Computer implemented automated credit application analysis and decision routing system

• US 5,878,403 A
• Filed: 09/12/1995
• Issued: 03/02/1999
• Est. Priority Date: 09/12/1995
• Status: Expired due to Term

• Current Assignee: First American Bank (The PNC Financial Services Group, Inc.)
• Original Assignee: CMSi Co.
• Inventors: Freiman, Scott L., Agrawal, Arvind K., DeFrancesco, James R.
• Primary Examiner(s): Cosimano, Edward R.
• Assistant Examiner(s): GROUTT, PHILLIP J
• Application Number:
  US08/526,776
• Time in Patent Office: 1,267 Days
• Field of Search: 705/35, 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A credit application and routing system includes a central processor having and executing a program. The system includes data input capabilities for selectively receiving credit application data from respective applicants at remote locations, and routing capabilities for selectively forwarding the credit application data to remote funding sources and selectively forwarding funding decision data from the funding sources to the respective applicants. The computer program includes routines for receiving a credit application from at least one remote application input and display device, for selectively forwarding a received credit application to at least one funding source, for receiving a funding decision from the at least one funding source, and for forwarding a received funding decision to the at least one remote application input and display device. The system can also obtain credit report data from credit bureaua, and analyze and summarize the credit report data. A computer readable storage medium has a substrate physically configured to represent the computer program which causes a computer to provide the credit application and routing system.

Claims

1. A computer program having a plurality of program steps to be executed on a computer to implement and control an interactive credit application and routing system, said program comprising:

means for receiving a credit application from at least one remote application input and display device at a dealer location;

means for selectively forwarding a received credit application to a plurality of funding sources;

means for receiving a funding decision from the plurality of funding sources; and

means for forwarding a received funding decision to the at least one remote application input and display device at the dealer location;

wherein the means for selectively forwarding an input credit application to the plurality of funding sources comprises one of;

means for sending at least a portion of a credit application to more than one of said plurality of funding sources substantially at the same time;

means for sending at least a portion of a credit application to more than one of said plurality of funding sources sequentially until a funding source sends a positive funding decision or until all funding sources have been exhausted; and

means for sending at least a portion of a credit application to a first one of said plurality of funding sources, and then, after a predetermined time delay, sequentially sending to each other funding source in turn, until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted.

2. The computer program according to claim 1, said program further comprising:

means f or selectively obtaining a credit report associated with a respective applicant from at least one credit bureau;

means for analyzing and summarizing an obtained credit report and providing credit report information in an analyzed and summarized format in order to facilitate a dealer user making a decision as to which funding source or sources should receive a respective credit application, the decision being based on applicant criteria including at least one of;

the credit history of the applicant, and the respective lending criteria of each funding source; and

means for enabling a funding source and a dealer user to share credit reports which either of them may have obtained, including sharing credit report information in an analyzed and summarized format provided.

3. The computer program according to claim 2, further comprising means for interacting with a dealer user at the at least one remote application input and display device to receive, review and edit a credit application.

4. The computer program according to claim 3, further comprising means for interacting with a dealer user at the at least one remote application input and display device to receive, review, analyze and summarize a credit report.

5. The computer program according to claim 2, further comprising means for analyzing credit application and credit bureau report information, including:

(i) debt ratio computation;

(ii) loan to value computation;

(iii) applicant credit-worthiness grading;

(iv) decision rule triggering, including issuing a corresponding alert message, wherein a decision rule is triggered whenever any information contained in the application and/or the credit report is identified as requiring investigation prior to approval, decision rules including bank policy rules, lending policy rules, and application/credit report consistency rules;

(v) error correcting including correcting of duplicate data within credit reports where a single event may incorrectly be shown as two events, such corrective action being known as de-duplicating or de-duping;

(vi) adjusting debt ratio, loan to value, and lending parameters as required when inaccuracies are identified; and

(vii) providing a plain English interpretation of credit reports including the codes used therein.

6. The computer program according to claim 1, further comprising means for tracking pending credit applications.

7. The computer program according to claim 6, wherein said means for tracking pending credit applications tracks the pending credit applications within seconds after any change in status occurs.

8. The computer program according to claim 1, wherein the means for receiving a credit application from at least one remote application input and display device comprises means for interacting with a user at the at least one remote application input and display device at the dealer location to receive, review and edit a credit application.

9. The computer program according to claim 1, further comprising means for selectively providing statistical data regarding credit application processing.

10. The computer program according to claim 1, further comprising means for determining transactions costs.

11. The computer program according to claim 1, further comprising means for limiting access to the credit application and routing system to thereby provide system security.

12. The computer program according to claim 1, further comprising means for providing sales versus lease analysis, means for providing new and used vehicle pricing, means for providing announcement messages, and means for providing a lender encyclopedia with product information.

13. The computer program according to claim 1, wherein the predetermined time delay comprises a time in which no response is received.

14. The computer program according to claim 1, further comprising means for sending at least a portion of a credit application to a first one of said plurality of funding sources, and then, following receipt of a decline or a conditional response, sequentially sending to each other funding source in turn, until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted.

15. A credit application and routing system comprising:

a central processor having and executing a program and operational to;

selectively receive credit application data associated with respective applicants from at least one remote applicant terminal device;

selectively forward the credit application data to a plurality of funding sources having remote funding source terminal devices until at least one of the funding sources returns a positive funding decision or until all funding sources have been exhausted; and

selectively forward funding decision data from the funding sources to the respective at least one remote applicant terminal device; and

coupling means for coupling said central processor to a communications medium to thereby enable the sending and receiving of the credit application data and the funding decision data over the communications medium.

16. The credit application and routing system according to claim 15, wherein said central processor is further operational to:

selectively obtain credit report data associated with the respective applicants from at least one credit bureau; and

selectively forward the credit application, along with credit report data if appropriate, to the funding sources; and

wherein said coupling means which couples said central processor to the communications medium further enables the sending and receiving of the credit report data over the communications medium.

17. The credit application and routing system according to claim 15, wherein said communications medium comprises a local area network.

18. The credit application and routing system according to claim 15, wherein said communications medium comprises a wide area network.

19. The credit application and routing system according to claim 15, wherein said communications medium comprises a satellite communications network.

20. The credit application and routing system according to claim 15, wherein said communications medium comprises a commercial value added network.

21. The credit application and routing system according to claim 15, wherein said communications medium comprises private leased lines.

22. The credit application and routing system according to claim 15, wherein said communications medium comprises at least one of:

a local area network;

a wide area network;

a satellite communications network;

a commercial value added network;

private leased lines; and

ordinary telephone lines.

23. The credit application and routing system according to claim 15, wherein said at least one remote applicant terminal device comprises one of:

a dumb terminal;

a personal computer in a terminal emulation mode; and

a computer system for temporarily storing applications and sending the applications to the central processor at a later time.

24. The credit application and routing system according to claim 15, wherein said central processor comprises a mainframe or mini-mainframe computer having a UNIX-based operating system, said program comprises a PROGRESS-based database, and the credit application comprises an electronic standard Consumer Banker Association application form, with additional fields capability.

25. A credit application and routing system including a central processor having and executing a program and further comprising:

data input means for selectively receiving credit application data from respective applicants at remote locations; and

routing means for selectively forwarding the credit application data to remote funding sources and selectively forwarding funding decision data from the funding sources to the respective applicants;

wherein the routing means comprises at least one of;

means for sending at least a portion of a credit application to more than one of said remote funding sources substantially at the same time;

means for sending at least a portion of a credit application to more than one of said remote funding sources sequentially until a funding source returns a positive funding decision; and

means for sending at least a portion of a credit application to a first one of said remote funding sources, and then, after a predetermined time delay, sending to at least one other remote funding source, until one of the funding sources returns a positive funding decision or until all funding sources have been exhausted.

26. The credit application and routing system according to claim 25, wherein the routing means comprises means for interfacing with at least one communications medium to transfer data thereover, thereby interconnecting the remote locations, the central processor and the remote funding sources.

27. The credit application and routing system according to claim 26, wherein the data input means comprises a terminal device having a display for displaying an electronic credit application and a keyboard for facilitating filling out the electronic credit application.

28. The credit application and routing system according to claim 25, wherein the central processor includes means for selectively providing statistical data regarding credit application processing.

29. The credit application and routing system according to claim 28, wherein the means for selectively providing statistical data regarding credit application processing further comprises means for displaying the status of all applications.

30. The credit application and routing system according to claim 25, further comprising:

means for selectively obtaining a credit bureau report associated with a respective applicant from at least one credit bureau and for sharing the credit bureau report with a dealer; and

means for selectively forwarding the credit application to at least one of the plurality of remote funding sources in response to selection of the at least one of the plurality of remote funding sources by the dealer based on the credit bureau report.

31. The credit application and routing system according to claim 30, further comprising means for providing to the dealer a systems summary and analysis of the credit bureau report.

32. The credit application and routing system according to claim 25, wherein the central processor includes means for maintaining user specific data which data controls access to and operation of the routing means and the data input means.

33. The credit application and routing system according to claim 25, wherein the routing means comprises means for sending at least a portion of a credit application to a first one of said remote funding sources, and then, after a predetermined time delay, sequentially sending to each other remote funding source in turn, until one of the remote funding sources returns a positive funding decision or until all funding sources have been exhausted.

34. The credit application and routing system according to claim 25, wherein the routing means further comprises means for sending at least a portion of a credit application to a first one of said remote funding sources, and then, after receipt of a decline or other conditional response, sending to at least one other remote funding source, until one of the plurality of funding sources returns a positive funding decision or until all funding sources have been exhausted.

35. A computer based method of operating a credit application and routing system, the system including a central processor coupled to a communications medium for communicating with remote application entry and display devices, remote credit bureau terminal devices, and remote funding source terminal devices, the method comprising:

selectively receiving credit application data from a remote application entry and display device;

selectively obtaining credit report data from at least one remote credit bureau terminal device;

selectively forwarding the credit application data, and credit report data if appropriate, to a plurality of remote funding sources having terminal devices; and

selectively forwarding funding decision data from the remote funding sources to the respective remote application entry and display device;

wherein the step of selectively forwarding the credit application data, and credit report data if appropriate, to the funding sources having terminal devices comprises one of;

sending at least a portion of a credit application data, and credit report data if appropriate, to the plurality of funding sources sequentially until a funding source terminal device returns positive funding decision data or until all funding sources have been exhausted; and

sending at least a portion of a credit application data, and credit report data if appropriate, to a first one of the plurality of funding sources, and then, after a predetermined time delay, sending to at least one other funding source in turn, until a funding source terminal device returns positive funding decision data or until all funding sources have been exhausted.

36. The computer based method of operating a credit application and routing system according to claim 35, wherein the step of selectively receiving credit application data from a remote application entry and display device comprises:

interacting on-line with a user at the remote application entry and display device to receive, review and edit credit application data.

37. The computer based method of operating a credit application and routing system according to claim 35, wherein the step of selectively receiving credit application data from a remote application entry and display device comprises:

receiving data for at least one off-line entered credit application from a remote application entry and display device.

38. The computer based method of operating a credit application and routing system according to claim 35, wherein the step of selectively obtaining credit report data from at least one remote credit bureau terminal device comprises:

forwarding a portion of the credit application data to at least one remote credit bureau terminal device, the portion being the minimum required by the at least one remote credit bureau; and

receiving associated credit report data from the at least one remote credit bureau terminal device.

39. The computer based method of operating a credit application and routing system according to claim 35, wherein the step of selectively obtaining credit report data from at least one remote credit bureau terminal device comprises:

forwarding a portion of the credit application data to a plurality of remote credit bureau terminal devices, the portion being the minimum required by the plurality of remote credit bureaus; and

receiving associated credit report data from the remote credit bureau terminal devices.

40. The computer based method of operating a credit application and routing system according to claim 35, wherein the step of selectively forwarding the credit application data and credit report data to the plurality of remote funding sources comprises:

sending at least a portion of the credit application data, and the credit report data if appropriate, to more than one of said plurality of remote funding sources substantially at the same time.

41. The computer based method of operating a credit application and routing system according to claim 35, wherein the step of selectively forwarding funding decision data from the remote funding sources to the respective remote application entry and display device comprises:

sending the funding decision data to the respective remote application entry and display device as soon as it is provided by one of the plurality of remote funding sources.

42. The computer based method of operating a credit application and routing system according to claim 35, further comprising:

enabling reviewing, analysis and editing of the credit application data at the remote application entry and display device prior to the step of selectively forwarding the credit application data to the remote funding sources.

49. The credit application and routing system according to claim 41, wherein at least a portion of the credit information related to an associated credit application is sent to the plurality of funding sources, if appropriate, along with the associated credit application, over said communications medium through said central processing means.

43. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium; and

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium;

wherein there are a plurality of funding sources having terminal devices connected to said communications medium, and wherein a credit application is sent to more than one of said plurality of funding sources over said communications medium through said central processing means until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted.

44. The credit application and routing system according to claim 43, further comprising at least one credit bureau terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application from said at least one credit application input terminal device through said central processing means over said communications medium, and for sending credit information to said at least one credit application input terminal device over said communications medium through said central processing means.

45. The credit application and routing system according to claim 44, wherein the central processing means of the system stores and uses user-specific data, the user specific data comprising at least one of:

log-on identification data;

system access security data;

funding source data;

credit bureau data;

audit trail data;

system use data;

application status data;

accounting data;

customer data;

customized application fields data; and

routing data.

46. The credit application and routing system according to claim 45, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides outcome results including approval, decline, conditional approval and a message, wherein a message is either a request for more information or a notification that a problem with the application exists.

47. The credit application and routing system according to claim 44, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for tracking pending credit applications.

48. The credit application and routing system according to claim 47, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides outcome results including approval, decline, conditional approval or a message.

50. The credit application and routing system according to claim 44, wherein said central processing means computer program which implements and controls credit application processing and routing, further selectively provides statistical data and application status data regarding credit application processing.

51. The credit application and routing system according to claim 44, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for limiting access to the credit application and routing system to thereby provide system security.

52. The credit application and routing system according to claim 44, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides finance or loan versus lease analysis, new and used vehicle pricing, announcement messages, and a lender encyclopedia with product information.

53. The credit application and routing system according to claim 43, wherein said central processing means computer program which implements and controls credit application processing and routing, further controls said at least one credit application input terminal device.

54. The credit application and routing system according to claim 53, wherein said central processing means computer program which implements and controls credit application processing and routing, and further controls said at least one credit application input terminal device, provides an interactive man-machine interface with a user through display of at least data entry screens and operation control menus on said at least one credit application input terminal device.

55. The credit application and routing system according to claim 43, wherein a credit application is sent to more than one of said plurality of funding sources substantially at the same time.

56. The credit application and routing system according to claim 43, wherein a credit application is sent to more than one of said plurality of funding sources sequentially until a funding source sends a positive funding decision or until all funding sources have been exhausted.

57. The credit application and routing system according to claim 43, wherein a credit application is sent to a first one of said plurality of funding sources, and then, after a predetermined time delay, or receipt of a decline or conditional response, sequentially sent to each other funding source in turn, until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted.

58. The credit application and routing system according to claim 43, wherein said communications medium comprises at least one medium chosen from the group consisting of:

a local area network;

a wide area network;

a satellite communications network;

a commercial value added network;

ordinary telephone lines; and

private leased lines.

59. The credit application and routing system according to claim 43, wherein said at least one credit application input terminal device comprises one of:

a dumb terminal;

a personal computer in a terminal emulation mode; and

a computer system for temporarily storing applications and sending the applications to the central processor at a later time.

60. The credit application and routing system according to claim 43, wherein the central processing means of the system stores and uses user-specific data, the user specific data comprising at least one of:

log-on identification data;

system access security data;

funding source data;

audit trail data;

system use data;

application status data;

accounting data;

customer data;

customized application fields data; and

routing data.

61. The credit application and routing system according to claim 43, wherein said central processing means computer program which implements and controls credit application processing and routing, further selectively provides statistical data and application status data regarding credit application processing.

62. The credit application and routing system according to claim 43, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for tracking pending credit applications.

63. The credit application and routing system according to claim 43, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for limiting access to the credit application and routing system to thereby provide system security.

64. An article of manufacture comprising a computer readable storage medium having a substrate physically configured to represent a computer program, the computer program comprising means for causing a computer to provide a credit application analysis and decision routing system for forwarding credit application information to a plurality of funding sources and for receiving funding decision data from the plurality of funding sources, until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted.

65. The article of manufacture according to claim 64, wherein the substrate is selected from the group consisting of:

magnetic storage media;

optical storage media;

at least one programmed logic device; and

at least one semiconductor storage device.

66. A computer program having a plurality of program steps to be executed on a computer to implement and control an interactive credit application and routing system, said program comprising:

means for receiving a credit application from at least one application input and display device, and selectively forwarding a received credit application to a plurality of funding sources until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted; and

means for receiving a funding decision from the at least one funding source, and forwarding a received funding decision to the at least one application input and display device.

67. The computer program according to claim 66, comprising facsimile means for telefax transmission to implement at least one of the forwarding of a received credit application to the plurality of funding sources, and the forwarding of a received funding decision to the at least one application input and display device.

68. The computer program according to claim 66, wherein the means for selectively forwarding an input credit application to a plurality of funding sources comprises at least one of:

means for sending at least a portion of a credit application to more than one of said plurality of funding sources substantially at the same time;

means for sending at least a portion of a credit application to more than one of said plurality of funding sources sequentially until a funding source sends a positive funding decision or until all funding sources have been exhausted; and

means for sending at least a portion of a credit application to a first one of said plurality of funding sources, and then, after a predetermined time delay, sequentially sending to each other funding source in turn, until one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted.

69. The computer program according to claim 68, wherein at least one of the means for sending comprises:

facsimile means for implementing telefax transmission.

70. A credit application and routing system comprising:

a processor having and executing a program and operational to;

selectively receive credit application data associated with respective applicants from at least one applicant terminal device;

selectively forward the credit application data to a plurality of funding sources having terminal devices until at least one of the plurality of funding sources sends a positive funding decision or until all funding sources have been exhausted; and

selectively forward funding decision data from the plurality of funding sources to the respective at least one applicant terminal device; and

coupling means for coupling said central processor to a communications medium to thereby enable the sending and receiving of the credit application data and the funding decision data over the communications medium.

71. The credit application and routing system according to claim 70, wherein the processor includes facsimile means for implementing telefax transmission of the application data and the decision data over the communications medium.

72. A credit application and routing system including a central processor having and executing a program for selectively forwarding credit application data from at least one respective applicant to a plurality of selected funding sources until a positive funding decision is received, or until all the selected funding sources have been exhausted, and for receiving funding decision data from the the plurality of funding sources.

73. The credit application and routing system according to claim 72, wherein the program executed by the processor also is for selectively forwarding funding decision data from the plurality of funding sources to a respective applicant.

74. The credit application and routing system according to claim 72, wherein the processor includes facsimile means for implementing telefax transmission of the credit application data.

75. The credit application and routing system according to claim 73, wherein the processor includes facsimile means for implementing telefax transmission of at least one of the credit application data and the decision data.

76. The credit application and routing system according to claim 75, wherein the facsimile means implements automatic faxing of an electronic credit application, in standardized fax format, to a funding source when normal lines of communications are down, or when the funding source does not utilize a system capable of receiving an application in other than fax format;

wherein standardized fax format comprises a format which is standard for a funding source to which the fax is directed, the data being organized in a format matching the unique requirements of a respective funding source.

77. The credit application and routing system according to claim 74, further comprising means for maintaining a database of faxed applications and electronically submitted applications, means for providing fax forwarding of applications from one funding source to another, and means for maintaining faxed status indications for respective application data.

78. The credit application and routing system according to claim 74, further comprising means for interfacing with an electronic communications network to transmit data thereover;

wherein the facsimile means provides faxing capabilities to funding sources which are not connected to the electronic communications network, and provides faxing of applications even to network connected funding sources as a backup when the network is down or when the funding source system is not available over the network.

79. The credit application and routing system according to claim 74, wherein the facsimile means comprises:

means for fax queuing, means for handling fax failures, and means for entering and modifying a fax number.