Patent ID: 7386504
Filing Date: 2008-06-10
Classification: G06Q

Abstract:
1. A method, comprising the steps of: a loan originator independently providing services necessary for the origination of a mortgage loan and not duplicative of services provided by a loan broker by operating a loan originator computer associated with the loan originator as a member of a financial institution, further comprising the steps of: collecting by the loan originator operating the loan originator computer loan data for a loan application in coordination with a loan broker distinct from the loan originator, for a loan customer distinct from the loan originator applying for a loan, further comprising the steps of: collecting pre-stored customer data regarding the loan customer into a loan originator computer; collecting by the loan originator new customer data different from the pre-stored customer data into the loan originator computer; creating a loan application by combining in the loan originator computer the pre-stored customer data, the new customer data, and information about the loan; and transferring the loan application to the loan broker from the loan originator computer; and automatically verifying the services provided by the loan originator comply with the guidelines of federal and state law; wherein the financial institution collection comprises the members: a bank, a savings and loan, a thrift, and a credit union.