The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Feb. 08, 2022
Filed:
May. 09, 2018
State Farm Mutual Automobile Insurance Company, Bloomington, IL (US);
Benjamin Tarmann, Normal, IL (US);
Richard R. Rhodes, Tacoma, WA (US);
Lokesh Awasthy, Santa Clara, CA (US);
Denise DeRoeck, Bloomington, IL (US);
Jaime Skaggs, Chenoa, IL (US);
Jacob J. Alt, Downs, IL (US);
Shanna L. Phillips, Bloomington, IL (US);
Shyam Tummala, Bloomington, IL (US);
Matthew S. Meierotto, Bloomington, IL (US);
Richard D. Groonwald, Bloomington, IL (US);
Brian J. Hughes, Scottsdale, AZ (US);
State Farm Mutual Automobile Insurance Company, Bloomington, IL (US);
Abstract
A system and computer-implemented method for approving a dynamic mortgage application. The method includes determining a customer is approved for a mortgage, including calculating an amount in which the customer is approved for a mortgage loan based upon the information about the customer retrieved from a memory storage location. The method further includes determining a real estate property is mortgage ready, including calculating an appraisal value for the real estate property based upon the information about the real property retrieved from the memory storage location. The method still further includes comparing the calculated amount the customer is approved for a mortgage loan with the calculated appraisal value of the real estate property, and approving the mortgage application of the customer for the real estate property when the calculated amount the customer is approved for the mortgage loan meets or exceeds the calculated appraisal value of the real estate property.