Efficient Market For Financial Products
First Claim
1. Apparatus for providing a market for loans, comprising:
- a data processing system having a program executing computer, a data storage device, and an output device;
a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a plurality of loan granting institutions;
computer programs executing on said data processing system for;
compiling statistics regarding said plurality of stored data records containing loan underwriting standards and storing statistics data records in said data storage device;
receiving loan solicitation data records in said data storage device;
comparing said loan solicitation data records to said loan underwriting standards data records from said plurality of loan granting institutions to identify one or more loan granting institutions and to provide data records identifying said loan seeker to said loan granting institution;
providing from said data processing system said statistics to a data processing system participant; and
calculating a price to the data processing system participant for said statistics data records provided to the data processing system participant, in which the price is reduced for fees obtained from transactions associated with the data processing system participant in accordance with a predetermined netbacking schedule stored in a netbacking database, and based on the data processing system participant providing one or more loan underwriting standards data records.
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Accused Products
Abstract
A data processing system is disclosed that provides an efficient market for: (1) the provision of loans and lines of credit between lenders and those seeking loans and lines of credit, and (2) the sale of loans between loan pool traders. One embodiment of the present invention comprises: receiving at a data processing system a lending criteria from each of a plurality of lenders; compiling a first set of statistics in the data processing system based on the lending criteria from each of the plurality of lenders; and outputting from the data processing system the first set of statistics to a first lender at a price that is based on a measure of fees incurred with respect to the first lender.
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Citations
39 Claims
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1. Apparatus for providing a market for loans, comprising:
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a data processing system having a program executing computer, a data storage device, and an output device; a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a plurality of loan granting institutions; computer programs executing on said data processing system for; compiling statistics regarding said plurality of stored data records containing loan underwriting standards and storing statistics data records in said data storage device; receiving loan solicitation data records in said data storage device; comparing said loan solicitation data records to said loan underwriting standards data records from said plurality of loan granting institutions to identify one or more loan granting institutions and to provide data records identifying said loan seeker to said loan granting institution; providing from said data processing system said statistics to a data processing system participant; and calculating a price to the data processing system participant for said statistics data records provided to the data processing system participant, in which the price is reduced for fees obtained from transactions associated with the data processing system participant in accordance with a predetermined netbacking schedule stored in a netbacking database, and based on the data processing system participant providing one or more loan underwriting standards data records. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. An apparatus, comprising:
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a data processing system having a program executing computer, a data storage device, and an output device; a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a plurality of loan granting institutions; computer programs executing on said data processing system for; compiling statistics regarding said plurality of stored data records containing loan underwriting standards and storing statistics data records in said data storage device; providing from said data processing system said statistics to a data processing system participant; calculating a price to the data processing system participant for said statistics data records provided to the data processing system participant, in which the price is reduced for fees obtained from transactions associated with the data processing system participant in accordance with a predetermined netbacking schedule stored in a netbacking database. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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24. A method comprising the steps of:
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receiving a plurality of loan underwriting standards data records from a plurality of loan granting institutions at a data processing system having a program executing computer, a data storage device, and an output device and storing the loan underwriting standards data records in said data storage device; executing a computer program on said data processing system for; (a) compiling a first set of statistics data records in said data processing system based on said plurality of underwriting standards data records from said plurality of loan granting institutions and storing the first set of statistics data records; (b) calculating a fee earned with respect to a selected loan granting institution; (c) providing from said data processing system said first set of statistics data records to the selected loan granting institution; (d) calculating a price for providing said first set of statistics data records to said selected loan granting institution that is based on said fee earned with respect to said selected loan granting institution in accordance with a predetermined netbacking schedule stored in a netbacking database. - View Dependent Claims (25, 26)
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27. A method, comprising the steps of:
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receiving a plurality of underwriting standards data records from a plurality of loan granting institutions at a data processing system having a program executing computer, a data storage device, and an output device and storing the underwriting standards data records in said data storage device; executing computer programs on said data processing system for; compiling statistics data records in said data processing system based on said plurality of underwriting standards and storing the statistics data records; receiving at said data processing system an loan solicitation data record from an loan seeker; comparing in said data processing system said loan solicitation data record to said underwriting standards data records to identify a selected loan granting institution; receiving at said data processing system an indicium that a fee has been earned with respect to transactions involving said selected loan granting institution; calculating fees earned with respect to said selected loan granting institution; calculating a price for outputting a first set of statistics data records to said selected loan granting institution that is based on said fees earned with respect to transactions involving said selected loan granting institution within a given interval in accordance with a predetermined netbacking schedule stored in a netbacking database; providing from said data processing system said first set of statistics data records to said selected loan granting institution; providing from said data processing system said statistics data records to a data processing system participant; and receiving at said data processing system from said data processing system participant an offer to purchase loans.
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28. Apparatus for providing a market for loan and debt purchase, comprising:
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a data processing system having a program executing computer, a data storage device, and an output device; a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a one or more loan granting institutions; computer programs executing on said data processing system for; (a) compiling statistics regarding said plurality of stored data records containing loan underwriting standards; (b) calculating fees earned with respect to the one or more loan granting institutions; (c) calculating a reduced price to the one or more loan granting institutions for providing said statistics regarding said stored data records to the selected loan granting institution based on the calculated fees earned with respect to said selected loan granting institution in accordance with a predetermined netbacking schedule stored in a netbacking database. - View Dependent Claims (29)
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30. Apparatus for providing a market for loan and debt purchase, comprising:
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a data processing system having a program executing computer, a data storage device, and an output device; a plurality of loan and debt purchase offer data records stored in said data storage device containing loan and debt purchase offers from one or more data processing system participants; computer programs executing on said data processing system for; (a) compiling statistics regarding said plurality of stored debt purchase offer data records containing debt purchase offers; (b) calculating a fees earned with respect to the one or more data processing system participants; (c) calculating a reduced price to the one or more data processing system participants for output of said statistics regarding said stored debt purchase offer data records to the one or more data processing system participants based on the calculated fees earned with respect to the one or more data processing system participants in accordance with a predetermined netbacking schedule stored in a netbacking database.
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31. A data processing method operable in connection with a loan market and an associated debt purchase market, comprising:
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receiving a plurality of underwriting standards data records from a plurality of loan granting institutions at a data processing system having a program executing computer, a data storage device, and an output device, and storing the underwriting standards data records in said data storage device; receiving an loan solicitation data record from an loan seeker at the data processing system and storing the loan solicitation data record in said data storage device; executing computer programs on said data processing system for; (a) comparing in said data processing system said loan solicitation data record to said underwriting standards data records to identify one or more selected loan granting institutions; (b) receiving issued loan data records from selected loan granting institutions; and (c) compiling first statistics data records regarding said plurality of loan data records; (d) storing the first statistics data records in said data storage device; (e) receiving loan purchase offer data records from one or more data processing system participants and storing the loan purchase offer data records in said data storage device; (f) receiving a plurality of loan pool data records from one or more loan granting institutions and storing the loan pool data records in said data storage device; (g) comparing said loan purchase offer data records with said plurality of loan pool data records to identify one or more data processing system participants; (h) compiling second statistics data records regarding said plurality of stored loan purchase offer data records; (i) calculating a fee earned with respect to a data requester; (j) calculating a reduced price to the data requester for providing one or more of the first and second statistics data records based on the fee earned with respect to the data requester in accordance with a predetermined netbacking schedule stored in a netbacking database.
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32. A method for performance by a provider of computer information services, comprising the steps of:
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during an application process for financial products offered by a plurality of offerors, obtaining information describing solicitations made by a plurality of applicants for the financial products and submitted for matching against underwriting standards of the offerors, and storing the solicitation information in a database; essentially contemporaneously with the closing of each of a plurality of the financial products, updating the database with information describing the closed financial products; and making the database available to parties on a secondary market for the financial products. - View Dependent Claims (33, 34, 35)
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36. A computer, comprising:
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hardware and/or software designed to obtain information describing solicitations for financial products from a plurality of applicants for origination of the financial products, and to store the solicitation information in a database; hardware and/or software designed to match the solicitation information against underwriting standards of a plurality of offerors of the financial products; hardware and/or software designed to receive information describing closed financial products, and to update the database with information describing the closed financial products essentially contemporaneously with the closing of the closed financial products; and an interface designed to make the database available to parties on a secondary market for the financial products. - View Dependent Claims (37, 38, 39)
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Specification