18666481. CONTINUOUSLY UPDATING MORTGAGE READY DATA simplified abstract (State Farm Mutual Automobile Insurance Company)

CONTINUOUSLY UPDATING MORTGAGE READY DATA

Organization Name

State Farm Mutual Automobile Insurance Company

Inventor(s)

Benjamin Tarmann of Heyworth IL (US)

Richard R. Rhodes of Tacoma WA (US)

Lokesh Awasthy of Santa Clara CA (US)

Denise Deroeck of Bloomington IL (US)

Jaime Skaggs of Chenoa IL (US)

Jacob J. Alt of Downs IL (US)

Shanna L. Phillips of Bloomington IL (US)

Shyam Tummala of Bloomington IL (US)

Matthew S. Meierotto of Bloomington IL (US)

Richard D. Groonwald of Bloomington IL (US)

Brian J. Hughes of Scottsdale AZ (US)

CONTINUOUSLY UPDATING MORTGAGE READY DATA - A simplified explanation of the abstract

This abstract first appeared for US patent application 18666481 titled 'CONTINUOUSLY UPDATING MORTGAGE READY DATA

The abstract describes a system and method for continuously updating information about a customer approved for a mortgage and a real estate property identified as mortgage ready. This involves monitoring existing information, receiving new information about the customer, updating the memory storage location, and recalculating the approved mortgage amount based on the new information.

• The system continuously updates information about a customer approved for a mortgage and a mortgage-ready real estate property.
• It monitors information stored in memory corresponding to a customer identification number.
• New information about the customer is received and used to determine mortgage approval.
• The memory storage location is updated to include the new information.
• The approved mortgage amount is recalculated based on the new information received.

Potential Applications: - Real estate industry for mortgage approvals - Financial institutions for customer credit assessments

Problems Solved: - Ensures up-to-date information for mortgage approvals - Streamlines the process of updating customer data

Benefits: - Improves accuracy of mortgage approvals - Enhances customer satisfaction with timely updates

Commercial Applications: Title: "Real-Time Mortgage Approval System" This technology can be used by banks, mortgage lenders, and real estate agencies to streamline the mortgage approval process and provide customers with accurate and timely information.

Questions about the Real-Time Mortgage Approval System: 1. How does the system ensure the security and privacy of customer information? The system employs encryption and secure protocols to protect customer data from unauthorized access.

2. Can the system be integrated with existing mortgage approval software? Yes, the system is designed to be compatible with various software systems used in the real estate and financial industries.

Original Abstract Submitted

A system and computer-implemented method of continuously updating information about one or more of a customer approved for a mortgage and a real estate property identified as mortgage ready. The method includes monitoring information accessed from a memory storage location corresponding to a customer identification number, the information used to determine the customer is approved for a mortgage, and receiving new information about the customer, the new information used to determine the customer is approved for a mortgage. The method also includes updating, at a memory coupled to the one or more processors, the memory storage location to include the new information. The method still further includes recalculating the amount in which the customer is approved for a mortgage based upon the new information received.