Apparatus and method for automatically matching a best available loan to a potential borrower via global telecommunications network

• US 5,940,812 A
• Filed: 08/19/1997
• Issued: 08/17/1999
• Est. Priority Date: 08/19/1997
• Status: Expired due to Fees

• Current Assignee: LoanMarket Resources LLC (Determine, Inc.)
• Original Assignee: LoanMarket Resources LLC (Determine, Inc.)
• Inventors: Mataya, L. Darryl, Tengel, Cary G., Farin, Thomas A., Kowal, Michael L.
• Primary Examiner(s): Teska, Kevin J.
• Assistant Examiner(s): Fink, Mark J.
• Application Number:
  US08/914,633
• Time in Patent Office: 728 Days
• Field of Search: 705/38, 395/238, 364/408
• US Class Current: 705/38
• 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

Abstract

A loan origination system including an apparatus and method for automatically matching a best available loan to a potential borrower, via a global telecommunications network. The loan origination system of the present invention brings together via the global telecommunications network potential borrowers and lenders. The loan origination system accepts and stores into a database borrower attributes entered by a potential borrower requesting a loan, via the global telecommunications network. The loan origination system also accepts and stores into the database credit related information regarding the potential borrower sent from at least one credit bureau. The loan origination system stores into the database respective loan acceptance criteria and respective loan attributes for an offered loan. The loan origination system compares the borrower attributes of the potential borrower with all of the loan acceptance criteria stored in the database to determine any available loans for the potential borrower. The loan attributes of the available loans are analyzed to determine rankings of best loans. From the rankings of best loans, the borrower chooses a selected loan provided by a selected lender. A loan application is automatically generated from the borrower attributes and is automatically sent to the selected lender for loan approval. In addition, the loan origination system of the present invention provides to a lender information regarding borrowers and/or other competitive lenders in the loan market.

Claims

1. An apparatus for automatically matching a best available loan to a potential borrower having borrower attributes, via a global telecommunications network, the apparatus comprising:

a consumer terminal, operatively coupled to the global telecommunications network, for accepting a first portion of borrower attributes entered by the potential borrower into the consumer terminal; and

a server terminal, operatively coupled to the global telecommunications network, the server terminal including;

a database for storing the first portion of the borrower attributes sent to the server terminal by the consumer terminal via the global telecommunications network, and for storing a second portion of the borrower attributes provided by a credit bureau, and for storing a respective loan acceptance criteria and respective loan attributes for each loan that is potentially available to the potential borrower; and

a data processor for comparing the borrower attributes with each of the respective loan acceptance criteria stored in the database to determine any available loans, and for determining a ranking of best loans among the available loans depending on the respective loan attributes of each available loan,

and wherein the server terminal is located with an affiliation of lenders and wherein each of the at least one loan is provided by the affiliation of lenders.

6. The apparatus of claim 1, wherein the consumer terminal accepts a selected loan provided by a selected lender as chosen by the potential borrower from the ranking of best loans, and wherein the data processor generates a loan application from the borrower attributes and sends the loan application via the global telecommunications network to the selected lender for loan approval.

7. The apparatus of claim 1, further comprising:

a screen on the consumer terminal for displaying the ranking of best loans to the potential borrower, via the global telecommunications network.

8. The apparatus of claim 1, further comprising:

a web-page that is down-loaded via the global telecommunications network which is the Internet to the consumer terminal, for allowing entry of the first portion of the borrower attributes by the potential borrower.

9. The apparatus of claim 1, further comprising:

a credit bureau interface, disposed on the server terminal, for acquiring the second portion of the borrower attributes from at least one credit bureau.

10. The apparatus of claim 1, wherein the processor determines a first ranking of best loans for each loan attribute.

11. The apparatus of claim 1, wherein the processor determines a second ranking of best loans from a respective composite score from a weighting of each loan attribute for each available loan.

12. The apparatus of claim 11, wherein the weighting of the loan attributes includes a respective weighting factor for each loan attribute that is a predetermined default value.

13. The apparatus of claim 11, wherein the weighting of the loan attributes includes a respective weighting factor that is selected by the potential borrower for each loan attribute.

14. The apparatus of claim 1, wherein the database stores a respective weighting factor for each element of the respective loan acceptance criteria, and wherein the data processor uses an overall weighting score in determining any available loans.

2. An apparatus for automatically matching a best available loan to a potential borrower having borrower attributes, via a global telecommunications network, the apparatus comprising:

a consumer terminal, operatively coupled to the global telecommunications network, for accepting a first portion of borrower attributes entered by the potential borrower into the consumer terminal;

a server terminal, operatively coupled to the global telecommunications network, the server terminal including;

a database for storing the first portion of the borrower attributes sent to the server terminal by the consumer terminal via the global telecommunications network, and for storing a second portion of the borrower attributes provided by a credit bureau, and for storing a respective loan acceptance criteria and respective loan attributes for each loan that is potentially available to the potential borrower; and

a data processor for comparing the borrower attributes with each of the respective loan acceptance criteria stored in the database to determine any available loans, and for determining a ranking of best loans among the available loans depending on the respective loan attributes of each available loan; and

a respective lender terminal, for each of a plurality of lenders, operatively connected to the global telecommunications network for accepting a respective loan acceptance criteria and respective loan attributes for each loan provided by each of the lenders and for sending the respective loan acceptance criteria and the respective loan attributes to the database via the global telecommunications network.

15. The apparatus of claim 2, wherein the consumer terminal accepts a selected loan provided by a selected lender as chosen by the potential borrower from the ranking of best loans, and wherein the data processor generates a loan application from the borrower attributes and sends the loan application via the global telecommunications network to the selected lender for loan approval.

16. The apparatus of claim 2, further comprising:

a screen on the consumer terminal for displaying the ranking of best loans to the potential borrower, via the global telecommunications network.

17. The apparatus of claim 2, further comprising:

a web-page that is down-loaded via the global telecommunications network which is the Internet to the consumer terminal, for allowing entry of the first portion of the borrower attributes by the potential borrower.

18. The apparatus of claim 2, further comprising:

a credit bureau interface, disposed on the server terminal, for acquiring the second portion of the borrower attributes from at least one credit bureau.

19. The apparatus of claim 2, wherein the processor determines a first ranking of best loans for each loan attribute.

20. The apparatus of claim 2, wherein the processor determines a second ranking of best loans from a respective composite score from a weighting of each loan attribute for each available loan.

21. The apparatus of claim 20, wherein the weighting of the loan attributes includes a respective weighting factor for each loan attribute that is a predetermined default value.

22. The apparatus of claim 20, wherein the weighting of the loan attributes includes a respective weighting factor that is selected by the potential borrower for each loan attribute.

23. The apparatus of claim 2, wherein the database stores a respective weighting factor for each element of the respective loan acceptance criteria, and wherein the data processor uses an overall weighting score in determining any available loans.

3. An apparatus for automatically matching a best available loan to a potential borrower having borrower attributes, via a global telecommunications network, the apparatus comprising:

means for accepting and sending a first portion of the borrower attributes entered by the potential borrower, via the global telecommunications network;

means for accepting a second portion of the borrower attributes sent from at least one credit bureau;

means for storing the borrower attributes;

means for storing a respective loan acceptance criteria and respective loan attributes for each of at least one loan that is potentially available to the potential borrower;

means for comparing the borrower attributes with each of the loan acceptance criteria to determine any available loans for the potential borrower;

means for determining a ranking of best loans among the available loans depending on the respective loan attributes of each available loan; and

means for accepting a respective loan acceptance criteria and respective loan attributes for each loan provided by each of a plurality of lenders via the global telecommunications network.

24. The apparatus of claim 3, further comprising:

means for accepting a selected loan provided by a selected lender as chosen by the potential borrower from the ranking of best loans; and

means for generating a loan application from the borrower attributes and for sending the loan application via the global telecommunications network to the selected lender for loan approval.

25. The apparatus of claim 3, wherein each of the at least one loan is provided by an affiliation of lenders.

26. The apparatus of claim 3, further comprising:

means for displaying the ranking of best loans to the potential borrower via the global telecommunications network.

32. The method of claim 3, wherein the weighting of the loan attributes includes a respective weighting factor for each loan attribute that is a predetermined default value.

4. A method for automatically matching a best loan to a potential borrower having borrower attributes, via a global telecommunications network, the method comprising the steps of:

A. accepting a first portion of the borrower attributes entered by the potential borrower, via the global telecommunications network into a database;

B. accepting a second portion of the borrower attributes sent by a credit bureau into the database;

C. storing into the database a respective loan acceptance criteria and respective loan attributes for at least one loan that is potentially available to the potential borrower;

D. comparing the set of borrower attributes with each of the loan acceptance criteria stored in the database to determine any available loans for the potential borrower;

E. determining a ranking of best loans among the available loans depending on the respective loan attributes of each available loan; and

F. accepting a respective loan acceptance criteria and respective loan attributes for each loan provided by each of a plurality of lenders via the global telecommunications network.

27. The method of claim 4, further including the steps of:

accepting a selected loan provided by a selected lender as chosen by the potential borrower from the ranking of best loans; and

generating a loan application from the borrower attributes and sending the loan application via the global telecommunications network to the selected lender for loan approval.

28. The method of claim 4, further including the step of:

displaying the ranking of best loans to the potential borrower via the global telecommunications network.

29. The method of claim 4, wherein step A further includes the step of:

downloading a web-page via the global telecommunications network to a terminal of the potential borrower, for allowing entry of the first portion of the borrower attributes by the potential borrower.

30. The method of claim 4, wherein step E further includes the step of:

determining a first ranking of best loan for each of the loan attributes.

31. The method of claim 4, wherein step E further includes the step of:

determining a second ranking of best loans from a respective composite score from a weighting of the respective loan attributes for each of the available loans.

33. The method of claim 31, wherein the weighting of the loan attributes includes a respective weighting factor that is selected by the potential borrower for each loan attribute.

34. The method of claim 31, wherein step C includes the step of storing into the database a respective weighting factor for each element of the respective loan acceptance criteria, and wherein step D includes using an overall weighting score in determining any available loans.

35. The method of claim 4, further comprising the step of:

sending information via the global telecommunications network to a registered lender regarding borrower performance for specified loan acceptance criteria as entered by the registered lender.

36. The method of claim 4, further including the steps of:

accepting the specified loan acceptance criteria as entered by the registered lender;

accepting performance data of existing loans having lenders with the specified loan acceptance criteria, sent from at least one credit bureau;

calculating specified performance characteristics from the performance data; and

sending the specified performance characteristics to the registered lender via the global telecommunications network.

5. A method for automatically matching a best loan to a potential borrower having borrower attributes, via a global telecommunications network, the method comprising the steps of:

A. accepting a first portion of the borrower attributes entered by the potential borrower, via the global telecommunications network into a database;

B. accepting a second portion of the borrower attributes sent by a credit bureau into the database;

C. storing into the database a respective loan acceptance criteria and respective loan attributes for at least one loan that is potentially available to the potential borrower;

D. comparing the set of borrower attributes with each of the loan acceptance criteria stored in the database to determine any available loans for the potential borrower;

E. determining a ranking of best loans among the available loans depending on the respective loan attributes of each available loan;

F. sending information via the global telecommunications network to a registered lender regarding borrower performance for specified loan acceptance criteria as entered by the registered lender; and

G. sending information via the global telecommunications network to a registered lender regarding loan attributes provided by other registered lenders also having the specified loan acceptance criteria.

37. The method of claim 5, further including the steps of:

accepting a selected loan provided by a selected lender as chosen by the potential borrower from the ranking of best loans; and

generating a loan application from the borrower attributes and sending the loan application via the global telecommunications network to the selected lender for loan approval.

38. The method of claim 5, wherein each of the at least one loan is provided by one lender.

39. The method of claim 5, wherein each of the at least one loan is provided by an affiliation of lenders.

40. The method of claim 5, further including the step of:

accepting a respective loan acceptance criteria and respective loan attributes for each loan provided by each of a plurality of lenders via the global telecommunications network.

41. The method of claim 5, further including the step of:

displaying the ranking of best loans to the potential borrower via the global telecommunications network.

42. The method of claim 5, wherein step A further includes the step of:

downloading a web-page via the global telecommunications network to a terminal of the potential borrower, for allowing entry of the first portion of the borrower attributes by the potential borrower.

43. The method of claim 5, wherein step E further includes the step of:

determining a first ranking of best loan for each of the loan attributes.

44. The method of claim 5, wherein step E further includes the step of:

determining a second ranking of best loans from a respective composite score from a weighting of the respective loan attributes for each of the available loans.

45. The method of claim 44, wherein the weighting of the loan attributes includes a respective weighting factor for each loan attribute that is a predetermined default value.

46. The method of claim 44, wherein the weighting of the loan attributes includes a respective weighting factor that is selected by the potential borrower for each loan attribute.

47. The method of claim 5, wherein step C includes the step of storing into the database a respective weighting factor for each element of the respective loan acceptance criteria, and wherein step D includes using an overall weighting score in determining any available loans.

48. The method of claim 5, further including the steps of:

accepting the specified loan acceptance criteria as entered by the registered lender;

accepting performance data of existing loans having lenders with the specified loan acceptance criteria, sent from at least one credit bureau;

calculating specified performance characteristics from the performance data; and

sending the specified performance characteristics to the registered lender via the global telecommunications network.