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Mortgage loan data collection method and apparatus for a financial planning originator and/or financial institution originator of a mortgage loan

  • US 7,386,504 B2
  • Filed: 05/05/2003
  • Issued: 06/10/2008
  • Est. Priority Date: 07/22/1998
  • Status: Expired due to Fees
First Claim
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1. A method, comprising the steps of:

  • a loan originator independently providing services necessary for the origination of a mortgage loan and not duplicative of services provided by a loan broker by operating a loan originator computer associated with the loan originator as a member of a financial institution, further comprising the steps of;

    collecting by the loan originator operating the loan originator computer loan data for a loan application in coordination with a loan broker distinct from the loan originator, for a loan customer distinct from the loan originator applying for a loan, further comprising the steps of;

    collecting pre-stored customer data regarding the loan customer into a loan originator computer;

    collecting by the loan originator new customer data different from the pre-stored customer data into the loan originator computer;

    creating a loan application by combining in the loan originator computer the pre-stored customer data, the new customer data, and information about the loan; and

    transferring the loan application to the loan broker from the loan originator computer; and

    automatically verifying the services provided by the loan originator comply with the guidelines of federal and state law;

    wherein the financial institution collection comprises the members;

    a bank, a savings and loan, a thrift, and a credit union.

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