Method and apparatus to facilitate competitive financing activities among myriad lenders on behalf of one borrower
First Claim
1. A computer assisted method for negotiating loans on behalf of a borrower comprising the steps of:
- a) collecting data describing a requested loan transaction from the borrower;
b) electronically notifying a plurality of lenders of the requested loan transaction and inviting each lender to electronically submit a corresponding request for quotes for the loan transaction to provide a respective plurality of requests for quotes;
c) providing the plurality of requests for quotes in electronic form for review by the borrower;
d) receiving, from the borrower, multiple requests for quotes selected from the plurality of requests for quotes, and inviting the corresponding lenders to participate in a final quote event; and
e) conducting the final quote event among the borrower and the chosen lenders, including the steps of;
e1) displaying the multiple requests for quotes to the borrower;
e2) displaying to each participating lender information on the request for quote of the lender and the best terms from among the multiple requests for quotes; and
e3) presenting each lender with options to improve their corresponding request for quote;
f) receiving a selection from the borrower of one request for quote of the multiple requests for quotes as the final quote.
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Accused Products
Abstract
A computerized system for negotiating loans on behalf of a borrower collects data on a desired loan transaction in electronic form. Next, the system electronically notifies a plurality of lenders of the requested loan transaction and invites each lender to electronically submit a corresponding quote. The system posts the received quotes to a database that may be viewed by the borrower. The borrower selects quotes from the plurality of quotes, and the system invites the corresponding lenders to participate in a final quote event. In conducting the final quote event, the system displays the selected quotes to the borrower and also displays, to each lender, the lender'"'"'s current quote and the best terms from among the multiple remaining quotes. Each lender is also provided with options to improve their corresponding quote. After a period of negotiation, the borrower selects one quote from among the multiple quotes as the final quote.
171 Citations
9 Claims
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1. A computer assisted method for negotiating loans on behalf of a borrower comprising the steps of:
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a) collecting data describing a requested loan transaction from the borrower;
b) electronically notifying a plurality of lenders of the requested loan transaction and inviting each lender to electronically submit a corresponding request for quotes for the loan transaction to provide a respective plurality of requests for quotes;
c) providing the plurality of requests for quotes in electronic form for review by the borrower;
d) receiving, from the borrower, multiple requests for quotes selected from the plurality of requests for quotes, and inviting the corresponding lenders to participate in a final quote event; and
e) conducting the final quote event among the borrower and the chosen lenders, including the steps of;
e1) displaying the multiple requests for quotes to the borrower;
e2) displaying to each participating lender information on the request for quote of the lender and the best terms from among the multiple requests for quotes; and
e3) presenting each lender with options to improve their corresponding request for quote;
f) receiving a selection from the borrower of one request for quote of the multiple requests for quotes as the final quote. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A computer system for negotiating loans on behalf of a borrower comprising:
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means for electronically collecting data describing a requested loan transaction from the borrower;
means for electronically notifying a plurality of lenders of the requested loan transaction and for inviting each lenders to electronically submit a corresponding request for quotes for the loan transaction to provide a respective plurality of requests for quotes;
means for providing the plurality of requests for quotes in electronic form for review by the borrower;
means for receiving, from the borrower, multiple requests for quotes selected from the plurality of requests for quotes, and inviting the corresponding lenders to participate in a final quote event; and
means for conducting the final quote event among the borrower and the chosen lenders, including;
means for displaying the multiple requests for quotes to the borrower;
means for displaying to each participating lender information on the request for quote of the lender and the best terms from among the multiple requests for quotes; and
means for presenting each lender with options to improve their corresponding request for quote;
means for receiving a selection from the borrower of one request for quote of the multiple requests for quotes as the final quote. - View Dependent Claims (8)
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9. A computer readable carrier including computer program instructions that cause a general purpose computer to perform method for negotiating loans on behalf of a borrower, the method comprising the steps of:
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a) collecting data describing a requested loan transaction from the borrower;
b) electronically notifying a plurality of lenders of the requested loan transaction and inviting each lenders to electronically submit a corresponding request for quotes for the loan transaction to provide a respective plurality of requests for quotes;
c) providing the plurality of requests for quotes in electronic form for review by the borrower;
d) receiving, from the borrower, multiple requests for quotes selected from the plurality of requests for quotes, and inviting the corresponding lenders to participate in a final quote event; and
e) conducting the final quote event among the borrower and the chosen lenders, including the steps of;
e1) displaying the multiple requests for quotes to the borrower;
e2) displaying to each participating lender information on the request for quote of the lender and the best terms from among the multiple requests for quotes; and
e3) presenting each lender with options to improve their corresponding request for quote;
f) receiving a selection from the borrower of one request for quote of the multiple requests for quotes as the final quote.
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Specification