U.S. patent application number 13/725688 was filed with the patent office on 2013-07-11 for online system for fulfilling loan applications from loan originators.
This patent application is currently assigned to Ellie Mae, Inc.. The applicant listed for this patent is Limin Hu, Babak Khanpour, Ting-Hu Wu. Invention is credited to Limin Hu, Babak Khanpour, Ting-Hu Wu.
Application Number | 20130179328 13/725688 |
Document ID | / |
Family ID | 29733185 |
Filed Date | 2013-07-11 |
United States Patent
Application |
20130179328 |
Kind Code |
A1 |
Hu; Limin ; et al. |
July 11, 2013 |
ONLINE SYSTEM FOR FULFILLING LOAN APPLICATIONS FROM LOAN
ORIGINATORS
Abstract
A loan submission and processing system, methods, apparatus and
computer program products. One example method includes receiving
user specified input relating to a loan application, storing the
user specified input in a loan application file, determining a
partner system that is to receive data related to the electronic
loan application including dynamically determining a format and
contents required to present a service request to the partner
system for processing by the partner system, dynamically formatting
the user specified input and any other required content into a
service request, the service request compatible with the partner
system and including the user specified data and the other required
content and transmitting the service request to the partner
system.
Inventors: |
Hu; Limin; (Fremont, CA)
; Khanpour; Babak; (West Hills, CA) ; Wu;
Ting-Hu; (Fremont, CA) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Hu; Limin
Khanpour; Babak
Wu; Ting-Hu |
Fremont
West Hills
Fremont |
CA
CA
CA |
US
US
US |
|
|
Assignee: |
Ellie Mae, Inc.
Pleasanton
CA
|
Family ID: |
29733185 |
Appl. No.: |
13/725688 |
Filed: |
December 21, 2012 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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12259247 |
Oct 27, 2008 |
8364579 |
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13725688 |
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10172844 |
Jun 14, 2002 |
7444302 |
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12259247 |
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Current U.S.
Class: |
705/38 |
Current CPC
Class: |
G06Q 10/06 20130101;
G06Q 10/10 20130101; G06Q 40/025 20130101; G06Q 50/01 20130101;
G06Q 40/02 20130101 |
Class at
Publication: |
705/38 |
International
Class: |
G06Q 40/02 20120101
G06Q040/02 |
Claims
1. A method for the formatting and transmission of data from a loan
originator system to one or more partner systems, the method
comprising: providing a loan origination software program including
client and server portions, the client portion including an
interface for receiving loan application data, the server portion
including formatting and transmitting capability wherein the
formatting and transmitting capability facilitates the entry of
information into one or more loan forms associated with a target
partner system; formatting including re-formatting and publishing
loan application information provided by the loan origination
software program in a format compatible with a financial service
software program of a target partner system of the one or more
partner systems; and transmitting re-formatted loan application
information to the target partner system.
2. The method of claim 1 wherein the target partner computers
comprises at least one of the following, a lender computer, an
underwriter company computer, or a settlement service vendor
computer.
3. The method of claim 1 further comprising validating the loan
application information prior to transmission to the target partner
system.
4. The method of claim 1 further comprising logging results of the
transmitting in a memory.
5. The method of claim 1 further comprising receiving return
information from the target partner system and displaying the
return information in a format compatible with the client portion
of the loan origination software program.
6. The method of claim 1 further comprising receiving return
information from the target partner system and merging the return
information with the loan application information.
7. A method comprising: providing a loan origination software
system including a first portion that is to be resident on a loan
originator computer and a second server portion, the loan
origination software program including a native web browser or
interface for receiving and presenting information to a user
associated with the loan originator computer, the server portion
including formatting and transmitting capabilities for the loan
origination software system; formatting including re-formatting and
publishing loan application information provided by the loan
origination software system in a format compatible with a financial
service software program of a target partner computer; and
transmitting re-formatted loan application information to the
target partner computer.
8. A method comprising: providing a browser interface associated
with a loan origination apparatus for receiving the loan
application information from a user; and processing received loan
application information associated with the loan origination
apparatus including: re-formatting and publishing the loan
application information associated with the loan origination
apparatus in a format compatible with a financial service software
program of a target partner computer transmitting re-formatted loan
application information to the target partner computer; and
receiving return information from the target partner computer and
providing the return information in a format compatible with the
browser interface.
9. The method of claim 8 wherein the target partner computer
comprises at least one of the following, a lender computer, an
underwriter company computer, or a settlement service vendor
computer.
10. The method of claim 8 further comprising validating the loan
application information prior to transmission to the target partner
computer.
11. The method of claim 8 further comprising receiving return
information from the target partner computer and merging the return
information with the loan application information.
12. A method for processing loan application data comprising:
accepting user specified data for one or more of user input fields
of a file template, the file template corresponding to a document
within a loan application; automatically, by one or more
processors, entering the user specified data into one or more
corresponding user input fields in another file template that
includes the one or more of user input fields of the file template;
calculating data entries for the one or more corresponding user
input fields in the another file template that depend on data from
the one or more of user input fields of the file template; and
transmitting the another file template containing the user
specified data and associated data entries to a target partner
system, the another file template being transmitted in a
transmission format different from a format of the accepted user
specified data.
13. The method of claim 12 wherein the loan application comprises
an on-line version of a loan application package available from a
partner associated with the target partner computer.
14. The method of claim 12 further comprising storing the user
specified data in a memory coupled to a loan originator
computer.
15. The method of claim 12 wherein the file template is selected
from the group of document types consisting of word processing
documents, commercially formatted loan application documents,
government specified loan application documents or spreadsheet
program documents.
16. The method of claim 12 wherein the loan application is selected
from the group consisting of federal housing authority loan,
veterans administration loan, or conventional mortgage loan.
17. The method of claim 12 further comprising determining a type of
loan a user is interested in obtaining to establish a desired loan;
performing a pre-qualification analysis of the user in relation to
the desired loan; and providing to the user a list of one or more
partners who can provide the desired loan.
18. The method of claim 12 further comprising establishing an
account for a user upon transmission of the another file template
containing the user specified data to the target partner computer;
storing the user specified data; and using the stored user
specified data to compile a profile for the user.
19. The method of claim 18 further comprising automatically
entering the user specified data into corresponding user input
fields in any subsequent file templates provided to the user based
on the profile for the user stored in a memory.
20. The method of claim 12 further comprising tracking the one or
more completed file templates transmitted to the partner computer;
checking a status of an existing loan application; and logging a
loan application transaction in a memory.
Description
FIELD OF THE INVENTION
[0001] The present invention relates generally to computer
networks, and more specifically, to a system for processing and
fulfilling loan applications over a network.
BACKGROUND
[0002] The World Wide Web ("web") has evolved from first generation
web systems that simply provided information to client computers
over the Internet through a web browser program to second
generation systems using application servers that provide dynamic,
personalized information and powerful back-end transaction
processing.
[0003] A great number of commercial applications become adapted to
on-line systems, thus establishing a base of many different types
of electronic commerce or "e-commerce" transactions. Among the
various adaptations of classical commercial transactions that have
become adapted to online implementations is the area of financial
loans. The loan application process is often a complicated and
confusing process for average borrowers.
[0004] There are a great many different types of loans available
depending upon the type of loan required, such as personal loans,
home mortgages, business lines of credit, and so on. There are also
many different variables or negotiable terms associated with each
loan, such as interest rate, loan period, processing fees, and the
like. In most cases, a detailed profile of the borrower is required
because factors such as age, employment, financial history, credit
rating and so on, can have a great deal of impact on the cost and
ability to qualify for a loan. Moreover, loans are available from
many different sources, such as traditional banks to private and
commercial money lenders.
[0005] Thus, the process of applying for and obtaining a loan can
be complicated and time consuming because of the great number of
variables regarding the loan, the lender, and the borrower, as well
as the number of parties involved in the loan process. Because of
the distributed, information-intensive nature of the loan industry,
a class of loan brokers, also referred to as "loan originators,"
has emerged to aid borrowers in finding and obtaining the proper
loan. The advent of loan originators has served to provide an
important interface between borrowers and the various lenders and
underwriters who might have an appropriate loan product.
[0006] Computer-based loan brokers typically use sophisticated
programs, referred to as Loan Origination Software (LOS) systems,
to automate the loan application process and fulfillment process.
In a traditional loan application scenario, a borrower approaches a
loan broker to find an appropriate loan. The broker takes the
application information from the borrower and compiles a
traditional loan application. Some type of loans provide
standardized formats for the loan application information. For
example, mortgage loan applicants and processors typically use a
uniform mortgage application form to provide what is referred to as
"1003" data, corresponding to FNMA (Fannie Mae) form number 1003.
The loan broker then passes the application information to various
other parties, such as loan underwriters, lenders, and settlement
service vendors.
[0007] The widespread use of the Internet has generally led loan
brokers to recognize and accept the Internet and computerized
processes as viable and promising vehicles with which to conduct
business. Traditional loan processing involves a great deal of
customer support, data input, and expedited mailing and delivery of
physical documents. These factors present areas of great cost and
potential problems in the loan application, processing, and
delivery transaction. Although most present loan originators have
implemented software systems, such as LOS programs, to automate
their processes, typical loan origination software systems do not
provide a comprehensive interface between loan brokers and lenders,
and other third parties, such as settlement services. Furthermore,
most present loan origination systems do not provide comprehensive
form and document completion processes that truly automates the
loan application process and minimizes the errors associated with
individually completing all of the separate forms required in a
typical loan transaction.
[0008] What is needed, therefore, is a loan processing and
submission system that provides comprehensive completion, control
and submission of forms and documents associated with a loan
application.
[0009] What is further needed is a loan processing system that
provides a comprehensive network-based interface between a broker
and a plurality of lenders and other third parties for fulfillment
of a loan application on behalf of a borrower.
SUMMARY
[0010] An on-line interface system for facilitating the processing
of loan applications by loan originators is described. A processing
and submission system receives relevant loan information from a
borrower and enters this information into file templates, which are
utilized during loan origination. An automatic data flow process
accessible through an origination screen populates the relevant
fields in all of the other loan forms and word processing
documents. Forms are supported for several different loan types,
such as conventional mortgages, federal housing authority loans,
veteran's administration loans, and other similar types of personal
and business loans. The automatic data flow eliminates the need to
re-enter the same information in each form, and it also
automatically calculates relevant field data, such as percentage
rate, maximum loan, cash to or from borrower, amortization
schedules, and the like. Once information is entered into each data
field, e.g., borrower's name and address, of the file template
during the loan origination process, the information is saved in a
database wherein each data field is associated with the particular
information entered. Thereafter, when a particular loan form is
activated, the automatic data flow program conducts a search for
each data field. Alternatively, each loan form can be modified to
insert embedded codes, so that the computer program can more easily
identify the location of a data field and enter the associated
information.
[0011] In one embodiment, the loan broker computer system includes
a loan origination software program integrated with a web-browser
based interface system. The interface system couples the loan
origination software program to one or more partner computers. The
partners comprise loan underwriters, lenders (such as banks and
finance companies), and settlement service vendors (such as
appraisers, insurance brokers, and credit agencies). The interface
system provides dynamic formatting and data transmission for
different connections depending on the transaction type and target
partner. In a web-based implementation, the interface system
populates data directly from the loan origination software program
to the appropriate web pages of the target partners.
[0012] Other objects, features, and advantages of the present
invention will be apparent from the accompanying drawings and from
the detailed description that follows below.
DESCRIPTION OF DRAWINGS
[0013] The present invention is illustrated by way of example and
not limitation in the figures of the accompanying drawings, in
which like references indicate similar elements, and in which:
[0014] FIG. 1A illustrates a network that implements a loan
processing software system, according to one embodiment of the
present invention;
[0015] FIG. 1B illustrates a network system for processing loan
applications that includes several different types of loan
origination software programs that can be used with embodiments of
the present invention;
[0016] FIG. 2 is a flowchart that illustrates the general steps of
processing a loan application through a loan origination software
program on a broker computer, according to a method of the present
invention;
[0017] FIGS. 3A and 3B are a flowchart illustrating the steps of
processing and submitting a loan application through a loan
application processing and submission system, according to one
embodiment of the present invention;
[0018] FIG. 4 is an exemplary web page for a business server
process, according to one embodiment of the present invention;
[0019] FIG. 5 is an exemplary storefront web page for a lender
partner, according to one embodiment of the present invention;
[0020] FIG. 6 illustrates an exemplary pre-qualification web page,
according to one embodiment of the present invention; and
[0021] FIG. 7 illustrates an exemplary loan shopping web page,
according to one embodiment of the present invention.
DETAILED DESCRIPTION
[0022] A network-based loan processing system for electronic
commerce is described. In the following description, for purposes
of explanation, numerous specific details are set forth in order to
provide a thorough understanding of the present invention. It will
be evident, however, to one of ordinary skill in the art, that the
present invention may be practiced without these specific details.
In other instances, well-known structures and devices are shown in
block diagram form to facilitate explanation. The description of
preferred embodiments is not intended to limit the scope of the
claims appended hereto.
[0023] Aspects of the present invention may be implemented on one
or more computers executing software instructions. According to one
embodiment of the present invention, server and client computer
systems transmit and receive data over a computer network or a
fiber or copper-based telecommunications network. The steps of
accessing, downloading, and manipulating the data, as well as other
aspects of the present invention are implemented by central
processing units (CPU) in the server and client computers executing
sequences of instructions stored in a memory. The memory may be a
random access memory (RAM), read-only memory (ROM), a persistent
store, such as a mass storage device, or any combination of these
devices. Execution of the sequences of instructions causes the CPU
to perform steps according to embodiments of the present
invention.
[0024] The instructions may be loaded into the memory of the server
or client computers from a storage device or from one or more other
computer systems over a network connection. For example, a client
computer may transmit a sequence of instructions to the server
computer in response to a message transmitted to the client over a
network by the server. As the server receives the instructions over
the network connection, it stores the instructions in memory. The
server may store the instructions for later execution, or it may
execute the instructions as they arrive over the network
connection. In some cases, the downloaded instructions may be
directly supported by the CPU. In other cases, the instructions may
not be directly executable by the CPU, and may instead be executed
by an interpreter that interprets the instructions. In other
embodiments, hardwired circuitry may be used in place of, or in
combination with, software instructions to implement the present
invention. Thus, the present invention is not limited to any
specific combination of hardware circuitry and software, nor to any
particular source for the instructions executed by the server or
client computers. In some instances, the client and server
functionality may be implemented on a single computer platform.
[0025] Aspects of the present invention can be used in a
distributed electronic commerce application that includes a
client/server network system that links one or more server
computers to one or more client computers, as well as server
computers to other server computers and client computers to other
client computers. The client and server computers may be
implemented as desktop personal computers, workstation computers,
mobile computers, portable computing devices, personal digital
assistant (PDA) devices, or any other similar type of computing
device.
[0026] In the loan application process, a broker matches a borrower
(customer) with the loan package that best suits their need. Unlike
the retail loan market, in which the borrower directly inquires
about loans available from a bank or commercial lender, the loan
broker utilizes the wholesale loan market. In terms of a general
process, the broker obtains data from the borrower and then shops
for loans from the available sources in the wholesale loan market.
Wholesale lenders typically work only with brokers, and take
completed loan packages and underwrite them. The brokers are
typically offered discounted pricing in return for the processing
work performed by the broker.
[0027] In a network embodiment of the present invention, a loan
broker computer is configured to access computers operated by third
parties (typically in the wholesale loan market), such as lenders,
loan underwriters, settlement service vendors, and other similar
loan fulfillment parties through a web based interface that is
integrated with a loan origination software program. The loan
broker provides an on-line interface between borrowers, and those
companies that will ultimately perform the loan services and
provide the requested funds. During the course of the loan
application process, various items of information are transmitted
among the parties, including borrower information and loan
application data. This information is typically maintained in
databases stored in the broker computer, or on the third party
computers. Different entities may be responsible for different
aspects of the transaction from the lender's side. For example, one
company may be involved in the processing of a loan application,
while another is involved with providing the loan itself, while yet
another may be involved with the billing and collection of
repayment from the borrower.
[0028] The network implementation facilitates the delivery
(transmission) and tracking of data and allows for the completion
of electronic commerce transactions. Several different network
topologies may be implemented through the use of a loan processing
network system according to embodiments of the present invention.
In general, the network system couples one or more lenders (banks,
financial institutions, credit agencies and so on) to the loan
brokers who act on behalf of potential borrowers. The loan brokers
help borrowers to find and obtain loans by obtaining personal data
from the borrower, searching for compatible loans from the various
lenders, presenting loan selections to the borrower, and performing
certain validation or screening tasks, such as pre-qualification of
the borrower. The loan brokers also directly interface with the
parties that will fulfill the loan or provide settlement services,
such as lenders, loan underwriters, and settlement service
vendors.
[0029] A broker typically keeps track of pending loans and
customers through one or more pipelines. A pipeline generally
refers to a list of all loans and/or borrowers that are committed
and being processed by the broker. A separate pipeline, often
referred to as a "pre-qualification pipeline" can be used to list
prospective loans and/or borrowers who are not yet committed to a
particular loan.
[0030] For purposes of the present discussion, a loan originator is
any person or entity that helps to procure a loan on behalf of a
borrower, and can include loan brokers, loan officers, loan
processors, correspondent brokers, small banks that provide
brokerage services, and any other similar type of loan procurement
company or personnel. As used herein, the term "loan broker" is
used to represent any such type of loan originator.
[0031] Loan brokers typically execute Loan Origination Software
(LOS) programs to manage the origination tasks in the loan
application process for a borrower. In one embodiment of the
present invention, a processing and submission system is embedded
in the broker computer system and is closely coupled to or
integrated within the loan origination system program on the broker
desktop. This integration serves to streamline the loan submission
process and provides seamless connectivity to lenders and
settlement service vendors over the network. The processing and
submission system provides a direct interface to the loan
origination system programs and allows efficient management and
transmission of file data present in the broker loan origination
software to the lender and vendor computer systems. The processing
and submission system thus provides a centralized and comprehensive
system for compiling the loan and borrower information, populating
the loan documents with the relevant data, and submitting the
completed documents to the appropriate lender and other third
parties for review. This allows the broker to capture the borrower
data once and publish this data to multiple lenders without having
to repeatedly enter the borrower data for each loan
application.
[0032] FIG. 1A illustrates an exemplary network system for
processing loan applications, according to one embodiment of the
present invention. In FIG. 1A, a loan broker computer executes
several program modules that manage the loan origination process.
The main module comprises a loan origination software program 102.
When executed on the loan broker computer, this program comprises a
system referred to as the "broker desktop environment." Integrated
in the loan origination software program 102 is a web browser
program that serves as a gateway to connect the desktop to a
business center process 108, one or more back-end processes 110,
and a data storage facility 112.
[0033] In one embodiment, the business center 108 contains a
network interface that provides access between the loan origination
system program and other entities. For the embodiment in which the
network comprises the Internet, the interface may be a web-based
interface. In this case, the business center 108 includes a web
browser client process executed on the loan broker computer. In one
embodiment, the web browser program is implemented using
Microsoft.RTM. Internet Explorer.TM. browser software. The back-end
processes 110 comprise the processing and submission system servers
that provide downloadable program modules to the loan origination
program and/or perform calculations for the loan origination
program. The data storage facility 112 stores various data related
to the lenders and users within the system.
[0034] The business center process 108 within the data center 106
includes the software module comprising the processing and
submission system, according to embodiments of the present
invention. The business center implements business and processing
logic modules for receiving loan application information from a
borrower (such as 1003 data for mortgage loans), storing data
related to the borrower, providing interfaces to processes utilized
by lenders and other third parties that fulfill and settle the
loan. In this manner, the program modules required for the
processing and submission system, as well as the interface to the
third party entities is embedded directly within the loan
origination software executed on the broker computer.
[0035] As illustrated in FIG. 1A, the loan origination system
program 102 on the broker computer is coupled through the business
center process 108 to loan underwriters 120, lenders 122, and one
or more settlement service vendors 124. These entities perform the
function of fulfilling and settling the loan application. These
entities generally access the loan origination system program of
the broker computer through the web browser interface of the
business center 108. The business center 108 also provides
facilities to set up storefront type interfaces for lenders to
customize their offerings, and provides an information portal for
brokers.
[0036] One or more of the loan underwriters 120 reviews the loan
application and approves or denies the application. One example of
a mortgage loan underwriter is the Fannie Mae company, which does
not itself provide loan funds but works with lenders to assure that
the funds are available. Lenders 122 are banks, savings and loans,
or other financial institutions that provide the loan funds. The
settlement service vendors provide services and information
required to close the loan. Such vendors include appraisers, credit
reporting agencies, document preparers, flood certification
agencies, and the like. Other third party entities that may be
interfaced to the broker computer may include loan servicers who
collect monthly payments from the borrower, and other similar loan
process companies.
[0037] The loan origination software system 102 utilized by the
loan broker can be a proprietary system or a commercially available
system. FIG. 1A illustrates an embodiment wherein the network
interface (web browser) is embedded within the loan origination
system program 102. For this embodiment, the loan origination
system software may be a program such as Genesis.TM., or
Contour.TM., which are trademarked products of Ellie Mae.RTM. Corp.
In an alternative embodiment, the network interface may be closely
coupled to, rather than embedded within the loan origination
software.
[0038] FIG. 1B illustrates a network system for processing loan
applications that includes different types of loan origination
software programs that can be used with embodiments of the present
invention. Examples of present commercially available loan
origination system programs, as shown in FIG. 1B, include Calyx
Point.TM. 134, and Byte.TM. 136. Alternatively, the loan broker may
utilize a standard Internet web site 138 to interface with the
borrower and provide some degree of loan origination software
functionality. As shown in system 150 of FIG. 1B, the interface
between the loan origination system 112 and the business center
process may be through an adaptive interface that allows
off-the-shelf products to interact with the data center 106
processes. For example, if the loan origination program is Calyx
Point 134, an application programming interface (API) 135 may be
used. Similarly, other loan origination programs, such as Byte, may
include a dedicated adapter API 137, as well.
[0039] The loan origination system program 112 of system 150 can be
included within the loan broker desktop environment of the broker
computer, or it may comprise a remotely executed program executed
on the broker computer or a separate networked computer.
[0040] Regardless of the loan origination system program used, the
loan origination software allows the broker to handle various
aspects of mortgage and commercial loan activities such as
prequalification, origination, processing, and application
management. FIG. 2 is a flowchart that illustrates the general
steps of processing a loan application through a loan origination
system program on the broker desktop, according to a method of the
present invention. In step 202, a loan origination screen is served
by the loan broker for access by borrowers over a network, and
typically through a web browser interface. File templates, which
serve as blank loan application forms, are then loaded and
displayed to the borrower. These are loaded from a database of file
templates 203 that are stored either locally on the loan broker in
memory, such as data storage 112, or in a remote memory location.
Various file templates can be defined for different loan types,
such as conventional loans, FHA (Federal Housing Authority) loans,
VA (Veterans Administration) loans, and so on.
[0041] After the borrower enters the relevant personal and loan
information required by the file template and initial loan
application form, the loan origination system program 102 executes
an automatic data flow process, step 206, to populate the same
information in all of the corresponding fields in all other
documents and forms processed by the system that are related to the
loan application. This includes other related bank and government
forms, as well as word processing documents, spreadsheets, and any
other documents with fields that are linked to the original form or
other defined fields that are the same as the original fields.
[0042] The loan origination system program 102 also automatically
calculates relevant field data in any of the fields of the forms
that require derivation or calculation, step 208. These can include
fields that calculate interest rates for given borrower profile and
loan period and amount, as well as cash flow or amortization
schedules, among other calculations. Once the entry field
information has been populated for all of the forms and documents,
and the relevant calculations have been performed, the loan
application documents are submitted by the loan broker to the
appropriate lenders 122 and other third parties. Depending upon the
interface between the lenders to the processing and submission
process in business center 108, the loan information is input into
the lender computer systems in a relatively seamless manner. For
example, if the interface between a lender and the broker is
web-based, such as the Freddie Mac Loan Prospector system, the
information is populated directly into the lender web forms. This
automated input and distribution system eliminates the need to fill
out individual disparate loan application forms, and transmit the
forms to the various broker and lender sites.
[0043] Throughout the process, a document inventory tracking
process 212 can be used to search and track documents within the
system using many different types of searchable criteria, such as
borrower name, loan number, data, and so on. An on-line status
checking process 214 can also be included that provides loan
application status to borrowers. In one embodiment, the document
tracking and status checking processes may be implemented to work
in conjunction with an electronic mail process to automatically
communicate desired information to a borrower.
[0044] In one embodiment of the present invention, the processing
and submission system within the business center 108 utilizes
program modules served by the back-end process (server) 110. The
program modules may be compiled programs, downloadable script
files, or other similar type of executable program. These program
modules are either directly executable by the back-end process or
can be downloaded to the desktop environment for local execution.
In one embodiment, the modules comprise XML to (Extended Markup
Language) in combination with VBScript (Visual Basic Script) to
implement loan originator independent e-commerce transactions.
[0045] In one embodiment, the broker computer is coupled to the
third party entities and/or the potential borrowers over the
Internet network through a web-based interface. For this
embodiment, the loan originator software program 102 executes an
embedded web browser program within business center 108, which is
integrated with the loan origination program 102 through a program
such as Microsoft Internet Explorer.TM. or Netscape Navigator.TM..
The business center process 108 effectively integrates Internet and
web-based functionality to the loan origination program 102. The
processing and submission module allows the loan originator to
track user clicks on a web page, and call local programs, and
allows for convenient switching between the loan broker computer
and the Internet. The processing and submission module primarily
serves to download map files from a server, present a loan
selection panel (pipeline), and perform the form population of the
loan applications on demand. The processing and submission module
also allows for downloading of program modules to complete a
transaction. For example, a DLL (Data Link Layer) object for a
particular credit vendor can be downloaded to the user on request.
Other tasks performed by module include performing client-side
posts (e.g., HTTPS Post) to submit files to servers, receiving
credit reports, presenting a message list for incoming server
messages, and centrally tracking transactions on a server.
[0046] In one embodiment, the processing and submission module also
includes an inbox sub-module that allows a loan broker to obtain
web-based applications from the loan origination system. With this
module, a loan application can be automatically imported into the
loan origination software program. This process also allows brokers
to access loan files sent from other brokers or branches, and
receive various reports and certificates. The inbox sub-module also
provides a history of transaction reports, and it provides a
mechanism for two-way communications. For example, a broker web
site can send updated loan application data to the inbox module,
and the loan origination system can update the borrower file
automatically.
[0047] In one embodiment, the business center module 108 provides
various operational functions to the loan origination system 102.
These include providing marketing information and messages to the
broker, allowing lender 122 and vendor 124 selections, providing an
information portal for the broker, and customizing the processing
and submission module for use by the particular broker.
[0048] The processing and submission server system illustrated in
FIGS. 1A and 1B uses the Secure Sockets Layer (SSL) protocol when
transmitting data between client and servers. The transfer of data
between clients and server is based on an open and expandable file
format with no restriction or limitation on the type or amount of
data. The server-side modules executed by the loan origination
system 102 are typically all Microsoft ASP (active server pages)
and COM (component object model) modules, and new modules can be
developed and added to the system depending upon actual
implementation requirements or constraints. As stated above, the
client-side of the processing and submission system is implemented
through a web browser over an Internet link. This provides a
familiar user interface for the client. Instructions for different
tasks are presented to the users in HTML (Hypertext Markup
Language) files, and communication between clients and server is
HTTP-based. For this embodiment, forms and status data to the
clients (users) can be submitted in PDF/plain text format. Although
HTML messages can be added, certain forms, such as mortgage forms
are standardized and must be printed in the exact size and format
required by regulations. In this case, PDF is often the best way to
transfer form data (for example, sending the Good Faith estimate
and Truth in Lending Disclosure to the borrowers). The borrowers
can then use client-side software, such as the electronic
mail-based MortgageMail service to view their Messages.
[0049] The processing and submission system illustrated in FIGS. 1A
and 1B includes file templates that are utilized during loan
origination. This allows for relevant loan information to need be
entered only once, and not several times for each different form
that uses the same information. An automatic data flow process from
the origination screen populates the relevant fields in all of the
other loan forms and word processing documents. Forms are supported
for several loan types, which include conventional mortgages, FHA
(Federal Housing Authority) loans, VA (Veterans Administration)
loans, and other types of loans. This automatic data flow
eliminates the need to re-enter the same information per form, and
also automatically calculates relevant field data, such as interest
rates, maximum loan amounts, cash to or from borrower, amortization
schedules, and the like.
[0050] Once information is entered into each data field, e.g., name
and address, of the file template during the loan origination
process, the information is saved in a database, wherein each data
field is associated with the particular information entered. In one
embodiment, the database may be saved in the data storage facility
112 coupled or included within the loan broker computer. When a
particular loan form is activated, the automatic data flow program
conducts a search for each data field and inserts the associated
information from the database into the correct position located for
the data field. Alternatively, each loan form can be modified to
insert embedded codes, so that the computer program can more easily
identify the location of a data field and enter the associated
information.
[0051] The loan origination system program 102 can be configured to
export loan data to different popular formats such as Freddie Mac,
Fannie Mae, and Ellie Mae proprietary format. Once the loan data
has been exported, it can easily be submitted to the broker
computer and from the broker computer to other third parties, such
as lender 122.
[0052] For embodiments in which the loan originator executes a web
browser interface to the processing and submission server, specific
loan originator request forms can be loaded into the processing
client module. In this manner, the forms can be populated with loan
data that is already entered into the loan origination system, so
that the broker does not need to re-enter the data.
[0053] In one embodiment, HTTP (hypertext transport protocol) links
are inserted into the HTML (hypertext markup language) pages served
by the broker computer. When these links are selected by a user,
the information contained in the URL instructs the local processing
client how to process the link and what kind of information to
submit with the link to the link's destination. For this
embodiment, the system may incorporate Internet standard protocols
by embedding a web browser program in the broker computer and
adopting web standards, such as XML and VBScript. When a web
browser is integrated into the loan origination client system, its
behavior is fully controlled and customized by the programs
provided by the broker computer. Communication with the server is
based on HTTPS (secure HTTP) protocol to transfer data between
client and server. In one embodiment, the format of the data
transferred between client and server is based on an Ellie Mae XML
file and Fannie Mae Desktop Underwriter (DU) 3.0 file.
[0054] This embodiment provides a seamless Internet interface to
the loan origination system client desktop 102. This results in an
easy to use transaction platform that is robust and fully
integrated with the loan originator and enables two-way
communications so that brokers can receive credit reports,
underwriting decisions, and flood and title certificates within the
loan origination system context. The business center 108 interface
provides brokers with a single point of access from their loan
origination systems 102 to the underwriter, lenders, and settlement
service providers, thus streamlining the information data flow and
simplifying the task of importing files among the different parties
and programs.
[0055] The processing and submission system within the business
center 108 includes multiple entry points. A loan application and
processing transaction on the broker computer can be initiated by
launching the loan origination program 102, e.g., by launching the
Genesis or Contour program on the broker computer desktop.
Alternatively, it can be entered through the web browser interface
by a partner computer, e.g., a computer operated by lender 122. For
this embodiment, the broker computer hosts a web page that is
accessible through a URL (Uniform Resource Locator) address
maintained by the broker computer.
[0056] FIGS. 3A and 3B are a flowchart illustrating the steps of
processing and submitting a loan application through a loan
application processing and submission process, according to one
embodiment of the present invention. In step 301 of process 300,
the business center process 108 that is embedded within the broker
server 104 opens upon the launch of the loan origination program
102 from the broker desktop, or from a partner computer. The
business center application provides lender and loan vendor
information and store front displays to the user and acts as a
general information portal between the broker and the partners,
such as underwriter 120, lender 122, and vendors 124. Based on the
signature of the loan broker, the navigation clicks from the user
are tracked by the processing and submission module. If HTML
hyperlinks are selected by the user, the appropriate web page 305,
typically on a partner web site, is accessed, step 304. The loan
form templates are then downloaded. In one embodiment, the
processing client downloads the form templates as a new DLL (data
link layer) object, and executes the local processing program, step
306. Alternatively, the processing client 114 executes a VBS script
process that is executed locally, step 307. If the VBS script
process is used, the fields on the HTML page representing the
application form is populated using a Document Object Model (DOM)
method, step 308. The data input by the borrower is then
transferred to the appropriate partner computer using form fill or
hidden field techniques, step 309, and the partner web site 311 is
accessed over the network. In step 310, the transaction is logged
and stored in the data center 104.
[0057] In one embodiment of the present invention, the form fill
technique is an intelligent process executed by the broker desktop
104 that formats and transfers the data based on the recognition of
defined field names in the object model or the HTML structure of
the application form. For example, fields can be defined for name
and address, and upon processing of the form, the data associated
with these fields is automatically searched and transferred and
passed to the HTML web page in the browser. The hidden field
technique utilizes hidden fields defined in the partner web page or
other customer form entry point. These hidden fields are used to
trigger the formatting and transmission of data within the
appropriate fields of the application form. Thus, the partners
define hidden fields (e.g., on their web pages) to receive the loan
application and other data from the broker desktop.
[0058] Once the DLL or VBScript is downloaded, the data input into
the loan application form template or templates by the borrower is
extracted, formatted, validated and then submitted to the partner,
step 312. The validation of the data can be performed by the loan
broker desktop 104 or by a separate validation process within the
back-end processes 110.
[0059] As shown in step 313, for a standard Internet
implementation, the data is transferred from the broker server 104
through an HTTPS XML exchange, although various other data transfer
protocols are also possible. The data transfer executed in step 313
can be one of three types, synchronous 316, asynchronous 315, or
polling driven 314. All data transactions are logged and stored on
the broker server 102, step 319. For an asynchronous transaction
15, the data is received through a message list, step 321. In this
step, the import program is initialized based on data type. The
processing client 104 then uses the resident web browser to display
the readable result reports in a browser recognizable format, step
322. Examples of web browser formats include .txt, .pdf, .htm, .doc
files, and so on.
[0060] For data transactions that are either synchronous 316 or
polling-based 014, the data is returned as a readable report or as
data to be integrated to the loan originator and saved locally by
the client process 114, step 320. After this, the processing client
104 then uses the resident web browser to display the readable
result reports in a browser recognizable format, step 322.
[0061] In one embodiment of the present invention, the business
center process 108 provides an embedded web browser interface to
the loan origination program 102 resident on the broker computer.
FIG. 4 is an exemplary web site home page for the business server
process, according to one embodiment of the present invention. The
business center web page 400 includes several display buttons that
allow the user to access various parts of the web site and execute
different processes within the system. The main text display area
402 displays various items of information related to the business
center. A partner link area 404 provides HTML links to various
partner web sites. For example, partner lenders may include banks
and finance companies, such as Bank of America, Flagstar Bank, GM
Mortgage, and so on. The loan underwriters can include Fannie Mae,
Freddie Mac, PMI Contract, GE AU Central, and so on. The links in
the vendor section of display area 404 include links to various
settlement service vendors, such as credit reporting, title and
closing companies, mortgage insurance companies, and so on.
[0062] The business center web page 400 also includes an account
login display area 406 that allows a user to log into and out of
the business center system. The system can be configured to manage
separate accounts for different users and save user profiles and
preferences for ease of use. A submission links window display area
408 includes a list of links to pre-defined or often accessed
partner cites.
[0063] As shown in FIG. 4, various other command buttons on the
business center web page 400 allow the user to access various
processes. For example, the user can shop for different loans based
on interest rates and indices using option button 405 on web page
400. This provides access to a separate web page that allows the
user to find and compare various loans based on information
provided by the user.
[0064] Accessing a partner web site through a link provided in the
business center web page redirects the embedded or resident web
browser on the broker computer to the appropriate partner home
page. As stated above, the business center 108 provides facilities
to set up storefront type interfaces for lenders to customize their
offerings. FIG. 5 is an exemplary web site home page for a lender
partner, according to one embodiment of the present invention. As
illustrated in FIG. 5, an exemplary home page 500 for Homeside
Lending is shown. This web page is accessed by the user clicking on
the "Homeside" link in the lenders portion of link display area
404. The main display area 502 is typically used to displays
high-level information regarding the lender, and provide navigation
links and instructions to other pages in the web site. The home
page 500 includes a display area 504, which allows the user to
specify one or more actions to perform. These include locking a
rate for a new loan, registering a loan, viewing the broker
pipeline, submitting a loan application for underwriting, and
viewing an underwriting pipeline. Also provided is a display area
506 that provides links to pages that provide descriptive
information for the processes available through the lender web
site. Similar web pages are provided for the other partner web
sites accessible from the business center process.
[0065] In one embodiment of the present invention, the processing
and submission system includes an interface to the consumer
(borrower). This can be implemented through a user interface, such
as web site 138 in FIG. 1B. This interface allows the consumer to
provide certain data, such as 1003 data to the loan origination
system program 102. Various different forms can be presented to the
user to provide data entry fields. For example, FIG. 6 illustrates
an exemplary pre-qualification web page, according to one
embodiment of the present invention. This web page prompts the user
for certain items of information and determines if the borrower
prequalifies for the preselected loan or loans. FIG. 7 illustrates
an exemplary loan shopping web page that prompts the user for
certain items of information and finds loans available to the user
based on the information. The data entered by the borrower is
processed by the processing and submission system and used to
populate all of the forms utilized by the partners 120, 122, and
124.
[0066] In an alternative embodiment, the borrower interfaces, such
as those illustrated in FIGS. 6 and 7 may be provided by a partner
web site, such as by a lender 122. In this case, a partner provides
the consumer web interface for the broker, and the form data is
populated from the partner data.
[0067] It should be noted that the web pages illustrated in FIGS.
4, 5, 6, and 7 are primarily intended for illustration, and that
the layout and content of the web pages served by the systems 100
and 150 can vary depending upon implementation choices by the
lenders and/or loan originators. Furthermore, a wide variety of web
pages can be provided for other aspects of the loan application
process and the links illustrated in the Figures.
[0068] Although embodiments of the present invention have been
described with reference to a network implementation comprising the
Internet and Internet-related web browsing and web serving
technologies, it should be noted that alternative embodiments of
the present invention can be implemented on many other types of
networks and network protocols, such as proprietary protocols for
local area networks, wide area networks, and any combination
thereof.
[0069] The present invention has been described primarily in
relation to loan applications for personal home mortgage loans. It
should be noted, however, that many other types of loans can be
processed through the embodiments described herein, such as
commercial loans, any type of personal loan, home equity loans, and
the like.
[0070] In the foregoing, a system has been described for processing
and submitting loan applications through an embedded loan
origination software system and loan processing interface system.
Although the present invention has been described with reference to
specific exemplary embodiments, it will be evident that various
modifications and changes may be made to these embodiments without
departing from the broader spirit and scope of the invention as set
forth in the claims. Accordingly, the specification and drawings
are to be regarded in an illustrative rather than a restrictive
sense.
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