System for providing a warranty for the automated valuation of property
AssigneeRadian Group, Inc.
InventorsDoug Rossbach, Dennis Conway
Life of this patent
Estimating the term…
Abstract
The invention is directed to a method and apparatus for protecting a party having an interest in a real property against an inaccurate appraisal of the value of the real property, wherein a loan is provided from a lender to a borrowed, the loan being secured by the real property wherein the system involves generating a determined value of the real property using an automated valuation model; and covering the lender under a warranty for a warranted amount comprising at least a portion of the determined value to provide financial compensation for at least a portion of the appraised in value of the real property. The system of the invention may be accomplished over a computer network, such as by using email and the Internet.
Claims31
A method of protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said method comprising the steps of:
- generating a determined value of said real property using an automated valuation model;
- and
- covering said party under a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said appraisal value of said real property.
A method of protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said method comprising the steps of:
- receiving loan information on said loan;
- generating a determined value of said real property using an automated valuation model;
- wherein said automated valuation model includes property related information;
- covering said party under a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said appraisal value of said real property.
A system for protecting a party having an interest in a real property against an inaccurate appraisal of the value of said real property, wherein a loan is provided from a lender to a borrower, said loan being secured by said real property, said system comprising a data interface programmed to cover said party under a warranty for a warranted amount comprising at least a portion of a determined value generated using an automated valuation model to provide financial compensation for at least a portion of said appraisal value of said real property.
A computer program embodied in a machine readable device for communicating information to and from a user in connection with a loan for a real property to be made by a lender to a borrower, said computer program comprising:
- a user interface programmed to 1) transmit loan information on said loan;
- 2) request a determined value of said real property using an automated valuation model;
- and 3) request a warranty for a warranted amount comprising at least a portion of said determined value to provide financial compensation for at least a portion of said determined value of said real property.
Dependencies are inferred from the claim text.