SYSTEM FOR MATCHING BORROWERS AND LENDERS
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Abstract
A system and method are disclosed for a borrower to obtain and/or evaluate desired financial services. Personal information from the borrower is obtained and recorded. A credit grading for the borrower is determined based on the personal information, and based on pre-established and objective criteria used by at least one established financial institution that provides financing of the type sought by the borrower. The credit grading is determined by an independent entity (or its computer system) that will not provide the financing to the borrower. The financing may be a loan, such as a mortgage loan or an auto loan or the financing may be the issuance of a credit card or a line of credit. The independent entity may also compile a comparison of closing costs associated with the financial transactions.
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Citations
52 Claims
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1-23. -23. (canceled)
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24. A computer-implemented method, comprising:
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receiving, over a computer network, personal data supplied by a borrower, said personal data comprising financial data of the borrower; automatically generating or causing the generation of a credit grading for the borrower such that the credit grading is dependent upon the financial data supplied by the borrower, said credit grading being distinct from a credit score obtained from a credit bureau, and being generated at least partly using underwriting criteria of one or more lenders; identifying a set of mortgage loan packages for which the borrower qualifies based at least partly on said credit grading, said set of mortgage loan packages including loans offered by each of a plurality of lenders, each mortgage loan package including home loan information provided by a lender, and including guaranteed closing cost information for closing services not provided by the corresponding lender; and outputting information regarding the set of mortgage loan packages, including the guaranteed closing cost information for closing services not provided by the lender, to the borrower via a user interface that enables the borrower to at least compare total costs of the mortgage loan packages for which the borrower qualifies, said user interface additionally providing functionality for the borrower to select a mortgage loan package for which to apply; wherein the method is performed by a computer-based system operated by an entity that serves as an intermediary between the lenders and the borrower. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
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37. A computer-implemented system for enabling borrowers to shop for home loans, the system comprising:
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a data repository that stores loan data for home loans offered by each of a plurality of lenders, said loan data including loan qualification criteria specified by corresponding lenders; and a computer system that provides a user interface that prompts a borrower to enter personal data, including financial data, and which executes or invokes a borrower grading module that uses at least the financial data to calculate a credit grading for the borrower, said credit grading being distinct from a credit score of the borrower, and being based on underwriting criteria used by at least some of said lenders; wherein the computer system is programmed to use the credit grading and the loan qualification criteria to identify a set of home loan packages for which the borrower qualifies, and is additionally programmed to generate a viewable comparison that enables the borrower to compare the set of home loan packages, said viewable comparison including guaranteed closing costs for closing services not provided by the lenders, and revealing a total cost of each home loan package. - View Dependent Claims (38, 39, 40, 41, 42, 43, 44, 45, 46, 47)
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48. A computer-implemented method, comprising:
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receiving, over a computer network, personal data supplied by a borrower, said personal data comprising financial data of the borrower; identifying a set of mortgage loan packages that are suitable for the borrower based at least partly on the financial data, said set of mortgage loan packages including loans offered by each of a plurality of lenders, each mortgage loan package including home loan information provided by a lender, and including closing cost information for closing services not provided by the corresponding lender; and outputting information regarding the set of mortgage loan packages, including the closing cost information for closing services not provided by the lender, to the borrower via a user interface that enables the borrower to at least compare total costs of the mortgage loan packages; wherein the method is performed by a computer-based system operated by an entity that serves as an intermediary between the lenders and the borrower, and is performed in its entirety while an identity of the borrower is unknown to the lenders, whereby the method inhibits predatory lending. - View Dependent Claims (49, 50, 51, 52)
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Specification