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Process for an inclusive automated consumer controlled mortgage system (ACCMS) containing an automated mortgage monitoring and government compliance auditing system

  • US 7,640,209 B1
  • Filed: 02/17/2008
  • Issued: 12/29/2009
  • Est. Priority Date: 02/20/2007
  • Status: Expired due to Fees
First Claim
Patent Images

1. A computer-implemented method:

  • wherein an individual(s) (consumer/borrower) has the ability to complete a mortgage loan from the application to the closing unassisted from any computer or device connected to the internet, resulting in the complete elimination of mortgage brokers, loan officers, loan originators, and mortgage bankers in the mortgage process, consisting of;

    a means to set-up the Personal Mortgage Company (PMC), by individual(s) (consumer/borrower) personal computer, establishing a do-it-yourself mortgage process;

    a consumer loan processing environment in which the individual(s) (consumer/borrower) has the ability to complete a plurality of functions including;

    completing any and all type(s) of mortgage loan application(s), lock loan, submit loan to automated underwriting, complete all financial calculations with an array of financial calculators within the Personal Mortgage Company (PMC) pertaining to mortgage loan;

    (a) Rent vs. Buy Calculator which will assist the individual(s) (consumer/borrower) in the determination of financial benefits of buying a home versus renting, (b) Estimated Monthly Payment Calculator will assist the individual(s) (consumer/borrower) in determining the monthly mortgage payment of the loan in which they are applying for, (c) Home Affordability Calculator will assist the individual(s) (consumer/borrower) in determining if there is sufficient income to purchase the loan which they are attempting to purchase, (d) Loan Amortization Calculator will compute the individual(s) (consumer/borrower) monthly payment, the total interest which is paid over the term of the loan plus the total amount which is paid for borrowing the money, (e) Mortgage Terms Comparison Calculator to determine the individual(s) (consumer/borrower) total cost in today'"'"'s dollars of various mortgage alternatives taking into account the opportunity cost of money, (f) Bi-weekly Mortgage Calculator determines the individual(s) (consumer/borrower) potential savings and payoff acceleration of converting to a bi-weekly mortgage payment schedule, (g) Tax Savings From Mortgage Interest Deductions Calculator determines the individual(s) (consumer/borrower) potential tax savings from mortgage interest deductions, (h) Fixed Rate Mortgage vs. Adjustable Rate Mortgage Calculator assists the individual(s) (consumer/borrower) in choosing between a fixed and an adjustable-rate mortgage including factors such as loan duration, the index used by the lender, the number and timing of rate adjustments, and the assumption about the increase/decrease of future interest rates, (i) Home Mortgage Refinance Calculator helps the individual(s) (consumer/borrower) assess the impact of mortgage refinancing by taking the current loan information as well as the proposed refinance loan information to calculate the break-even point and potential cost savings from refinancing their mortgage, (j) Real Estate Investment Calculator assists individual(s) (consumer/borrower) in assessing potential return from investing in real estate, (k) Personal Debt Consolidation Calculator assesses how quickly individual(s) (consumer/borrower) can get out of debt and how much interest might be saved, (l) Cash Flow Calculator generates a cash flow statement to help the individual(s) (consumer/borrower) evaluate their personal income and expenses each month, (m) Closing Cost Calculator allows the individual(s) (consumer/borrower) to itemize the closing costs and to compare loans with different rates, fees or terms, (n) Home Equity Calculator will calculate monthly payment and rates for both a home equity loan and line of credit for the individual(s) (consumer/borrower), (o) Balloon Mortgage Calculator allows the individual(s) (consumer/borrower) to view the change in principal over the life of the mortgage, (p) Mortgage Payoff Calculator will assess for the individual(s) (consumer/borrower) how much interest can be saved by increasing their mortgage payment, (q) Cash Needed To Close Calculator will assist the individual(s) (consumer/borrower) in determining the funds needed to close the mortgage loan, and (r) Net Proceeds From Sale Of Home Calculator will assess how much money the individual(s) (consumer/borrower) have after selling their existing home, the ability to view and satisfy all mortgage loan conditions from the lender required for the individual(s) (consumer/borrower) to receive the mortgage loan and the ability to submit electronically through the Personal Mortgage Company (PMC) all documentation required to satisfy loan conditions, choose mortgage rate, choose mortgage term, choose mortgage program, choose loan closing date and time, pull credit, choose screen viewing size, adjust volume control, print, copy, cut, paste, edit, import/export, send emails, communicate through consumer messenger, makes calls through computer, receive and send alerts;

    a method wherein to set-up a secured personal mortgage environment with the establishment of user unique id, password, and site key;

    a method wherein creating and displaying an interactive multi-language tutorial that will instruct the individual(s) (consumer/borrower) of the procedures of completing a mortgage loan with the Automated Consumer Controlled Mortgage System (ACCMS);

    a method wherein to choose language preference;

    a preliminary loan questionnaire once completed and submitted will flag the system as to the type of loan the individual(s) (consumer/borrower) is applying for based on the answers given by the individual(s) (consumer/borrower) and the state that the loan is originating from in order to select the correct loan disclosures;

    a method wherein displaying a mortgage loan application (URLA 1003) propagated with information submitted from the preliminary questionnaire, displaying only application fields that are required to be completed by the individual(s) (consumer/borrower) for the type of loan that individual(s) (consumer/borrower) is applying for;

    a method wherein preventing the Consumer individual(s) (consumer/borrower) from neglecting or skipping fields on the loan application, therefore all incomplete fields must be completed before proceeding to next application page;

    an intelligent loan application that enables the individual(s) (consumer/borrower) to complete the loan application unassisted, while, based on the loan scenario, automatically asks the individual(s) consumer/borrower) questions that will assist, guide, and instruct in completing a mortgage loan application in its entirety and give suggestions regarding loan decisions as they pertain to the individual(s) (consumer/borrower), gives explanations and definitions of terms commonly used in the mortgage process, gives real world scenarios for loan comparison and decision making, automatically calculates and populates into the application if required;

    debt to income ratios, which expresses the percentage of a individual(s) consumer/borrower) monthly gross income that goes toward paying debts;

    loan to value ratios, which expresses the amount of a first mortgage lien as a percentage of the total appraised value of real property;

    combined loan to value ratios, which are used by lenders to determine the risk of default by prospective homebuyers when more than one loan is used;

    payment to income ratios, which compares the total mortgage payment to the individual(s) consumer/borrower) monthly income;

    gross monthly income, which calculates the individual(s) consumer/borrower) total monthly income before taxes;

    other income (part-time jobs, commissions, child support, overtime, dividend and interest, net rent);

    monthly housing expenses, which expresses present monthly housing expenses and predicted total monthly housing expenses with the loan individual(s) consumer/borrower) are applying for;

    cash out amount, which automatically be calculated and presented the amount in dollars the funds the individual(s) consumer/borrower) will receive upon refinancing a mortgage loan;

    monthly mortgage payments, which automatically be calculated and presented predicted monthly mortgage payments on loan applied for;

    hazard insurance payments, also called homeowner'"'"'s or property insurance, which automatically be calculated and presented predicted monthly insurance payments;

    mortgage insurance, which compensates lenders or investors for losses due to the default of a mortgage loan, is automatically calculated and presented to show predicted monthly insurance payments;

    flood insurance, which denotes the specific insurance coverage against property loss from flooding, is automatically calculated and presented to show predicted monthly insurance payments;

    taxes, which automatically be calculated and presented all county and state (if applicable) taxes due on a mortgage loan;

    closing costs, which automatically be calculated and presented the costs associated with the mortgage transaction (above and beyond the price of the property itself) to be incurred by either the buyer or the seller;

    prepaid items, which automatically be calculated and presented anticipated costs such as property taxes, interest and mortgage and hazard insurance;

    loan amount, which automatically be calculated and presented final loan amount taking in account all fees associated with the mortgage loan;

    cash required to close, which automatically be calculated and presented total out of pocket expenses needed by the individual(s) consumer/borrower) to close on the mortgage transaction;

    subordinate financing, when the property that the individual(s) consumer/borrower) is refinancing has a second mortgage and the borrower pays off the first mortgage which automatically be subordinated the second mortgage so that it will stay a second mortgage;

    amortization schedule, which automatically be calculated and presented a table detailing each periodic payment of the amortizing mortgage loan;

    Good Faith Estimate, which automatically be calculated and presented an itemized estimated list of fees and costs associated with the mortgage loan the individual(s) consumer/borrower) is applying for;

    Truth In Lending Disclosure Statement, which automatically be calculated and presented all the estimated total costs of borrowing and the expected payment amounts over the life of the loan;

    Self Employment Analysis, which automatically be calculated and presented the net income of a self-employed individual(s) consumer/borrower) attempting the receive a mortgage loan; and

    which ensure that the individual(s) (consumer/borrower) completes the application in its entirety before proceeding to next step;

    a method wherein the individual(s) (consumer/borrower) to return at will to initiate a mortgage application or complete an application already in progress, while returning to the exact place of interruption, check the status on a loan in progress, view messages, verify loan conditions that have been satisfied or are still outstanding, and schedule a closing date and time;

    a method wherein the individual(s) (consumer/borrower) has the ability to communicate electronically, via phone, consumer messenger, email, and text message with any loan representative unlimited times throughout the process;

    a method wherein the individual(s) (consumer/borrower) to dial for assistance from system or portal;

    a method wherein, with individual(s) (consumer/borrower) permission, the individual(s) (consumer/borrower) personal computer is being used by the individual(s) (consumer/borrower) to complete a mortgage process to be intervened by a loan representative whereas the loan representative will take temporary control of the individual(s) (consumer/borrower) PMC to assist with the application in progress;

    a method wherein the individual(s) (consumer/borrower) to pull a personal mortgage credit report;

    a method wherein sending the individual(s) (consumer/borrower) said credit scores;

    a method wherein the individual(s) (consumer/borrower) to view liabilities;

    a method wherein presenting to the individual(s) (consumer/borrower) which or if any personal liabilities need to be paid off to obtain a loan approval with a automatic debt consolidation worksheet that will list the liabilities and balances owed giving the individual(s) (consumer/borrower) the ability to select which debts to pay off, if not all and the system will, based on the number and amount of the debts being paid off, automatically lower the debt ratios since decreasing monthly debts increases gross monthly income;

    a method wherein exporting liabilities into loan application;

    a method wherein the individual(s) (consumer/borrower) to submit loan application to automated underwriter for approval and approval conditions;

    a method wherein the individual(s) (consumer/borrower) to view approval or rejection;

    a method wherein the individual(s) (consumer/borrower) to view and choose loan program, loan product and rates based on qualification;

    a loan comparison worksheet which the individual(s) (consumer/borrower) has the ability to compare the financial scenario of all loan products for which they qualify, and with their present situation, chosen by the individual(s) (consumer/borrower) in order to help the individual(s) (consumer/borrower) make the most educated financial decision possible;

    a method wherein the individual(s) (consumer/borrower) to create an amortization schedule on loan of choice;

    a method wherein to view Good Faith Estimate at any time;

    a method that presents loan conditions based on qualifications and wherein the individual(s) (consumer/borrower) has the ability to view, choose, print, and satisfy all loan conditions associated with the mortgage loan once a program and product has been chosen by individual(s) (consumer/borrower);

    a method wherein the individual(s) (consumer/borrower) to print an mortgage loan approval certificate;

    a method which enables the individual(s) (consumer/borrower) to sign all mortgage loan disclosures electronically;

    a method that highlights areas on disclosures that pertain to the individual(s) (consumer/borrower) rights and any possible adverse terms related to the individual(s) (consumer/borrower) final decision, while also giving simplified explanations on some confound terminology;

    a method wherein the individual(s) (consumer/borrower) has the ability to print bar coded, document specific fax cover sheets for the submission of loan condition documents into electronic loan file;

    a method wherein viewing and printing shipping labels for any documents that will be mailed in;

    a method wherein the individual(s) (consumer/borrower) to choose a Title Company;

    a method wherein the individual(s) (consumer/borrower) to choose an Appraiser or Appraisal Organization;

    a method wherein the individual(s) (consumer/borrower) to choose a Home Owner Insurance Organization;

    a method wherein the individual(s) (consumer/borrower) to choose a Real Estate Agent/Realtor;

    a password protected loan status queue, which is automatically updated each time any action is accomplished on a specific loan and relayed to the individual(s) (consumer/borrower) via internal email account, text message, loan alert, Consumer IM, and phone, that displays a plurality of information concerning the loan being processed conveying to the individual(s) (consumer/borrower) any additional documentation needed to close, discrepancies, if any, with documents already submitted, conditions that have been cleared, verify what out of pocket funds are needed to close and re-calculate these funds if needed with the cash to close calculator, and a clear to close status which will convey to the individual(s) (consumer/borrower) that the loan can now be scheduled for closing and directs the individual(s) (consumer/borrower) to the Closing Scheduler in order to choose a time and date of closing;

    a method wherein to lock in loan;

    an automatic pre closing interview that highlight all significant elements of the loan in preparation for the loan closing;

    a post closing survey by which individual(s) (consumer/borrower) will grade third party vendors that participated in the loan process to assist in future choices of third party vendors by future individual(s) (consumer/borrower); and

    a method establishing a “

    post closing filing system”

    on the individual(s) (consumer/borrower) Personal Mortgage Company (PMC) that keep a transaction history and a record of all loans performed by the individual(s) (consumer/borrower), information which can be possibly useful for home mortgage tax purposes and future loans, a correspondence archive of all conversations, text or voice records for each loan performed through the individual(s) (consumer/borrower) Personal Mortgage Company (PMC), all closing documents, important phone and fax numbers pertaining to said loan(s), and a calendar reminder for important reminders such as tax due dates, insurance due dates, and rate adjustment due dates.

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