Abstract:
The present disclosure provides a system and method for processing information related to a financial transaction. The system provides for a centralized electronic database for storing and managing all necessary information for completing the financial transaction. This information may include, or relate to, a loan application, credit report, appraisal, and title report. The information is available over a computer network to all the major participants in a financial transaction, such as lenders, title companies, appraisers, and brokers. The system is also able to track changes in the information. In addition, certain automated features provide for a paperless transaction, including requesting, reviewing and even legally assigning the information residing in the database.

Description:
CROSS-REFERENCE TO RELATED APPLICATIONS 
       [0001]    This application claims the benefit of U.S. Provisional Application No. 61/103,903, filed Oct. 8, 2008, and entitled SYSTEM AND METHOD FOR PRODUCING A REAL ESTATE LOAN APPLICATION, which is hereby incorporated by reference herein in its entirety, including but not limited to those portions that specifically appear hereinafter, the incorporation by reference being made with the following exception: In the event that any portion of the above-referenced provisional application is inconsistent with this application, this application supercedes said above-referenced provisional application. 
     
    
     STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH OR DEVELOPMENT 
       [0002]    Not Applicable. 
       BACKGROUND 
       [0003]    1. The Field of the Invention 
         [0004]    The present disclosure relates generally to financial transactions, and more particularly, but not necessarily entirely, to automated methods and systems for gathering, storing and modifying information used in a financial transaction. 
         [0005]    2. Description of Related Art 
         [0006]    The process of completing a real estate loan involves pulling together information from multiple independent people and organizations. For example, a typical real estate loan may involve one or more borrowers, a mortgage broker, a loan processor, a title company, a closer, a lender, an underwriter, a credit scoring company and one or more appraisers. To date, the known methods for gathering, processing, and relaying vital information between the persons and entities involved in a real estate loan application have been fairly unsophisticated given the current level of available technology. For example, many loan applications are still completed by hand, information is sent through the mail or the information is transmitted via facsimile transmission. 
         [0007]    Overall, there is a general lack of communication and awareness between persons involved in a real estate loan transaction. This lack of communication and awareness leads to redundant efforts, slower turn around, tension between the different persons and ultimately the loss of business. There is an acute need for streamlining the information sharing process during a loan application process to achieve greater efficiency in today&#39;s high volume loan market. 
         [0008]    Another drawback to the traditional methods used in processing a loan application is that they provide only a small portion of the available information. That is, due to the cumbersome methods used to gather, retain, and transfer information, the tendency has been to keep the amount of information to a bare minimum. This is disadvantageous since additional information, if available, may help identify high risk loans before the loan is closed. For example, in the past, real estate appraisers have provided relatively limited information to the underwriter when valuing a home. This may lead to a loan being granted at a higher loan-to-value than would otherwise be acceptable to the lender and increases the chance for more fraudulent loans. For example, if an underwriter could view a diagram of the home with 360 degree tours, still photos of each room in the house, and street views of the house and neighborhood then the underwriter could more easily determine whether or not the appraisal of the home is reasonable and whether or not to proceed with underwriting the loan or to seek a second appraisal. As another example, it would be advantageous to have a system in place for tracking a borrower&#39;s credit report over time (e.g., before and after the borrower, mortgage broker, or credit agency has initiated or made corrections to the credit report) to allow lenders and underwriters to review/research why an item was corrected or removed from a credit report to avoid untrustworthy or fraudulent activity. 
         [0009]    Another disadvantage with the traditional loan application process is the lack of automation. For example, when an appraisal is needed for a particular property, typically the mortgage broker obtains a list of appraisers working in the general geographic location of the property, and calls each one individually. This process can become overly time consuming. The process for selecting a title company to use for a particular transaction can be cumbersome and time consuming as well. 
         [0010]    Another disadvantage is the lack of a complete solution to handle all of the various aspects of a real estate loan application, including the loan application, title report, underwriter approval, appraisal, credit documents, etc. In the past, each of these aspects have been separately managed. It would be useful to provide a complete solution in an integrated and centralized package to handle all aspects of a loan application. 
         [0011]    The previous methods are thus characterized by several disadvantages that are addressed by the present disclosure. The present disclosure minimizes, and in some aspects eliminates, the above-mentioned failures, and other problems, by utilizing the methods and structural features described herein. 
         [0012]    The features and advantages of the disclosure will be set forth in the description which follows, and in part will be apparent from the description, or may be learned by the practice of the disclosure without undue experimentation. The features and advantages of the disclosure may be realized and obtained by means of the instruments and combinations particularly pointed out in the appended claims. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0013]    The features and advantages of the disclosure will become apparent from a consideration of the subsequent detailed description presented in connection with the accompanying drawings in which: 
           [0014]      FIG. 1  is a diagram of one exemplary embodiment of the present disclosure; 
           [0015]      FIG. 1A  is a diagram of another exemplary embodiment of the present disclosure; 
           [0016]      FIG. 2  is a block diagram of an exemplary terminal; 
           [0017]      FIG. 3  is a flow diagram of one exemplary portion of the present disclosure; 
           [0018]      FIG. 4  is an exemplary screen view in accordance with the present disclosure; 
           [0019]      FIG. 5  is an exemplary menu in accordance with the present disclosure; 
           [0020]      FIG. 6  is an exemplary menu in accordance with the present disclosure; 
           [0021]      FIG. 7  is an exemplary menu in accordance with the present disclosure; 
           [0022]      FIG. 8  is an exemplary menu in accordance with the present disclosure; 
           [0023]      FIG. 9  is an exemplary menu in accordance with the present disclosure; 
           [0024]      FIG. 10  is an exemplary menu in accordance with the present disclosure; 
           [0025]      FIG. 11  is an exemplary menu in accordance with the present disclosure; 
           [0026]      FIG. 12  is an exemplary menu in accordance with the present disclosure; 
           [0027]      FIG. 13  is an exemplary menu in accordance with the present disclosure; 
           [0028]      FIG. 14  is an exemplary menu in accordance with the present disclosure; 
           [0029]      FIG. 15  is an exemplary electronic notification in accordance with the present disclosure; 
           [0030]      FIG. 16  is an exemplary screen view in accordance with the present disclosure; 
           [0031]      FIG. 17  is an exemplary menu in accordance with the present disclosure; 
           [0032]      FIG. 18  is an exemplary menu in accordance with the present disclosure; 
           [0033]      FIG. 19  is an exemplary menu in accordance with the present disclosure; 
           [0034]      FIG. 20  is an exemplary flow chart in accordance with the present disclosure; 
           [0035]      FIG. 21  is an exemplary screen view in accordance with the present disclosure; 
           [0036]      FIG. 22  is an exemplary request for appraisal in accordance with the present disclosure; 
           [0037]      FIG. 23  is an exemplary menu in accordance with the present disclosure; 
           [0038]      FIG. 24  is an exemplary electronic notification in accordance with the present disclosure; 
           [0039]      FIG. 25  is an exemplary screen view in accordance with the present disclosure; 
           [0040]      FIG. 26  is an exemplary menu in accordance with the present disclosure; 
           [0041]      FIG. 27  is an exemplary screen view in accordance with the present disclosure; 
           [0042]      FIG. 28  is an exemplary diagram of an appraisal layout in accordance with the present disclosure; 
           [0043]      FIG. 29  is an exemplary screen view in accordance with the present disclosure; 
           [0044]      FIG. 30  is an exemplary electronic notification in accordance with the present disclosure; 
           [0045]      FIG. 31  is an exemplary screen view in accordance with the present disclosure; 
           [0046]      FIG. 32  is an exemplary menu in accordance with the present disclosure; 
           [0047]      FIG. 33  is an exemplary diagram of an appraisal layout in accordance with the present disclosure; 
           [0048]      FIG. 34  is an exemplary screen view in accordance with the present disclosure; 
           [0049]      FIG. 35  is an exemplary electronic notification in accordance with the present disclosure; 
           [0050]      FIG. 36  is an exemplary screen view in accordance with the present disclosure; 
           [0051]      FIG. 37  is an exemplary menu in accordance with the present disclosure; 
           [0052]      FIG. 38  is an exemplary diagram of an appraisal layout in accordance with the present disclosure; 
           [0053]      FIG. 39  is an exemplary screen view in accordance with the present disclosure; 
           [0054]      FIG. 40  is an exemplary menu in accordance with the present disclosure; 
           [0055]      FIG. 41  is an exemplary diagram of an appraisal layout in accordance with the present disclosure; 
           [0056]      FIG. 42  is an exemplary screen view in accordance with the present disclosure; 
           [0057]      FIG. 43  is an exemplary menu in accordance with the present disclosure; 
           [0058]      FIG. 44  is an exemplary screen view in accordance with the present disclosure; 
           [0059]      FIG. 45  is an exemplary menu in accordance with the present disclosure; 
           [0060]      FIG. 46  is an exemplary screen view in accordance with the present disclosure; 
           [0061]      FIG. 47  is a flow diagram in accordance with the present disclosure; 
           [0062]      FIG. 48  is an exemplary screen view in accordance with the present disclosure; 
           [0063]      FIG. 49  is an exemplary request for title in accordance with the present disclosure; 
           [0064]      FIG. 50  is an exemplary menu in accordance with the present disclosure; 
           [0065]      FIG. 51  is an exemplary electronic notification in accordance with the present disclosure; 
           [0066]      FIG. 52  is an exemplary screen view in accordance with the present disclosure; 
           [0067]      FIG. 53  is an exemplary menu in accordance with the present disclosure; 
           [0068]      FIG. 54  is an exemplary screen view in accordance with the present disclosure; 
           [0069]      FIG. 55  is an exemplary menu in accordance with the present disclosure; 
           [0070]      FIG. 56  is an exemplary electronic notification in accordance with the present disclosure; 
           [0071]      FIG. 57  is an exemplary screen view in accordance with the present disclosure; 
           [0072]      FIG. 58  is an exemplary menu in accordance with the present disclosure; 
           [0073]      FIG. 59  is an exemplary menu in accordance with the present disclosure; 
           [0074]      FIG. 60  is an exemplary electronic notification in accordance with the present disclosure; 
           [0075]      FIG. 61  is an exemplary screen view in accordance with the present disclosure; 
           [0076]      FIG. 62  is an exemplary menu in accordance with the present disclosure; and 
           [0077]      FIG. 63  is an exemplary menu in accordance with the present disclosure. 
       
    
    
     DETAILED DESCRIPTION 
       [0078]    For the purposes of promoting an understanding of the principles in accordance with the disclosure, reference will now be made to the embodiments illustrated in the drawings and specific language will be used to describe the same. It will nevertheless be understood that no limitation of the scope of the disclosure is thereby intended. Any alterations and further modifications of the inventive features illustrated herein, and any additional applications of the principles of the disclosure as illustrated herein, which would normally occur to one skilled in the relevant art and having possession of this disclosure, are to be considered within the scope of the disclosure claimed. 
         [0079]    It must be noted that, as used in this specification and the appended claims, the singular forms “a,” “an,” and “the” include plural referents unless the context clearly dictates otherwise. 
         [0080]    In describing and claiming the present disclosure, the following terminology will be used in accordance with the definitions set out below. As used herein, the terms “comprising,” “including,” “containing,” “characterized by,” and grammatical equivalents thereof are inclusive or open-ended terms that do not exclude additional, unrecited elements or method steps. 
         [0081]    The following is a glossary of common terms used in the financial industry which will be used herein: 
         [0082]    Loan Application: Document required by lenders prior to loan approval containing detailed information about the borrower and property. 
         [0083]    Mortgage Broker: An individual or company that (usually for a fee) acts as an intermediary between borrowers and lenders. 
         [0084]    Lender: The individual, party or financial institution from whom the money is actually borrowed. Also known as the mortgagee, in the case of a mortgage loan. A lender may lend directly to a borrower or indirectly through a mortgage broker. 
         [0085]    Borrower: An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan. 
         [0086]    Appraisal: An opinion of value reached by an appraiser based upon recent sales information for similar properties, the condition of the property and the neighborhood&#39;s impact on future property value. 
         [0087]    Appraiser: The person who decides the market value of a home based on its condition and the selling prices of comparable homes recently sold in the area. The appraiser computes a fair estimate of market value to help the lender decide a reasonable loan amount. 
         [0088]    Title Report: A document indicating the current state of title for real property. The title report includes information on the current ownership, outstanding deeds of trust or mortgages, liens, easements, covenants, restrictions, and any defects. 
         [0089]    Title Company: A business or law firm that examines real property titles, reports its findings as to the legal status of such titles, and issues insurance policies to indemnify the owner and lender against financial loss resulting from unknown title defects or prior claims against the property. 
         [0090]    Credit Report: A report to a prospective lender on the credit standing of a prospective borrower. Used to help determine creditworthiness. Information regarding late payments, defaults, or bankruptcies will appear in the credit report. 
         [0091]    Credit Agency: An agency that compiles and distributes credit and personal information to creditors and lenders. This information may include payment habits, number of credit accounts, balance of accounts, and length and place of employment. The three largest credit bureaus in the U.S. are Equifax, Experian and TransUnion. 
         [0092]    Underwriter: A person who approves or denies a loan to a potential borrower based on the borrower&#39;s credit history, employment history, assets, debts, the subject property, appraisal and other factors such as loan guidelines. 
         [0093]    The present disclosure relates to a system and method for completing a real estate transaction. The system includes hardware and software adapted to facilitate the exchange of information between the various persons/entities involved in completing a real estate loan transaction, namely the mortgage broker, the appraiser, the title company, the credit agency, the underwriter and the lender. It will be appreciated that the system may be expanded, according to the present disclosure, to include other necessary entities and/or employees of these entities. For example, loan officers and loan processors may work for the mortgage broker. Underwriters may be employed by the lender. Closing agents, title officers and title searchers may be employed by the title company. 
         [0094]    Referring now to  FIG. 1 , there is shown an exemplary system  10  for carrying out the objectives of the present invention. Terminals  12 ,  14 ,  16 ,  18 , and  20  allow shared access to information residing in database  22  through server  24 . Server  24  is sometimes referred to herein as a central processing unit or central processing means. Further, as will be explained in detail hereinafter, the information residing in the database may include loan applications, appraisals, credit reports, title reports, closing documents, loan applicant information and other information used in the loan application process. Terminals  12  through  20  may access the information through a network such as the internet  26 . It will be appreciated that other networks may be used as well, including LANs and WANs. 
         [0095]    Terminals  12  through  20  allow mortgage brokers, loan officers, appraisers, title officers, loan underwriters, and the loan applicant to access, enter, and modify the information residing on database  22 . It will be appreciated that other people or entities may be granted access to the information residing on database  22 . For example, a lender or a loan servicing company may have access to the information on database  22 . It will be further appreciated that each of the terminals  12  through  20  may be located at different physical locations. 
         [0096]    The server  24  allows each of the terminals to access the information in the database  22 . In addition, the server  24  may operate as a collection of servers, including database servers, web servers, and application servers. Server  24  may also be a central processing unit or central processing means. As a web server, server  24  is a computer connected to the World Wide Web (connected to the Internet Backbone) that stores HTML documents that can be retrieved via a web browser typically running on a terminal. These HTML documents may provide a graphical user interface (GUI) to allow easy and organized access to the information residing in database  22 . It will be appreciated that the access may be password protected. Thus, to access the information on the database  22 , a login name and a password may be required. In addition, different levels of access may be granted depending on the requirements of any individual person. For example, an appraiser may only have access to appraisal information and not to the loan applicant&#39;s personal financial information. Likewise, a loan underwriter may be granted access to all the information residing in the database. 
         [0097]    In addition to the features outlined above, the present invention also provides a communication means between the individuals involved in a loan transaction. That is, the loan officer may leave the appraiser a message by using the present system. The message is stored in database  22  and the appraiser may be notified of the message via email, phone message, text message, paging, or the next time the appraiser logs into the system. 
         [0098]    Through the use of a centralized database  22 , information may be more easily shared between the concerned parties. Further, one particularly beneficial feature of the present invention is the reduction of paperwork typically associated with a loan transaction. Additionally, the system may be configured to require more information than is traditionally used in a loan application process. Also, the present invention allows tracking of changes to the information entered into the database  22  over time. 
         [0099]    As seen in  FIG. 1 , credit companies  26  may also be connected to system  10  via the internet  26  or by some other network. This allows the credit information of a loan applicant to be downloaded and stored in database  22 . 
         [0100]      FIG. 1A  illustrates another embodiment of the present invention, including database servers, web servers, a firewall and the internet. These devices have the features of the similar devices described above or are well known to those having skill in the art. Thus, it will be appreciated that the configuration of a system according to the present invention may take various forms, and the intelligence of such a system may reside in a single computing device or may be spread among several computing devices. 
         [0101]    Referring now to  FIG. 2 , there is shown an exemplary embodiment of a computer terminal  100 , that may be used for the terminals  12  through  20 . It will be appreciated that other embodiments of the terminals  12  and  20  having more or less features than shown in  FIG. 2  may be used in accordance with the present disclosure as is known by those having relevant skill in the art. 
         [0102]    The computer terminal  100  includes a system memory  102 , and a system bus  104  that interconnects various system components including the system memory  102  to the processing unit  106 . The system bus  104  may be any of several types of bus structures including a memory bus or memory controller, a peripheral bus, and a local bus using any of a variety of bus architectures as is known to those skilled in the relevant art. The system memory includes read only memory (ROM)  108  and random access memory (RAM)  110 . A basic input/output system (BIOS)  112 , containing the basic routines that help to transfer information between elements within the computer terminal  100 , such as during start-up, is stored in ROM  108 . The computer terminal  100  may further include a hard disk drive  114  for reading and writing information to a hard disk (not explicitly illustrated), a magnetic disk drive  116  for reading from or writing to a removable magnetic disk  118 , and an optical disk drive  120  for reading from or writing to a removable optical disk  122  such as a CD ROM, DVD, or other optical media. 
         [0103]    The hard disk drive  114 , magnetic disk drive  116 , and optical disk drive  120  are connected to the system bus  104  by a hard disk drive interface  124 , a magnetic disk drive interface  126 , and an optical disk drive interface  128 , respectively. The drives and their associated computer-readable media provide nonvolatile storage of computer readable instructions, data structures, program modules and other data for the computer terminal  100 . Although the exemplary environment described herein employs a hard disk, a removable magnetic disk  118 , and a removable optical disk  122 , it will be appreciated by those skilled in the relevant art that other types of machine readable media which can store data that is accessible by a processor, such as magnetic cassettes, flash memory cards, digital video disks, Bernoulli cartridges, random access memories, read only memories, and the like which may now be available or which become available in the future, may also be used in the exemplary operating environment. 
         [0104]    A number of program modules may be stored on the hard disk, magnetic disk  118 , optical disk  122 , ROM  108  or RAM  110 , including an operating system  130 , one or more applications programs  132 , other program modules  134 , and program data  136 . A user may enter commands and information into the computer terminal  100  through input devices such as a keyboard  138  and a pointing device  140 , such as a mouse. Other input devices (not explicitly illustrated) may include a joystick, game pad, satellite dish, scanner, or the like. These and other input devices are often connected to the processing unit  106  through a serial port interface  140  that is coupled to the system bus  104 . Increasingly, such devices are being connected by the next generation of interfaces, such as a universal serial bus (USB) interface  142  with a USB port  144 , and to which other hubs and devices may be connected. Other interfaces (not explicitly illustrated) that may be used include parallel ports, game ports, and the IEEE 1394 (Firewire) specification. 
         [0105]    A monitor  146  or other type of display device is also connected to the system bus  104  via an interface, such as a video adapter  148 . In addition to the monitor  146 , computer terminals  100  typically include other peripheral output or input devices. The USB connections illustrate its utility. A USB hub  150  is shown connected to the USB port  144 . The hub  150  may in turn be connected to other devices such as a web camera  152  and modem  154 . Although not explicitly illustrated, it is well understood by those having the relevant skill in the art that a keyboard, scanner, printer, external drives (e.g., hard disk and optical disc) and a pointing device may be connected to the USB port  144  or the hub  150 . Thus, it should be understood that additional cameras and devices may be directly connected to the computer through the USB port  144 . Thus, the system depicted is capable of communicating with a network and sending/receiving audio, video and other types of data. 
         [0106]    The computer terminal  100  may operate in a networked environment using logical connections to one or more remote computers. The types of connections between networked devices include dial up modems, e.g. modem  154  may be directly used to connect to another modem, ISDN, xDSL, cable modem, wireless and include connections spanning users connected to the Internet. The remote computer may be another personal computer, a server, a router, a network PC, a peer device or other common network node, and typically includes many or all of the elements described above relative to the computer terminal  100  in  FIG. 2 . The logical connections depicted in  FIG. 2  include a local area network (LAN)  156  and a wide area network (WAN)  158 . Such networking environments are commonplace in offices, enterprise-wide computer networks, intranets and the Internet. 
         [0107]    When used in a LAN networking environment, the computer terminal  100  is connected to the local network  156  through a network interface or adapter  160 . When used in a WAN networking environment, the computer terminal  100  typically uses modem  154  or other means for establishing communications over the wide area network  158 . It should be noted that modem  154  may be internal or external and is connected to the system bus  104  through USB port  144 . A modem may optionally be connected to system bus  104  through the serial port interface  140 . It will be appreciated that the network connections shown are exemplary and other means of establishing a communications link between the computers may be used, e.g., from a LAN gateway to WAN. 
         [0108]    The computer terminal  100  may also receive audio input from a microphone and output audio sounds through speakers as illustratively shown by the box marked with the reference numeral  162  in  FIG. 2 . A sound card interface  164  processes the sounds to a sound card and the system bus  164 . Further, the computer terminal  100  may take many forms as is known to those having relevant skill in the art, including a desktop personal computer, a laptop computer, a handheld computer, and the like. Further, the computer compatibility of the computer terminal  100  may include, without limitation, IBM PC/XT/AT, or compatibles, or Apple Macintosh computers. The operating system  130  compatibility may include, without limitation, MS-DOS, MS-Windows, Unix, or Macintosh. 
         [0109]    Generally, the data processors of computer terminal  100  are programmed by means of instructions stored at different times in the various computer-readable storage media of the computer. Programs and operating systems are typically distributed, for example, on optical media. From there, they are installed or loaded into the secondary memory of a computer. At execution, they are loaded at least partially into the computer&#39;s primary electronic memory. The present disclosure described herein includes these and other various types of computer-readable storage media when such media contain instructions or programs for implementing the steps described herein in conjunction with a microprocessor or other data processor. The present disclosure also includes the computer itself when programmed according to the methods and techniques described herein. 
         [0110]    The computer terminal  100  may have loaded into memory a web browser, which is an application program that provides a way to look at and interact with the information on the World Wide Web. Netscape and Microsoft Internet Explorer are examples of two types of browsers that may be used. 
         [0111]    The server  24  may also take substantially the same form as the computer terminal  100  shown in  FIG. 2 . The server  24 , in its simplest form, is a computer that stores Web documents and makes them available to the rest of the world over the World Wide Web. The server  24  may be dedicated, meaning its sole purpose is to be a web server, or non-dedicated, meaning it can be used for basic computing in addition to acting as a server. In one embodiment, the main body of software used with the present disclosure resides on the server  24 . Software may also reside on the terminals  12  through  20 . 
         [0112]    The present system may include various software modules to accomplish specific tasks associated with the loan application process. The various modules may include, without limitation an application module, appraisal module, a title module, and a credit module. A module may include associated web pages to facilitate the function of the module. 
         [0113]    In many of the figures discussed hereafter, reference is made to a particular “slide.” Such slide references in the figures are intended to refer to particular figures herein. Set forth below is the translation of the slide reference numeral to the figure number. 
         [0000]    
       
         
               
               
               
             
               
               
               
             
           
               
                   
                   
               
               
                   
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         [0114]    The Credit Module 
         [0115]    Referring now to  FIG. 3 , there is shown an illustrative embodiment of a credit module. The purpose of the credit module is to receive, manage, and track changes to credit reports. The mortgage company may order a credit report from the credit companies  26  through the loan officer terminal  12 . The credit report order may go through server  24  running applicant&#39;s software program. The credit report can be received and stored in database  22 . The credit report may be viewed by operators of terminals  12 - 20 . As is often the case, the credit report may contain incorrect information regarding the loan applicant&#39;s credit history. The loan officer may then work with the loan applicant through procedures established by the credit agency to remove incorrect information from the credit report. The credit agency will then correct the loan applicant&#39;s credit report and issue a revised credit report, which may also be stored in database  22 . The credit module preferably provides a summary of the changes to the credit report and give exact information regarding the change as explained below. 
         [0116]    It has been previously unknown in the industry to track the changes to the credit report such that the other entities involved in the loan transactions can easily access and verify the changes. In particular, the present system will identify how the credit report has been changed and in addition will give access to the credit reporting company certification. Copies of the supporting documents underlying the change in the credit report may also be made available as well. For example, a letter from a creditor showing that the account has been paid off or a copy of a cancelled check showing that the “account” has been paid off may be made available. 
         [0117]      FIG. 4  illustrates an exemplary login page including a login name and password.  FIG. 5  illustrates an exemplary menu for allowing the creation of a new credit report file or to find an existing credit report file.  FIG. 6  is an exemplary order page for ordering a credit report. The loan officer may enter in the loan applicant&#39;s required information to order a credit report. In addition, the loan officer may select to order any available credit report offered by the credit agencies. 
         [0118]      FIG. 7  shows a page that may be displayed once a credit report is received from one or more credit agencies. The loan applicant&#39;s credit scores may be displayed and a menu bar may allow viewing of the actual credit report. Another link preferably allows viewing of any alterations to the credit report. Another link may allow viewing of the Residential Mortgage Credit Report (RMCR) report.  FIG. 8  illustrates a sample search screen to find and locate credit reports of individual borrowers in the system. 
         [0119]      FIG. 9  illustrates a menu that allows for the request of a review of an account on the credit report. The account number, name of creditor, and an explanation for the request may be specified. For example, if the account has been paid off but is still showing as open on the credit report, then a request for review may be made using the present system. This information may then be automatically sent to the appropriate credit agency to review the account accuracy. The credit agency may then issue a supplemental report which is preferably stored in database  22 . 
         [0120]      FIG. 10  illustrates an exemplary menu for displaying the status of the request for review and also any charges associated with the request.  FIG. 11  illustrates an exemplary menu showing the alterations in the credit report. It may show the account number, the name of the creditor, the date created, the created by, the reason for the request, as well as a link to any supporting documentation, such as proof of payoff (cancelled check).  FIG. 12  illustrates a menu for allowing the viewing of an RMCR.  FIG. 13  illustrates a menu for viewing the status of the request.  FIG. 14  represents and exemplary menu for viewing the in file report. 
         [0121]      FIG. 15  illustrates a sample electronic notification. The broker may send a message to the lender. The message may include a link to the system website login screen. In this manner, all parties can access the information stored in the database  22 .  FIG. 16  illustrates a sample login page for allowing a lender into the system.  FIG. 17  represents a link to a menu for finding a credit report.  FIG. 18  illustrates a menu to search for a credit report of a particular borrower.  FIG. 19  is a sample menu for a borrower and co-borrower. From this menu, the in file report may be viewed, the alterations to the in file report may be viewed, the RMCR may be viewed, downloaded items may be accessed, and supplemental requests may be viewed. 
         [0122]    The Appraisal Module 
         [0123]      FIG. 20  illustrates an exemplary flow chart according to one embodiment of the present disclosure. The purpose of the appraisal module is to allow for easy appraisal requests as well as increasing the quality of the appraisal. The first step is for the broker to order the appraisal through the system. The system may have previously stored a list of pre-approved appraisers for the area in which the subject property resides. The system sends an electronic communication to the appraiser. The appraiser, once notified, logs into the system to accept or reject the appraisal. Once the appraisal has been completed, the appraiser uploads the appraisal into the system. The system preferably notifies the broker that the appraisal has been completed. The broker may then log into the system and assign the appraisal to a particular lender. The bank is also preferably notified through the system. The bank may then log into the system and analyzes the appraisal. If necessary, a review appraisal is conducted, which may be ordered through the system. Once the appraisal is approved, the broker is preferably notified through the system. In addition, fees may be exacted from the concerned parties at differing stages of information exchange, as is illustrated in  FIG. 20  (which shows fees of $25.00). However, it is to be understood that there is no single amount or limit on the amount of fees which can be charged. 
         [0124]      FIG. 21  shows an exemplary login screen for the broker requesting the appraiser.  FIG. 22  illustrates a portion of a standard form which may be used to request the appraisal. The form may be completed online. Once the form is complete, the broker can send the appraisal as shown in  FIG. 23 . As shown in  FIG. 24 , the appraiser is preferably electronically notified of the request. The notification may simply include a link to the system. The appraiser, after clicking the link, is preferably taken to a login screen as shown in  FIG. 25 . Once logged in, the appraiser is presented with a menu showing the details of the request, including the name of the broker, name of the borrower, the address property and an “icon” to proceed to the appraisal request as shown in  FIG. 26 . 
         [0125]    Upon clicking the icon, the request is displayed to the appraiser as shown in  FIG. 27 . If the appraiser accepts the request, the appraiser clicks the accept button and may be charged a nominal fee for the service. The appraiser may then conduct the appraisal of the property. After the appraisal, the appraiser can logon and input the information required by the system. For example, the appraiser is preferably required to make a diagram of the house and attach photos of each room as shown in one example embodiment in  FIG. 28 . The appraiser may also complete the standard appraisal through appraisal software as shown in  FIG. 29 . 
         [0126]    As shown in  FIG. 30 , once the appraisal is complete, the broker may be notified by the system via an electronic message. Again, the broker may click a link to a login screen as shown in  FIG. 31 . Once logged in, the broker may be presented with a menu to select and view the recently completed appraisal as shown in  FIG. 32 . The broker may also view the diagram of the property as well as view the photos of the rooms as shown in  FIG. 33 . The broker may also view the appraisal and assign the appraisal to a lender as shown in  FIG. 34 . 
         [0127]    As shown in  FIG. 35 , the system preferably notifies the lender that the appraisal has been completed via an electronic message. Again, a link can be provided for easy system access to the login screen shown in  FIG. 36 . Once logged in, the system provides a menu to the lender to allow viewing of the appraisal as shown in  FIG. 37 . Again, the lender may be shown a diagram of the property as well as view the photos of the individual rooms as shown in  FIG. 38 . 
         [0128]      FIG. 39  illustrates the actions that a lender may take with the appraisal. Where necessary, the lender may assign a review appraiser to conduct a review of the appraisal and/or property. The lender may also assign the appraisal to a servicing lender for review. The lender may also accept the appraisal or decline the appraisal according to its lending guidelines. A hyper-link may also provide access to comments made by reviewers. 
         [0129]      FIG. 40  illustrates a menu to allow the lender to assign a review appraiser. Again, the review appraiser preferably receives an email notification of the request and is linked to a login screen. The review appraiser may accept the request for a small fee.  FIG. 41  is an illustration of a diagram of the property that may be accessed by the review appraiser. As shown in  FIG. 42 , the system can allow the review appraiser to add additional comments regarding the appraisal and send the information back to the lender via the system. The lender may then accept the reviewer&#39;s comments or order another review as shown in  FIGS. 43 and 44 . 
         [0130]    If the lender assigns the appraisal to a servicing lender, the servicing lender receives an electronic notification as previously described and logs into the system. As shown in  FIGS. 45 and 46 , the servicing lender may review the appraisal in the same manner as the lender. 
         [0131]    The Title Module 
         [0132]    The purpose of the title module is to allow greater facilitation between the lender, broker and title company in the title process. The first step is for the mortgage company to order the title report through the system. The title company preferably receives the request through the system via electronic communication as previously described. The title company can accept the request and complete the title work. The title company can then provide the necessary information to the mortgage company by entering the information into the system. A flow chart generated by the system using the information provided by the title company is preferably displayed. All related information regarding bankruptcy, divorce, tax liens, judgments are preferably entered into the system as well. The broker and lender may access this information through the system. The above steps are all shown in  FIG. 47 . 
         [0133]      FIG. 48  illustrates an exemplary login screen to access the title module.  FIG. 49  illustrates a request for title that may be completed online by the mortgage company. Once the form is completed, the mortgage company may send the request via the system as shown in  FIG. 50 .  FIG. 51  illustrates an electronic notification to the title company as previously described. The title company may then login to the system as shown in  FIG. 52 . The title company is presented with a menu to select and view the request for title as shown in FIG.  53 . The title company may then accept or decline the request to perform the title search as shown in  FIG. 54  through the system. 
         [0134]      FIG. 55  illustrates one embodiment of the various components of the title report that may be required by the system. It will be appreciated that this is more information than is included in a “standard” title report. The full report may contain such information as an invoice, commitment for title insurance, Schedule A, Schedule B (section  1  and  2 ), names checked for judgments, plat map and insuring lender. Items specific to the system may include chain of title, flow chart for chain of title, glossary of title terms, judgment certification, federal tax lien certification, state tax liens certification, city compliance certification, bankruptcy certification, divorce certification, closing protection letter, and attachments A and B. When this information has been completed and stored on the database  22 , the system preferably sends the broker an electronic notification that it has been completed as shown in  FIG. 56 . 
         [0135]    As shown in  FIG. 57 , the broker may access the system and view the information as illustrated in  FIG. 58 . The broker is presented with a menu similar to that of the title company, as shown in  FIG. 59 . The broker may review the information on the title report, and once satisfied, assign the title report to the lender as shown in  FIG. 59 . Once the title has been assigned, the lender can be notified by the system via an electronic communication as shown in  FIG. 60 . As shown in  FIG. 61 , the lender may log into the system.  FIG. 62  is a menu allowing the lender to select the appropriate title report from a list of pending title reports.  FIG. 63  is a screen shot similar to that shown in  FIG. 59  and allows the lender to review and approve all aspects of the title report pursuant to the lenders guidelines. 
         [0136]    It will be appreciated that the various modules described above allow for a centralized repository for the information and documents needed to complete a financial transaction. The centralized nature of the present system eliminates the need for the transfer of actual documents between the various entities involved in a financial transaction. Moreover, the present invention simplifies and automates actions previously necessary to carry out manually. For example, the assignment of the appraisal and title reports may be carried out electronically. In addition, the tracking of changes to the credit report and supporting documentation may be stored centrally in the database  22 . 
         [0137]    Another aspect of the present invention may allow the loan applicant, i.e. borrower, to access the system to obtain status reports regarding the progress of the loan. 
         [0138]    It will be appreciated that the structure and apparatus disclosed herein is merely one example of a means for a system and method of producing a real estate loan transaction, and it should be appreciated that any structure, apparatus or system for producing a real estate loan transaction which performs functions the same as, or equivalent to, those disclosed herein are intended to fall within the scope of a means for producing a real estate loan transaction, including those structures, apparatus or systems for producing a real estate loan transaction which are presently known, or which may become available in the future. Anything which functions the same as, or equivalently to, a means for producing a real estate loan transaction as described herein falls within the scope of this element. 
         [0139]    Those having ordinary skill in the relevant art will appreciate the advantages provided by the features of the present disclosure. For example, it is a feature of the present disclosure to provide a centralized repository for information and documents necessary to complete a real estate loan transaction. Another feature of the present disclosure is to provide such a centralized repository with network access for allowing remote access to said repository. It is a further feature of the present disclosure, in accordance with one aspect thereof, to provide a system for notifying the various participants that a particular event has occurred. 
         [0140]    In the foregoing Detailed Description, various features of the present disclosure are grouped together in a single embodiment for the purpose of streamlining the disclosure. This method of disclosure is not to be interpreted as reflecting an intention that the claimed disclosure requires more features than are expressly recited in each claim. Rather, as the following claims reflect, inventive aspects lie in less than all features of a single foregoing disclosed embodiment. Thus, the following claims are hereby incorporated into this Detailed Description by this reference, with each claim standing on its own as a separate embodiment of the present disclosure. 
         [0141]    It is to be understood that the above-described arrangements are only illustrative of the application of the principles of the present disclosure. Numerous modifications and alternative arrangements may be devised by those skilled in the art without departing from the spirit and scope of the present disclosure and the appended claims are intended to cover such modifications and arrangements. Thus, while the present disclosure has been shown in the drawings and described above with particularity and detail, it will be apparent to those of ordinary skill in the art that numerous modifications, including, but not limited to, variations in size, materials, shape, form, function and manner of operation, assembly and use may be made without departing from the principles and concepts set forth herein.