Ernest F Smith

US Patent:

20040059653, Mar 25, 2004

Filed:

Oct 31, 2002

Appl. No.:

10/284397

Inventors:

Albert Verkuylen - Orange CA, US
Ernest Smith - Santa Barbara CA, US
Donald Partington - Irvine CA, US
Mark Attaway - Irvine CA, US

Assignee:

Fidelity National Financial, Inc. - Irvine CA

International Classification:

G06F017/60

US Classification:

705/035000

Abstract:

An apparatus and method is provided for rendering title decisions on an expedited basis. In light of empirical data showing a correlation between negative financial information (e.g., credit delinquencies) of a property owner/borrower and potential encumbrances on title to real estate owned by the property owner/borrower, a computer-implemented process evaluates financial information of a prospective mortgage applicant. If the financial information is favorable, an expedited title decision-making process is used to determine the adequacy and quality of the security to be pledged in connection with the mortgage transaction, as well as to assist in the process of issuance of title insurance products. If the financial information is not favorable, a full title search is performed. The invention significantly increases the speed of the mortgage application process without incurring substantial risks. A variation of the invention permits lenders to prescreen prospective mortgage applicants by determining whether they would qualify for an expedited title decision-making process. Those candidates who would qualify for the expedited title decision-making process are solicited for an expedited mortgage process.