System and Method for Matching Loan Consumers and Lenders

• US 20120109815A1
• Filed: 12/19/2011
• Published: 05/03/2012
• Est. Priority Date: 02/20/2004
• Status: Active Grant

• Current Assignee: Horizon Digital Finance LLC
• Original Assignee: Horizon Digital Finance LLC
• Inventors: Peterson, Dale Lowell, Thibodeau, Gregory Todd, South, John
• Granted Patent: US 8,359,264 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• 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

Abstract

A system and method for matching a loan consumer with lenders via the Internet includes receiving loan consumer application information. The application information is stored in a database. An internally specified filter is applied to the information to determine if the loan consumer meets a set of loan criteria. A subset of the information is submitted to a credit bureau. A credit report is generated based on the subset of information. A lender database is searched to match the customer information and credit report to ranked lenders. A query is transmitted to one of the lenders. A response is generated and received based on the query. Subsequent query and response steps are repeated only after receipt of the previous response, until all lenders have been queried. Only lenders who responded with an approval are presented for review by the customer.

Claims

1. A method of matching a loan consumer with lenders via the Internet comprising:

a) receiving application information from the loan consumer;

b) storing the application information in a database;

c) applying an internally specified filter to the application information to determine if the loan consumer meets a set of internally specified loan criteria;

d) submitting a subset of the application information to a credit bureau;

e) receiving a credit report based on said submitting of the subset step;

f) searching a lender database to match the loan consumer application information and credit report to lenders in the database;

g) matching the loan customer application information to one or more lenders in the database;

h) transmitting a query to a lender of the one or more matched lenders;

i) receiving a response from the lender based on the query;

j) repeating steps h and i, after said receiving of the response, so as to query any remaining lenders matched;

k) presenting to the loan customer only lenders who responded with an approval; and

l) storing a loan customer decision based on said presenting step.