Intellectual Property and the Mortgage Industry: A Primer - PowerPoint PPT Presentation

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Intellectual Property and the Mortgage Industry: A Primer

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MBA's Legal Issues in Mortgage Technology Conference November 30 December 2, 2005 ... Royalty Free Licencing. RAND Approach. Key case: Wang, Dell, and Rambus. Q&A ... – PowerPoint PPT presentation

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Title: Intellectual Property and the Mortgage Industry: A Primer


1
Intellectual Property and the Mortgage Industry
A Primer
  • Gabe Minton, VP Industry Technology, MBA

2
Agenda and Take Aways
  • Focus on patents
  • Key trends with patents
  • An example patent Business Process and Method
    for Online Financial Products Trading
  • IP and standards-setting (further discussed by
    Mike Chanin)

3
Types of Patents
  • System An actual tangible object (unless
    software)
  • Process Business process methods
  • It is all about the CLAIMS!

4
Key Changes by Congress, 1982
  • The USPTO changes its funding model from tax
    dollars to application and related fees
  • The USPTO is incentivised to handle more
    applications
  • A special court is established to handle patent
    cases the Court of Appeals for the Federal
    Circuit (CAFC)
  • This court went on to broaden and strengthen the
    rights of Patent Holders

5
Key Patent Cases
  • Apple v Microsoft (high profile IP)
  • Wang, Dell, and Rambus (standards and IP)
  • Linux v Microsoft (not a real case, really open
    v closed-source)
  • Industry hot (and protected) topics
  • eNotarization Arcanus
  • Numerous eMortgage patents eOriginal,
  • eRecording inGeo
  • Imaging
  • Workflow

6
Patent Activity in the US
(in thousands)
Source Innovation and its Discontents, Jaffe
Lerner
7
Number of Patent Suits Initiated
Source Innovation and its Discontents, Jaffe
Lerner
8
Key trends
  • Patent Applications UP!
  • Larger companies building extensive portfolios
  • Portfolio companies
  • Small companies/independents are filing less
  • Number of patent awards UP!
  • Number of court cases won by patent holders UP!
  • Companies would rather skirt or pay out
  • Small companies cannot afford adequate protection

9
USPTO.GOV
10
Example Patent
11
Abstract
  • An online centralized financial products exchange
    system. The invention is a system, method and
    computer program product that creates a
    "marketplace" for end-to-end financial products
    life cycle transactions. More particularly, the
    invention provides a centralized exchange system
    for the trading of loans. The system includes a
    plurality of Web servers for receiving and
    providing loan information from and to
    subscribers on several Web clients and a database
    server for searching the pre-set rules to match
    potential buyers with sellers. The system also
    includes a database for storing information
    relating to negotiations (i.e., bidding) for the
    sale of loans and for storing pre-set rules for
    pre-registered buyers and sellers. The system
    further includes a database and server for
    storing risk/return information that is made
    available to subscribers for analysis.

12
Excerpt Claim
  • A centralized system for trading financial
    products in the secondary market, wherein the
    system is capable of being accessed by a
    plurality of subscriber, the system comprising
    means for receiving loan information for a
    plurality of loans in a loan pool from a first
    subscriber
  • means for storing said loan information in a
    database
  • means for receiving selection inputs from a
    second subscriber for said loans in said loan
    pool, wherein said selection inputs indicate
    which of the loans in said loan pool said second
    subscriber wishes to purchase, whereby said
    system allows trading of loans in the secondary
    market and
  • means for allowing said first subscriber to
    accept said selection inputs entered by said
    second subscriber, wherein a trade is processed
    when said selection inputs are accepted

THERE ARE 35 MORE CLAIMS IN THIS PATENT!
13
IP and Standards Organizations
  • How do you create a policy that protects peoples
    IP, while allowing them to contribute it to the
    common good
  • Methods researched
  • Public Domain
  • GNU/CopyLeft
  • Royalty Free Licencing
  • RAND Approach
  • Key case Wang, Dell, and Rambus

14
QA
  • Gabe Minton, VP, Industry Technology, MBA
  • gminton_at_mortgagebankers.org
  • 202.557.2821
  • http//www.mismo.org
  • http//www.sisac.org
  • http//www.mortgagebankers.org
  • http//www.uspto.gov
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