US 2003/0212628 A1 · Integrated mortgage advice system and method

Abstract

An integrated mortgage advice system is a business system that provides mortgage-related financial advice to Borrower to help Mortgage Professionals maintain positive relationships with their customers. A method of operating an integrated mortgage advice system comprises the steps of collecting a borrower's vital data and entering the borrower's vital data into a borrower database. Selecting a plurality of mortgage products from a lender database, and using the borrower's vital data to search for the greatest available savings opportunity for the borrower within a plurality of mortgage products. The integrated mortgage advice system is activated for the borrower on a periodic basis. The system performs many tasks, including recommending the optimum time for refinance; identifying, reducing or eliminating mortgage-related expenses; and eliminating Private Mortgage Insurance in a timely fashion.

Claims24

Dependent claims

A computer-based integrated mortgage advice system comprising:

an input system, receiving data from a plurality of input sources, wherein the plurality of input sources comprises a borrower, a mortgage professional, and a lender;
a data storage system linked to the input system;
wherein the data storage system further comprises a plurality of databases, wherein the plurality of databases comprises a borrower database, an affiliate database and a lender database;
an integration and maintenance system linked to the data storage system, wherein the integration and maintenance system further comprises an alerts database;
an analyzer linked to the integration and maintenance system, wherein the analyzer performs a periodic analysis for the borrower, wherein the periodic analysis comprises determination of a mortgage insurance cancellation timeline, interest rate monitoring, changes in a borrower's credit rating, a property market value for a borrower's property, and a best combination of mortgage products for a borrower;
an output system linked to the analyzer;
and
an objectives system linked to the output system, wherein the objectives system uses a plurality of alerts from the alerts database to provide refinancing or other mortgage information to the borrower.

5 more elements

A method of operating a computer-based integrated mortgage advice system comprising the steps of:

(a) selecting a vital data of a borrower by a mortgage professional;
(b) selecting a search for refinance savings for a borrower's mortgage;
(c) calculating a refinance savings based on the vital data;
(d) saving the refinance savings to an alerts database;
(e) determining if the borrower has an adjustable rate mortgage anniversary approaching;
(f) when the adjustable rate mortgage anniversary is approaching, saving a reminder to the alerts database;
(g) determining a current equity for a borrower's property;
(h) saving the current equity results to the alerts database;
(i) determining a credit rating change for the borrower;
(j) saving the credit rating change results to the alerts database;
(k) determining a market value of the borrower's property;
(l) determining a mortgage insurance cancellation eligibility for the borrower's property;
(m) when the borrower's property is eligible for the mortgage insurance cancellation, determining a mortgage insurance savings;
(n) calculating a mortgage interest savings resulting from the mortgage insurance cancellation;
(o) saving the mortgage interest savings resulting from the mortgage insurance cancellation to the alerts database;
and
(p) producing a report based upon the mortgage interest savings results in the alerts database.

14 more elements

An article of manufacture comprising:

a computer usable medium having computer readable program code means embodied therein for causing an integrated mortgage advice system to be executed on a periodic basis, the computer readable program code means in said article of manufacture comprising:
computer readable program code means for causing a computer to select a vital data of a borrower by a mortgage professional;
computer readable program code means for causing a computer to select a search for refinance savings for a borrower's mortgage;
computer readable program code means for causing a computer to calculate a refinance savings based on the vital data;
computer readable program code means for causing a computer to save the refinance savings to an alerts database;
computer readable program code means for causing a computer to determine if the borrower has an adjustable rate mortgage anniversary approaching;
computer readable program code means for causing a computer to, when the adjustable rate mortgage anniversary is approaching, save a reminder to the alerts database;
computer readable program code means for causing a computer to determine a current equity for a borrower's property;
computer readable program code means for causing a computer to save the current equity results to the alerts database;
computer readable program code means for causing a computer to determine a credit rating change for the borrower;
computer readable program code means for causing a computer to save the credit rating change results to the alerts database;
computer readable program code means for causing a computer to determine a market value of the borrower's property;
computer readable program code means for causing a computer to determine a mortgage insurance cancellation eligibility for the borrower's property;
computer readable program code means for causing a computer to, when the borrower's property is eligible for the mortgage insurance cancellation, determine a mortgage insurance savings;
computer readable program code means for causing a computer to calculate a mortgage interest savings resulting from the mortgage insurance cancellation;
computer readable program code means for causing a computer to save the mortgage interest savings resulting from the mortgage insurance cancellation to the alerts database;
and
computer readable program code means for causing a computer to produce a report based upon the mortgage interest savings results in the alerts database.

15 more elements

Dependencies are inferred from the claim text.

Integrated mortgage advice system and method

Life of this patent

Integrated mortgage advice system and method

Life of this patent

Abstract

Claims24