System and method for automated flexible person-to-person lending

• US 20070265957A1
• Filed: 05/10/2006
• Published: 11/15/2007
• Est. Priority Date: 05/10/2006
• Status: Abandoned Application

• Current Assignee: Virgin Money Holdings Limited (Liberty Global Ltd.)
• Original Assignee: Virgin Money Holdings Limited (Liberty Global Ltd.)
• Inventors: Michaud, Michael, Advani, Asheesh, Brown, Grant, Michel, Andrew, Narahara, Daniel
• Application Number:
  US11/431,422
• Publication Number:
  US 20070265957A1
• 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

Abstract

A computer method for automating person-to-person lending comprises receiving from a user over a computer network at least one custom periodic payment amount for a loan period of a person-to-person loan; generating a custom loan schedule based on the custom amount; and transmitting the custom loan schedule over the computer network to the user. A further method comprises receiving from a first user over a computer network a request to modify at least one specific periodic payment amount for a loan period of a pre-existing person-to-person loan; receiving from a second user a consent to the first user'"'"'s request; and generating a revised loan schedule for the loan based on the request to modify the payment amount. Another method comprises retrieving from a database loan history data for a person-to-person loan; and transmitting the loan history data to a credit reporting agency over a computer network.

Claims

1. A computer method for automating person-to-person lending, the method comprising:

receiving from a user over a computer network at least one custom periodic payment amount for a loan period of a person-to-person loan;

generating a custom loan schedule based on the custom periodic payment amount; and

transmitting the custom loan schedule over the computer network to the user.

2. A method according to claim 1, wherein the custom periodic payment amount comprises an increased, decreased, gifted, or moved periodic payment as compared with the corresponding periodic payment amount for a standard loan type.

3. A method according to claim 1, further comprising:

storing the custom periodic payment amount in a database associated with a server system receiving the custom periodic payment amount from the user.

4. A method according to claim 1, further comprising:

generating a full Promissory Note for the person-to-person loan based on the custom loan schedule; and

transmitting the full Promissory Note over the computer network to the user.

5. A method according to claim 1, further comprising:

receiving from the user over the computer network data related to a proposed interest rate for the person-to-person loan; and

based on the proposed interest rate, providing information regarding legal interest rate guidelines.

6. A method according to claim 1, further comprising:

monitoring adherence to payments required by the custom loan schedule.

7. A method according to claim 6, further comprising:

recording payment status in a database associated with a server system receiving the custom periodic payment amount from the user.

8. A method according to claim 6, further comprising:

scheduling an electronic funds transfer to implement payments required by the custom loan schedule.

9. A method according to claim 8, further comprising:

automatically transferring funds to a lender account.

10. A method according to claim 1, wherein the custom periodic payment amount comprises a gift from a lender to a borrower of the person-to-person loan, the method comprising:

receiving a gift amount from the user;

determining actual interest paid, actual principal paid, and a total gift amount for the loan period based on the received gift amount; and

providing to the user a report of the actual interest paid, actual principal paid, and total gift amount.

11. A method according to claim 10, further comprising:

determining that the total gift amount exceeds a legal guideline; and

providing to the user information regarding the exceeded legal guideline.

12. A computer method for automating person-to-person lending, the method comprising:

receiving from a first user over a computer network a request to modify at least one specific periodic payment amount for a loan period of a pre-existing person-to-person loan;

receiving from a second user a consent to the first user'"'"'s request; and

generating a revised loan schedule for the pre-existing person-to-person loan based on the request to modify the at least one specific periodic payment amount.

13. A method according to claim 12, wherein a modified payment amount comprises a gift from a lender to a borrower of the person-to-person loan, the method comprising:

receiving a gift amount for the modified payment amount;

determining actual interest paid, actual principal paid, and a total gift amount for the loan period based on the received gift amount; and

providing a report of the actual interest paid, actual principal paid, and total gift amount.

14. A computer method for automating person-to-person lending, the method comprising:

retrieving from a database loan history data for a person-to-person loan; and

transmitting the loan history data to a credit reporting agency over a computer network.

15. A method according to claim 14, wherein the loan history data comprises at least one of:

a party to the loan, an interest payment, a principal payment, and a due date.

16. A method according to claim 14, wherein the loan history data comprises a payment status, the payment status comprising at least one of:

received on time;

late;

or canceled.

17. A method according to claim 14, further comprising:

converting the loan history data into a format recognized by a credit reporting agency for institutional lenders.

18. A method according to claim 17, wherein the loan history data is converted into the METRO-2 data format.

19. A method according to claim 14, wherein the loan history data includes data for a person-to-person loan comprising at least one of:

a modified specific payment, a custom specific payment, a gifted specific payment, a moved specific payment, or a modified loan term.

20. A computer method for automating person-to-person lending, the method comprising:

receiving from a user over a computer network at least one electronic inquiry regarding a person-to-person loan; and

transmitting to the user over the computer network a comparison of information regarding a plurality of different possible loan types for the person-to-person loan.

21. A method according to claim 20, further comprising:

receiving from the user a set of user priorities for the person-to-person loan; and

transmitting the comparison of information regarding the plurality of different possible loan types based on the user priorities.

22. A computer method for automating person-to-person lines of credit, the method comprising:

receiving from a user over a computer network a request to create a person-to-person line of credit; and

transmitting a schedule for the line of credit over the computer network to the user.

23. A method according to claim 22, further comprising:

receiving from the user a variable draw amount for the person-to-person line of credit.

24. A method according to claim 22, further comprising:

receiving from the user at least one variable payment amount for the person-to-person line of credit.

25. A method according to claim 22, wherein the line of credit comprises an unsecured line of credit.

26. A method according to claim 22, wherein the line of credit comprises a secured line of credit.

27. A method according to claim 26, wherein the line of credit comprises a reverse mortgage.

28. A carrier medium comprising computer readable code for controlling a processor to automate person-to-person lending by carrying out the steps of:

receiving from a user over a computer network at least one custom periodic payment amount for a loan period of a person-to-person loan;

generating a custom loan schedule based on the custom periodic payment amount; and

transmitting the custom loan schedule over the computer network to the user.

29. A carrier medium comprising computer readable code for controlling a processor to automate person-to-person lending by carrying out the steps of:

receiving from a first user over a computer network a request to modify at least one specific periodic payment amount for a loan period of a pre-existing person-to-person loan;

receiving from a second user a consent to the first user'"'"'s request; and

generating a revised loan schedule for the pre-existing person-to-person loan based on the request to modify the at least one specific periodic payment amount.

30. A carrier medium comprising computer readable code for controlling a processor to automate person-to-person lending by carrying out the steps of:

retrieving from a database loan history data for a person-to-person loan; and

transmitting the loan history data to a credit reporting agency over a computer network.

31. A carrier medium comprising computer readable code for controlling a processor to automate person-to-person lending by carrying out the steps of:

receiving from a user over a computer network at least one electronic inquiry regarding a person-to-person loan; and

transmitting to the user over the computer network a comparison of information regarding a plurality of different possible loan types for the person-to-person loan.

32. A carrier medium comprising computer readable code for controlling a processor to automate person-to-person lines of credit by carrying out the steps of:

receiving from a user over a computer network a request to create a person-to-person line of credit; and

transmitting a schedule for the line of credit over the computer network to the user.