SYSTEM FOR ANALYZING LOAN DATA
First Claim
1. A computer-implemented method, comprising:
- receiving financial data of a borrower;
identifying a plurality of mortgage loan packages for which the borrower qualifies based at least partly on said financial data, said plurality of mortgage loan packages including loans offered by at least one lender, each mortgage loan package including home loan information provided by a corresponding lender, and including closing cost information for closing services not provided by the corresponding lender; and
outputting information regarding the set of mortgage loan packages, including the closing cost information for closing services not provided by the lender, for display to the borrower via a user interface that indicates total costs of the mortgage loan packages for which the borrower qualifies, said user interface additionally providing functionality for the borrower to select a mortgage loan package, and to authorize a release of personal information of the borrower to the lender corresponding to the selected loan package;
said method performed by a computer-based system
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Accused Products
Abstract
A system and method are disclosed for a borrower to obtain and/or evaluate desired financial services. Personal information from the borrower is obtained and recorded. A credit grading for the borrower is determined based on the personal information, and based on pre-established and objective criteria used by at least one established financial institution that provides financing of the type sought by the borrower. The credit grading is determined by an independent entity (or its computer system) that will not provide the financing to the borrower. The financing may be a loan, such as a mortgage loan or an auto loan or the financing may be the issuance of a credit card or a line of credit. The independent entity may also compile a comparison of closing costs associated with the financial transactions.
48 Citations
13 Claims
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1. A computer-implemented method, comprising:
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receiving financial data of a borrower; identifying a plurality of mortgage loan packages for which the borrower qualifies based at least partly on said financial data, said plurality of mortgage loan packages including loans offered by at least one lender, each mortgage loan package including home loan information provided by a corresponding lender, and including closing cost information for closing services not provided by the corresponding lender; and outputting information regarding the set of mortgage loan packages, including the closing cost information for closing services not provided by the lender, for display to the borrower via a user interface that indicates total costs of the mortgage loan packages for which the borrower qualifies, said user interface additionally providing functionality for the borrower to select a mortgage loan package, and to authorize a release of personal information of the borrower to the lender corresponding to the selected loan package; said method performed by a computer-based system - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer-implemented system for enabling borrowers to anonymously shop for loan packages, the system comprising:
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a database that stores loan package data specifying loan packages for home loans offered by a lender, the loan package data specifying, for each of the loan packages, at least a loan type, an interest rate, and a required borrower credit grading; and a computer system that provides a user interface that prompts a borrower to enter personal loan evaluation information, and invokes a borrower grading module which uses at least the entered personal loan evaluation information to calculate a credit grading for the borrower, said credit grading being distinct from a credit score of the borrower, and being based on underwriting criteria used by the lender; said user interface providing functionality for the borrower to search the database to identify a set of loan packages for which the borrower qualifies based on the credit grading, and to compare the loan packages within the set, including at least loan type and interest rate, while remaining anonymous to the lender, said user interface additionally configured to display to the borrower an indication of a total cost of each loan package in the set, including closing costs of closing services not provided by lender; wherein the computer-implemented system further enables the borrower to selectively authorize exposure of at least the personal loan evaluation information to the lender in association with a loan package selected from said set. - View Dependent Claims (9, 10, 11, 12, 13)
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Specification