US5995947A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Interactive mortgage and loan information and real-time trading system
Assignee: IMX Inc
•
Filing: 1997-09-12
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Granted: 1999-11-30
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Expires: 2017-09-12
Abstract
Abstract The invention provides a method and system for trading loans in real time by making loan applications, such as home mortgage loan applications, and placing them up for bid by a plurality of potential lenders. A transaction server maintains a database of pending loan applications and their statuses; each party to the loan can search and modify that database consistent with their role in the transaction, by requests to the server from a client device identified with their role. Brokers at a broker station can add loan applications, can review the status of loan applications entered by that broker, are notified of lender's bids on their loans, and can accept bids by lenders. Lenders at a lender station can search the database for particular desired types of loans, can sort selected loans by particular desired criteria, can bid on loan applications, and are notified when their bids are accepted. Broker stations, lender stations, and the transaction server can be coupled using multiple access methods, including internet, intranet, or dial-up or leased communication lines.
Inventors
- 👤 Stephen K. Fraser
- 👤 Sadashiv Adiga
- 👤 Suresh Payankannur
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-03 19:32
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/04; G06Q40/03
Claims Analysis
Total Claims: 40
Claim 1
Independent Claim
58 words
A method for processing loan applications, said method including the steps of maintaining a database of pending loan applications and their statuses at a database server, wherein each party to a loan can search and modify that database consistent with their role in the transaction by requests to said server from a client device identified with their role.
Claim 2
Independent Claim
58 words
A method for processing loan applications, said method including the steps of maintaining a database of pending loan applications and their statuses at a database server, wherein each party to a loan can search and modify that database consistent with their role in the transaction by requests to said server from a client device identified with their role.
Claim 3
Dependent Claim
15 words
A method as in claim 1, wherein said loan applications comprise home mortgage loan applications.
Claim 4
Dependent Claim
27 words
A method as in claim 1, wherein said database can be modified by entering bids on a loan application from one of a plurality of potential lenders.
Claim 5
Dependent Claim
51 words
A method as in claim 1, wherein said roles include a loan originator and said client device includes a broker station associated with at least one said loan originator; and said loan originator can review the status of loan applications entered by that loan originator, and can accept bids by lenders.
Claim 6
Dependent Claim
19 words
A method as in claim 4, wherein said loan originator is a broker, loan processor, manager, or prospective borrower.
Claim 7
Dependent Claim
18 words
A method as in claim 4, wherein said loan originator is notified of lender's bids on its loans.
Claim 8
Dependent Claim
46 words
A method as in claim 1, wherein said roles include a lender and said client device includes a lender station associated with at least one said lender; and said lender can search the database for particular desired types of loans, and can bid on loan applications.
Claim 9
Dependent Claim
16 words
A method as in claim 7, wherein said lender is notified when its bid is accepted.
Claim 10
Dependent Claim
22 words
A method as in claim 1, wherein said database includes tags for loans using identifiers which might be of interest to lenders.
Claim 11
Dependent Claim
22 words
A method as in claim 9, wherein said identifiers include a property location, borrower credit information, or CRA qualification for the property.
Claim 12
Dependent Claim
19 words
A method as in claim 1, wherein said database includes computed values which might be of interest to lenders.
Claim 13
Dependent Claim
14 words
A method as in claim 11, wherein said computed values include a credit score.
Claim 14
Dependent Claim
36 words
A method as in claim 1, wherein said database server provides for detecting substantially identical loan applications originated by the same broker, so as to prevent double applications for the same borrower for the same property.
Claim 15
Dependent Claim
25 words
A method as in claim 1, wherein said database server provides parties the capability for designating counterparties with whom they wish not to conduct business.
Claim 16
Dependent Claim
25 words
A method as in claim 1, including the step of allowing lenders to bid on pending loan applications without revealing their rates or pricing strategies.
Claim 17
Dependent Claim
24 words
A method as in claim 1, including the step of authorizing each loan originator in one or more of a plurality of authorization classes.
Claim 18
Dependent Claim
13 words
A method as in claim 16, wherein said authorization classes form a hierarchy.
Claim 19
Dependent Claim
19 words
A method as in claim 1, including the step of prequalifying prospective borrowers using statistical information about loan applications.
Claim 20
Independent Claim
63 words
A system for processing loan applications, said system including a database of pending loan applications, said database including status information regarding said pending loan applications; a transaction server, said transaction server being responsive in real time to requests from parties to said pending loan applications, said requests including requests for searching and requests for modifying said database consistent with roles for said parties.
Claim 21
Independent Claim
63 words
A system for processing loan applications, said system including a database of pending loan applications, said database including status information regarding said pending loan applications; a transaction server, said transaction server being responsive in real time to requests from parties to said pending loan applications, said requests including requests for searching and requests for modifying said database consistent with roles for said parties.
Claim 22
Dependent Claim
15 words
A system as in claim 19, including a client device associated with each said party.
Claim 23
Dependent Claim
16 words
A system as in claim 19, wherein said pending loan applications comprise home mortgage loan applications.
Claim 24
Dependent Claim
47 words
A system as in claim 19, wherein said database includes a set of bids associated with each said loan application; and said transaction server responds to a new bid from one of a plurality of potential lenders by entering said new bid with an associated loan application.
Claim 25
Dependent Claim
52 words
A system as in claim 19, including a broker station associated with at least one loan originator, wherein said broker station is capable of reviewing the status of loan applications entered by that loan originator, and is capable of accepting bids by lenders for said loan applications entered by that loan originator.
Claim 26
Dependent Claim
19 words
A system as in claim 23, wherein said loan originator is a broker, loan processor, manager, or prospective borrower.
Claim 27
Dependent Claim
18 words
A system as in claim 23, including a message notifying said loan originator of said bids by lenders.
Claim 28
Dependent Claim
51 words
A system as in claim 19, including a lender station associated with at least one said lender; wherein said lender station is capable of requesting said transaction server to search said database for particular desired types of loans, and is capable of submitting bids on loan applications to said transaction server.
Claim 29
Dependent Claim
17 words
A system as in claim 26, including a message notifying said lender when its bid is accepted.
Claim 30
Dependent Claim
22 words
A system as in claim 19, wherein said database includes tags for loans using identifiers which might be of interest to lenders.
Claim 31
Dependent Claim
22 words
A system as in claim 28, wherein said identifiers include a property location, borrower credit information, or CRA qualification for the property.
Claim 32
Dependent Claim
19 words
A system as in claim 19, wherein said database includes computed values which might be of interest to lenders.
Claim 33
Dependent Claim
14 words
A system as in claim 30, wherein said computed values include a credit score.
Claim 34
Dependent Claim
37 words
A system as in claim 19, wherein said transaction server is capable of detecting substantially identical loan applications originated by the same broker, whereby double applications for the same borrower for the same property are substantially prevented.
Claim 35
Dependent Claim
26 words
A system as in claim 19, wherein said transaction server responds to requests by brokers designating selected lenders with whom they wish not to conduct business.
Claim 36
Dependent Claim
26 words
A system as in claim 19, wherein said transaction server responds to requests by lenders designating selected brokers with whom they wish not to conduct business.
Claim 37
Dependent Claim
22 words
A system as in claim 19, wherein said transaction server responds to bids from lenders without revealing their rates or pricing strategies.
Claim 38
Dependent Claim
27 words
A system as in claim 19, wherein said transaction server includes means for authorizing each loan originator in one or more of a plurality of authorization classes.
Claim 39
Dependent Claim
13 words
A system as in claim 36, wherein said authorization classes form a hierarchy.
Claim 40
Dependent Claim
18 words
A system as in claim 19, including means for prequalifying prospective borrowers using statistical information about loan applications.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-11-29 | 2003-05-31 | 2003-11-30 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-11-29 | 2007-05-31 | 2007-11-30 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-11-29 | 2011-05-31 | 2011-11-30 | $7700.00 | Window Closed / Lapsed |