SYSTEM AND METHOD OF EXPEDITED CREDIT AND LOAN PROCESSING
First Claim
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.
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Accused Products
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.
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Citations
21 Claims
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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:
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(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. - View Dependent Claims (2, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 21)
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17. A system of expedited credit approval and lending, the system comprising:
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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. - View Dependent Claims (18, 19, 20)
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Specification