Method and system and article of manufacture for a rules based automated loan approval system
First Claim
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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Accused Products
Abstract
A system for and method of automation of evaluating, approving, and underwriting loans for a borrower requesting a loan from a lender at a vendor location. The system comprises a computer system having a database that further comprises vendor data, lender data, and at least one loan tier; a data communications network operatively in communications with the computer system; an input terminal; loan processing 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 approval criteria of at least one lender and approving or rejecting a borrower'"'"'s request for a loan from the at least one lender; and an output device. The method comprises obtaining a predetermined set of borrower information from the borrower, including data regarding the item to be purchased; having the vendor access a display form maintained or otherwise associated with a lender, such as a web page accessible over the Internet, for lenders with preexisting relationships with the vendor; selectively enabling the vendor with access to a loan approval display form; transmitting the borrower information and information about the item to be financed to an application validation and approval process; obtaining a predetermined set of credit information regarding the borrower; and validating and approving or rejecting the borrower request against the loan approval tiers.
122 Citations
30 Claims
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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:
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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. - View Dependent Claims (2, 3)
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4. A method of loan approval for a system for evaluating, approving, and underwriting loans for a borrower requesting a loan from a lender at a vendor location, the system comprising a computer system having a database that further comprises data describing vendors approved to use the computer system, data describing lenders accessible to the computer system, and at least one tier comprising loan approval rules-based criteria of each lender;
- a data communications network operatively in communications with the computer system, the data communications network comprising at least one interface to one or more sources of financial information;
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;
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 approval criteria and accepting or rejecting the borrower'"'"'s request for a loan; and
an output device, operatively connected to the computer system via the data communications network, for displaying a result of the loan approval software, the method comprising;
a. having a vendor of an item to serve as collateral for a loan access a lender data screen at the input terminal, the lender data screen associated with a lender having preexisting relationship with the vendor;
b. obtaining a predetermined set of borrower information concerning the borrower, the borrower information comprising borrower personal data, borrower personal financial data, and collateral data c. obtaining a predetermined set of data regarding the item;
d. selectively enabling the vendor with access to a loan approval portion of the lender data screen;
e. selectively enabling the vendor with access to a loan application input form comprising at least one data entry area;
f. inputting the borrower information and the data regarding the item into the data entry area;
g. transmitting the borrower information and the data regarding the item to an application validation process;
h. validating the borrower information and the data regarding the item as transmitted;
i. obtaining a predetermined set of credit information regarding the borrower;
j. for each tier, using predetermined loan approval rules-based criteria to compare the borrower information, the data regarding the item, and the credit information against the loan approval criteria associated with the lender in that tier until at least one tier'"'"'s criteria are met or no more tiers exist;
k. if the borrower information, the data regarding the item, and the credit information satisfy a tier, notifying the vendor of the tier that has been satisfied;
l. if no tier is satisfied, notifying the vendor of a rejection of the borrower'"'"'s request. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
- a data communications network operatively in communications with the computer system, the data communications network comprising at least one interface to one or more sources of financial information;
Specification