This IP enables lenders and other market participants to close loans faster, cut costs and streamline the underwriting process.
NEW YORK, NY (PRWEB) September 04, 2014
ICAP Patent Brokerage announces for sale patents disclosing a system and method for obtaining universal multiple mortgage automated underwriting approvals via an online application. This IP package is available from inventor Richard Nacht as part of the Live Financial Auction Series, with a bidding deadline of October 23, 2014.
"This IP enables lenders and other market participants to close loans faster, cut costs and streamline the underwriting process. The IP also benefits home buyers who receive a true loan approval, portable among lenders, because it has been underwritten to the standards of many lenders, brokers and loan programs,” says Doug Rhoten, Chairman of ICAP Patent Brokerage.
Key Characteristics & Benefits
With an early priority date from 2000, the disclosed patent describes a system and method for obtaining universal multiple mortgage automated underwriting approvals via an online application. Importantly, the invention streamlines the mortgage underwriting approval process by enabling borrowers to directly submit mortgage application data—modeled on the stringent requirements of the Form 1003 Uniform Residential Loan Application—to a plurality of underwriting systems simultaneously.
Consequently, the mortgage approval underwriting decision is not solely based on representations made by the borrower; instead, it relies on an industry standard credit report and other data obtained as part of the underwriting process. Borrowers, in turn, benefit from comparing loan types, rate quotes and specific lenders which rely on any of the underwriting systems. Moreover, the technology enables home buyers to attach a legally binding, valid loan approval with their home purchase offer, making their offers more attractive than those subject to mortgage approval.
Forward citing companies include Fannie Mae, Routeone LLC, and Sociogramics, Inc.
See the technical description of the universal mortgage underwriting approvals IP sales offering.
To learn more about the intellectual property available for sale in these portfolios or to place a bid:
Contact Doug Rhoten of ICAP Patent Brokerage at (201) 788-8898 or via email at doug(at)icapip(dot)com.
If you have a patent for sale, visit our website to make a patent submission for an upcoming sealed bid event.
About ICAP Patent Brokerage
ICAP Patent Brokerage is the world's largest intellectual property brokerage and patent auction firm, leveraging the talents of experienced patent brokers to match buyers and sellers for the sale of patents and other intellectual property assets. With multiple transaction platforms and unparalleled industry knowledge, including experience with trademarks, brands, intellectual property licensing, and UCC sales, ICAP Patent Brokerage is the global leader in the transaction of intellectual property.