Patent ID: 7499885
Filing Date: 2009-03-03
Classification: G06Q

Abstract:
1. A direct online mortgage auction network said network comprising: a mortgage auction network Web site, the network Web site for providing access to a preset pool of funds in a secondary mortgage market; and a plurality of borrower nodes, each of said borrower nodes, coupled to said mortgage auction network website, said borrower nodes configured to directly access said mortgage auction network Web site, so as to allow users, operating said borrower nodes, to enter a plurality of bids for a mortgage to be awarded from said preset pool of funds in the secondary mortgage market, wherein said bids include, obtaining pre-approval for submitting a bid and submitting a bid at a particular interest rate, wherein upon submission of said bids from said plurality of borrower nodes for said mortgage from said preset pool of funds from the secondary mortgage market, once a predefined time limit is met, said bids are compared to one another and at least one or more of said bids submitted from said borrower nodes, qualifies for a portion of the preset pool of funds in the secondary mortgage market.