Method and apparatus for detecting fraudulent loans

Abstract

The present invention relates to a method and apparatus for detecting fraudulent activity by preventing the rapid funding of multiple loans on the same property, by providing a collective database where real estate property information is examined and the apparatus detects whether at least two mortgage applications are using the same property as collateral.

1 . A system comprising:
 physical data storage configured to store loan applications data; and   a computer system in communication with the physical data storage, the computer system comprising computer hardware, the computer system programmed to:
 receive data from a plurality of loan applications associated with real estate properties, wherein the plurality of loan applications data are associated with a plurality of lenders; 
 store the loan applications data in the physical data storage; 
 electronically extract, from the loan applications data, subject property information associated with the plurality of loan applications; 
 compare the extracted subject property information to identify any loan applications from the plurality of loan applications that are using the same subject property as collateral; 
 electronically extract, from the loan applications data, loan status information associated with the identified loan applications that are using the same subject property as collateral; 
 analyze the extracted loan status information to determine if the identified loan applications are currently pending and have an approved status; and 
 generate an alert if the identified loan applications are currently pending and have an approved status. 
   
     
     
         2 . The system of  claim 1 , wherein the alert comprises an email alert. 
     
     
         3 . The system of  claim 1 , wherein the computer system is further programmed to provide an interface to the plurality of lenders to access the loan applications data stored in the physical data storage. 
     
     
         4 . The system of  claim 1 , wherein the computer system is further programmed to provide an interface to an entity to search the loan applications data stored in the physical data storage. 
     
     
         5 . The system of  claim 1 , wherein the loan application data is selected from a group consisting of a borrower name, an address of a subject property that a borrower seeks to finance, a loan amount, a loan purpose, whether the subject property is owner occupied, the subject property value, a loan status with any status change date and time stamped, and loan-to-value estimates. 
     
     
         6 . The system of  claim 5 , wherein the loan purpose is selected from a group consisting of purchase, refinance, cash out, and home equity line of credit. 
     
     
         7 . A system comprising:
 physical data storage configured to store loan applications data; and   a computer system in communication with the physical data storage, the computer system comprising computer hardware, the computer system programmed to:
 receive data from a plurality of loan applications associated with real estate properties; 
 store the loan applications data in the physical data storage; 
 identify any loan applications from the plurality of loan applications that are associated with a target lender by analyzing the loan applications data; 
 determine a time for the target lender to complete one or more phases in processing a loan application by analyzing the identified loan applications; 
 determine one or more efficiency ratings for the target lender based at least in part on the determined time for the target lender to complete one or more phases in processing a loan application; and 
 store the determined one or more efficiency ratings in the physical data storage. 
   
     
     
         8 . The system of  claim 7 , wherein the one or more efficiency ratings are determined by comparing the target lender to an industry benchmark. 
     
     
         9 . The system of  claim 7 , wherein the one or more phases comprise a funding phase. 
     
     
         10 . The system of  claim 7 , wherein the one or more phases comprise approval of a loan application phase. 
     
     
         11 . The system of  claim 7 , wherein the loan applications data is further analyzed to determine one or more financial risk ratings for the target lender. 
     
     
         12 . The system of  claim 11 , wherein the one or more financial risk ratings relate to a number of duplicate applications for the same property received by the target lender. 
     
     
         13 . The system of  claim 11 , wherein the one or more financial risk ratings are determined by comparing the target lender to an industry benchmark. 
     
     
         14 . A non-transitory computer readable storage medium comprising instructions which, when executed by a computer system that includes a data processor and is connected to at least one data repository, perform a method comprising:
 (a) receiving, by the computer system through a network communication channel, data from a plurality of loan applications associated with real estate properties;   (b) analyzing, by the data processor of the computer system, the loan applications data to determine one or more efficiency ratings for a lender associated with the loan applications data, wherein the one or more efficiency ratings relate to a time for the lender to complete one or more phases in processing a loan application; and
 (c) storing, by the data processor of the computer system, the determined one or more efficiency ratings in the at least one data repository. 
   
     
     
         15 . The non-transitory computer readable storage medium of  claim 14 , wherein the one or more efficiency ratings are determined by comparing the lender to an industry benchmark. 
     
     
         16 . The non-transitory computer readable storage medium of  claim 14 , wherein the one or more phases comprise a funding phase. 
     
     
         17 . The non-transitory computer readable storage medium of  claim 14 , wherein the loan applications data is further analyzed to determine one or more financial risk ratings for the lender. 
     
     
         18 . The non-transitory computer readable storage medium of  claim 17 , wherein the one or more financial risk ratings relate to a number of duplicate applications for the same property received by the lender. 
     
     
         19 . The non-transitory computer readable storage medium of  claim 17 , wherein the one or more financial risk ratings are determined by comparing the lender to an industry benchmark.