Method and system for processing loan

• US 5,699,527 A
• Filed: 05/01/1995
• Issued: 12/16/1997
• Est. Priority Date: 05/01/1995
• Status: Expired due to Term

• Current Assignee: Auctnyc 1 LLC (Intellectual Ventures LLC)
• Original Assignee: David Edward Davidson
• Inventors: Davidson, David Edward
• Primary Examiner(s): Teska, Kevin J.
• Assistant Examiner(s): WALDER, STEPHEN JOSEPH
• Application Number:
  US08/432,096
• Time in Patent Office: 960 Days
• Field of Search: 364/408, 364/401, 364/406, 364/403, 235/375, 235/380, 395/235, 395/238
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• 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 loan processing system to aid a potential loan applicant preparing the necessary financial statement, loan application, and business plan to apply for a business loan. The loan applicant merely completes the requested information using a computer and transmits the completed information to the lending institution via modem or by mailing the information stored on disk. The lending institution then reviews the transmitted information, checks for inaccuracies, completeness, etc. and responds accordingly. If the loan applicant, in filing out the loan application, has any questions or, if the lending institution has any questions upon receipt of the information, the loan applicant and lending institution may communicate with one another on-line to respond to the query or via mail, e.g. mail a disk with the necessary questions or requests. The system also includes a "HELP" mechanism to access stored information to aid in the preparation of the loan application.

Claims

1. A system, having bi-directional communication capabilities, for electronically processing a loan application of a loan applicant by a lending institution, said system comprising:

a data display device, connected to said system and responsive to posed questions, for displaying a plurality of questions to be posed to the loan applicant, said plurality of posed questions being directed at obtaining necessary information from the loan applicant to complete the loan application;

an input device, connected to said system, for inputting the necessary information from the loan applicant, in response to said plurality of posed questions, into the system in order to complete said loan application of the loan applicant;

a storage medium, connected to said system, for storing an electronic loan data file which incorporates at least said inputted necessary information;

a first data processing device, connected to said system and responsive to said stored electronic loan data file, for processing said electronic loan data file to assist said lending institution with determining whether the loan application should be approved; and

said system including both a request mode of operation and a review mode of operation, so that said system, when in said request mode of operation, extracts the necessary information from the loan applicant to generate all required lending institution forms while said system, following commencement of processing of said loan application by said lending institution but before a final determination concerning said loan application and when in said review mode of operation, facilitates review the loan application, by said loan applicant, so that said loan applicant may monitor processing of the loan application and determine the status of the loan application via bi-directional communication with the lending institution without having to communicate directly with a loan officer of said lending institution.

2. A system according to claim 1, wherein said first data processing device, responsive to the inputted necessary information concerning the loan applicant, generates each necessary application form required by the lending institution in a format authorized by and acceptable to the lending institution;

said system, when is said review mode of operation, only allowing said loan applicant to read certain information concerning said loan application of said loan applicant but not authorizing said loan applicant to make any corrections to said loan application of said loan applicant but only respond to information requested by said lending institution; and

said systems including means for supplying warnings messages and notices to said loan applicant, after submission of said loan application to said lending institution but prior to a final determination of the loan, relating to possible problems determined by said lending institution and changes made by said lending institution in the loan process.

3. A system according to claim 2, wherein said data display device, said input device, said storage medium and said first data processing device are all directly connected with one another;

and

said system automatically generates at least said loan application and a business plan, for a loan application, in a format designated by said lending institution.

4. A system according to claim 2, wherein said system includes a second data processing device and at least said data display device, said input device and said second data processing device are part of a remote site, and said remote site is provided with a mechanism facilitating electronic communication with said first data processing device located at said lending institution.

5. A system according to claim 4, wherein said mechanism facilitating electronic communication comprises a first electronic communication device connected to said first data processing device and a second compatible electronic communication device connected to said remote site, and said first and second electronic communication devices are connectable to one another to facilitate at least one of:

(1) communication of at least said electronic loan data file from said remote site to said first data processing device;

(2) requesting additional necessary information from the loan applicant, if further applicant information is required by said lending institution; and

(3) requesting assistance by the loan applicant from the lending institution in order to process the loan application and expedite completion of the loan application.

6. A system according to claim 5, wherein said first data processing device is connected to at least one remote access site of said lending institution, and said at least one remote access site is provided with access to said electronic loan data file for analysis.

7. A system according to claim 4, wherein said mechanism facilitating electronic communication between said first data processing device located at said lending institution and said first data processing device located at said remote site is a magnetic disk.

8. A system according to claim 2 wherein said system further comprises a help mechanism, coupled to said system, for providing assistance to the loan applicant, when necessary, said help mechanism comprises both (1) stored help information in memory, and (2) communication with said first data processing device of said lending institution to supply a request for help to said lending institution and provide help information supplied by said lending institution, via bi-directional communication with any employee at said lending institution, in response to the request for help.

9. A system according to claim 2, wherein said system further comprises means for chronologically saving all correspondence and all documented communications concerning said loan application in said electronic loan data file of said loan applicant so that a complete electronic data file, which records each and every aspect of the lending transaction, is generated;

said system including means for keeping track of each specific task, relating to processing of said loan application, as each said specific task is completed in any desired order, prior to approving said loan application, to facilitate monitoring of said loan application process; and

print means for printing the documentation necessary for formalization of an approved loan.

10. A system according to claim 2, wherein said system further comprises a mechanism facilitating electronic communication with a credit bureau service to facilitate expedited retrieval of credit history information concerning the loan applicant.

11. A method for electronically processing a loan application of a loan applicant by a lending institution, said method comprising the steps of:

displaying, via a data display device connected to a system, a plurality of questions to be posed to the loan applicant, said plurality of posed questions being directed at obtaining necessary information from the loan applicant to complete the loan application;

inputting, via an input device connected to said system, the necessary information from the loan applicant, in response to said plurality of posed questions, into the system in order to complete said loan application of the loan applicant;

storing, via a storage medium connected to said system, an electronic loan data file which incorporates at least said inputted necessary information;

processing, via a first data processing device connected to said system and responsive to said stored electronic loan data file, said electronic loan data file to assist said lending institution with determining whether the loan application should be approved; and

providing both a request mode of operation and a review mode of operation, so that, when in said request mode of operation, the necessary information from the loan applicant is extracted to generate all required lending institution forms while, following commencement of processing of said loan application by said lending institution but before a final determination concerning said loan application and when in said review mode of operation, allowing review of the loan application, by said loan applicant, so that said loan applicant may monitor processing of the loan application and determine the status of the loan application via bi-directional communication with the lending institution without having to communicate directly with a loan officer of said lending institution.

12. A method according to claim 11, further comprising the steps of:

generating, via said first data processing device which is responsive to the inputted necessary information concerning the loan applicant, each necessary application form required by the lending institution in a format authorized by and acceptable to the lending institution;

only allowing, when is said review mode of operation, said loan applicant to read certain information concerning said loan application of said loan applicant but not authorizing said loan applicant to make any corrections to said loan application of said loan applicant but only respond to information requested by said lending institution; and

supply desired warnings messages and notices to said loan applicant after submission of said loan application to said lending institution but prior to a final determination of the loan, relating to possible problems determined by said lending institution and changes made by said lending institution in the loan process.

13. A method according to claim 12, further comprising the step of directly connecting said data display device, said input device, said storage medium and said first data processing device with one another;

and

automatically generating at least said loan application and a business plan, for a loan, in a format designated by said lending institution.

14. A method according to claim 12, further comprising the steps of providing said system with a second data processing device and electrically connecting at least said data display device, said input device and said second data processing device with one another to form a remote site;

and

providing said remote site with a mechanism facilitating electronic communication with said first data processing device located at said lending institution.

15. A method according to claim 14, further comprising the step of providing said first data processing device with a first electronic communication device and providing said second data processing device with a second compatible electronic communication device, and providing communication between said first and second electronic communication devices to facilitate at least one of:

(1) communication of at least said electronic loan data file from said remote site to said first data processing device;

(2) requesting additional necessary information from the loan applicant, if further applicant information is required by said lending institution; and

(3) requesting assistance by the loan applicant from the lending institution in order to process the loan application and expedite completion of the loan application.

16. A method according to claim 15, further comprising the step of connecting said first data processing device to at least one remote access site of said lending institution, and providing said at least one remote access site with access to said electronic loan data file for analysis.

17. A method according to claim 14 further comprising the step of providing a magnetic disk as said mechanism facilitating electronic communication between said first data processing device located at said lending institution and said first data processing device located at said remote site.

18. A method according to claim 12 further comprising the step of providing a help mechanism, coupled to said system, for providing assistance to the loan applicant, when necessary, said help mechanism providing both (1) stored help information in memory, and (2) communication with said first data processing device of said lending institution, via bi-directional communication with any employee at said lending institution, to supply a request for help to said lending institution and provide help information supplied by said lending institution in response to the request for help.

19. A method according to claim 12, further comprising the step of providing a mechanism facilitating electronic communication, coupled to said system, with a credit bureau service to facilitate expedited retrieval of credit history information concerning the loan applicant.

20. A method according to claim 11, further comprising the steps of:

chronologically saving all correspondence and all documented communications, concerning said loan application, in said electronic loan data file of said loan applicant so that a complete electronic data file, which records each and every aspect of the lending transaction, is generated;

keeping track of each specific task, relating to processing of said loan application, as each said specific task is completed in any desired order, prior to approving said loan application, to facilitate monitoring of said loan application process; and

printing, following approval of said loan application, the documentation necessary for formalization of an approved loan.