Approving and updating dynamic mortgage applications

US11244387B1 · kind B1 · utility

Assignee

• State Farm Mutual Automobile Insurance Company · US

Inventors

• Benjamin Tarmann · Normal, US
• Richard R. Rhodes · Tacoma, US
• Lokesh Awasthy · Santa Clara, US
• Denise DeRoeck · Bloomington, US
• Jaime Skaggs · Chenoa, US
• Jacob J. Alt · Downs, US
• Shanna L. Phillips · Bloomington, US
• Shyam Tummala · Bloomington, US
• Matthew S. Meierotto · Bloomington, US
• Richard D. Groonwald · Bloomington, US
• Brian J. Hughes · Calabasas, US

Key dates

• Filing date: May 9, 2018
• Grant date: Feb 8, 2022
• Expiry date: Aug 9, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q50/16
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and computer-implemented method for approving a dynamic mortgage application. The method includes determining a customer is approved for a mortgage, including calculating an amount in which the customer is approved for a mortgage loan based upon the information about the customer retrieved from a memory storage location. The method further includes determining a real estate property is mortgage ready, including calculating an appraisal value for the real estate property based upon the information about the real property retrieved from the memory storage location. The method still further includes comparing the calculated amount the customer is approved for a mortgage loan with the calculated appraisal value of the real estate property, and approving the mortgage application of the customer for the real estate property when the calculated amount the customer is approved for the mortgage loan meets or exceeds the calculated appraisal value of the real estate property.