Automated loan processing system and method

• US 20020040339A1
• Filed: 10/02/2001
• Published: 04/04/2002
• Est. Priority Date: 10/02/2000
• Status: Active Grant

• Current Assignee: Anupa Dhar, James Ahles, Kuldeep K. Dhar
• Original Assignee: Anupa Dhar, James Ahles, Kuldeep K. Dhar
• Inventors: Dhar, Kuldeep K., Ahles, James, Dhar, Anupa
• Granted Patent: US 7,555,459 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: A61G 7/0503 Holders, support devices for receptacles, e.g. for drainage or urine bags hanging-up devices for infusion A61M5/1414
• CPC Class Codes: A61J 9/00 Feeding-bottles in general
• CPC Class Codes: B65D 25/2873 Straps or slings
• CPC Class Codes: B65D 81/3881 formed with double walls, i.e. hollow
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/06316 Sequencing of tasks or work
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• 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: G06Q 50/188 Electronic negotiation

Abstract

A workflow engine for rendering instant credit decisions includes a workflow designer, a web site interface, a database, checklists created by the workflow designer and associated with at least one loan offering, and a messaging system for brokering messages between a consumer and a lender. The workflow engine accepts web-based loan applications, processes the loan applications programmatically, and renders a loan decision within seconds. The workflow engine uses checklists to evaluate loan applications. Each checklist is associated with one loan offering and one lender. Multiple lenders offer multiple loan offerings through the system to compete for consumer/borrowers. The system evaluates loan applications and renders a programmatic loan decision without human intervention, subject to verification of the application data.

Claims

1. An automated loan system, the system comprising:

a lender database containing loan offerings specific to each lender;

a website interface providing a credit application form for a consumer to complete, the website interface providing a field for the consumer to select a category of loan offerings;

a loan process checklist associated with the category of loan offerings; and

a workflow engine for evaluating a completed credit application using the loan process checklist and for generating an instant loan offer for qualified credit applications.

2. The automated loan system of claim 1, wherein the instant loan offer is conditioned on verification of information contained in the completed credit application.

3. The automated loan system of claim 1, further comprising:

a workflow designer in network communication with the workflow engine, the workflow designer providing an object-based interface for creating and modifying the loan process checklist.

4. The automated loan system of claim 1, further comprising:

a bank database containing a plurality of records, each record being associated with a single financial institution, each record representing a checklist for a loan category and type, each checklist containing at least one decision parameter.

5. The automated loan system of claim 1, wherein one or more of the plurality of records contains an instant offer associated with the at least one decision parameter.

6. The automated loan system of claim 1, further comprising:

a bank interface for enabling a bank officer to access the system, the bank interface being web-enabled to allow remote access, the bank interface allowing the bank officer to access accepted loan offers.

7. The automated loan system of claim 1, further comprising:

a bank interface for enabling a bank officer to access the system, the bank interface being web-enabled to allow remote access, the bank interface allowing the bank officer to access rejected credit applications.

8. The automated loan system of claim 1, wherein the checklist is formed of individual tasks associated with a credit decision process, each individual task having at least one associated decision parameter determined by a lender.

9. The automated loan system of claim 1, wherein the instant loan offer is generated and reported to the consumer within 45 seconds.

10. The automated loan system of claim 1, wherein multiple lenders participate in the automated loan system, and wherein the workflow engine can generate multiple instant offers within seconds.

11. A method for providing multiple instant Internet-based loan offers, the method comprising:

configuring workflow parameters associated with a checklist for each loan offered;

storing the workflow parameters in a datastore;

providing a website interface for Internet-based credit applications by a consumer;

receiving a completed Internet-based credit application;

parsing the completed Internet-based credit application to determine a loan type;

retrieving the checklist and associated workflow parameters from the database;

evaluating the completed Internet-based credit application using the checklist and associated workflow parameters, the evaluation process for detecting qualified credit applications;

generating an instant loan offer from a lender for qualified credit applications.

12. The method according to claim 11, wherein evaluating the completed Internet-based credit application comprises:

retrieving a credit score associated with the consumer from a credit bureau; and

evaluating the retrieved credit score against the associated workflow parameters.

13. The method according to claim 11, wherein evaluating the completed Internet-based credit application comprises:

weighting information provided in the completed Internet-based credit application according to an index created by a lender.

14. The method according to claim 13, the method further comprising:

generating an average weighted score; and

processing the average weighted score programmatically against the workflow checklist and associated parameters.

15. The method according to claim 11, the method further comprising:

displaying the instant offer on a secure web page for the consumer.

16. The method of claim 15, wherein the system generates multiple instant offers, each instant offer being associated with one lender, wherein the displayed instant offers are presented in a clickable list, each instant offer providing at least an interest rate, a term, and an amount, the method further comprising:

providing a button for a consumer to communicate a decision for each of the instant offers; and

transmitting the decision for each of the instant offers to the associated lender.

18. The method of claim 17, further comprising:

displaying transmitted instant digital loan offers for the consumer; and

storing the transmitted instant digital loan offers for a period of time specified by each lender, each transmitted instant digital loan offer having a decision time limit after which the instant digital loan offer expires.

19. The method of claim 18, further comprising:

providing a button for the consumer to indicate a decision with respect to each instant digital loan offer; and

communicating the decision with respect to each instant digital loan offer to the associated lender.

20. The method of claim 19, further comprising:

determining programmatically a closest branch for servicing an accepted instant digital loan offer; and

transmitting the accepted instant digital loan offer to the closest branch for underwriting and closing.

21. The method of claim 18, wherein the instant digital loan offer is conditional upon verification of information provided in the digital loan application.

17. A method for programmatically generating instant loan offers to qualified applicants, the method comprising:

receiving a digital loan application from a web page interface, the digital loan application containing demographic information about a consumer and a selected loan type;

retrieving all loan process checklists associated with the selected loan type from a database, each loan process checklist being associated with a lender and being specific to a loan offering within the selected loan type, each loan process checklist containing decision parameters;

evaluating the digital loan application against each loan process checklist;

generating an instant digital loan offer for each loan offering for which the digital loan application qualifies, each instant digital loan offer generated by a workflow engine on behalf of the associated lender.; and

transmitting the instant digital loan offer to the consumer for each loan offering for which the digital loan application qualifies.

22. A system for programmatically rendering a loan decision, the system comprising:

a workflow designer for creating loan categories and checklists associated with each loan offering within each loan category;

a workflow director for modifying loan decision parameters in each checklist;

a lender database for storing the loan categories, the checklists and the loan decision parameters;

a workflow engine for processing loan applications and generating an instant loan decision, the workflow engine capable of transmitting the instant loan decision to a consumer securely, the workflow engine capable of brokering communications between the consumer and a lender associated with the instant loan decision; and

a messaging system for routing communications between the consumer and the lender, the messaging system providing a digital record of offer and acceptance of an instant loan offer.

23. The method of claim 22, the method further comprising:

verifying a loan application according to a digital signature associated with the consumer.

24. The method according to claim 22, wherein the decision parameters include a credit rating from a credit bureau.

25. The method according to claim 24, wherein the decision parameters include a weighted average of information contained in the loan application of the consumer, the information including gross income and outstanding debt.