Mortgage loan data collection method and apparatus for a financial planning originator and/or financial institution originator of a mortgage loan

1. A method, comprising the steps of:

a loan originator independently providing services necessary for the origination of a mortgage loan and not duplicative of services provided by a loan broker by operating a loan originator computer associated with the loan originator as a member of a financial institution, further comprising the steps of:

collecting by the loan originator operating the loan originator computer loan data for a loan application in coordination with a loan broker distinct from the loan originator, for a loan customer distinct from the loan originator applying for a loan, further comprising the steps of:

collecting pre-stored customer data regarding the loan customer into a loan originator computer;

collecting by the loan originator new customer data different from the pre-stored customer data into the loan originator computer;

creating a loan application by combining in the loan originator computer the pre-stored customer data, the new customer data, and information about the loan; and

transferring the loan application to the loan broker from the loan originator computer; and

automatically verifying the services provided by the loan originator comply with the guidelines of federal and state law;

wherein the financial institution collection comprises the members: a bank, a savings and loan, a thrift, and a credit union.

2. The method of claim 1 ,

wherein the step collecting the pre-stored customer data regarding the loan customer is further comprised of the step of:

reading files from industry software used by the loan originator to extract pre-stored customer data regarding the loan customer.

3. The method of claim 1 ,

the step collecting the new customer data is further comprised of the steps of:

the loan originator obtaining credit bureau data regarding the loan customer from a remote credit bureau computer system.

4. The method of claim 1 ,

wherein the step collecting pre-stored customer data is further comprised of the steps of:

reading at least one file the loan originator uses in normal business to extract information for the loan application; and

inserting the information into the loan application.

5. The method of claim 4 ,

wherein the step inserting the information into the loan application is comprised of at least one member of the collection comprising the steps of:

transferring the information into the loan application; and

the loan originator manually inputting other required information not provided by the files used by loan originator into loan application.

6. The method of claim 1 ,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively include at least one member of the information type collection comprising:

personal information, property information, declarations, and demographics.

7. The method of claim 6 ,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively include each member of the information type collection.

8. The method of claim 6 ,

wherein the pre-stored customer data and new customer data different from the pre-stored customer data collectively further include assets-liabilities.

9. The method of claim 6 ,

wherein the personal information includes a current address, at least one phone number, a length of time at residence, an employer name, an employer address, time on the job, current compensation, job title, and an employer phone number.

10. The method of claim 6 ,

wherein the property information includes a current value of a home, home age, and at least one current payment.

11. The method of claim 6 ,

wherein the declarations includes disclosure of any lawsuits, disclosure of any bankruptcies, disclosure of any foreclosures, and disclosure of any loan defaults.

12. The method of claim 6 ,

wherein the demographics includes:

results of the loan originator requesting sex information of the loan customer; and

results of the loan originator requesting demographic information of the loan customer.

13. The method of claim 1 ,

wherein the information about the loan includes a loan rate, a term, points, whether there is a balloon payment, a title fee, an escrow fee, whether the loan broker giving credit for closing costs, whether the Borrower will have impounds for taxes/insurance, and applicable credits if loan is to be no point-no fee.

14. The method of claim 13 , further comprising the step of: determining the loan rate.

15. The method of claim 14 ,

wherein the step determining the loan rate is further comprised of at least one member of the collection comprising the steps of:

the loan originator getting the loan rate directly from the loan broker;

using a computerized system to look up the loan rates;

using the loan rates available online;

using the loan rates through a fax distribution system; and

using the loan rates through a fax-on-demand system.

16. The method of claim 1 ,

wherein the step of automatically verifying the services further comprising the step of:

providing the loan originator with a stacking order checklist for the loan customer; and

wherein the step of the loan originator providing services, further comprising the step of:

the loan originator collecting from the loan customer applicable documentation;

wherein the applicable documentation includes a W-2 form, a paystub, a bank statement, a tax return, a bankruptcy paper, and retirement information.

17. The method of claim 16 , wherein the step of the loan originator providing services, further comprising the steps of:

the loan originator printing a form collection comprising at least two forms and printing at least two pamphlets;

the loan originator presents the form collection and printed pamphlets to the loan customer;

the loan originator explains the form collection and printed pamphlets to the loan customer; and

an originator receives the form collection members signed by the loan customer.

18. The method of claim 16 ,

wherein the step transferring the loan application is further comprised of the step of:

the loan originator packaging the collected applicable documentation, and form collection members signed by the loan customer in a pre-determined stacking order to create the loan application.

19. A method, comprising the steps of:

a loan originator independently providing services necessary for the origination of a mortgage loan and not duplicative of services provided by a loan broker by operating a loan originator computer associated with the loan originator is a member of a financial institution, further comprising the steps of:

collecting by the loan originator operating the loan originator computer loan data for a loan application in coordination with a loan broker distinct from the loan originator, for a loan customer distinct from the loan originator applying for a loan, further comprising the steps of:

collecting pre-stored customer data regarding the loan customer into a loan originator computer;

collecting by the loan originator new customer data different from the pre-stored customer data into the loan originator computer;

creating a loan application by combining the pre-stored customer data, the new customer data, and information about the loan; and

wherein the method further comprising the step of:

automatically verifying the services provided by the loan originator comply with the guidelines of federal and state law, comprising the step of: providing the loan originator with a stacking order checklist for the loan customer;

wherein the step of the loan originator further comprising the steps of:

the loan originator collecting from the loan customer applicable documentation;

the loan originator printing a form collection comprising at least two forms and printing at least two pamphlets;

the loan originator presents the form collection and printed pamphlets to the loan customer;

the loan originator explains the form collection and printed pamphlets to the loan customer;

the loan originator receives the form collection members signed by the loan customer; and

transferring the loan application to the loan broker, further comprising the step of:

the loan originator packaging the collected applicable documentation, and form collection members signed by the loan customer in a pre-determined stacking order to create the loan application;

wherein the financial institution is at least one of a bank, a savings and loan, a thrift, and a credit union; and

wherein the applicable documentation includes a W-2 form, a paystub, a bank statement, a tax return, a bankruptcy paper, and retirement information.