System and method for processing a loan

US7653592B1 · kind B1 · utility

Assignee

• Fannie Mae · US

Inventors

• David Flaxman · Bethesda, US
• Minerva L. Tantoco-Hobbs · Washington, US
• Anne M. Murphy Kobus · Silver Spring, US
• Michael Koch · Radebeul, DE
• Daniel Packer · Rockville, US
• Peter G. Plofchan · Washington, US
• Richard C. Pomeroy · Chinook, US

Key dates

• Filing date: Dec 30, 2005
• Grant date: Jan 26, 2010
• Expiry date: Dec 30, 2025

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A computer-implemented mortgage loan application data processing system comprises user interface logic and a workflow engine. The user interface logic is configured to receive mortgage loan application data for a mortgage loan application from a borrower. The workflow engine has stored therein a list representing tasks that need to be performed in connection with the mortgage loan application, including tasks for fulfillment of underwriting conditions. The workflow engine is configured to cooperate with the user interface logic to prompt the borrower to perform the tasks. The system is configured to provide the borrower with a fully-verified approval for the mortgage loan application. The fully-verified approval indicates that the mortgage loan application data received from the borrower has already been verified as accurate using information from trusted sources. The mortgage loan application may then be provided to different lenders with the different lenders being able to authenticate the fully-verified approval status.