Patent ID: 7499882
Filing Date: 2009-03-03
Classification: G06Q

Abstract:
1. A method for processing a loan application on behalf of a lender by virtue of a computer system, where a real property is presented as collateral by the loan applicant, the method comprising steps of: (a) inputting the loan application into the computer system, the loan application containing the address of the real property; (b) providing the address of the property to an automated valuation model (AVM) system, for producing and returning valuation data for a real property in response to the provision of the address thereof; (c) receiving valuation data for the corresponding property from the AVM system; (d) determining a LoanCap for the corresponding property by applying a pre-determined lending policy to the valuation data and information provided in the loan application, the lending policy having been pre-set in the computer system, wherein the LoanCap comprises an amount determined by comparison of: (e) comparing a requested loan amount in the loan application to the LoanCap, wherein, when the requested loan amount is within the LoanCap, the loan application can be approved, and (f) wherein, after the step (a), the steps (b) to (e) are carried out automatically and electronically in the computer system.