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US 2006/0143113 A1Published application
System and method for guaranteeing a financial loan
OwnerAlan Bercovitzinventor
Life of this patent
Estimating the term…
Abstract
If a loan applicant verifies in a timely manner the information they provided at the time of their application and they maintain that information until their closing, then a mortgage broker or mortgage banker will guarantee to deliver the exact mortgage terms contained in the customer's mortgage pre-approval or pay the loan applicant an amount.
Claims8
A process of guaranteeing a financial loan, the process comprising:
- providing a guarantee to a loan applicant, the guarantee including a promise to pay to the loan applicant an amount if final terms of an approved loan differ from offered terms of an initial loan by a predetermined margin, wherein the offered terms of the initial loan are based at least in part on data concerning the current financial condition of the loan applicant;
- verifying the accuracy of the data concerning the loan applicant;
- and
- when the accuracy of the data of the loan applicant has been verified, either
- closing on the loan with the initial terms, or
- paying to the loan applicant the amount defined in the guarantee.
3 more elements
Dependencies are inferred from the claim text.