Company Filing History:
Years Active: 2021-2025
Title: The Innovative Mind of Richard D. Groonwald
Introduction
Richard D. Groonwald, an accomplished inventor based in Bloomington, IL, has made significant contributions to the field of mortgage technology. With a portfolio of 15 patents, Groonwald’s work emphasizes the importance of data in modern financial transactions and aims to streamline the mortgage approval process.
Latest Patents
Among his latest patents are two groundbreaking innovations focused on continuously monitoring and updating mortgage-ready data. The first patent describes a computer-implemented method that continuously updates information about a customer approved for a mortgage. This method involves monitoring information accessed from a blockchain associated with a customer identification number, enabling the determination of mortgage approval based on real-time data. Additionally, it incorporates a mechanism for receiving new information about the customer, updating the blockchain, and recalculating the mortgage amount approved based on this new input.
The second patent expands upon this concept and outlines a system for continuously updating information about one or more customers approved for a mortgage as well as the identified real estate properties. This innovative approach not only improves customer satisfaction but also enhances the efficiency of the mortgage approval process by utilizing a memory storage location and updating it with new customer information.
Career Highlights
Richard D. Groonwald has made a name for himself as a leading inventor in the field of mortgage technology. His role at State Farm Mutual Automobile Insurance Company underscores his commitment to innovation in financial solutions. This position allows him to leverage his skills and expertise to develop systems that facilitate better customer experiences in mortgage applications.
Collaborations
Throughout his career, Groonwald has collaborated with talented professionals such as Benjamin Tarmann and Richard R. Rhodes. These partnerships reflect his approach to innovation, emphasizing teamwork and shared expertise to address complex challenges in the mortgage industry.
Conclusion
Richard D. Groonwald is a prominent inventor whose work in continuously updating mortgage-ready data revolutionizes the mortgage approval process. With a strong foundation of patents and significant contributions to the industry, Groonwald’s innovations are set to shape the future of financial services, making them more accessible and efficient for customers.
Inventor’s Patent Attorneys refers to legal professionals with specialized expertise in representing inventors throughout the patent process. These attorneys assist inventors in navigating the complexities of patent law, including filing patent applications, conducting patent searches, and protecting intellectual property rights. They play a crucial role in helping inventors secure patents for their innovative creations.