AIG is the assignee on about 20 patent applications currently pending in the “business methods” examination unit of the U.S. Patent & Trademark Office. AIG is in the business of underwriting risk and therefore may provide insurance to mortgage lenders either directly, indirectly (reinsurance) or through the use of credit default instruments (derivatives). AIG will be entitled to a patent if it can demonstrate that it’s claimed method of doing business is nonobvious and not anticipated or practiced by others. Patentfox is providing select parts of the file wrapper of one of the pending applications so as to give the reader some feel for the scope of a business methods application. Background information on this application follows.
Companies that provide insurance for lenders and loan portfolios are known as “mortgage insurers” or guarantors. Either by preexisting arrangement with the lender, or upon a specific request by the lender, the mortgage insurers underwrite a particular loan in exchange for a fee to be paid by the applicant or lender. Each mortgage insurer sets its own quality assurance measurements and guidelines as to which loans it will or will not insure. Prior art approaches to evaluating lenders and loan portfolios were manual and time-consuming. In view of the foregoing, there exists a need for a more automated and integrated manner of auditing lenders and loan portfolios and for creating and maintaining a database of audit results.
The inventive system and method claimed eliminates much of the manual and time consuming operations described above. An audit conducted with the inventive system and method can be accomplished in a much more efficient and accurate manner than previously known. The possibility of human errors, including errors in calculations, is significantly diminished.
PatentFox Posting No.: 6690
File size: 1 pdf file(s) totaling 3577 kb and about 93 pages.
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