AUTOMATED LOAN PROCESSING SYSTEM AND METHOD

• US 20090254487A1
• Filed: 05/26/2009
• Published: 10/08/2009
• Est. Priority Date: 10/02/2000
• Status: Active Grant

• Current Assignee: International Projects Consultancy Services (IPCS), Inc.
• Original Assignee: International Projects Consultancy Services (IPCS), Inc.
• Inventors: Dhar, Kuldeep K., Ahles, James, Dhar, Anupa
• Granted Patent: US 8,060,438 B2
• Time in Patent Office: Days
• US Class Current: 705/80
• CPC Class Codes: A61G 7/0503 Holders, support devices for receptacles, e.g. for drainage or urine bags hanging-up devices for infusion A61M5/1414
• CPC Class Codes: A61J 9/00 Feeding-bottles in general
• CPC Class Codes: B65D 25/2873 Straps or slings
• CPC Class Codes: B65D 81/3881 formed with double walls, i.e. hollow
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/06316 Sequencing of tasks or work
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• 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 50/188 Electronic negotiation

Abstract

A browser based automated loan system includes a loan engine offered individually to financial institutions to set up, operate and manage loan product offerings, a consumer website interface having a loan application form with data fields relevant to the loan product offerings, a designer component that establishes tasks in the form of a loan process checklist associated with each loan product offering, and a workflow engine for automatically evaluating the loan application form using the applicable loan process checklist in conjunction with rules, logical mathematical computational components, and risk based offer configurations for generating an instant loan offer when a borrower qualifies. Each task has attributes available for establishing entry conditions to provide workflow automation, and each task is performed when the entry conditions associated therewith are satisfied. The consumer website interface enables selecting a category of loan product offerings, and each checklist is associated with the selected category.

Claims

1. A browser-based automated loan system, the system comprising:

one or more computer processors;

computer-readable memory; and

collection of software components stored in the computer-readable memory and operable via the one or more computer processors, the collection of software components comprising;

a loan engine offered individually to each of a plurality of participating financial institutions to set up, operate and manage loan product offerings of each of the financial institutions;

a consumer website interface, which comprises a loan application form with specific data fields relevant to qualifying a borrower for a loan based on the loan product offerings of each financial institution, wherein the consumer website interface enables the borrower to select a category of the loan product offerings;

a designer component that establishes one or more tasks organized in the form of a loan process checklist associated with each loan product offering for each financial institution, such that each checklist is associated with the selected category of loan offerings and such that each task associated with each loan process checklist has attributes available for establishing one or more entry conditions in order to provide workflow automation, and wherein each task is performed when each of the one or more entry conditions associated therewith is satisfied; and

a workflow engine for automatically evaluating the loan application form completed by the borrower using the applicable loan process checklist, in conjunction with rules, logical mathematical computational components, and risk based offer configurations, and for generating an instant loan offer when a borrower qualifies.

2. The browser-based automated loan system of claim 1, wherein the instant loan offer is conditional subject to verification of information and documents of an accepted offer required by the financial institution associated with the instant loan offer against a reference data source.

3. The browser-based automated loan system of claim 1, wherein the designer component is operably integrated with a workflow designer residing on a server with the workflow engine in a networked environment, the workflow designer providing a flexible object-based interface for creating and modifying each loan process checklist in real-time, and also providing functionalities for defining the automation attributes for each task of each loan process checklist.

4. The browser-based automated loan system of claim 1, further comprising:

a financial-institution-designated secured database containing a plurality of records, each record being associated with a single one of the plurality of participating financial institutions, each record representing one of the loan process checklists and each record having provisions for defining complex rules for any category of the loan product offerings, and each task in each loan process checklist containing at least one selection criterion.

5. The browser-based automated loan system of claim 4, wherein one or more of the plurality of records contains an instant offer qualifier associated with the at least one selection criterion of at least one of the plurality of tasks.

6. The browser-based automated loan system of claim 1, further comprising:

a loan engine providing a web interface for enabling designated financial institution officers to remotely operate and manage instant loan offers accepted by borrowers for providing loan fulfillment in real-time.

7. The browser-based automated loan system of claim 6, wherein the workflow engine can generate multiple instant offers in less than about 30 seconds based on the risk based offer configurations set up by each financial institution in the loan engine.

8. The browser-based automated loan system of claim 1, further comprising:

a loan engine providing a web interface for enabling designated financial institution officers to remotely operate and manage instant loan offers rejected by borrowers and to generate re-negotiated offers presented to borrowers based on review of the rejected instant loan offers.

9. The browser-based automated loan system of claim 1, wherein the instant loan offer is generated for the consumer while at the consumer website interface in less than about 30 seconds.

10. The browser-based automated loan system of claim 1, wherein the instant loan offer is generated for the consumer without the involvement of a broker or agent.