Method and system for originating loans
OwnerJohn Mesichinventor
Life of this patent
Estimating the term…
Abstract
A method of originating a loan. In one embodiment, the method includes establishing a legally binding agreement between a real estate agent and a mortgage company. The agreement has a set of terms which include establishing the real estate agent as an independent contractor; obligating the real estate agent to communicate with an agent of the mortgage company; obligating the real estate agent to disclose the relationship with the mortgage company to a prospective buyer; and establishing a compensation of the real estate agent by the mortgage company. The real estate agent must also disclose the relationship between the real estate agent and the mortgage company to a prospective buyer.
Claims17
A method of originating a loan, the method comprising:
- establishing a legally binding agreement between a real estate agent and a mortgage company to establish the real estate agent as an eternal loan originator, wherein the agreement has a set of terms, and the set of terms includes:
- establishing the external loan originator as an independent contractor;
- obligating the external loan originator to communicate with an agent of the mortgage company;
- obligating the external loan originator to disclose the relationship with the mortgage company to a prospective buyer;
- and
- establishing a compensation of the external loan originator by the mortgage company;
- obtaining, if required by law for the external loan originator, a Federal or State loan originator license;
- contacting, by the external loan originator, a prospective buyer;
- disclosing, by the external loan originator, the relationship between the external loan originator and the mortgage company to the prospective buyer;
- completing a pre-approval application, wherein the pre-approval application includes information sufficient to generate an initial assessment of the prospective buyer's credit worthiness, but which excludes specific loan terms;
- and
- compensating the external loan originator upon consummation of the loan pursuant to the terms of the agreement.
A method of originating a loan, the method comprising:
- establishing a legally binding agreement with an external licensed loan originator, wherein the agreement has a set of terms and the set of terms includes:
- establishing the external loan originator as an independent contractor;
- obligating the external loan originator to disclose the agreement to a prospective buyer;
- and
- establishing a compensation of the external loan originator;
- receiving a pre-approval application from the external loan originator, wherein the pre-approval application includes information sufficient to generate an initial assessment of the prospective buyer's credit worthiness, but which excludes specific loan terms;
- and
- dispersing compensation upon consummation of the loan pursuant to the terms of the agreement.
A method of originating a loan, the method comprising:
- becoming a licensed external loan originator with a bank;
- establishing an agreement with the bank, wherein the agreement has a set of terms and the set of terms includes:
- becoming an independent contractor with respect to the bank;
- communicating with an agent of the mortgage company;
- and
- establishing a compensation amount to be paid by the mortgage company;
- obtaining, if required by law, a Federal or State loan originator license;
- disclosing a relationship with the bank with a prospective buyer;
- completing a pre-approval application, wherein the pre-approval application includes information sufficient to generate an initial assessment of the prospective buyer's credit worthiness, but which excludes specific loan terms;
- and
- receiving compensation upon consummation of the loan pursuant to the terms of the agreement.
Dependencies are inferred from the claim text.