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

• Current Assignee: Communitylend Holdings Inc. (Wcp Holdings LLC)
• Original Assignee: Communitylend Holdings Inc. (Wcp Holdings LLC)
• Inventors: Garrity, Michael, Wong, Casper, Sehr, Paul
• Primary Examiner(s): Sigmond, Bennett M
• Assistant Examiner(s): Hamerski, Bolko M
• Application Number:
  US14/434,456
• Publication Number:
  US 20150269671A1
• Time in Patent Office: 2,427 Days
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: H04W 4/00 Services specially adapted for wireless communication networks; Facilities therefor

Abstract

A system method for quickly and easily processing a loan application is disclosed. The original application is processed quickly using supplemental technology such as a barcode scanner, mag-stripe reader, biometric or card tap device to fill out the applicant'"'"'s personal details. If the application is approved a seamless transition is made within the mobile device to collect any additional information and allow the applicant to use e-signatures and sign the document directly on the device. Any additional documents needed to disburse a loan are collected by taking a photo of the document and optionally processing it via OCR with the mobile device'"'"'s camera.

Claims

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.

2. The method of claim 1 further comprising adjusting a plurality of loan parameters prior to said sending.

3. The method of claim 1 further comprising:

saving the first and second photographs to a non-transitory computer readable medium.

4. The method of claim 1 further comprising generating documents for the borrower to endorse.

5. The method of claim 4 wherein the documents are generated electronically.

6. The method of claim 5 wherein the documents are endorsed electronically.

7. The method of claim 1 further comprising manually collecting the banking information.

8. The method of claim 7 wherein the step of collecting banking information is skipped.

9. The method of claim 7 further comprising submitting the endorsed documents to the administration system.

10. The method of claim 1 wherein the scanning is performed by a barcode scanning application running on the mobile device.

11. A system for processing a loan application, comprising:

a mobile device comprising;

a non-transitory computer readable medium having a database with data imported from a loan application form filled out by a user, the loan application form electronically displayed on the mobile device, the mobile device in communication with an administration system and a loan application processing server through a network;

the mobile device further comprising a camera;

a scanner; and

a mobile application comprising computer readable instructions on the non-transitory computer readable medium that when executed by the mobile device;

receives login data and logs into a point-of-sale service in communication with the loan application processing server;

displays a scanning button on the mobile device;

captures a photograph of a barcode on a borrower identification using the camera, in response to the activation of the scanning button;

scans the barcode for borrower information using the scanner;

automatically populates the loan application form with the borrower information;

captures a first photograph of the borrower using the camera;

displays an identification photo button on the mobile device;

captures a second photograph of the of the borrower'"'"'s identification using the camera, in response to the activation of the identification photo button;

generates an electronic document;

displays a pop-up signature window for the electronic document;

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

displays a bank details page comprising a cheque photograph button;

receives input indicative of the cheque photograph button being depressed;

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

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

imports and displays the bank information in the bank details page;

displays a completion page comprising an invoice photo button;

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

sends the loan application form 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;

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.

12. The system of claim 11 wherein the computer readable instructions on the non-transitory computer readable medium further generate documents for the user to endorse.

13. The system of claim 12 wherein the computer readable instructions on the non-transitory computer readable medium further include instructions for endorsing the documents.

14. The system of claim 11 further comprising instructions for manually collecting banking information.

15. The system of claim 14 wherein the cheque is a void cheque.

16. The system of claim 15 further comprising instructions for submitting the endorsed documents to the administration system.

17. The system of claim 11 wherein the scanner comprises a barcode scanning application running on the mobile device.