Under LVG's patented Responsible Homeowner Reward (RHR) program, banks promise to pay borrowers who continue to pay on time a lump sum — typically 10% of their original loan amount — when they sell or refinance their home. Miss more than one payment and the reward disappears. It's still early (fewer than 5,000 people have been enrolled), but LVG says fewer than 10% of the borrowers in RHR have ended up defaulting, compared with a redefault rate of more than 20% for other loan-modification programs. Hubler says he is confident his current mortgage bet is one that will help, not hurt, the housing market.
One problem is that there is no issued US patent to a Howard Hubler. There is no issued patent assigned to Loan Value Group.
There is a US patent application with Howard Hubler as a named inventor, US published application 20100205087 . Apparently, Stephen Gandel does not know the difference between an issued patent and an application.
The law firm doing prosecution is LERNER, DAVID, LITTENBERG,;KRUMHOLZ & MENTLIK of Westfield, NJ. The first published claim is
A computer-implemented method to manage promoting of repayment of a mortgage loan comprising:associating a remuneration account value with a mortgage loan, the remuneration account value representing a monetary remuneration amount conditionally payable to a borrower on the mortgage loan upon satisfaction of a payment condition related to the mortgage loan;monitoring delinquency data representing whether or not the borrower is delinquent on a payment related to the mortgage loan, the delinquency data being associated with the remuneration account value; andexamining the delinquency data with a digital processor and releasing at least a portion of the remuneration account value as a function of the examination of the delinquency data by the digital processor.
No Office Action has issued as of 20 Nov. 2010.
There is a related application: 12/729,731 filed on 03-23-2010 which is Pending claims the benefit of 12/368,521