Software Technology for Approval and updating mortgage applications in a dynamic way

State Farm Mutual Automobile Insurance Company (Bloomington, IL)

A computer-implemented system and method for approving a dynamic mortgage application. This method determines if the applicant has been accepted for credit and then determines the amount. It is based upon information about the customer that was retrieved from a storage space. The method also involves finding out if a particular property is mortgage-ready. It also includes the calculation of the appraisal value of the property based on the information that was retrieved from the storage location. This method also includes comparing the amount that the buyer has been approved for a mortgage loan with the appraised value of the real property. The customer’s mortgage application is then approved if the appraised value exceeds or is in line with the approved amount.

It could take as long as 30 days for traditional mortgage loans to meet all conditions. Certain items, like an application for a mortgage, are required for closing the property. Each item may require the use of a certain amount of time. For example, a home buyer’s mortgage application has to be approved. This could require the home buyer to provide various documents to a banker for review. Additionally an appraisal of the property might be required. This may typically involve an inspector who physically reviews and evaluating the condition of the property’s real estate value and then writing a report. Further, proof of a title search proving ownership of the property, for instance, might be required, along with evidence of homeowner’s insurance and mortgage insurance.

In the business All of the elements of the process may require an amount of time and will take at least 30 to 45 days for the property in question to be sold. The delay could cause disappointment and even inconvenience for those involved.

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Patents can transform an inventor’s knowledge into a commercially tradeable asset that opens up new possibilities for employment creation and expansion of businesses through joint ventures or licensing.

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Patenting can lead to innovative ideas and inventions. The information you create may be eligible for protection under patents.

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Patent-protected technology revenue that is commercially viable can be used to fund technological research and development (R&D) which increases the likelihood of better technology in future.

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What’s the duration of a patent last? Although utility patents are valid up to 20 years from their earliest filing, they are able to be extended by delays in the patent office.

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A patent search is the first step to getting your patent. You can do a google patent search or do a USPTO search. Once the patent application is filed, the product covered by the application can be described as patent-pending. you can locate the patent application on public pair. Once the patent office approves the patent application, you will be able to conduct a patent number search to find the issued patent, and your product will now be patented. It is also possible to use the USPTO search engine. See below for details. A patent lawyer or patent attorney can help you through the process. In the US patents are granted by the US trademark and patent office or the United States patent and trademark office, which also examines trademark applications.

Are you interested in finding similar patents? Here are the steps:

1. Think of terms that describe your invention, based on its purpose composition, use, or purpose.

Write down a concise detailed description of your invention. Don’t use generic terms such as “device”, “process” and “system”. Consider synonyms for the terms you initially chose. Also, make note of key technical terms as well as keywords.

Use the questions below to help you determine the keywords or concepts.

• What is the goal of the invention Is it a utilitarian device or an ornamental design?
• Is the invention a method of creating something or executing some function? Are you referring to a product?
• What is the purpose and composition of the invention? What is the physical structure of the invention?
• What’s the purpose of this invention?
• What are the terms in the technical field and keywords used to describe the nature of an invention? To help you find the appropriate terms, use the technical dictionary.

2. These terms allow you to search for pertinent Cooperative Patent Classifications at Classification Search Tool. If you are unable to find the correct classification to describe your invention through the Schemas of classes (class schedules) and then try again. You may want to consider substituting the terms you’re using for describing your invention, if you don’t get any results from your Classification Text Search with synonyms such as the terms you used in the first step.

3. Examine 3. Check the CPC Classification Definition for confirmation of the CPC classification you’ve found. If the classification you have selected is a blue box that has an “D” to its left, the hyperlink will take you to a CPC classification’s description. CPC classification definitions can help you determine the applicable classification’s scope so that you can pick the one that is the most appropriate. These definitions may also include research tips or other suggestions which could prove useful in further research.

4. Find patent documents that have the CPC classification from the Patents Full-Text and Image Database. You can search and find the most relevant patent publications focusing first on the abstract and drawings representative of.

5. This list of patent publications is the best to examine for connections with your invention. Be sure to read the claims and specification. There are many patents available by referring to the patent examiner and the applicant.

6. Search for patent applications that have been published using the CPC classification you chose in Step 3 from the Applications Full-Text and Image Database. You can also use the same strategy of searching you employed in step 4 to limit your results to just the most relevant patent applications by looking over the abstracts as well as the drawings on each page. After that, take a close look at the patent applications that have been published with particular attention paid to the claims as well as additional drawings.

7. Find additional US patents by keyword searches in the PatFT and AppFT databases, classification searching of non-U.S. patents as per below, and searching for non-patent literature disclosures of inventions using web search engines. Examples:

• Add keywords to your search. Keyword searches may turn up documents that are not well-categorized or have missed classifications during Step 2. For example, US patent examiners often supplement their classification searches with keyword searches. Think about the use of technical engineering terminology rather than everyday words.
• Search for foreign patents using the CPC classification. Then, re-run the search using international patent office search engines such as Espacenet, the European Patent Office’s worldwide patent publication database of over 130 million patent publications. Other national databases include:
• European Patent Office (EPO) provides esp@cenet to access a network of Europe’s patent databases with access to machine translation of European patents. 
• Japan Patent Office (JPO) – with access to machine translations of Japanese patents.
• World Intellectual Property Organization (WIPO) offers PATENTSCOPE with a full-text search of published international patent applications and machine translations for some documents, as well as a list of international patent databases.
• Korean Intellectual Property Rights Information Service (KIPRIS)
• State Intellectual Property Office (SIPO) with machine translation of Chinese patents.
• Other International Intellectual Property Offices with online patent databases include Australia, Canada, Denmark, Finland, France, Germany, Great Britain, India, Israel, Netherlands, Norway, Sweden, Switzerland, and Taiwan.
• Search non-patent literature. Inventions can be made public in many non-patent publications. It is recommended that you search journals, books, websites, technical catalogs, conference proceedings, and other print and electronic publications.

To review your search, you can hire a registered patent attorney to assist. A preliminary search will help one better prepare to talk about their invention and other related inventions with a professional patent attorney. In addition, the attorney will not spend too much time or money on patenting basics.