includes an interface to one or more partner computers including at least one of a lender computer, a settlement service vendor computer, or an underwriter company computer.

16. The system of claim 15 wherein each user interface is configured to be executed on an associated computer, each computer including a database management module providing management control of data stored in the database.

17. The system of claim 16 wherein the data is stored in one or more data storage units remotely coupled to the processing and management system.

18. The system of claim 15 wherein the processing and management system is configured to execute a loan application process that monitors progress of a loan application by the user roles.

19. The system of claim 15 wherein the processing and management system is configured to execute a loan application process that logs one or more processing events of a loan application processed by the user roles.

20. The system of claim 15 wherein the processing and management system sets one or more events for one or more loan applications associated with the loan data, at least one event indicating a request to transfer processing of a loan application between users with different user roles.

21. The system of claim 15 wherein one of the plurality of user interfaces provides one or more graphic views of real-time business information to a user.

22. A non-transitory computer-readable medium having instructions stored thereon, which, when executed by a processor, causes the processor to perform the operations of:

providing a plurality of user interfaces;

determining a role of a user including selecting the role from a group including at least one of a loan officer, a loan processor, or a loan manager;

customizing one of the plurality user interfaces for presentation to the user based on the determined role of the user;

executing a milestone process defining one or more milestones associated with processing each loan application and configured to evaluate progress of users associated with user roles as against the one or more milestones, wherein the milestones are ordered and include one or more of file started, sent to processing, submitted, approved, docs signed, loan funded and closed;

executing a logging process monitoring and recording events in a log that have or need to occur between respective milestones;

executing an alert process defining one or more alert conditions associated with processing each loan application wherein the alerts include a rate lock alert, milestone alerts and log entry alerts, wherein a respective user interface displays an alert graphical icon indicating an impending deadline upon triggering of an alert condition as a result of an imminent rate lock, milestone or log entry that has yet to be completed; and

presenting the customized user interface to the user.

23. The non-transitory computer-readable medium of claim 22, where customizing one of the plurality user interfaces for presentation to the user includes:

determining one or more presentation criteria associated with the user role; and

customizing the one of the plurality user interfaces based on the one or more presentation criteria.

24. The non-transitory computer-readable medium of claim 23, where determining one or more presentation criteria associated with the user role includes determining a manner in which borrower data or loan data is to be presented based on the role of the user.