Closed loop financial transaction method and apparatus
First Claim
1. A loan processing system providing closed loop loan processing over a communication network from at a remote interface, said loan processing system comprising:
- a. a data processing system with associated memory having underwriting criteria bearing on the ability and willingness of a loan applicant to repay the loan based on prescribed data obtained from the loan applicant and information about the loan applicant from at least one database containing information about the loan applicant relevant to the ability and willingness of the loan applicant to repay the loan;
b. a communication interface electronically coupling said data processing system to the remote interface;
c. without human assistance, said data processing system adapted to;
i. receive the data from the loan applicant via the remote interface;
ii. send a required disclosure regarding the terms of the loan to the loan applicant at the remote interface;
iii. receive acknowledgement of the required disclosure by the loan applicant at the remote interface;
iv. access the at least one database for information relevant to the loan applicant'"'"'s identity and for information relevant to the loan applicant'"'"'s ability and willingness to repay the loan;
v. compare certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the loan applicant'"'"'s ability and willingness to repay the loan with said underwriting criteria to provide an underwriting result;
vi. based on said underwriting result, send a result to the remote interface informing the loan applicant whether or not the loan was approved.
3 Assignments
0 Petitions
Accused Products
Abstract
A method and apparatus for closed loop, automatic processing of typical financial transactions, including loans, setting up checking, savings and individual retirement accounts, obtaining cashier'"'"'s checks, ordering additional checks, issuing credit and debit cards, wire tansferring money, and so on. The transactions are provided from a kiosk and controlled by a computer controller interacting with the consumer. In the case of loans, a computer controller helps the consumer in the completion of the application, performs the underwriting, and transfers funds. The computer controller obtains the information needed to process the application, determines whether to approve the loan, effects electronic fund transfers to the applicant'"'"'s deposit account and arranges for automatic withdrawals to repay the loan. The computer controller reviews documentation requirements including consumer lending and other required documentation with the consumer and obtains acknowledgment of acceptance of terms by having the consumer sign an electronic signature pad. Copies of documents with a digital photograph are printed out by a printer in the kiosk for the consumer. Finally, the kiosk has the capability of imprinting a credit or debit card in response to a consumer request.
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Citations
46 Claims
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1. A loan processing system providing closed loop loan processing over a communication network from at a remote interface, said loan processing system comprising:
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a. a data processing system with associated memory having underwriting criteria bearing on the ability and willingness of a loan applicant to repay the loan based on prescribed data obtained from the loan applicant and information about the loan applicant from at least one database containing information about the loan applicant relevant to the ability and willingness of the loan applicant to repay the loan;
b. a communication interface electronically coupling said data processing system to the remote interface;
c. without human assistance, said data processing system adapted to;
i. receive the data from the loan applicant via the remote interface;
ii. send a required disclosure regarding the terms of the loan to the loan applicant at the remote interface;
iii. receive acknowledgement of the required disclosure by the loan applicant at the remote interface;
iv. access the at least one database for information relevant to the loan applicant'"'"'s identity and for information relevant to the loan applicant'"'"'s ability and willingness to repay the loan;
v. compare certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the loan applicant'"'"'s ability and willingness to repay the loan with said underwriting criteria to provide an underwriting result;
vi. based on said underwriting result, send a result to the remote interface informing the loan applicant whether or not the loan was approved. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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24. A method for providing closed loop loan processing over a communication network from at a remote interface, comprising the steps of, without human assistance:
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a. receiving prescribed data about the loan applicant from the remote interface;
b. sending a required disclosure regarding the terms of the loan to the loan applicant at the remote interface;
c. receiving acknowledgement of the required disclosure by the loan applicant at the remote interface;
d. accessing at least one database for information relevant to the loan applicant'"'"'s identity and for information relevant to the loan applicant'"'"'s ability and willingness to repay the loan;
e. comparing certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the loan applicant'"'"'s ability and willingness to repay the loan with said underwriting criteria to provide an underwriting result; and
f. based on said underwriting result, sending a result to the remote interface informing the loan applicant whether or not the loan the loan was approved. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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Specification