Systems and methods for loan origination and servicing based on a recurring deposit of funds

• US 10,169,784 B1
• Filed: 03/23/2009
• Issued: 01/01/2019
• Est. Priority Date: 03/23/2009
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Hildebrand, Marc William
• Primary Examiner(s): Baird, Edward J
• Application Number:
  US12/409,249
• Time in Patent Office: 3,571 Days
• Field of Search: 705 35- 45
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/16 Payments settled via telecommunication systems
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Customers of a financial institution may apply for a line of credit for use with, e.g., a web-based bill pay service. The credit line may be determined using an average value of the customer'"'"'s previously direct-deposited paychecks and an analysis of the customer'"'"'s spending behavior using the web-based bill pay service. In some implementations, the financial institution may aggregate data points associated with the customer to make a determination of an amount, an interest rate, and a term of the line of credit. The line of credit may be used to pay bills from a financial services institution and unrelated third-party billers with which the customer has a payment history, as well as provide for cash for use by the customer.

Claims

1. A non-transitory computer-readable medium comprising computer-readable instructions, which, when executed by a number of processors, cause a number of devices to perform a method for originating a short-term loan using a plurality of historical direct deposits to an account, said method comprising:

providing, by a computer system, a user with a self-service interface that presents a display on a user device and enables the user to request a short-term loan while the user device is connected to the computer system;

receiving a request at a website provided by a financial services provider for the short-term loan provided by the financial services provider to the user;

ascertaining an amount of a plurality of historical direct deposits;

ascertaining a frequency of the plurality of historical direct deposits;

eliminating a deposit from the amount based on determining that the deposit is inconsistent with the frequency;

determining a short-term loan amount as a percentage of the amount of the plurality of historical direct deposits; and

determining a repayment schedule in accordance with the short-term loan amount and the frequency of the plurality of historical direct deposits, wherein the frequency of the plurality of historical direct deposits limits the repayment period of the short-term loan;

restricting payment from funds from the short-term loan to only billers who have an electronic relationship with the financial services provider.

2. The non-transitory computer-readable medium of claim 1, wherein the method further includes deducting payments to repay the short-term loan from a future direct deposit.

3. The non-transitory computer-readable medium of claim 1, wherein the user holds an account with the financial services provider, and wherein the plurality of historical direct deposits is deposited to the account.

4. The non-transitory computer-readable medium of claim 1, wherein the method further includes:

determining a tenure with the financial services provider; and

determining if any corporate account delinquencies exist for the user.

5. The non-transitory computer-readable medium of claim 1, wherein the method further includes offering the short-term loan with terms and conditions set in accordance with a use of the short-term loan amount.

6. The non-transitory computer-readable medium of claim 1 further comprising:

setting at least one condition on what the short-term loan may be used for.

7. A system configured to originate a short-term loan through a bill payment application provided by a financial services provider, the system comprising:

processor resources; and

memory resources coupled to the processor resources and configured to direct the processor resources to;

providing a user with a self-service interface that presents a display on a user device and enables the user to request a short-term loan while the user device is connected to the computer system;

receive instructions, at a website provided by the financial services provider, from the user device, at the bill payment application to initiate a loan application;

receive information regarding an applicant for the short-term loan;

determine the applicant has a plurality of historical direct deposits in an account at the financial services provider;

eliminating a deposit based on determining that the deposit is inconsistent with a frequency of the plurality of historical direct deposits;

deposit funds into the account at the financial services provider;

determine a repayment schedule in accordance with a short-term loan amount and the frequency of the plurality of historical direct deposits, wherein the frequency of the plurality of historical direct deposits limits the repayment period of the short-term loan; and

restricting payment from funds from the short-term loan to only billers who have an electronic relationship with the financial services provider.

8. The system of claim 7, further comprising:

at least one computer subsystem that allocates a first portion of the funds for payment of bills; and

at least one computer subsystem that allocates a second portion of the funds for cash withdrawals by the applicant.

9. The system of claim 8, wherein a first interest rate applies to the first portion, and a second interest rate applies to the second portion.

10. The system of claim 9, wherein the first interest rate is lower than the second interest rate.

11. The system of claim 7, further comprising at least one computer subsystem that allocates the funds to bills that have been previously presented to the bill payment application before the loan application is initiated.

12. The system of claim 7, further comprising at least one computer subsystem that deducts payments from a future deposit.

13. A system configured to provide a self-service, short-term loan application and origination process, the system comprising:

processor resources; and

memory resources coupled to the processor resources and configured to direct the processor resources to;

provide a user with a self-service interface that presents a display a user device and enables the user to request a short-term loan while the user device is connected to the system;

receive, at a website provided by a financial services provider, loan application information at the financial services provider from the user device;

determine the user has a plurality of historical direct deposits to an account held at the financial services provider;

determine an amount of a short-term loan using the plurality of historical direct deposits comprising eliminating a deposit from the amount based on determining that the deposit is inconsistent with a frequency of the plurality of historical direct deposits;

determine a repayment schedule using the frequency of the plurality of historical direct deposits amount, wherein the frequency of the plurality of historical direct deposits limits the repayment period of the short-term loan;

restrict payment from funds from the short-term loan to only billers who have an electronic relationship with the financial services provider;

automatically deducting repayments from an amount of each future direct deposit; and

credit the account with the amount of the short-term loan.

14. The system of claim 13, wherein the loan application is received and credited in a same session using the user interface.

15. The system of claim 13, further comprising:

at least one computer subsystem that allocates a first portion of the amount of the short-term loan for payment of bills; and

at least one computer subsystem that allocates a second portion of the amount of the short-term loan for cash withdrawals by the user.

16. The system of claim 15, wherein a first interest rate applies to the first portion, and a second interest rate applies to the second portion.

17. The system of claim 13, further comprising at least one computer subsystem that limits the user to a predetermined number of short-term loans within a predetermined period of time.

18. A system configured to provide a short-term loan to a customer having an account with a financial services provider, the system comprising:

processor resources; and

memory resources coupled to the processor resources and configured to direct the processor resources to;

provide a customer with a self-service interface that presents a display on a user device and enables the customer to request a short-term loan while the user device is connected to the system;

receive, at a website provided by the financial services provider, a request for the short-term loan from the user device;

ascertain customer income in accordance with a plurality of historical direct deposits;

determine exposure of the financial services provider with regard to financial products held by the customer;

write the short-term loan for an amount based on the plurality of historical direct deposits to the account comprising eliminating a deposit from the amount based on determining that the deposit is inconsistent with a frequency of the plurality of historical direct deposits;

freeze limits associated with the financial products held by the customer at a current amount;

determine a repayment schedule in accordance with the frequency of the plurality of historical direct deposits, wherein the frequency of the plurality of historical direct deposits limits the repayment period of the short-term loan; and

restrict payment from funds from the short-term loan to only billers who have an electronic relationship with the financial services provider.

19. The system of claim 18, further comprising at least one computer subsystem that limits the use of the amount for payment of bills presented to a bill payment application provided by the financial services provider.

20. The system of claim 18, wherein a first portion of the amount is allocated for payment of bills presented to a bill payment application provided by the financial services provider;

and further comprising at least one computer subsystem that allocates a second portion of the funds for cash withdrawals by the customer.

21. The system of claim 20, wherein a first interest rate applies to the first portion, and a second interest rate applies to the second portion.

22. The system of claim 18, further comprising at least one computer subsystem that deducts payments from future deposits.

23. The system of claim 18, further comprising at least one computer subsystem that prevents writing subsequent short-term loans during the repayment period of the short-term loan.