System and method for an electronic lending system

• US 20100042520A1
• Filed: 08/12/2009
• Published: 02/18/2010
• Est. Priority Date: 08/12/2008
• Status: Abandoned Application

• Current Assignee: Branch Banking & Trust Company (Truist Financial Corp.)
• Original Assignee: 27804branch Banking and Trust Company
• Inventors: Picard, Steven J., Weaver, Jennifer, Newlin, Brian, Kinney, Patricia, Zickafoose, Douglas Joel, Rose, Teresa
• Application Number:
  US12/540,153
• Publication Number:
  US 20100042520A1
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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 40/12 Accounting

Abstract

A method for interfacing with a financial institution using a computer interface is disclosed for on-line or E-Lending. A customer selects a lending product on the website of a financial institution. The financial institution receives information to authenticate the customer, and receives additional information related to the financial history and lending needs from the customer. The terms and conditions related to the lending product are presented to the customer and an authorization to an application is received from the customer. A risk analysis is performed using information received from the customer and the application of the loan is subject to approval based at least in part on the risk analysis. The third set of information related to insurance, disclosures, etc is received from the customer and a fourth set of information related to the closing information is provided back to the customer. The loan may be further closed on-line or with an attorney or agent.

Claims

1. A method of interfacing with a financial institution using a computer interface, the method comprising the steps of:

(a) receiving an interface request from a customer after the customer has reached, via a path through a computer network, a predetermined webpage for the financial institution;

(b) presenting a first content to the customer;

(c) receiving a first input from the customer;

(d) determining if the customer is an existing online client of the financial institution and if so, authenticating the customer;

(e) receiving from the customer a first set of information;

(f) receiving from the customer a second set of information;

(g) presenting to the customer a set of terms and conditions and receiving from the customer an authorization for the financial institution to perform a credit check on the customer and an application for review;

(h) performing a risk analysis on the customer;

(i) approving the application based at least in part on the risk analysis;

(j) receiving from the customer a third set of information; and

(k) providing to the customer a fourth set of information.

2. The method of claim 1 wherein the first content includes at least one of a home equity line of credit, a home equity loan, an automobile loan, a line of credit, and an unsecured line of credit.

3. The method of claim 1 wherein the first content is determined by the path through the computer network.

4. The method of claim 1 wherein the first content includes a list of products, and wherein one of the products is automatically highlighted on a display device being viewed by the customer wherein the product highlighted is based on the path through the computer network.

5. The method of claim 1 wherein the first input is a choice of one or more products wherein the products include a home equity line of credit, a home equity loan, an automobile loan, a line of credit, and an unsecured line of credit.

6. The method of claim 1 wherein the first set of information includes at least one of:

an online client user identification and password for the customer;

the customer'"'"'s last name; and

the last four digits of the customer'"'"'s social security number.

7. The method of claim 1 wherein the second set of information includes at least one of mortgage information, borrowing information, collateral information, employment information, income information, financial information, asset information, liability information, and combinations thereof.

8. The method of claim 1 wherein the third set of information includes at least one of homeowner'"'"'s insurance information, automobile insurance information, flood insurance information, hazard insurance information, and combinations thereof.

9. The method of claim 1 wherein the fourth set of information includes Real Estate Settlement Procedures Act information, good faith estimate of settlement costs information, loan amortization schedule information, client identification profile information, servicing information, home equity line of credit information, home equity loan information, and combinations thereof.

10. A method of interfacing with a financial institution using a computer interface, the method comprising the steps of:

(a) receiving a product selection from a customer after the customer has reached, via a path through a computer network, a predetermined webpage for the financial institution;

(b) receiving from the customer a first set of information;

(c) determining an identity of the customer based on the received first set of information and ending the process if the customer cannot be identified from the first set of information;

(d) verifying the first set of information;

(e) determining if the customer is an existing online client of the financial institution and if so, pre-populating an application for the selected product with at least some of the information from the first set of information;

(f) receiving from the customer a second set of information wherein the second set of information includes at least one of customer information, information regarding a purpose for the product, collateral information, customer income information, customer asset information, customer liability information, and combinations thereof;

(g) determining an amount of a line of credit or an amount and term of a loan for the selected product;

(h) receiving disclosure information from the customer; and

(i) receiving the application from the customer.

11. The method of claim 10 wherein the product selection is at least one of a home equity line of credit, a home equity loan, an automobile loan, a line of credit, and an unsecured line of credit.

12. The method of claim 10 wherein the first set of information includes at least one of:

an online client user identification and password for the customer;

the customer'"'"'s last name; and

the last four digits of the customer'"'"'s social security number.

13. The method of claim 10 further comprising the steps of:

(j) receiving authorization from the customer for the financial institution to have a credit check performed on the customer;

(k) determining at least one of a net worth for the customer and a debt to income ratio for the customer;

(l) determining if the financial institution has approval to proceed with processing the application;

(i) if the financial institution does not have approval to proceed, then declining the application and ending the process;

(ii) if the financial institution determines that there are outstanding issues to review with the customer;

(A) notifying the customer of the issues and if the issues are resolved, then determining pricing information for the product;

(B) notifying the customer of the issues and if the issues are not resolved, then ending the process;

(iii) if the financial institution determines that it has approval to proceed with processing the application, then determining pricing information for the product;

(m) determining loan terms for the product;

(n) presenting the loan terms to the customer;

(o) providing cross-selling information to the customer; and

(p) receiving from the customer a decision on the loan terms;

(i) ending the process if the customer rejects the loan terms;

(ii) if the customer accepts the loan terms receiving certification information from the customer.

14. The method of claim 12 wherein the determination of at least one of a net worth for the customer and a debt to income ratio for the customer is based on one or more of an appraisal, a title search, a lien search, a flood risk determination, bankruptcy information for the customer, a credit risk score for the customer, and a credit report for the customer.

15. The method of claim 13 further comprising the steps of:

(q) determining a type of closing procedure and if an online closing procedure is requested by the customer, presenting a summary of the application to the customer;

(r) performing application processing by the financial institution;

(s) if there are changes to be made to the application, notifying the customer of the required changes and receiving the customer'"'"'s response, otherwise notifying the customer that the product is ready for closing;

(t) receiving account options from the customer;

(u) receiving customer disbursement information;

(v) establishing closing terms for the product;

(w) presenting to the customer the closing terms for the product; and

(x) receiving from the customer a decision on the closing terms;

(i) processing a closing term issue if the customer does not accept the closing terms and ending the process if the closing term issue is not resolved;

or

(ii) re-establishing closing terms for the home equity line of credit or the home equity loan for the customer if the closing term issue is resolved;

(iii) sending closing documents to the customer if the customer accepts the closing terms.

16. The method of claim 15 wherein the application processing by the financial institution includes a pre-closing process, a final underwriting process, and a documentation preparation process.

17. The method of claim 15 wherein the closing documents are sent to the customer either electronically or non-electronically.

18. The method of claim 15 further comprising the steps of:

(y) receiving final closing information from the customer and imaging the final closing information;

(z) making a disbursement for the benefit of the customer and entering the disbursement in a ledger for the financial institution; and

(aa) setting up a product account for the customer and sending to the customer a starter package.