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Method and system and article of manufacture for a rules based automated loan approval system

  • US 20020138414A1
  • Filed: 03/26/2001
  • Published: 09/26/2002
  • Est. Priority Date: 03/26/2001
  • Status: Abandoned Application
First Claim
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1. A system for evaluating, approving, and underwriting loans for a borrower requesting a loan from a lender at a vendor location, comprising:

  • a. a computer system having a database, the database further comprising i. data describing vendors approved to use the computer system;

    ii. data describing lenders accessible to the computer system; and

    iii. at least one tier comprising loan approval rules-based criteria for each lender accessible to the computer system;

    b. a data communications network operatively in communications with the computer system, the data communications network further comprising at least one interface to one or more sources of financial information;

    c. an input terminal, operatively connected to the computer system via the data communications network, for providing borrower information to the computer system, the borrower information comprising borrower personal data, borrower personal financial data, and data describing collateral to be financed;

    d. loan approval software operatively resident in the computer system for evaluating the borrower information and information from the one or more sources of financial information according to the loan approval criteria and accepting or rejecting the borrower'"'"'s request for a loan; and

    e. an output device, operatively connected to the computer system via the data communications network, for displaying a result of the loan approval software.

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