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Closed loop financial transaction method and apparatus

  • US 20030191714A1
  • Filed: 04/07/2003
  • Published: 10/09/2003
  • Est. Priority Date: 08/27/1993
  • Status: Abandoned Application
First Claim
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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:

  • 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.

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