Method and system for loan and payment processing

• US 20100082477A1
• Filed: 09/29/2008
• Published: 04/01/2010
• Est. Priority Date: 09/29/2008
• Status: Abandoned Application

• Current Assignee: Selling Source LLC
• Original Assignee: Selling Source LLC
• Inventors: Huston, Phillip C., Jones, Gordon K.
• Application Number:
  US12/286,346
• Publication Number:
  US 20100082477A1
• 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 method and system for processing loan applications and collecting loan payments is provided. As part of a loan application process, information is obtained to verify a consumer'"'"'s banking information and conduct a bank account balance inquiry. If the loan application is approved, the loan may be funded using a consumer'"'"'s bank account information. In a collection process, at the time of a scheduled payment, a balance inquiry is run against the consumer'"'"'s bank account to determine if sufficient funds exist for payment. If not, then the attempt at collection may be rescheduled at a later time. If sufficient funds do exist, then a collection of the payment is initiated against the consumer'"'"'s bank account as bank card transaction, thus ensuring payment.

Claims

1. A loan application and payment collection process comprising the steps of:

(a) relative to processing of a consumer'"'"'s loan application;

obtaining banking verification information for a consumer relative to said loan application; and

conducting a banking verification to verify said consumer'"'"'s bank account as part of an approval process of said loan application; and

(b) relative to collection of funds for a loan granted on said loan application;

obtaining information regarding a bank card associated with said consumer bank account;

scheduling a payment collection time for a particular amount of funds to be collected from said consumer bank account;

conducting a balance inquiry of said consumer bank account at said collection time;

determining if a balance of said consumer bank account exceeds said amount of funds to be collected; and

if so, collecting said amount of funds to be collected from said consumer bank account.

2. The loan application and payment collection process in accordance with claim 1 wherein said banking verification information comprises consumer address information for said consumer'"'"'s bank card.

3. The loan application and payment collection process in accordance with claim 1 wherein said step of conducting said banking verification comprises conducting an address verification.

4. The loan application and payment collection process in accordance with claim 3 wherein said address verification is performed through the Address Verification System.

5. The loan application and payment collection process in accordance with claim 1 wherein said step of conducting a banking verification further comprises conducting a balance inquiry of said consumer'"'"'s bank account.

6. The loan application and payment collection process in accordance with claim 1 wherein said banking verification information is provided by a consumer relative to a loan application and obtained by a collection processor from a lender.

7. The loan application and payment collection process in accordance with claim 6 wherein said banking verification information is transmitted from said lender to said collection processor in an electronic batch file.

8. The loan application and payment collection process in accordance with claim 1 wherein said information regarding a bank card comprises a bank card number.

9. The loan application and payment collection process in accordance with claim 1 wherein said step of collecting said amount of funds comprises a collection processor transmitting a request for collection to a merchant bank card processor and said merchant bank card processor using a card processing network to collect said amount of funds from said consumer bank account.

10. The loan application and payment collection process in accordance with claim 1 further comprising the step of depositing collected funds into a first bank account separate from said consumer bank account.

11. The loan application and payment collection process in accordance with claim 10 further comprising the step of deducting fees and charges from said collected funds and transferring a remaining amount of collected funds to a settlement account.

12. The loan application and payment collection process in accordance with claim 1 wherein if said balance of said consumer bank account does not exceed said amount of funds to be collected, rescheduling a payment collection time for said particular amount of funds.

13. The loan application and payment collection process in accordance with claim 1 wherein said particular amount of funds to be collected comprises an installment payment of said loan.

14. The loan application and payment collection process in accordance with claim 1 wherein said particular amount of funds to be collected comprises a principle balance of said loan.

15. A loan application and payment collection process by a collection processor comprising the steps of:

(a) relative to processing of a consumer'"'"'s loan application;

obtaining banking verification information from a lender regarding a consumer'"'"'s bank account; and

conducting a banking verification to verify said bank account as part of an approval process of said loan application; and

(b) relative to collection of funds for a loan granted on said loan application;

obtaining information regarding a bank card associated with said consumer bank account from said lender;

obtaining payment collection time information and amount of funds to be collected information from said lender;

scheduling said payment collection time for said particular amount of funds to be collected from said consumer bank account;

conducting a balance inquiry of said consumer bank account at said collection time;

determining if a balance of said consumer bank account exceeds said amount of funds to be collected; and

if so, transmitting a payment collection request to a bank card processor for said bank card associated with said consumer bank account for collection of said amount of funds from said consumer bank account.

16. The loan application and payment collection process in accordance with claim 15 wherein said step of conducting a banking verification comprises conducting an address verification.

17. The loan application and payment collection process in accordance with claim 16 wherein said address verification is performed through the Address Verification System.

18. The loan application and payment collection process in accordance with claim 15 wherein said step of conducting a banking verification conducting a balance inquiry of said consumer'"'"'s bank account.

19. The loan application and payment collection process in accordance with claim 18 wherein said information regarding a bank card comprises a bank card number.