Patent Issued for Information display and decision making (USPTO 11663660): Wells Fargo Bank N.A.

2023 JUN 20 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A patent by the inventors Edwards, Richard C. (West Des Moines, IA, US), Emter, Jan M. (Minneapolis, MN, US), Koo, Seung (Edina, MN, US), Magavi, Manoj S. (Edina, MN, US), Nardi, Mario (St. Paul, MN, US), Upadhyay, Archana Bhandary (Prior Lake, MN, US), filed on August 2, 2019, was published online on May 30, 2023, according to news reporting originating from Alexandria, Virginia, by NewsRx correspondents.

Patent number 11663660 is assigned to Wells Fargo Bank N.A. (San Francisco, California, United States).

The following quote was obtained by the news editors from the background information supplied by the inventors: “Financial transactions such as loans are often complex and require compliance with many rules, regulations, policies, guidelines, etc. that are established by entities such as regulators, investors, and insurers/guarantors. In situations where a borrower is unable to make the required payments, alternative arrangements are often sought. For example, with a home mortgage loan, loss mitigation alternatives to avoid foreclosure are often desirable if the mortgage loan is in default.

“Such loss mitigation alternatives may include, for example, permanently modifying or restructuring the loan, or offering the borrower a moratorium or other temporary forbearance to give them time to bring the loan current. The various loan workout options may have different rules and regulations established by loan investors such as the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”), private investors, etc., as well as rules and regulations of loan guarantors and insurers such as the U.S. Veterans Administration (“VA”), the U.S. Federal Housing Administration (“FHA”), United States Department of Agriculture (“USDA”), private insurers, etc. Moreover, regulators such as the Consumer Financial Protection Bureau (“CFPB”) and the Office of the Comptroller of the Currency (“OCC”) have further rules and regulations for working with borrowers in default, resulting in increased complexity.”

In addition to the background information obtained for this patent, NewsRx journalists also obtained the inventors’ summary information for this patent: “In accordance with certain aspects of the present disclosure, an information decision and display system includes a computing system configured to implement a user interface. The computing system further is configured to access a first database storing a plurality of loan workout rules, receive loan and borrower data regarding an existing loan and determine a plurality of loan workout options to evaluate based on the plurality of loan workout rules and the received loan and borrower data. The details of all evaluated loan workout options are displayed on the user interface.

“In some examples, the borrower data is stored in a second database that is accessed by the computing system. In still further examples, the borrower data or further borrower data is received via the user interface. Such received borrower data may include edits to the borrower data received from the second database. The workout options may be saved in a decisions database, allowing access to the information at a later time.”

The claims supplied by the inventors are:

“1. A computing system, comprising: a processor; and memory encoding instructions which, when executed by the processor, cause the processor to: access a first database storing a plurality of loan workout rules via a network, wherein the first database is a central repository for the plurality of loan workout rules associated with a plurality of loan entities, and wherein the first database and the computing system are located within a firewall of the network; receive loan and borrower data regarding an existing loan; determine a plurality of loan workout options based on the plurality of loan workout rules and the received loan and borrower data; and display the plurality of loan workout options on a user interface including, for each loan workout option, a side-by-side comparison of loan aspects of the existing loan before applying the loan workout option, and the loan aspects as modified by the loan workout option, wherein the side-by-side comparison includes to display the existing loan and a selected one of the plurality of loan workout options simultaneously on the user interface.

“2. The system of claim 1, wherein the user interface is configured to receive a manual override.

“3. The system of claim 1, wherein the computing system is configured to access a second database that stores the borrower data regarding the existing loan.

“4. The system of claim 1, wherein the computing system is configured to receive the loan and borrower data regarding the existing loan via the user interface.

“5. The system of claim 1, wherein computing system is configured to access a third database that stores loan workout rules associated with at least one of a loan guarantor, insurer, investor and regulator.

“6. The system of claim 1, wherein the first database stores loan workout rules associated with a plurality of loan investors.

“7. The system of claim 1, wherein the first database stores loan workout rules associated with a plurality of loan guarantors.

“8. The system of claim 1, wherein the first database stores loan workout rules associated with a plurality of loan regulators.

“9. The system of claim 1, wherein the computing system is configured to display the existing loan and a selected one of the plurality of loan workout options simultaneously on the user interface.

“10. The system of claim 1, wherein the computing system is configured to generate a borrower letter based on the plurality of loan workout options.

“11. The system of claim 1, wherein the plurality of loan workout options includes at least one of temporary forbearance and permanent loan modification.

“12. The system of claim 1, wherein the memory encodes further instructions which, when executed by the processor, cause the processor to: receive loan and borrower data regarding a plurality of existing loans; and determine a plurality of loan workout options for the plurality of existing loans based on the plurality of loan workout rules.

“13. A computer implemented method, comprising: receiving, at a computing system, via a network, a plurality of loan workout rules from a first database, wherein the first database is a central repository for the plurality of loan workout rules associated with a plurality of loan entities, and wherein the first database and the computing system are located within a firewall of the network; receiving loan and borrower data regarding an existing loan from a second database; receiving further loan and borrower data regarding the existing loan via a user interface generated by a computing system; determining a plurality of loan workout options based on the plurality of loan workout rules, the loan and borrower data and the further loan and borrower data; displaying a plurality of loan workout options on the user interface, wherein displaying the plurality of loan workout options includes displaying, for each loan workout option, a side-by-side comparison of loan aspects of the existing loan, before applying the loan workout option, and the loan aspects as modified by the workout option, wherein the side-by-side comparison includes displaying the existing loan and a selected one of the plurality of loan workout options simultaneously on the user interface.

“14. The method of claim 13, wherein the further loan and borrower data received from the user interface includes edits to the loan or borrower data received from the second database.

“15. The method of claim 13, further comprising saving the plurality of loan workout options in a decisions database.

“16. The method of claim 15, further comprising: receiving edits to the plurality of loan workout options via the user interface; storing the received edits in the decisions database; and displaying the stored edits on the user interface in the display of the plurality of loan workout options.

“17. A non-transitory computer-readable data storage medium storing instructions which, when executed by a computing system, implement a method comprising: accessing a first database to receive a plurality of loan workout rules, via a network, wherein the first database stores workout rules for a plurality of different loan types and wherein the first database is a central repository for the plurality of loan workout rules associated with a plurality of loan entities and wherein the first database and the computing system are located within a firewall of the network; accessing a second database to receive loan and borrower data regarding an existing loan; determining a plurality of loan workout options based on the plurality of loan workout rules and the loan and borrower data; displaying a plurality of loan workout options on a user interface; and displaying the existing loan on the user interface, wherein displaying the plurality of loan workout options includes displaying, for each loan workout option, a side-by-side comparison of loan aspects of the existing loan before applying the loan workout option and the loan aspects as modified by the workout option, wherein the side-by-side comparison includes to display the existing loan and a selected one of the plurality of loan workout options simultaneously on the user interface.

“18. The non-transitory computer-readable data storage medium of claim 17, wherein the plurality of loan workout options includes at least one of temporary forbearance and permanent loan modification.

“19. The non-transitory computer-readable data storage medium of claim 17, wherein method further comprises: receiving loan and borrower data regarding a plurality of existing loans; and determining a plurality of loan workout options for each of the plurality of existing loans based on the plurality of loan workout rules.

“20. The non-transitory computer-readable data storage medium of claim 17, wherein the executed method further comprises receiving edits to the loan and/or borrower data via the user interface and storing the edits to the loan and/or borrower data in a decisions database.”

URL and more information on this patent, see: Edwards, Richard C. Information display and decision making. U.S. Patent Number 11663660, filed August 2, 2019, and published online on May 30, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(11663660)&db=USPAT&type=ids

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