Patent ID: 7107241

Claim:
A method of processing a secured loan comprising: accepting a loan application from a borrower, the loan application comprising at least a borrower's identity, collateral identity, and stated income of the borrower; generating a credit request based upon the borrower's identity to obtain a credit report, the credit report including credit information and credit score information; accessing a property valuation database using the collateral identity; based upon the credit report, generating an approval of the property valuation from the database; based upon the credit report, generating a credit approval; based upon the credit report, underwriting title of the identified collateral; wherein the step of underwriting title comprises: providing a matrix having predefined values relating Fair Issac & Company scores to postponeable title underwriting criteria for the associated Fair Issac & Company score; determining if the obtained credit history contents meets the postponeable title underwriting criteria specified by the matrix; and when the credit history contents indicate the postponeable underwriting is satisfied, issuing a conditional underwriting commitment before closing and verifying the title status after closing; based upon the credit report and the stated income of the borrower and the stated income of the borrower, generating an approval of the borrower's ability to repay the loan; based upon the credit, collateral, and ability to repay approval, generating loan documentation; transmitting the loan documentation to the borrower; and closing the loan.