U.S. patent application number 09/828087 was filed with the patent office on 2001-11-01 for voice recognition system for interactively gathering information to generate documents.
Invention is credited to Barash, Kenneth.
Application Number | 20010037199 09/828087 |
Document ID | / |
Family ID | 26903150 |
Filed Date | 2001-11-01 |
United States Patent
Application |
20010037199 |
Kind Code |
A1 |
Barash, Kenneth |
November 1, 2001 |
Voice recognition system for interactively gathering information to
generate documents
Abstract
A voice recognition system and method for interactively
gathering information to generate a document, form, or application.
An applicant establishes voice connection with the system and
provides verbal responses to a plurality of verbal questions
generated by system to compile a document, form or application.
Inventors: |
Barash, Kenneth; (Del Ray
Beach, FL) |
Correspondence
Address: |
FULBRIGHT & JAWORSKI, LLP
666 FIFTH AVE
NEW YORK
NY
10103-3198
US
|
Family ID: |
26903150 |
Appl. No.: |
09/828087 |
Filed: |
April 6, 2001 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
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60208373 |
May 31, 2000 |
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Current U.S.
Class: |
704/235 ;
704/E15.045 |
Current CPC
Class: |
G10L 15/26 20130101;
G06Q 40/025 20130101 |
Class at
Publication: |
704/235 |
International
Class: |
G10L 015/26 |
Claims
What is claimed:
1. A voice recognition system for interactively gathering
information from a plurality of users over a communications
network, comprising: a remote device for establishing a voice
connection with said system over the communications network; a
processor for generating and transmitting a plurality of verbal
questions interactively to a user associated with said remote
device to complete a textual document; and a storage device for
storing user's verbal responses to said plurality of questions to
provide a verbal document; wherein said processor converts said
verbal document into said textual document.
2. The system of claim 1, wherein said processor is operable to
translate said verbal document in one language into said textual
document in another language.
3. The system of claim 1, wherein said processor is operable to
generate one or more supporting documents in accordance with said
verbal document.
4. The system of claim 1, wherein said document is a credit
investigation document; and wherein said processor is operable to
generate supporting documents for said credit investigation
document.
5. The system of claim 4, wherein said processor is operable to
transmit said credit investigation document and said supporting
documents to a third party for underwriting.
6. The system of claim 4, wherein said processor is operable to
transmit said credit investigation document and said supporting
documents to a third party for credit approval.
7. The system of claim 4, wherein said processor is operable to
transmit said credit investigation document and said supporting
documents to a plurality of third parties to bid on the
underwriting, and notifying a third party with the best bid and
said user associated with said remote device of said third party
with the best bid.
8. The system of claim 1, wherein said storage is operable to store
an incomplete verbal application; wherein said processor generates
and transmits remaining unanswered questions to said user in order
to complete the verbal application.
9. The system of claim 1, wherein said processor is operable to
transmit a portion of said textual document to a third party for
verification or confirmation.
10. The system of claim 1, further comprising a device for
transmitting said textual document to said user for confirmation or
execution.
11. The system of claim 1, wherein said document is an application
or form.
12. The system of claim 1, wherein said network being one of the
following: telephone network, wireless network, satellite network,
cable network, and Internet.
13. The method of interactively gathering information from a
plurality of users over a communications network using a voice
recognition system, comprising the steps of: establishing a voice
connection with said system over the communications network by a
user; generating and transmitting a plurality of verbal questions
interactively to said user to complete a textual document; storing
user's verbal responses to said plurality of questions to provide a
verbal document; and converting said verbal document into said
textual document.
14. The method of claim 13, further comprising the step of
translating said verbal document in one language into said textual
document in another language.
15. The method of claim 13, further comprising the step of
generating one or more supporting documents in accordance with said
verbal document.
16. The method of claim 13, wherein said document is an application
or form.
17. The method of claim 13, wherein said network being one of the
following: telephone network, wireless network, satellite network,
cable network, and Internet.
Description
RELATED APPLICATIONS
[0001] This application is a continuation of U.S. Provisional
patent Application Serial No. 60/208,373 filed May 31, 2000, which
is incorporated herein by reference in its entirety.
BACKGROUND OF THE INVENTION
[0002] The present invention relates to method and system for
gathering information to generate a document. More specifically,
the present invention relates to a voice recognition system for
interactively gathering information to generate a document.
[0003] For example, the mortgage application process has always
been and remains a process that most people fear and dread. The
process of gathering the necessary information for most applicants
is a torturous procedure from inception to the end. Unfortunately,
most information gathers or compilers are not skilled or trained
properly to correctly explain the mortgage process to the
applicants and collect the necessary information to complete the
mortgage application form. As a result, many mortgage applications
submitted for processing are incomplete leaving the applicants
continually searching for additional supporting documents or
explanations. Of course, this tedious process could have been
avoided if the applicants were properly informed of the mortgage
process. All of this contributes to making the mortgage process a
nightmare.
[0004] Even with the advent of the Internet, the mortgage process
has not become any easier or less pressured in spite of all of the
hype and claims associated with the web based products and
services. The applicant is still not in control of the process and
does not have a complete understanding of the process.
[0005] Accordingly, the present invention proceeds upon the
desirability of providing a system that simplifies the process,
i.e., information gathering process, while at the same time
educating the consumer (user or applicant) about the process. The
voice recognition system (VRS) of the present invention
interactively gathers information from the user to create the
necessary documents and forms. For example, the VRS of the present
invention insures a faster approval of the credit application and
is more cost effective to all parties involved in the transaction,
such as the consumer, the creditor and all third party providers.
Additionally, the VRS system of the present invention
advantageously provides the convenience of data entry by voice.
OBJECTS AND SUMMARY OF THE INVENTION
[0006] Therefore, it is an object of the present invention to
provide a voice recognition system and technique for interactively
gathering information from the user to generate documents.
[0007] Another object of the present invention is to provide the
voice recognition system and technique as aforesaid, which stores
partially completed document to enable a user to complete the
incomplete document at a later time.
[0008] A further object of the present invention is to provide the
voice recognition system and technique as aforesaid, which
generates credit investigation documents.
[0009] Still another object of the present invention is to provide
the voice recognition system and technique as aforesaid, which
relays the completed credit investigation documents to a third
party underwriting system, such as a lender, Fannie Mae, Freddie
Mac, FNMA, FHLMC, PMI, etc.
[0010] Yet another object of the present invention is to provide
the voice recognition system and technique as aforesaid, which
stores the applicant's information, such as personal, financial,
etc., that can be accessible only by the applicant to generate
other documents.
[0011] Still yet another object of the present invention is to
provide the voice recognition system and techniques as aforesaid,
which interactively gathers information in one language and
generates a document in another language.
[0012] Various other objects, advantages and features of the
present invention will become readily apparent from the ensuing
detailed description, and the novel features will be particularly
pointed out in the appended claims.
BRIEF DESCRIPTION OF THE DRAWINGS
[0013] The following detailed description, given by way of example,
and not intended to limit the present invention solely thereto,
will best be understood in conjunction with the accompanying
drawings and Appendix in which:
[0014] FIG. 1 is a flow chart describing the operation of the
present invention.
DETAILED DESCRIPTION OF THE EMBODIMENTS
[0015] The voice recognition system (VRS) of the present invention
is applicable to the mortgage industry as well as any other
industry or any governmental agency (federal, state and local) that
requires an individual or business to complete forms, such as
credit investigation documents, school application, professional
application (i.e., bar application, etc.), governmental forms
(immigration/visa forms, income tax returns, etc.). Until, now, the
credit investigation for personal approval has been a long,
tedious, stressful and inefficient process for most people. The
process requires many levels of personnel, from telephone clerks,
processors, underwriters, reviewers, closers and management to
supervise all of those mentioned.
[0016] With the advent of technology and standardization of forms
to complete the application, the present invention utilizes a voice
recognition system to provide a new process enabling a company to
interactively gather the necessary information from people or
business to complete the forms with ease and control. That is, the
application process, such as the mortgage application process, is
totally under the applicant control. The applicant can use the
voice recognition system when it is convenient for him and not when
it is convenient for the mortgage company, lender or bank. Also,
the voice recognition system of the present invention enables the
company to replace their current cumbersome, costly and labor
intensive process with this convenient and efficient
service/process at a lower cost. In other words, the voice
recognition system of the present invention may enable companies to
automate the process by eliminating unnecessary levels of
personnel, thereby creating a more efficient and less costly
process.
[0017] It is appreciated that the voice recognition system of the
present invention may utilize any voice recognition technology to
interactively gather information from users to generate documents.
Any person or business located anywhere in the world may utilize
the voice recognition system of the present invention for any
product or service requiring documents, forms or applications.
[0018] The present invention is readily implemented by presently
available communication apparatus and electronic components. The
invention finds ready application in virtually all communication
networks that supports voice transmission and integrated reception,
including but not limited to the telephone network, wireless
network, satellite network, cable network, communications network
(i.e., the Internet), etc. Also, the invention finds ready
application in virtually all voice input devices connected to one
of the above networks, including but not limited, the land
telephone, the cellular phone, computer, and other remote access
devices.
[0019] In accordance with an embodiment of the present invention,
the voice recognition system of the present invention is available
twenty-four (24) hours a day, seven (7) days a week. Preferably,
each user or client (a person or company) is assigned a pin number
(or user id) before initiating the system of the present invention
to complete a document, application or form. If the client does not
complete the application during the session, the pin number will
enable the client to access the uncompleted application and finish
the uncompleted application in a secured manner. That is, the
client can continue with the application from his/her last stopping
point. This advantageously eliminates the necessity of starting the
application all over from the beginning.
[0020] In accordance with another embodiment of the present
invention, the applicant can complete another application or form
(i.e., in connection with another service or product, another
credit application) by simply accessing and modifying the
previously completed application, document or form in a secure
manner, for example using an assigned pin number. That is, the
applicant does not need to complete another application from
scratch or re-enter information already provided in connection with
another application. For example, the applicant's information, such
as address, phone number, employer and the like, can be
automatically extracted (retrieved) from existing application to
complete another application.
[0021] In accordance with an aspect of the present invention, the
voice recognition system of the present invention permits user to
interrupt the information gathering process with questions. That
is, the voice recognition system of the present invention can
answer questions verbally posed by the applicant or user, thereby
providing immediate assistance to the applicant and resulting in
greater percentage of successfully completed application.
Preferably, the system of the present invention is capable of
detecting when an applicant is having a difficulty with a
particular question or a particular section of the application,
such as an extensive delay in providing the answer, use of the
expression "ugh," or the like. Additionally, if the applicant
enters an incorrect or ambiguous information, the voice recognition
system of the present invention can take steps to correct such
incorrect or ambiguous information, such as editing the information
based on other available information, request the applicant for
correct information, explain to the applicant what is being asked
for, ask for clarification or confirmation, such as when applicant
responds with "same or ditto," etc.
[0022] In accordance with another aspect of the present invention,
the voice recognition system supports multiple languages. That is,
the voice recognition system of the present invention can
interactively gather information from the user using one language
and generate a document, form, application, etc. in another
language, such as interact with the client in Spanish and generate
a complete application in English, German, French, etc. For
example, a person in Japan or a Japanese speaker in U.S. can select
to interact in Japanese with the voice recognition system of the
present invention to complete a mortgage application in English for
a house in New York. Preferably, the voice recognition system of
the present invention answers client's or applicant's questions in
client's chosen or selected language.
[0023] In accordance with an embodiment of the present invention,
at any time during the application process, the client may opt or
choose to speak with a live operator for a particular question or
for additional assistance and then return to automated application
process to complete the application. Alternatively, the client may
select to continue the application process with a live
operator.
[0024] After the completion of the information gathering process
(i.e., a voice application), the voice recognition system converts
and/or translates the voice application to a textual document or
application including any mathematical calculations, attachments,
appendix, supporting documents, etc. Preferably, the voice
recognition system can also translate, if necessary, the voice
application in one language to a textual application in another
language. The textual application can then be electronically
downloaded to a specific or predetermined provider for automated
credit approval, such as Fannie Mae, Freddie Mac, etc., within
minutes. Approvals include all required information to meet any
Federal, state, local or regulatory compliance. Preferably, the VRS
notifies applicant and service provider simultaneously by means of
voice, print or electronically.
[0025] The voice recognition system of the present invention can be
utilized in any industry, governmental or commercial, where forms,
applications and/or other documents needs to be completed. For
example, the present invention finds ready application in many
industries, including but not limited to financial, brokerage
account, credit card, mortgage, automotive, boat, equipment
leasing, tax return, law, insurance, immigration, academia (i.e.,
school or college applications), etc. Converting voice into text is
a giant leap in technology and is vital to this process.
[0026] Additionally, the voice recognition system of the present
invention prepares and generates all supporting documents to meet
each specific requirement of a particular application. These
supporting documents can be sent electronically or by other means
for review and signature by the applicant if required by the
service provider, i.e., lender.
[0027] Turning now to FIG. 1, there is illustrated a flowchart
describing the process by which an embodiment of the present
invention generates and process a mortgage application. For
example, an applicant can respond to an advertisement and is
supplied with a phone number to call, thereby connecting to and
utilizing the voice recognition system (VRS) of the present
invention at step 100. The VRS makes an inquiry to determine if the
applicant is completing a new application or continuing with an
existing application at step 110. If the applicant is completing a
new application, the VRS provides a brief description of required
information and proceeds to step 130 to complete a new application.
Otherwise or if interrupted or the applicant exits for any reason
at any time, the applicant can use of the assigned pin number to
re-enter the system and proceed with the application at the exited
point at step 120. The voice recognition system has the ability to
answer questions posed by the client regarding mortgage terminology
and can compute and calculate any number associated with the
mortgage application, such as the monthly mortgage payment based on
the principal of the mortgage or a range of the monthly mortgage
payment in accordance with the mortgage rate and/or the term of the
mortgage.
[0028] The standard documentation required in the mortgage industry
is known as the "1003 Form". This standard form can be used to
purchase a property located anywhere in the United States or
refinance an existing loan. The 1003 Form was developed by the
industry from investors known as the Federal National Mortgage
Association, better known as FNMA. The FNMA is a United States
government sponsored enterprise that purchases mortgage loans from
approved seller services throughout the country. The Federal Home
Loan Bank Corp. is another government sponsored enterprise that
purchases primary residential mortgage loans in the U.S.
[0029] It is well known to those skilled in the art that the
standard application forms, mortgage programs, products and
disclosures are used by thousands of approved seller service
providers.
[0030] FNMA and FHLM Corp. have developed an artificial
underwriting system to accept loan applications through an
electronic submission of its standard application. It pulls the
borrower's credit history from designated credit repositories. It
then process this credit information using a credit screening
system and other internal credit requirements to make a value
judgment as to the acceptability or inadequacy of this borrower to
meet the monthly financial obligation for this specific mortgage
loan. The automated underwriting system can also specify conditions
for its acceptability, such as listing all the information required
from the borrower to provide the credit approval.
[0031] This information is then electronically sent to the
designated individual or company as a record for this
transaction.
[0032] Returning to FIG. 1, the voice recognition system of the
present invention interactively gathers the information required in
these standard mortgage transactions from the applicant or borrower
using a verbal question and answer session to walk the applicant
through the application process at step 130. The VRS then makes an
inquiry at step 140 to determine if the information gathering
process is complete. If the inquiry is answered in the negative,
then VRS proceeds to step 130 to gather more information from the
applicant. If the inquiry is answered in the affirmative, based on
the applicant's verbal answers or responses, the voice recognition
system of the present invention prepares and generates a completed
mortgage application and other documents required in a standard
mortgage transaction at step 150, including but not limited to:
[0033] 1) 1005-mortgage summary of required financial
information;
[0034] 2) GFE - Good Faith Estimate--proposed fees and charges
borrowers will have to pay prior to or at time of Settlement, such
as approval fees, credit report fees, settlement fees;
[0035] 3) Truth and Lending--Federal form to explain to the
borrower the annual % rate of the loan;
[0036] 4) Product disclosure--type of mortgage loan and how it
works;
[0037] 5) Financing and Lock In Agreement--An agreement pertaining
to the interest rate and fees to a specific interest rate to be
guaranteed for a specific time and the fee points;
[0038] 6) State Specific Closing Disclosure--This applies to each
specific state;
[0039] 7) Settlement Agency Disclosure--Specifies as to who will
prepared documents and settlement loan proceeds;
[0040] 8) Approval Disclosures--right to receive a copy of approval
report; and
[0041] 9) List of all settlement providers used in specific
mortgage loan for client
[0042] In accordance with the present invention, the voice
recognition system is operable to assist the applicant in
completing this 1003 Form in its entirety along with any supporting
documentation as required by investor or lender, and any federal,
state and/or local law, regulation or statute. It is appreciated
that the voice recognition system of the present invention may
compute certain entries in the form or application using
predetermined mathematical formula, e.g., calculating the monthly
payment based on the principal amount, the term of the loan and
interest rate. If incomplete, inaccurate or ambiguous information
is provided by the applicant, the voice recognition system of the
present invention informs the applicant that the information
provided is either incorrect or incomplete. Preferably, the system
may additionally provide an explanation or clarification as to the
requisite information.
[0043] Upon the completing the information gathering process, i.e.,
the application, the voice recognition system of the present
invention transmits the application to a predetermined automatic
underwriting system at step 160. This advantageously permits
FNMA/FHLMC/PMI or other third party underwriter/lender to approve
the loan in a matter of minutes with/without any conditions. If the
borrower application is rejected then the system of the present
invention can transmit the application to agencies or companies
that services risky credit borrowers or impair credit borrowers.
Alternatively, the completed application can be printed and mailed,
or transmitted electronically, via facsimile or other comparable
means to the applicant for verification and/or execution.
[0044] In the event a specific mortgage amount is not specified or
requested by the applicant, the voice recognition system of the
present invention in conjunction with underwriting system provide
the maximum amount of mortgage based upon the applicant's
information.
[0045] The approval can be transmitted to a specific lender or a
group of lenders that will provide the applicant with the terms and
conditions of the mortgage as requested by the applicant, such as
fixed rate or variable rate mortgage. The selected lender will then
deal directly with the applicant to complete the transaction. The
requisite documents can be exchanged between the applicant and the
lender electronically, by fax or by Internet or any other
electronic means to complete the transaction. Preferably, the
borrower receives copies of all required documents and completes
the mortgage process directly with the lender.
[0046] By using the voice recognition system of the present
invention, the processing time of a mortgage application (including
settlement) may be cut in half, thereby benefiting both the
applicant (customer) and the lender. Also, the present process is
less stressful, easier and not as tedious to the applicant.
[0047] Preferably, the applicant can provide or update his/her
information to specific lenders in order to obtain additional
credit in advance of his/her needs. The voice recognition system of
the present invention advantageously streamlines the loan process.
The mortgage process has been known to be a tedious hardship on the
borrower because he/she has no control over the process and must
give up control of his/her personal and financial information.
[0048] For example, in the mortgage application case, the system of
present invention enables direct communication between the borrower
and other third parties, such as appraisal company, title company,
home insurance company, moving company, etc. If a transaction is
established or consummated between the borrower and any one of
these third parties, the present invention can electronically
transmit any required information regarding the borrower to such
third party.
[0049] While the present invention has been particularly described
with respect to the illustrated embodiment, it will be appreciated
that various alterations, modifications and adaptations may be made
based on the present disclosure, and are intended to be within the
scope of the present invention. It is intended that the appended
claims be interpreted as including the embodiment discussed above,
those various alternatives, which have been described and all
equivalents thereto.
* * * * *