Method and apparatus for loan management using an electronic portal
First Claim
1. An interconnected system for managing loan records, including:
- an encryption decryption module connected to an external data source, including logic configured to encrypt and decrypt data;
a loan reformatting and translation module connected to the encryption-decryption module, including logic configured to alter a first type of loan record into a second type of loan record;
a loan origination module connected to the loan reformatting and translation module, including logic configured to process and originate loans;
a database module connected to the loan reformatting and translation module, including logic configured to store loan account information;
a portal connected to the loan reformatting and translation module, including logic configured to allow internal users access to at least the loan reformatting and translation module; and
a loan servicing module connected to the loan reformatting and translation module, including logic configured to alter and process loan data;
wherein the portal is configured to provide guarantors, borrowers, third-party recipients and lenders access to the system for managing loan records.
1 Assignment
0 Petitions
Accused Products
Abstract
An electronic financial system and method for integrating those involved in financial transactions with the use of various forms of communication to increase the speed and ease of financial transactions. A portal used by the electronic financial system allows each entity associated with financial transactions to interact with the system. The portal uses any form of communication including wireless, cellular, satellite, Internet, television and local area network to communicate and share data with those involved in financial transactions. A database, accessible through the portal, is used by the system to store financial transaction data of those involved in financial transactions. The financial transactions supported include student loans, automobile loans, consumer loans and home loans. The financial system uses novel methods to implement processes used to perform the financial transactions as well as to monitor the system.
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Citations
37 Claims
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1. An interconnected system for managing loan records, including:
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an encryption decryption module connected to an external data source, including logic configured to encrypt and decrypt data;
a loan reformatting and translation module connected to the encryption-decryption module, including logic configured to alter a first type of loan record into a second type of loan record;
a loan origination module connected to the loan reformatting and translation module, including logic configured to process and originate loans;
a database module connected to the loan reformatting and translation module, including logic configured to store loan account information;
a portal connected to the loan reformatting and translation module, including logic configured to allow internal users access to at least the loan reformatting and translation module; and
a loan servicing module connected to the loan reformatting and translation module, including logic configured to alter and process loan data;
wherein the portal is configured to provide guarantors, borrowers, third-party recipients and lenders access to the system for managing loan records. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 13)
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11. An Internet-based electronic portal for managing financial transactions between persons, including:
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a portal module connected to the Internet, including logic configured to receive communications from the Internet and to interact with display modules and information modules of multiple persons;
a display module connected to the portal module, including logic configured to display financial transaction data;
an interface module connected to the portal module, including logic configured to provide an interface to a financial transaction management system; and
a servicing module connected to the interface module, including logic configured to alter and process financial transaction data. - View Dependent Claims (12, 14, 15, 16, 17, 18)
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19. An Internet-based method for managing financial transactions between persons through a portal on a system for managing loan records, including the steps of:
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commencing a financial transaction in an origination phase;
maintaining the financial transaction in an interim phase;
ending the financial transaction in a repayment phase;
displaying the status of the financial transaction to a user in any of the phases; and
allowing, during any phase, access through the portal to the system for managing loan records by guarantors, borrowers, third-party recipients and lenders. - View Dependent Claims (20, 21, 22, 23, 24, 25)
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26. A method of performing a loan origination process though a portal on a system for managing loan records, including the steps of:
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completing a loan application by a borrower on a web site and sending the loan application to a loan processing system via the portal;
sending the loan application by the loan processing system to a school via the portal;
distributing the loan application by the loan processing system to guarantor via the portal;
storing a copy of the loan application in the loan processing system;
obtaining a loan guarantee for the loan application from the guarantor via the portal;
disbursing funds by the loan processing system automatically to the borrower; and
allowing access through the portal to the loan processing system by guarantors, borrowers, third-party recipients and lenders.
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27. A method of controlling a loan interim process though an Internet-linked portal on a system for managing loan records, including the steps of:
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determining by a servicer if the borrower is in a loan grace status; and
sending a message via the portal to an Internet-linked system to inform the system of the status of the borrower;
transferring the loan to a repayment process after a set period of time if the borrower is in a loan grace status;
determining by the Internet-linked system if the loan is subsidized if the borrower is not in a loan grace status; and
allowing during access through the portal to the system for managing loan records by guarantors, borrowers, third-party recipients and lenders. - View Dependent Claims (28, 29)
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30. A method of controlling a loan repayment process though an Internet-linked portal on a system for managing loan records, including the steps of:
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generating disbursement and payment coupons by an Internet-linked system;
sending a borrower a coupon book;
receiving payments from the borrower;
recording payment from the borrower in the Internet-linked system; and
allowing access through the portal to a system for managing loan records by guarantors, borrowers, third-party recipients and lenders. - View Dependent Claims (31)
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32. An interconnected system for managing loan records, including:
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Internet connection means for integrating a loan management system to the Internet, including an Internet connection module;
encryption and decryption means for coding messages connected to the Internet connection mean, including logic configured to encrypt and decrypt information received by the encryption and decryption means;
loan reformatting and translation means for changing format between systems connected to the encryption and decryption means, including logic configured to alter at least one first file format into at least one second file format;
loan origination means for creating loan data connected to the loan reformatting and translation means, including logic configured to originate loan information for at least one borrower;
storage means for storing the loan data connected to the loan reformatting and translation means, including logic configured to store data for at least one loan account;
web portal means for interfacing with the Internet connected to the loan reformatting and translation means, including access logic configured to allow guarantors, lenders, borrowers and third-party recipients access the system for managing loan records; and
loan servicing means for altering the loan data connected to the loan reformatting and translation means, including logic configured to alter data in at least one loan account.
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33. An interconnected system for managing loan records, including:
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an encryption-decryption module connected to a web portal module, including logic configured to encrypt and decrypt loan data;
a loan reformatting and translation module connected to the encryption-decryption module, including logic configured to alter a first type of loan record into a second type of loan record;
a loan origination module connected to the loan reformatting and translation module, including logic configured to process and originate loans;
a database module connected to the loan reformatting and translation module, including logic configured to store loan account information;
the web portal module connected to the loan reformatting and translation module and business process module, including logic configured to allow internal users access to the system for managing loan records and logic configured to coordinate the flow of data through the system, wherein the web portal module is configured to provide guarantors, borrowers, third-party recipients and lenders access to the system for managing loan records during each phase of operation and supports at least one of Internet, wireless, cellular, satellite, television and local area network communications; and
a loan servicing module connected to the loan reformatting and translation module, including processing logic to implement a loan origination process, implement a loan repayment process, implement an interim loan processing process and store loan data in an operational data storage module.
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34. An electronic method for managing financial transactions between persons through a portal on a system for managing transaction records, including the steps of:
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commencing a financial transaction in an origination phase;
maintaining the financial transaction in an interim phase;
ending the financial transaction in a finalization phase;
displaying the status of the financial transaction to a user in any of the phases; and
allowing, during any phase, access through the portal to the system for managing loan records by guarantors, borrowers, third-party recipients and lenders. - View Dependent Claims (35)
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36. An interconnected system for managing transaction records, including:
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an encryption decryption module connected to an external data source, including logic configured to encrypt and decrypt data;
a data record reformatting and translation module connected to the encryption-decryption module, including logic configured to alter a first type of transaction record into a second type of transaction record;
a transaction origination module connected to the data record reformatting and translation module, including logic configured to process and originate transactions;
a database module connected to the data record reformatting and translation module, including logic configured to store transaction information;
a portal connected to the data record reformatting and translation module, including logic configured to allow internal users access to at least the data record reformatting and translation module; and
a transaction servicing module connected to the data record reformatting and translation module, including logic configured to alter and process transaction data;
wherein the portal is configured to provide at least on entity involved in a transaction access to the system for managing loan records.
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37. An Internet-based method for managing student loan data between at least one of guarantors, schools, lenders, guarantors, originators, secondary marketers and repayment servicers, including the steps of:
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commencing a student loan in an origination phase, the commencing step including the steps of;
awarding financial aid;
selecting a school and a lender;
executing a promissory note;
submitting student loan information;
requesting loan pre-approval;
determining the loan;
control the student loan file;
guaranteeing the request;
guaranteeing the approval;
notifying the guarantee;
requesting a school certification;
certifying a school;
executing disbursement orders;
disbursing finds;
disbursing notifications; and
performing interim service interactions;
maintaining a student loan in an interim phase, the maintaining step including the steps of;
accessing student loan information;
accessing other student loan financial information. determining the continuing qualification status of a person;
determining a grace period for the transaction;
determining subsidies for the transaction; and
receiving subsidized payments for the transaction;
ending a student loan in a repayment phase, the ending step including the steps of;
purchasing a loan from a lender;
transferring a student loan file; and
performing repayment servicing interactions; and
displaying the status of the financial transactions to a user in each of the phases.
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Specification