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Closed loop financial transaction method and apparatus

DC
  • US 5,940,811 A
  • Filed: 10/15/1996
  • Issued: 08/17/1999
  • Est. Priority Date: 08/27/1993
  • Status: Expired due to Fees
First Claim
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1. An automatic loan processing system providing real time loan processing without human intervention for applicants located at a remote interface, said system comprising:

  • a. a remote applicant interface adapted to;

    i. allow a loan applicant to remotely request a loan from a financial institution; and

    ii. receive data from the loan applicant;

    b. a data processing system with associated memory having weighted underwriting criteria bearing on the ability and willingness of a borrower to repay a loan based on prescribed data obtained from the borrower and information about the borrower obtained from at least one database containing information about the borrower relevant to the ability and willingness of the borrower to repay a loan;

    c. a communication network electronically coupling said data processing system to said applicant interface;

    d. without human assistance, said data processing system adapted to;

    i. receive the data from the applicant received at the applicant interface;

    ii. access the at least one database for information relevant to the loan applicant'"'"'s ability and willingness to repay the loan;

    iii. compare certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the applicant'"'"'s ability and willingness to repay the loan with said weighted underwriting criteria to provide an underwriting score;

    iv. based on the underwriting score, determine in real time and without human assistance if the loan applicant'"'"'s requested loan is approved; and

    v. send a result to the remote applicant interface informing the loan applicant whether or not the requested loan was approved.

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