Systems and methods for electronically verifying and processing information
First Claim
1. A computer implemented method for generation of enhanced data to evaluate a proposed borrower, comprising the steps of:
- obtaining from said borrower a first set of information, said first set of information including identification information to identify said borrower to a set of information sources;
communicating a request to one or more recipient financial information sources, wherein each of said recipient information sources is contained within said set of information sources, wherein said recipient information sources comprise one or more credit bureaus and one or more of a plurality of banks, and one or more government entities, and wherein said request includes identification information identifying said borrower to the one or more recipient information sources receiving said request;
wherein at least one of said recipient financial information sources utilizes a communication buffer so that the request is not communicated directly to said at least one recipient financial information source in association with which the communication buffer is utilized;
receiving a second set of information from one or more of said recipient information sources;
automatically generating a consolidated report based upon said second set of information; and
determining whether to loan money to said borrower based upon said consolidated report.
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Accused Products
Abstract
A computer implemented method and system which provides current, reliable and accurate personal information regarding a prospective borrower and/or co-borrower. The system includes a central server which receives requests for personal information relating to proposed borrowers, which in turn parses out similar requests relating to that borrower to information sources such as, among others, the Internal Revenue Service, the Social Security Administration, the Daily Banking System and the pertinent credit bureaus. Information corresponding to the respective requests is retrieved from the information sources, and then compiled into a report format and forwarded to the requested party. The requested party may be the borrower/consumer individually, or may be a mortgage broker/agent, lending institution or other party authorized to request and obtain the information. An electronic signature or signatures accompany the request to the central server, which uses same to retrieve personal information data pertaining to the signatory(ies). Various encryption schemes may be employed for security purposes. The invention permits for the retrieval, compilation and reporting of relevant, personal data to a party or parties involved in the loan decision making process without any opportunity for the information to be tampered with by the proposed borrower(s) because the information is obtained electronically and directly from the information depositories.
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Citations
28 Claims
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1. A computer implemented method for generation of enhanced data to evaluate a proposed borrower, comprising the steps of:
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obtaining from said borrower a first set of information, said first set of information including identification information to identify said borrower to a set of information sources;
communicating a request to one or more recipient financial information sources, wherein each of said recipient information sources is contained within said set of information sources, wherein said recipient information sources comprise one or more credit bureaus and one or more of a plurality of banks, and one or more government entities, and wherein said request includes identification information identifying said borrower to the one or more recipient information sources receiving said request;
wherein at least one of said recipient financial information sources utilizes a communication buffer so that the request is not communicated directly to said at least one recipient financial information source in association with which the communication buffer is utilized;
receiving a second set of information from one or more of said recipient information sources;
automatically generating a consolidated report based upon said second set of information; and
determining whether to loan money to said borrower based upon said consolidated report. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 28)
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14. A system for generation of enhanced data to evaluate a proposed borrower, comprising:
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means for obtaining from said borrower a first set of information, said first set of information including identification information to identify said borrower to a set of information sources;
means for communicating a request to one or more recipient information sources, wherein each of said recipient information sources is contained within said set of information sources, wherein said recipient information sources comprise one or more credit bureaus and one or more of one or more banks, and one or more government entities, and wherein said request includes identification information identifying said borrower to the one or more recipient information sources receiving said request;
means for receiving a second set of information from one or more of said recipient information sources;
means for generating a consolidated report based upon said second set of information; and
means for determining whether to lend money to said borrower based upon said consolidated report.
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27. An automated credit worthiness determination system, comprising:
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an applicant interface for obtaining from a credit applicant a first set of information, said first set of information comprising information to identify said credit applicant to a set of financial information sources;
a central server, wherein said central server communicates a request to one or more recipient financial information sources, wherein each of said recipient financial information sources is contained within said set of financial information sources, wherein said recipient financial information sources comprises one or more of one or more banks, one or more credit bureaus and one or more government entities and wherein said request contains information identifying said credit applicant to the one or more recipient financial information source receiving said request, receives a second set of information from one or more of said recipient financial information sources, generates a consolidated credit report based upon said second set of information; and
determines whether to extend credit to said credit applicant based upon said consolidated credit report.
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Specification