METHOD AND APPARATUS FOR GLOBAL UNDERWRITING AND EXPRESS LOAN ORIGINATION

• US 20120072336A1
• Filed: 07/14/2011
• Published: 03/22/2012
• Est. Priority Date: 09/16/2010
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Le Vine, Heather M., Antonio, Heather B., Moore, Patricia L., Torres, Sarah L., Collins, Josh D., Yazgen, Gulden, Zuress, Anthony D., Burgess, William J., Destefano, Renita
• Application Number:
  US13/182,487
• Publication Number:
  US 20120072336A1
• 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 apparatus that allow a rapid evaluation and origination of loans is provided. The creditworthiness of potential borrowers may be evaluated by multiple models. Some models may provide a nuanced evaluation of creditworthiness, while other models generate cross-sell opportunities. The models may implement a strategy. The model may be run on a logic engine or engines. The evaluation may utilize multiple stages, whereby each stage is reached only if the earlier stages are passed. Evaluation may utilize a multi-level strategy. In the event that a loan cannot be reasonably provided, the potential borrower may be given suitable reasons and/or be presented with alternative credit products.

Claims

1. A method of originating a loan, the method comprising:

using a receiver to receive potential borrower financial information;

using a processor in communication with the receiver to determine at least one primary score;

using the processor to determine at least one cross-sell score;

using the processor to select review rules based on the outcome of the primary score; and

using the processor to evaluate the potential borrower information based on the review rules.

2. The method of claim 1 further comprising using a processor to reject the potential borrower information if the potential borrower information is not complete.

3. The method of claim 1 further comprising using a processor to terminate the method if the potential borrower information is not complete.

4. The method of claim 1 further comprising using a processor to terminate the method if the potential borrower information is inconsistent.

5. The method of claim 1 further comprising using the receiver to acquire credit information relevant to the potential borrower.

6. The method of claim 5 further comprising using a processor to apply a rule set to the credit information in order to determine the primary credit score.

7. The method of claim 6 further comprising using a processor to submit the loan to a loan origination process if the primary credit score surpasses a pre-determined threshold, said pre-determined threshold indicates creditworthiness.

8. The method of claim 6 further comprising using a processor to decline submission of the loan to a loan origination process if the primary credit score surpasses a threshold value, said threshold value indicates creditworthiness.

9. The method of claim 6 further comprising using a processor to submit the loan to a loan origination process if the primary credit score does not surpasses a pre-determined threshold, said pre-determined threshold indicates creditworthiness.

10. The method of claim 6 further comprising using a processor to notify the potential borrower of the reasons for rejection if the primary credit score does not surpasses a pre-determined threshold, said pre-determined threshold indicates creditworthiness.

11. A method of originating a loan, the method comprising:

using a receiver to receive potential borrower information;

using a processor in communication with the receiver to determine at least one score based on at least one credit report;

using the processor to decline origination of the loan if the score is insufficient; and

using the processor to initiate the loan origination process if the score is sufficient.

12. The method of claim 11 wherein the determination is performed by a rules engine.

13. The method of claim 11 further comprising using the receiver to acquire at least one credit report.

14. The method of claim 11 further comprising using a processor to determine a pre-bureau score based on potential borrower information.

15. The method of claim 14 further comprising using a processor to apply review rules if the pre-bureau score is insufficient.

16. The method of claim 11 further comprising using a processor to determine a primary score if an evaluation of the at least one credit report is acceptable.

17. The method of claim 11 further comprising using the receiver to acquire at least one second credit report if the at least one credit report is acceptable.

18. The method of claim 11 further comprising using a processor determine a primary cut score if an evaluation of the at least one credit report is acceptable.

20. The method of claim 11 wherein the score is insufficient when the score does not surpasses a pre-determined threshold.

19. The method of claim 19 wherein the primary cut score is determined in two levels.