SYSTEM AND METHOD OF EXPEDITED CREDIT AND LOAN PROCESSING

• US 20130218752A1
• Filed: 03/15/2013
• Published: 08/22/2013
• Est. Priority Date: 09/22/2011
• Status: Active Grant

• Current Assignee: David Lohoefer, Paul Pawlusiak
• Original Assignee: David Lohoefer, Paul Pawlusiak
• Inventors: Pawlusiak, Paul, Lohoefer, David
• Granted Patent: US 8,909,551 B2
• 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 system and method of expedited credit approval and lending for an applicant initially pre-qualifies the applicant using an input device to obtain predetermined applicant identification information and transmits the applicant identification information to the credit and loan processor computer which verifies the applicant identification without pulling credit. If verified, applicant answers predetermined prescreen question to initially pre-qualify the applicant and the applicant'"'"'s answer is compared to a predetermined lender/dealer criteria for the prescreen question to determine whether to continue with the loan application if the applicant'"'"'s answer meets the predetermined lender/dealer criteria or end the loan application if the predetermined lender/dealer criteria is not met, before pulling credit. The source or transaction originator is notified of the decision. The credit and loan processor software program continues to pre-qualify the applicant using stated debt to income ratio for a selected loan type and if pre-qualified, then processes full credit.

Claims

1. A method of expedited direct and/or indirect application approval and processing related to purchase of goods, services or programs, the method comprising the steps of:

(a) providing at least one processing software program resident on a credit and loan processor computer having a server and a data storage device, the processing software program having or accessing at least one seller-selected consideration criterion;

(b) populating predetermined applicant identification information fields resident in the software with application-relevant information using an input device and transmitting the application-relevant information to the credit and loan processor computer;

(c) verifying the application-relevant information by the credit and loan processing software and generating at least one verification result command, the verification result command being one of either a computer-generated verification signal or a computer generated non-verification signal;

(d) upon receipt of a computer-generated verification indication, analyzing the application-relevant information against qualification parameters resident in the at least one software program and generating at least one output solution.

2. The method of claim 1 further comprising the step of:

classifying the inputted transaction data as either a direct or indirect transaction, wherein the classification step includes at least one user input action.

4. The method of claim 2 wherein classification as a direct transaction results in creation of a direct credit application between the applicant and a seller of goods, products or services.

5. The method of claim 2 wherein classification as an indirect transaction results in at least one command step characterizing seller as creditor and wherein the method further comprises the step of:

processing applicant-relevant information against one or more seller-selected consideration criteria resident in or accessible to the processing software program and generating at least one output solution; and

based on the output solution, generating at least one applicant-related documentation.

6. The method of claim 1 wherein the verifying step further comprises the following steps:

if the verifying step generates a positive verification indication, issuing a computer-generated continuation command operable to initiate at least one sequentially subsequent process step;

or

if the verifying step generates a negative verification indication (or), issuing at least one correction request command.

7. The method of claim 5 wherein the verifying step further comprises the step of re-verifying input resulting from the correction request command(s), wherein if the re-verifying step generates a positive verification command, issuing a computer-generated continuation command operable to initiate at least one sequentially subsequent process step.

8. The method of claim 1 further comprising the steps of:

(a) providing a source computer that is in communication with the credit and loan processor computer;

(b) obtaining income and debt information from application-relevant information using the processing software program;

(c) determining a debt-to-income ratio based on application-relevant information using the processing software program;

(d) performing at least one program driven analysis of the determined debt-to-income ratio against at least one consideration criterion inputted by at least one lender/dealer, wherein lender/dealer inputted consideration criterion is relevant to debt-to-income ratio such that favorable comparison prompts continuation of the program and unfavorable comparison triggers at least one notification signal to be transmitted to the seller;

(e) generating a list of tier categories and communicating the generated list to the seller, wherein selection of one listed tier category triggers continuation of the processing program and at least one computer-generated command to obtain the applicant'"'"'s credit report from a credit reporting agency in communication with the processor computer;

(f) analyzing the obtained credit report against the consideration criteria for the selected loan tier category generated by the processing software program and generating at least one communication message to the seller; and

(g) prompting the seller for at least one approval input upon indication of acceptable credit report criteria and denying the loan to the applicant if the predetermined criteria for the selected loan tier is not met and communicating whether the loan is pre-approved or denied to the source via the communications network.

9. The method of claim 1 further comprising the steps of:

using the consideration criteria to initially pre-qualify a co-applicant using the credit and loan processing software program.

10. The method of claim 9 further comprising the steps of:

selecting another loan category if the loan to the applicant for the initial selected loan category is denied using the processing software program.

11. The method of claim 9 further comprising the steps of:

using an automated loan structuring tool associated with the processing software program to complete the loan application by the source, wherein the automated loan structuring tool;

(a) prompts the source to input predetermined information for the loan type;

(b) automatically calculates a loan structure and notifies the source of adjustments to comply with predetermined rules associated with the selected loan type, considerations and combinations thereof; and

(c) sends a funding package for the loan to the seller from the processor via the communications network, the funding package including at least one executable document.

12. The method of claim 11 further comprising the step of providing the seller with access to a status of the loan application using the credit and loan processing software program.

13. The method of claim 1 wherein the seller is a vehicle dealer and the loan is for a vehicle.

14. The method of claim 1 wherein the applicant identification information is obtained using electronic means and transmitted to the processor computer.

15. The method of claim 1 wherein the seller-selected consideration criterion is derived from lending qualification criterion of Dealer or one or more lending institutions and the lending pre-qualification criterion is queried to identify at least one loan category for which the applicant pre-qualifies without consideration of the applicant'"'"'s credit score and credit history.

16. The method of claim 15 wherein the applicant-relevant information includes at least one of debt-to-income ratio, customer statement, co-applicant information, wherein the applicant-relevant information is determined without consideration of the applicant'"'"'s credit score and credit history.

21. The process of claim 1 wherein the software program is present in a computer-readable medium.

17. A system of expedited credit approval and lending, the system comprising:

a processing software program resident on at least one credit and loan processor computer, the credit and loan processor computer having a server and a data storage device, wherein the credit and loan processing software program obtains predetermined application-relevant applicant identification information using an input device, verifies the application-relevant information and if verified continues to process the loan application;

a display device in communication with the processor computer for communicating at least one query to the user;

an input device for transmitting the application-relevant information to the processing computer, wherein the program compares the application-relevant information against at least one seller-selected consideration criteria to produce at least one output solution.

18. The system as set forth in claim 17 further comprising:

a lender computer in communication with the processor computer via a communications network, wherein the lender/dealer provides the credit and loan processor software program the consideration criteria.

19. The system as set forth in claim 18 further comprising:

a seller computer in communication with the processor computer via a communications network to obtain income and debt information from the applicant using the processing software program, and the credit and loan processing software program determines a debt-to-income ratio for the applicant by comparing the applicant'"'"'s debt-to-income ratio to Dealer'"'"'s or a lender'"'"'s predetermined debt-to-income ratio rule for the associated transaction and continues the application process if the lender'"'"'s predetermined debt-to-income ratio is met and ends the application if the lender'"'"'s/dealer'"'"'s predetermined debt-to-income ratio is not met; and

a lender having a device in communication with the processor computer via a network and the lender/dealer provides consideration criteria, the consideration criteria including at least one of loan categories, deal structure, collateral, to the seller by the processing software program to continue the application,

wherein the processing software program obtains the applicant'"'"'s credit report from a credit reporting agency in communication with the processor software computer and determines if the applicant'"'"'s credit report meets predetermined consideration criteria submitted by the lender/dealer and identifies one or more qualifying categories, if any.

20. The system of claim 19 wherein the seller is a vehicle dealer and the loan is for a vehicle.