Loan rate and lending information analysis system

• US 20030149659A1
• Filed: 01/31/2003
• Published: 08/07/2003
• Est. Priority Date: 01/31/2002
• Status: Active Grant

• Current Assignee: Transunion Interactive, Inc. (TransUnion Corporation)
• Original Assignee: Transunion Interactive, Inc. (TransUnion Corporation)
• Inventors: Danaher, John Thomas, Metzger, Scott, Depow, Justin, Maxwell, Michael
• Granted Patent: US 7,630,932 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Methods, apparatuses and systems facilitating analysis of expected interest rates and, in some embodiments, other conditions and circumstances associated with a variety of different loan types. In one embodiment, the present invention allows for a network-based application allowing users the ability to assess for what loan interest rates they are eligible based on current interest rate data and credit analysis scores that are used to determine qualifications for one of a variety of interest rates. In one embodiment, the present invention enables a web-based loan rate analysis system that combines credit score analysis with analyses of collateral and debt/income to offer users the ability to learn for what loan interest rates they are eligible when purchasing or refinancing a home. Embodiments of the present invention further provide “what if” calculators allowing users to assess the impact of hypothetical changes to various factors determinative of available loan rates and other circumstances associated with loans.

Claims

1. A loan rate analysis system, comprising

a credit data repository maintaining credit history data associated with at least one entity;

a credit scoring engine operative to receive credit report data relating to an individual or other entity and process the data against a credit scoring model to yield a credit score;

a rate information database storing interest rate information for at least one loan type, and operative to return the interest rate(s) corresponding to a given credit score for at least one desired loan type; and

a server operative to;

receive requests from users over a computer network and transmit responses in return, to interact with a user to obtain information allowing for the retrieval of credit report data, interact with the credit data repository to obtain the credit history data associated with the user, transmit at least a portion of the credit history data to the scoring engine to receive a credit score in return, access the rate information database for current interest rate information for at least one loan type, and determine an interest rate for the loan type based on the interest rate information and the credit score associated with the user.

2. The loan rate analysis system of claim 1 further comprising a rate information system operative to:

maintain current interest rate information for at least one loan type, and return the interest rate(s) corresponding to a given credit score for at least one desired loan type;

wherein the rate information database stores a locally-cached version of at least a portion of the current interest rate information maintained by the rate information system.

3. The loan rate analysis system of claim 2 wherein the rate information stored by the rate information database is periodically updated with interest rate data from the rate information system.

4. The loan rate analysis system of claim 1 wherein the server is further operative to prompt the user for factor information relating to at least one loan type.

5. The loan rate analysis system of claim 4 wherein the factor information comprises a loan amount.

6. The loan rate analysis system of claim 4 wherein the loan type is a loan secured by an asset and the factor information comprises a value for the asset.

7. The loan rate analysis system of claim 4 wherein the factor information comprises monthly income.

8. The loan rate analysis system of claim 4 wherein the factor information comprises a maximum number of points a user is willing to pay.

9. The loan rate analysis system of claim 4 wherein the server is operative to determine an interest rate for the at least one loan type based on the interest rate information, the factor information provided by the user, and the credit score associated with the user.

10. The loan rate analysis system of claim 1 further comprising an asset valuation system operative to provide an estimated value of a subject property;

and wherein the server is operative to prompt the user for information identifying the property and transmit the information to the asset valuation system; and

wherein the server is operative to determine an interest rate for the loan type based on the current interest rate information, the estimated value of the subject property returned by the asset valuation system, and the credit score associated with the user.

11. The loan rate analysis system of claim 1 further comprising a network services gateway implementing web services network functionality to process and route service requests transmitted by the server and route responses returned by end systems associated with the service requests.

12. The loan rate analysis system of claim 11 wherein the credit data repository includes a web services network interface, and wherein the server obtains credit reporting data by accessing the web services network interface by transmitting requests thereto via the network services gateway.

13. A loan rate analysis system, comprising

a credit data repository maintaining credit history data associated with at least one entity;

a credit scoring engine operative to receive credit report data relating to an individual or other entity and process the data against a credit scoring model to yield a credit score;

a rate information database storing interest rate information for at least one loan type, and operative to return the interest rate(s) corresponding to a given credit score for at least one desired loan type; and

a server operative to;

receive requests from users over a computer network and transmit responses in return, to interact with a user to obtain information allowing for the retrieval of credit report data, interact with the credit data repository to obtain the credit report data associated with the user, transmit at least a portion of the credit history data to the scoring engine to receive a credit score in return, access the rate information database for interest rate information for at least one loan type, prompt the user for factor information relevant to a loan type, and determine an interest rate for the loan type based on the current interest rate information, the factor information provided by the user, and the credit score associated with the user; and

an interest rate calculator interface comprising

a credit score field including a credit score value;

a credit score field interface control allowing a user to change the credit score value in the credit score field; and

an interest rate field displaying at least one loan type and a corresponding interest rate based at least in part on the current credit score value in the credit score field, wherein the interest rate displayed in the interest rate field of the calculator interface is responsive to manipulation of the credit score interface control;

wherein the server is operative to populate the credit score field with the credit score obtained from the credit scoring system and the interest rate field from the interest rate data obtained from the rate information database.

14. The loan rate analysis system of claim 13 wherein the interest rate calculator interface is implemented within the context of a browser resident on a client computer.

15. The loan rate analysis system of claim 13 wherein the interest rate calculator interface is a Java applet operating within the context of a browser.

16. The loan rate analysis system of claim 13 wherein the credit score field interface control comprises a slider interface control.

17. The loan rate analysis system of claim 13 wherein the interest rate calculator interface further comprises

a capacity field including a capacity value corresponding to the debt-to-income ratio associated with the user in relation to a contemplated loan;

a capacity field interface control allowing a user to change the capacity value in the capacity field;

wherein the server is operative to populate the capacity field with a capacity value based on factor information provided by the user and/or obtained from the credit report data associated with the user, and wherein the server is operative to populate the interest rate field based on the credit score obtained from the credit scoring system, the capacity value computed by the server, and the interest rate data obtained from the rate information system,

and wherein the interest rate displayed in the interest rate field of the calculator interface is responsive to manipulation of the capacity field interface control and/or the credit score interface control.

18. The loan rate analysis system of claim 13 wherein the interest rate calculator interface further comprises

a collateral field including a collateral value indicating the value of an asset associated with a loan type;

a collateral field interface control allowing a user to change the collateral value in the collateral field;

wherein the server is operative to populate the collateral field with a collateral value provided by the user, and wherein the server is operative to populate the interest rate field based on the credit score obtained from the credit scoring system, the collateral value provided by the user, and the interest rate data obtained from the rate information system.

20. The loan rate analysis system of claim 17 further comprising an asset valuation system operative to provide an estimated value of a subject property;

and wherein the server is operative to prompt the user for information identifying the subject property and transmit the information to the asset valuation system;

wherein the interest rate calculator interface further comprises

a collateral field including a collateral value indicating the value of an asset associated with a loan type;

a collateral field interface control allowing a user to change the collateral value in the collateral field;

wherein the server is operative to populate the collateral field with a collateral value provided by the asset valuation system, and wherein the server is operative to populate the interest rate field based on the credit score obtained from the credit scoring system, the collateral value provided by the asset valuation system, the capacity value computed by the server and the interest rate data obtained from the rate information system.

21. The loan rate analysis system of claim 13 wherein the calculator interface includes a local interest rate database, wherein the server is operative to populate the local interest rate database based on the credit score associated with the user, a and wherein the calculator interface accesses the local interest rate database for interest rate values in response to manipulation of the interface controls.

19. The loan rate analysis system of claim c further comprising an asset valuation system operative to provide an estimated value of a subject property;

and wherein the server is operative to prompt the user for information identifying the property and transmit the information to the asset valuation system;

wherein the interest rate calculator interface further comprises

a collateral field including a collateral value indicating the value of an asset associated with a loan type;

a collateral field interface control allowing a user to change the collateral value in the collateral field;

wherein the server is operative to populate the collateral field with a collateral value provided by the asset valuation system, and wherein the server is operative to populate the interest rate field based on the credit score obtained from the credit scoring system, the collateral value provided by the asset valuation system, and the interest rate data obtained from the rate information system.

22. An interest rate calculator interface comprising

a credit score field including a credit score value;

a credit score field interface control allowing a user to change the credit score value in the credit score field;

an interest rate field displaying at least one loan type and a corresponding interest rate based at least in part on the current credit score value in the credit score field, and

a local interest rate database storing interest rate information for at least one loan type,

wherein the interest rate calculator interface is operative, in response to manipulation of the credit score interface control, to change the displayed interest rate for the at least one loan type based on the interest rate information stored in the local interest rate database.

23. The interest rate calculator interface of claim 22 wherein the interface is operative to download interest rate information from a remote server in response to manipulation of the credit score interface control.

24. The interest rate calculator interface of claim 22 wherein the interface is executed within the context of a browser resident on a client computer.

25. The interest rate calculator interface of claim 22 wherein the credit score field interface control comprises a slider interface control.

26. The interest rate calculator interface of claim 22 further comprising

a capacity field including a capacity value corresponding to the debt-to-income ratio associated with the user;

a capacity field interface control allowing the user to change the capacity value in the capacity field;

and wherein the interest rate displayed in the interest rate field of the calculator interface is responsive to manipulation of the capacity field interface control and/or the credit score interface control.

27. The interest rate calculator interface of claim 26 further comprising

a collateral field including a collateral value indicating the value of an asset associated with a loan type;

a collateral field interface control allowing the user to change the collateral value in the collateral field;

and wherein the interest rate displayed in the interest rate field of the calculator interface is responsive to manipulation of the collateral field interface control, capacity field interface control and/or the credit score interface control.