System and Method for Processing Loan Applications

• US 20150269671A1
• Filed: 02/28/2013
• Published: 09/24/2015
• Est. Priority Date: 10/09/2012
• Status: Active Grant

• Current Assignee: Communitylend Holdings Inc. (Wcp Holdings LLC)
• Original Assignee: Communitylend Holding Incorporated
• Inventors: Garrity, Michael, Wong, Casper, Sehr, Paul
• Granted Patent: US 10,453,128 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• 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
• CPC Class Codes: H04W 4/00 Services specially adapted for wireless communication networks; Facilities therefor

Abstract

A system method for quickly and easily processing a loan application is disclosed. The original application is processed quickly using supplemental technology such as a barcode scanner, mag-stripe reader, biometric or card tap device to fill out the applicant'"'"'s personal details. If the application is approved a seamless transition is made within the mobile device to collect any additional information and allow the applicant to use e-signatures and sign the document directly on the device. Any additional documents needed to disburse a loan are collected by taking a photo of the document and optionally processing it via OCR with the mobile device'"'"'s camera.

Claims

1. A method of processing a loan application in real time comprising:

inputting loan information into a loan application form, the loan application form electronically displayed on a mobile device, the mobile device in communication with a network;

capturing a photograph of a barcode on a borrower identification using a camera in the mobile device;

scanning the photograph for borrower information;

populating the loan application form with the borrower information;

sending the loan application form via the network to a loan application processing server for a criminal and credit history check based on the borrower information; and

verifying the borrower information, and upon verifying, selecting a lender to disburse the loan based on the borrower information.

2. The method of claim 1 further comprising adjusting a plurality of loan parameters.

3. The method of claim 1 further comprising:

capturing a first photograph of the borrower;

capturing a second photograph of the borrower'"'"'s identification; and

saving the first and second photographs to a computer readable medium.

4. The method of claim 1 further comprising generating documents for the borrower to endorse.

5. The method of claim 4 wherein the documents are generated electronically.

7. The method of claim 1 further comprising collecting banking information.

8. The method of claim 7 wherein the banking information includes photographing a void cheque.

9. The method of claim 7 further comprising submitting the endorsed documents to an administration system running on a server.

10. The method of claim 1 wherein the scanning is performed by a barcode scanning application running on the mobile device.

6. The method of claim 6 wherein the documents are endorsed electronically.

11. A method of populating a loan application form on a mobile device comprising:

displaying a loan application form via a mobile app on the mobile device;

activating a camera in the mobile device to capture a photograph of a barcode on a borrower identification;

scanning and decoding the barcode to extract borrower information; and

inputting the extracted borrower information into loan application form.

12. A system for processing a loan application:

a computer readable medium having a database with data imported from a loan application form filled out by a user, the loan application form electronically displayed on a mobile device, the mobile device in communication with a network;

a camera on the mobile device for capturing a photograph of a barcode on a borrower identification;

a scanner for scanning the photograph for borrower information;

computer readable instructions on a computer readable medium that when executed by a computer system populates the loan application form with the borrower information;

computer readable instructions on a computer readable medium that when executed by a computer system sends the loan application form via the network to a loan application processing server for a criminal and credit history check based on the borrower information; and

computer readable instructions on a computer readable medium that when executed by a computer system verifies the borrower information, and upon verifying, selecting a lender to disburse the loan based on the borrower information.

13. The system of claim 12, wherein said camera further

captures a first photograph of the borrower;

captures a second photograph of the borrower'"'"'s identification; and

further comprising a computer readable medium for saving the first and second photographs to a computer readable medium.

14. The system of claim 12 further comprising computer readable instructions on a computer readable medium that when executed by a computer system generates documents for the borrower to endorse.

15. The system of claim 14 further comprising computer readable instructions on a computer readable medium that when executed by a computer system endorses the documents.

16. The system of claim 12 further comprising a computer system executing instructions for collecting banking information.

17. The system of claim 16 wherein the banking information includes a photograph of a void cheque.

18. The system of claim 17 further comprising a computer system executing instructions for submitting the endorsed documents to an administration system running on a server.

19. The system of claim 12 wherein the scanner comprises a barcode scanning application running on the mobile device.