Loan underwriting system and method

Patent 7212995 Issued on May 1, 2007. Estimated Expiration Date:

June 2, 2023. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.

Abstract Claims Description Full Text

Patent References

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Inventor

Schulkins, Bruce Joseph

Assignee

TransUnion L.L.C.

Application

No. 10452402 filed on 06/02/2003

US Classes:

705/35, Finance (e.g., banking, investment or credit)705/38, Credit (risk) processing or loan processing (e.g., mortgage)707/100, DATABASE SCHEMA OR DATA STRUCTURE705/36R, Portfolio selection, planning or analysis705/36T, Tax strategies705/10, Market analysis, demand forecasting or surveying705/20Price look-up processing (e.g., updating)

Examiners

Primary: Kramer, James A
Assistant: Alpert, James M.

Attorney, Agent or Firm

Wood, Phillips, Katz Clark & Mortimer

International Class

G06Q 40/00

Abstract

An automated loan underwriting system and method automates the logic implemented by a loan underwriter, saving the loan originator time and money. Each lending institution can set up its own decisioning criteria, enabling customers to customize the process in which a proper evaluation, owners and encumbrance report, or title product is selected for a loan application within a given set of characteristics. The system and method allow for the automatic upgrading to another product without involvement of the loan processor, helping to reduce time delays in the loan origination process. The speed and automation allow for more underwriting checks to be applied against each loan.

Other References

Appraisers Are Learning to Live with Black-Box Technology (Automated Valuation Models (AVMs) Could Put Independent Real Estate Appraisers Out of Business), Mar. 24, 2000, American Banker, vol. 165, No. 58, p. 3A.
Grant, Rick, Advances in Collateral Valuation; The Appraisal Process Is the Next Frontier in the Quest to Speed Up the Loan Originiation Process. Technology Is Taking Us There, Aug./Sep. 2002, Mortgage Technology, p. 24.
Stewart Mortgage Information Introduces ValuLogix, a Unique AVM Tool, Mar. 6, 2003, PR Newswire (US).
“First American Equity Loan Services Alternative Valuation Products Summary”.
“Basis100 Launches BasisValues”.
“A Smarter Source for Property Valuations”.