Method and system for mortgage exchange

a technology of mortgage exchange and method, applied in the field of methods and systems for can solve the problems of exposing all involved parties to potential unwanted risks and/or liability, and achieve the effect of facilitating real estate transactions

Inactive Publication Date: 2008-05-22
LAUREL M LEE FLORIDA SEC OF STATE & SUCCESSORS THERETO +6
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0016]The present invention meets the above needs, and others, by providing a platform that embodies effective methods and systems for facilitating real esta

Problems solved by technology

By using this system, brokers avoid loans that are based on estimates, which

Method used

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  • Method and system for mortgage exchange
  • Method and system for mortgage exchange
  • Method and system for mortgage exchange

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Embodiment Construction

[0039]The present invention provides methods and systems for facilitating real estate transactions by providing accurate representations of the loans a borrower is qualified to receive, which are based on actual data, rather than estimates. The present invention also provides methods and systems for facilitating the completion of a mortgage transaction and completing related sub-transactions, such as obtaining credit reports, pre-approvals for loans, credit management for potential borrowers, sale of loans to financial institutions, generating document types for potential borrowers, building decision matrices for determining the most appropriate type of loan, and generating approval letters. In one embodiment of the present invention, any party to a transaction, including potential borrowers, brokers, financial institutions, and agents for the parties, may initiate a sub-transaction to further the completion of the primary mortgage transaction.

[0040]In one embodiment of the present ...

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Abstract

A method and system for electronically facilitating real estate transactions by providing accurate representations of the loans a borrower is qualified to receive, which are based on actual data, rather than estimates. All actions required for completing the real estate transaction, from entry of the borrower information to the closing and funding of the loan, are seamlessly integrated. An automated underwriting engine is provided for generating a decision matrix based on user input and/or existing data. An appropriate loan is selected based on the decision matrix, and is communicated to a potential borrower. After a loan is selected, fulfillment processing is performed, and the loan is funded and closed.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of Provisional Application Ser. No. 60 / 902,110 filed May 22, 2006. Further, this application is a continuation-in-part application of Applicants' copending U.S. Non-Provisional application Ser. No. 10 / 937,879 titled “METHOD AND SYSTEM FOR VENDOR MANAGEMENT” filed Sep. 10, 2004, which claims the benefit of Provisional Application Ser. No. 60 / 502,273 filed Sep. 12, 2003. Each of the above-mentioned patent applications is incorporated in its entirety by reference herein.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]The present invention relates to methods and systems for facilitating real estate transactions by providing accurate representations of the loans a borrower is qualified to receive, which are based on actual data, rather than estimates. Specifically, the present invention relates to methods and systems for facilitating real estate transactions that provide seamless integration ...

Claims

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Application Information

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IPC IPC(8): G06Q40/00
CPCG06Q40/025G06Q40/02G06Q40/03
Inventor ERBEY, WILLIAM C.KENNEDY, CHRISTOPHERHURLEY, BRYANCOMBS, ANDREW
Owner LAUREL M LEE FLORIDA SEC OF STATE & SUCCESSORS THERETO
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