Loan determination method and apparatus
First Claim
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1. The method of determining the best mortgage loan interest rate, that includes the steps:
- a) selecting a group of bid participating banks, and/or mortgage lenders willing to participate in a generally simultaneous, or by a deadline, bid competition,b) causing said group to submit generally simultaneous, or by deadline, available and quoted loan rate bids to compete,c) allowing members of the group to revise said quoted rates after review of other member quoted rates,d) and selecting one of said submitted bids as a winning low rate loan bid.
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Abstract
The method of determining the best mortgage loan interest rate, that includes the steps, selecting a group of bid participating banks, and/or mortgage lenders willing to participate in a generally simultaneous, or by a deadline, bid competition, causing the group to submit generally simultaneous, or by deadline, available and quoted loan rate bids to compete, allowing members of the group to revise said quoted rates after review of other member quoted rates, and selecting one of said submitted bids as a winning low rate loan bid.
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7 Claims
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1. The method of determining the best mortgage loan interest rate, that includes the steps:
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a) selecting a group of bid participating banks, and/or mortgage lenders willing to participate in a generally simultaneous, or by a deadline, bid competition, b) causing said group to submit generally simultaneous, or by deadline, available and quoted loan rate bids to compete, c) allowing members of the group to revise said quoted rates after review of other member quoted rates, d) and selecting one of said submitted bids as a winning low rate loan bid. - View Dependent Claims (2, 3, 4, 5, 7)
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6. A system for determining the best mortgage loan interest rate, that include
a) means for selecting a group of bid participating banks, and/or mortgage lenders willing to participate in a generally simultaneous, or by a deadline, bid competition, b) means for causing said group to submit generally simultaneous, or by deadline, available and quoted loan rate bids to compete, c) means for allowing members of the group to revise said quoted rates after review of other member quoted rates, d) and means for selecting one of said submitted bids as a winning low rate loan bid.
Specification