Appeal 2007-0772
Application 09/788,132
consumers shop for financial services over the Internet without the aid of an
agent . . . A growing number of online companies also provide loan
services; however, these online companies currently fall short of fully
automating the loan process.
(Dhar, p. 1, para. 4 - 5).
2. Myers provides workout strategies and procedures for managing problem
loans. (Myers, pp. 5 - 30).
3. Litton teaches
Recognizing the lack of available technology to support loss-mitigation
efforts, in 1995 Litton began developing proprietary software, RADAR, and
implemented it in 1996. The system automates the process and prepares a
complete financial analysis based on given assumptions
. . . .
. . . . The system interfaces with data sources that provide current property
values so that calculations will consider the most likely sales price and
marketing time should the property go to foreclosure and become owned real
estate. The system also interfaces with credit bureaus, property inspection
companies and title information sources.”
(Litton, p. 5).
4. Litton also discloses that
[u]nfortunately, while the new technology has started to appear to help
servicers in delinquency management and loss mitigation, it has been slow
to develop. Although sophisticated technology has quickly taken hold in the
loan origination side of the business, the sophisticated technology required
to make default decisions has not effectively been packaged and put to use in
most servicing operations today. . . What is needed to adequately service a
mortgage from a loss perspective is an automated system.
5
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Last modified: September 9, 2013