Lender and insurer transaction processing system and method

Abstract

A system and method for transaction processing includes a central repository of transaction information which can be accessed by a variety of participants who may be located over a wide geographic area in the recovery process of a property unit such as a vehicle or other collateral. Interfacing with a variety of computer systems over a communication network, such as the Internet, allows interchange of data relating to the recovery process and centralized coordination of the recovery process.

1 . A transaction processing system comprising a general purpose computer including a memory, a central processing unit and an input/output device, a data depository coupled to the general purpose computer, the memory of the general purpose computer including computer executable means having an application/customer profile information input module and a recovery module, the application/customer profile information input module receiving substantially all of the transaction information, including digitally imaged documents, relevant to multiple transactions and to a potential future default of each such transaction, wherein the transaction information for a particular transaction is stored in the data depository prior to default thereof, the computer executable means further indicating a default condition for at least one of said transactions and initiating a recovery process in respect thereof through said recovery module, said recovery process involving the engagement of one or more service providers to provide recovery services and automatically making available to said one or more service providers all transaction information relevant to the services to be provided in respect of such transaction.  
     
     
         2 . A transaction processing system as claimed in  claim 1  wherein one or more of said transactions is associated with a property unit, including one of a personal property and a real property, and wherein said transaction information includes information relating to the property unit, and wherein the computer executable means further initiating a recovery process of the property unit through said recovery module, the recovery process involving one or more actions specific to the property unit, said actions including locating, recovering possession of, managing, appraising and selling the property unit.  
     
     
         3 . A transaction processing system as claimed in  claim 2  wherein said recovery process involves services to be provided by a multiple of service providers, said recovery module receiving reporting information regarding the recovery process electronically over a communication network and providing automated coordination of the recovery process by coordinating communications with said multiple of service providers in response to the transaction information stored in the data depository, and transaction information being automatically updated with said reporting information to indicate a current status of the transaction, the automated coordination of the recovery module operating to automatically produce an output requiring action in response to the recovery module receiving the reporting information from one of the multiple service providers.  
     
     
         4 . A transaction processing system as claimed in  claim 3  wherein the recovery process involves two or more of said actions specific to the property unit.  
     
     
         5 . A transaction processing system as claimed in  claim 1  wherein each transaction is initiated at one time and the status of the transaction is affected by events occurring at one or more subsequent times and wherein the transaction information includes substantially all information available at initiation of the transaction and substantially all information relating to the subsequent status of the transaction.  
     
     
         6 . A transaction processing system as claimed in  claim 5  the computer executable means further having an electronic invoice, billing and payment module receiving substantially all payment and invoicing information relating to the status of each transaction subsequent to initiation and delivering payment and invoicing information to the application/customer profile information input module.  
     
     
         7 . A transaction processing system comprising a general purpose computer including a memory, a central processing unit and an input/output device, a data depository coupled to the general purpose computer, the memory of the general purpose computer including computer executable means having an application/customer profile information input module and a recovery module, the application/customer profile information module receiving transaction information for a transaction which is stored in the data depository, the computer executable means further indicating a default condition for the transaction and initiating a recovery process in respect of the transaction through said recovery module, said process involving at least one action specific to the transaction, said actions including locating a customer, communicating with the customer regarding the status of the transaction, initiating and pursuing litigation in respect of the transaction, enforcing a judgment relating to the transaction, and initiating and pursuing bankruptcy proceedings based on the transaction, and said process involving services to be provided by a multiple of service providers, said recovery module receiving reporting information regarding the recovery process electronically over a communication network and providing automated coordination of the recovery process by coordinating communications with said multiple of service providers in response to the transaction information stored in the data depository, and transaction information being automatically updated with said reporting information to indicate a current status of the transaction, the automated coordination of the recovery module operating to automatically produce an output requiring action in response to the recovery module receiving the reporting information from one of the multiple service providers.  
     
     
         8 . A transaction processing system as claimed in  claim 7  wherein the computer executable means further includes a search module which provides communication links to conduct a search of at least one database via the communication network and stores the results of the search in the data repository as part of the transaction information.  
     
     
         9 . The system of  claim 7  wherein the computer executable means further includes a payments module, the payments module providing at least one of payment history and invoice generation relating to the transaction.  
     
     
         10 . The system of  claim 7  wherein the computer executable means further includes an adjudication extract module for extracting information from the data repository relevant to a financial institution that is considering entering into a transaction.  
     
     
         11 . The system of  claim 7  wherein the computer executable means further includes an adjudication module for receiving and assessing information relevant to a financial institution that is considering entering into a transaction.  
     
     
         12 . The system of  claim 7  wherein each of said service providers is assigned a predetermined database access status and the computer executable means further includes an access control module which controls access by said service provider to the data repository as a function of said access status.  
     
     
         13 . A transaction processing system comprising a general purpose computer including a memory, a central processing unit and an input/output device, a data depository coupled to the general purpose computer, the memory of the general purpose computer including computer executable means having an application/customer profile information input module and a recovery module, the application/customer profile information module receiving transaction information for a transaction which is stored in the data depository, the computer executable means further indicating a default condition for the transaction and initiating a recovery process in respect of the transaction through said recovery module, said process involving services to be provided by a multiple of service providers, said recovery module receiving reporting information regarding the recovery process electronically over a communication network and providing automated coordination of the recovery process by coordinating communications with said multiple of service providers in response to the transaction information stored in the data depository, and transaction information being automatically updated with said reporting information to indicate a current status of the transaction, the automated coordination of the recovery module operating to automatically produce an output requiring action in response to the recovery module receiving the reporting information from one of the multiple service providers.