US 2003/0172025 A1Published application

Computerized system and method for qualifying mortgage loan clients

OwnerMike A. Gallinainventor

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Abstract

A computerized system and method for qualifying mortgage loan clients over the Internet. The invention uses client-server technology to allow a designated broker and client to qualify for conventional and non-conventional sources of mortgage loans. The computerized system is tied into credit bureaus, title companies and borrower and seller public records and combines this information with client-entered data on a matrix or smart loan application. The matrix and smart loan application are color coded for easy understanding and cross-references all of the client's data with the investors' underwriting guidelines. Provisions for unsuccessful approval attempts are followed up with corrective action and successful approval attempts are supplemented with specific options and terms.

Claims50

Dependent claims

A computerized system for qualifying mortgage loan clients (borrowers), comprising:

at least one server computer having a processor, an area of main memory for executing program code under the direction of the processor, a storage device for storing data and program code and a bus connecting the processor and the storage device;
at least one relational database stored on said storage device;
a data communications device connected to said bus for connecting said server computer to the Internet;
and
a Web-based qualifying mortgage loan computer program code stored in said storage device and executing in said main memory under the direction of said processor, the computer program including:
Web server software means for qualifying mortgage loan clients at at least one Web site on the Internet;
means for receiving a client's data from a client through said Web site;
means for requesting client data from a plurality of title companies and a plurality of credit bureaus;
means for indicating which client data has good creditworthiness, average creditworthiness and poor creditworthiness;
means for making a mortgage loan approval attempt using conventional investors and unconventional investors;
means for indicating the type of mortgage loan program desired and indicating if investors' standards are met;
means for indicating best mortgage loan programs and options available;
and
means for rejecting of the application of a mortgage loan program and further corrective actions to take.

11 more elements

A computer program product that includes a medium readable by a processor, the medium having stored thereon a set of instructions for a mortgage loan qualifying system, comprising:

a first sequence of instructions which, when executed by the processor, causes said processor to receive a client's data from the client through said Web site;
a second sequence of instructions which, when executed by the processor, causes said processor to request client data from a plurality of title companies and a plurality of credit bureaus;
a third sequence of instructions which, when executed by the processor, causes processor to indicate which client data has good creditworthiness, average creditworthiness and poor creditworthiness;
a fourth sequence of instructions which, when executed by the processor, causes the processor to make a mortgage loan approval attempt using conventional investors and unconventional investors;
a fifth sequence of instructions which, when executed by the processor, causes the processor to indicate the type of mortgage loan program desired and indicating if investors' standards are met;
a sixth sequence of instructions which, when executed by the processor, causes processor to indicate the best mortgage loan programs and options available;
and
a seventh sequence of instructions which, when executed by the processor, causes processor to reject an application of the mortgage loan program and pursue further corrective actions to take.

5 more elements

Dependencies are inferred from the claim text.

Facts

Application: 10/361,149Filed 10 Feb 2003
Priority: 8 Feb 2002
Published: 11 Sep 2003
Term ends: Not estimatedThe source records don’t support an estimate.

Classification3 codes

G06Q 40/02
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: banking, e.g. interest calculation or account maintenance
G06Q 40/03
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: credit; Loans; Processing thereof
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial