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System and method for processing loan applications

  • US 10,453,128 B2
  • Filed: 02/28/2013
  • Issued: 10/22/2019
  • Est. Priority Date: 10/09/2012
  • Status: Active Grant
First Claim
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1. A method of processing a loan application in real time using a mobile device in communication with a loan application processing server and an administration system through a network, the method comprising:

  • at the mobile device;

    logging into a point-of-sale service in communication with the loan application processing server;

    receiving loan information in an electronic loan application form, the loan application form displayed on the mobile device;

    capturing a photograph of a barcode on a borrower identification using a camera in the mobile device, in response to the activation of a scanning button displayed on the mobile device;

    scanning the photograph of the barcode for borrower information;

    automatically populating the loan application form with the borrower information;

    capturing a first photograph of the borrower using the camera in the mobile device;

    capturing a second photograph of the borrower'"'"'s identification using the camera in the mobile device, in response to the activation of an identification photo button displayed on the mobile device;

    generating an electronic document;

    displaying a pop-up signature window on the mobile device;

    receiving a signature image from the borrower in the pop-up signature window via one of a stylus and a finger;

    displaying a bank details page comprising a cheque photograph button;

    receiving input indicative of the cheque photograph button being depressed;

    upon receiving the input indicative of a cheque photograph button, capturing an image of a cheque using the camera;

    capturing bank information on the cheque via optical character recognition (OCR);

    importing and displaying the bank information in the bank details page;

    displaying a completion page comprising an invoice photo button;

    upon the invoice photo button being activated, capturing a photo of an invoice for an item to be purchased by the loan;

    sending the loan application form with the loan information, and the photo of the invoice along with the first and second photographs via the network to the loan application processing server for a criminal and credit history check based on the borrower information, and for proving the identity of the borrower using the first and second photographs; and

    wherein the administration system is in communication with a plurality of lenders, the loan application processing server is in communication with the network, and wherein the loan application processing server;

    verifies the identity of the borrower using the second photograph and the borrower information, and upon verifying, selects a lender among said plurality of lenders to disburse the loan based on the borrower information.

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