Abstract:
A method for providing financial services to a consumer seeking a loan that is designed to ease the difficult and stressful process and make it more comfortable and understandable for the consumer. The method comprises providing an office environment that is representative of a home, which may include a kitchen area, living room area, and dining room area—intended to make the consumer feel “at home” during the financial process. The method further includes a specific regimen to be followed by the financial advisor focused on generating a feeling of loyalty and friendliness to provide comfort for the consumer. Finally, the method provides a research center which provides additional resources for the consumer to help them more thoroughly understand the process.

Description:
BACKGROUND OF THE INVENTION 
       [0001]    Financial transactions, especially complex financial transactions can cause a significant amount of stress to at least one party involved, especially when the one party is a typical consumer who has very little knowledge or expertise pertaining to the transaction. For example, a majority of individuals will, at some point in their lives, go through the mortgage process when buying, building, maintaining, or improving a home. The process of getting a mortgage involves reviewing the credit report, determining the types and amounts of loans the individual qualifies for, exploring budgets and payment plans, applying, obtaining pre-approval, and completing a mass of paperwork, all prior to receiving a mortgage and moving towards the ultimate home goal. Often this process is long, discouraging, uncomfortable, and stressful. The present methods utilized by credit unions, banks, mortgage providers and other financial institutions leave consumers feeling uninformed and ignorant due to their unfamiliarity with the process, terminology, and their options. Consumers who participated in a focus group study describe a strong desire for a “counselor” or “consultant” that they can trust to help them and look out for them during all stages of the financial transaction, rather than a salesperson. 
       SUMMARY OF THE INVENTION 
       [0002]    Accordingly, the present approach provides this “counselor”, as well as a more comfortable and understandable methodology and environment for the financial transaction such as a mortgage process. This approach removes the stress, mystery, and imbalance of power through several unique principles and features including, first, a re-creation of the home environment within the office space, known as the “Home Suite” environment, where consumers will meet with their financial advisor. The approach welcomes the whole family into the Home Suite environment and allows the family to “make themselves at home”, providing comfortable space for all members, even including toys and entertainment for young children. The present invention further includes a welcoming and trust-worthy loan advisor to guide the consumer through the seemingly complex process, who follows a specific regimen that personalizes the process and makes it more comfortable for the consumer in many ways, including a tangible, highly visual explanation of credit reports, loan options, loan applications, and other details, and providing to the consumer support and clarity to help them understand the financial transaction process. Finally, the present invention includes various unique products created to support consumers with the financial side of all of the phases of the intended financial transaction and resources to educate the consumer in all aspects of the process. This business methodology demystifies and soothes the stress of the process by providing comfort, education, personalization, loyalty, and expert advice. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0003]      FIG. 1  illustrates an example of the office suite provided by the present method that replicates the common aspects and atmosphere of a home. 
           [0004]      FIG. 2  illustrates a different view of the home suite depicted in  FIG. 1 . 
           [0005]      FIG. 3  illustrates one embodiment of the front door of the office suite provided by this method. 
           [0006]      FIG. 4  is a summary flowchart illustrating the method of the present invention. 
           [0007]      FIGS. 4A-4D  are an exemplary flowchart illustrating the method of the present invention. 
       
    
    
     DESCRIPTION OF THE PREFERRED EMBODIMENT 
       [0008]    Although the disclosure hereof is detailed and exact to enable those skilled in the art to practice the invention, the disclosure herein merely exemplifies the invention which may be embodied in other ways. While the preferred embodiment has been described, the details may be changed without departing from the invention, which is defined by the claims. 
         [0009]    The present invention is a method to guide a consumer through a complex financial transaction such as the home financing process. The method provides a consumer with a loan advisor, or “home loan architect” who welcomes the consumer to the meeting with friendly conversation and guides the consumer into a unique office setting, shown by steps  41  and  42  in  FIG. 3 . The office is designed to re-create the comfort and familiarity of a home environment, as shown specifically in  FIG. 1 . The entrance to the office, or “home suite,” may be an ordinary office door, but may alternatively represent the front door of a home to complete the “at home” feel, as shown in  FIG. 3 , which may include details such as a porch light, door knocker, and address plaque. The interior is representative of a home, which may include a living room  12 , kitchen  22 , dining room area  32 , and children&#39;s play area. The living room  12  includes comfortable furniture  14  and various home accessories  16  that evoke a pleasant, cozy feeling, and is the setting for informal discussions and exchanging of information. The kitchen  22  may have a breakfast bar with a counter  24  and stools  26 , or a similar area that provides a less formal environment for discussions involving some paperwork or other materials. The dining room area  32  has a table  34  wherein more formal discussions, document review, computer work, and paperwork may take place. This environment removes the feelings of an imbalance in power by removing the barrier of a desk, and replacing it with an open, soft setting. To further the at-home atmosphere, all members of a family are invited to attend the meeting; even children are welcomed and may be provided with an area to play. 
         [0010]    In addition to the Home Suite environment, the present invention may include a specific regimen  70 , or script, to be followed when a consumer comes in for a meeting, designed to maintain a comfortable, conversational, and understandable approach throughout the financial transaction process. The elements of the regimen  70  are shown in  FIG. 3 . The figure and the following description detail the complete process  70 , but not all steps are required at a single setting, or at all, depending on time constraints, and/or the needs and present financial capabilities of the consumer. Under the regimen of the present invention, the home loan architect will welcome the consumer into a particular area of the Home Suite environment, generally determined by the purpose of the discussion and what tasks will take place during the meeting (step  43 ). If paperwork or computer use is involved, the kitchen breakfast bar or dining room table may be used. If the meeting will begin with general conversation, the consumer may be led to the living room. As the meeting progresses, the conversation may be moved to a more appropriate area of the Home Suite environment, depending on the necessities of the discussion. The consumer(s) and family members may be offered a beverage to further the “at home” feel (step  44 ), and children&#39;s activities may be set up if young children have accompanied their parent(s) to the meeting (step  45 ). The home loan architect will casually transition the discussion into the reason for the visit, and learn more about the goals and plans of the consumer (step  46 ). After understanding the long-term goals of the consumer, the loan advisor should determine the amount of time available for the meeting, and ascertain that the consumer has a reasonable expectation of what can and will be accomplished during that time (step  47 ). The substance of the meeting may include a detailed explanation and review of the consumer&#39;s credit report (step  48 ), which may be done on paper or a video display, so that consumer is able to clearly see all the information on the report. This is followed with a conversational approach to obtain relevant information for pre-qualification (step  49 ), such information being dependant on whether the needs are for purchase (see step  49   a ) or refinancing (see step  49   b ). With this information, the advisor will determine whether the consumer qualifies for a loan (step  50 ) or needs to make a plan to improve their situation to proceed in the future (step  51 ). 
         [0011]    If qualified, the home loan architect will thoroughly review different options that are available to the borrower (step  52 ). After thorough discussion and explanations, the borrower and advisor will agree on a personalized plan. In accordance with the chosen plan, a monthly budget is prepared so that the consumer can see the impact of the plan on their monthly budget and determine if, and what, lifestyle changes need to be made to accommodate the payment (step  53 ). Once this is confirmed, the regimen directs the loan advisor to transition into pre-approval, by specifically explaining what pre-approval is, and the benefits thereof (step  54 ). At this time the advisor may move the parties to the dining room area  32  of the home suite, if not already there, to accommodate use of a computer screen that may be shared between the advisor and the consumer, and documents reviewed simultaneously. The consumer then provides the necessary information to complete the application and, preferably using a television or computer screen showing the application, the consumer is able to look on as the information is entered directly into the system (step  55 ). All relevant disclosures and documents are printed and reviewed, and necessary signatures obtained (step  56 ). This step may also include paying the application fee (step  57 ) and locking an interest rate, if applicable (Step.  58 ). Then, the consumer and the home loan advisor may set up a time line for the consumer to provide any additional information that may be needed for the application and for a follow-up meeting (step  59 ) and provide consumer with an information sheet that lists the information they still need to provide and instructions to do so (step  60 ). 
         [0012]    When finished, the consumer may receive copies of the paperwork, either physical copies or a form of digital media (step  61 ). As a personal detail, before leaving the Home Suite environment, the loan advisor may go to a bookshelf and pick out a book that relates to an interest that member mentioned during casual conversation (step  62 ). Finally, the consumer may be invited to visit an on-site research center that provides resources, information, and other relevant tools the consumer may be interested in utilizing (step  63 ). 
         [0013]    The present invention provides a multitude of benefits over the presently used financial transaction application methods, specifically: providing the consumer with all the information to make informed and confident decisions, and giving consumers the opportunity and the comfortable atmosphere to thoroughly understand the information being presented; personalizing options to specifically fit the needs and goals of the consumer as determined by the casual and engaging conversations that take place between the consumer and the home loan advisor; and demonstrating an increased level of loyalty to the consumer by utilizing these unique features. 
         [0014]    The foregoing is considered as illustrative only of the principles of the invention. Furthermore, since numerous modifications and changes will readily occur to those skilled in the art, it is not desired to limit the invention to the exact methods and operation shown and described. While the preferred embodiment has been described, the details may be changed without departing from the invention, which is defined by the claims.