Computer implemented automated credit application analysis and decision routing system

• US 20040078320A1
• Filed: 05/20/2003
• Published: 04/22/2004
• Est. Priority Date: 09/12/1995
• Status: Active Grant

• Current Assignee: First American Bank (The PNC Financial Services Group, Inc.)
• Original Assignee: First American Bank (The PNC Financial Services Group, Inc.)
• Inventors: Freiman, Scott L., Agrawal, Arvind K., DeFrancesco, James R.
• Granted Patent: US 7,801,807 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A credit application and routing system includes a central processor having and executing a program. The system includes data input capabilities for selectively receiving credit application data from respective applicants at remote locations, and routing capabilities for selectively forwarding the credit application data to remote funding sources and selectively forwarding funding decision data from the funding sources to the respective applicants. The computer program includes routines for receiving a credit application from at least one remote application input and display device, for selectively forwarding a received credit application to at least one finding source, for receiving a finding decision from the at least one finding source, and for forwarding a received funding decision to the at least one remote application input and display device. The system can also obtain credit report data from credit bureaus, and analyze and summarize the credit report data. A computer readable storage medium has a substrate physically configured to represent the computer program which causes a computer to provide the credit application and routing system.

Claims

1. A credit application and routing system comprising:

a processor having and executing a program and operational to;

selectively receive credit application data associated with respective applicants from at least one applicant terminal device;

selectively forward the credit application data to at least one funding source terminal device; and

selectively forward funding decision data from the at least one funding source terminal device to the respective at least one applicant terminal device; and

coupling means for coupling said central processor to a communications medium to thereby enable the sending and receiving of the credit application data and the funding decision data over the communications medium.

2. The credit application and routing system according to claim 1, wherein the processor includes facsimile means for implementing telefax transmission of the application data and the decision data over the communications medium.

11. The credit application and routing system according to claim 1, wherein the communications medium comprises a network.

12. The credit application and routing system according to claim 11, wherein the network comprises a collection of networks interconnected with routing devices.

13. The credit application and routing system according to claim 11, wherein the network comprises the Internet.

14. The credit application and routing system according to claim 13, wherein the at least one applicant terminal device comprises a personal computer.

3. A credit application and routing system including a central processor having and executing a program for selectively forwarding credit application data from at least one respective applicant to at least one funding source and for receiving funding decision data from the at least one funding source.

4. The credit application and routing system according to claim 3, wherein the program executed by the processor also is for selectively forwarding funding decision data from the at least one funding source to a respective applicant.

5. The credit application and routing system according to claim 3, wherein the processor includes facsimile means for implementing telefax transmission of the credit application data.

6. The credit application and routing system according to claim 4, wherein the processor includes facsimile means for implementing telefax transmission of at least one of the credit application data and the decision data.

7. The credit application and routing system according to claim 6, wherein the facsimile means implements automatic faxing of an electronic credit application, in standardized fax format, to a funding source when normal lines of communications are down, or when the funding source does not utilize a system capable of receiving an application in other than fax format;

wherein standardized fax format comprises a format which is standard for a funding source to which the fax is directed, the data being organized in a format matching the unique requirements of a respective funding source.

8. The credit application and routing system according to claim 5, further comprising means for maintaining a database of faxed applications and electronically submitted applications, means for providing fax forwarding of applications from one funding source to another, and means for maintaining faxed status indications for respective application data.

9. The credit application and routing system according to claim 5, further comprising means for interfacing with an electronic communications network to transmit data thereover;

wherein the facsimile means provides faxing capabilities to funding sources which are not connected to the electronic communications network, and provides faxing of applications even to network connected funding sources as a backup when the network is down or when the funding source system is not available over the network.

10. The credit application-and routing system according to claim 5, wherein the facsimile means comprises:

means for fax queuing, means for handling fax failures, and means for entering and modifying a fax number.

15. A credit application and routing system according to claim 3, further comprising a communications network wherein the receiving and/forwarding is done via the communications network.

16. The credit application and routing system according to claim 15, wherein the communications network comprises a collection of networks interconnected with routing devices.

17. The credit application and routing system according to claim 15, wherein the communications network comprises the Internet.

18. The credit application and routing system according to claim 15, further comprising at least one personal computer, wherein the application data and funding decision data are entered and displayed to the at least one respective applicant via the at least one personal computer.