System and method for conducting loan auction over computer network
First Claim
1. A computer system for conducting aloan auction, said computer system comprising:
- (a) at least one computer;
(b) at least one computer network connected to said computer;
(c) means for receiving an electronic loan application from a prospective borrower over said at least one computer network;
(d) means for electronically forwarding loan application information to a loan authorizer over said at least one computer network or another computer network;
(e) means for receiving form said loan authorizer an electronic message indicating whether or not such loan application is approved;
(f) means for entering a record of such loan application into a database elecrtonically accessible to a plurality of prospective lenders over said at least one computer network or another computer network, if said message from said loan authorizer indicates that such loan has been approved;
(g) means for maintaining said record of such loan application in said database accessible to said plurality of prospective lenders for predetermined period of time;
(h) means for allowing said plurality of prospective lenders to submit bids over said at leasts one computer network on such loan application;
(i) means for allowing the prospective borrower to access information regarding said bids from said plurality of prospective lenders over said at least one computer network; and
(j) means for allowing the prospective borrower to accept a bid from said bids of said plurality of prospective lenders over said at least one computer network.
1 Assignment
0 Petitions
Accused Products
Abstract
A computer system for conducting an electronic loan auction over a computer network such as the Internet. The computer system includes a computer connected to the Internet, which performs the following functions: (1) receiving an electronic loan application form from a prospective borrower; (2) providing such application to a loan authorizer'"'"'s computer over the computer network for approval; (3) receiving an electronic message from the loan authorizer'"'"'s computer indicating whether or not such loan has been approved; (4) entering the loan application into a database that is accessible to lenders via the computer network, if the loan is approved; and (5) maintaining the loan application in the database for a predetermined period time during which lenders may submit bids and the borrower may accept a bid.
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Citations
15 Claims
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1. A computer system for conducting aloan auction, said computer system comprising:
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(a) at least one computer; (b) at least one computer network connected to said computer; (c) means for receiving an electronic loan application from a prospective borrower over said at least one computer network; (d) means for electronically forwarding loan application information to a loan authorizer over said at least one computer network or another computer network; (e) means for receiving form said loan authorizer an electronic message indicating whether or not such loan application is approved; (f) means for entering a record of such loan application into a database elecrtonically accessible to a plurality of prospective lenders over said at least one computer network or another computer network, if said message from said loan authorizer indicates that such loan has been approved; (g) means for maintaining said record of such loan application in said database accessible to said plurality of prospective lenders for predetermined period of time; (h) means for allowing said plurality of prospective lenders to submit bids over said at leasts one computer network on such loan application; (i) means for allowing the prospective borrower to access information regarding said bids from said plurality of prospective lenders over said at least one computer network; and (j) means for allowing the prospective borrower to accept a bid from said bids of said plurality of prospective lenders over said at least one computer network. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. Method for conducting a loan auction over a computer system comprising at least one computer and at least one computer network connected thereto, said method comprising the steps of:
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(a) receiving by said computer over said computer network an electronic loan application from a prospective borrower; (b) electronically forwarding loan application information to a loan authorizer over said at least one computer network or another computer network; (c) receiving from said loan authorizer over said computer network or said another network an electronic message indicating whether or not such loan application is approved; (d) entering a record of such loan application into a database that is electronically accessible to a plurality of prospective lenders over said at least one computer network or another computer network, if said message from said loan authorizer indicates that such loan application has been approved; (e) maintaining said loan application record in said data base accessible to said plurality of prospective lenders for a predetermined period of time; (f) allowing said plurality of prospective lenders to submit bids over said at least one computer network on such loan application; (g) allowing the prospective borrower to access information regarding said bids from said plurality of prospective lenders over said at least one computer network; and (h) allowing the prospective borrower to accept a bid from said bids of said plurality of prospective lenders over said at least one computer network. - View Dependent Claims (9, 10, 11)
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12. A computer system for conducting an auction, said computer system comprising:
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(a) at least one computer; (b) at least one computer network connected to said computer; (c) means for receiving an electronic auction request from an offeror over said at least one computer network; (d) means for receiving a request to participate such auction over said at least one computer network from at least one prospective bidder, the request including an identification of such prospective bidder; (e) means for providing the identification of such bidder to a credit authorizer over a computer network for credit approval; (f) means for receiving from said credit authorizer an electronic message indicating whether or not such prospective bidder is approved to participate in the auction; (g) means for entering a record of such auction into a database that is electronically accessible to the bidders approved by said credit authorizer; (h) means for maintaining said record of such auction request in said database accessible to the bidders approved by said credit authorizer for a predetermined period of time before a bid is accepted, thereby allowing the bidders approved by the credit authorizer to make bids over said at least one computer network and the offeror to accept a bid over said at least one computer network.
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13. Method for conducting an auction using a computer system comprising at least one computer and at least one computer network connected to said computer, said method comprising:
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(a) receiving an electronic auction request from an offeror over said at least one computer network; (b) receiving a request to participate in such auction over said at least one computer network from at least one prospective bidder, the request including an identification of such prospective bidder; (c) providing the identification of such bidder to credit authorizer over a computer network for credit approval; (d) receiving from said credit authorizer an electronic message indicating whether or not such prospective bidder is approved to participate in the auction; (e) entering a record of such request of auction into a database electronically accessible to the bidders approved by said credit authorizer; (f) maintaining said record of such auction request in said database accessible to the bidders approved by said credit authorizer for a predetermined period of time before a bid is accepted, thereby allowing the bidders approved by the credit authorizer to make bids over said at least one computer network and the offeror to accept a bid over said at least one computer network.
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14. A computer system for conducting a loan auction, said computer system comprising:
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(a) at least one computer; (b) at least one computer network connected to said computer; (c) means for receiving an electronic loan application from a prospective borrower over said at least one computer network; (d) means for electronically forwarding loan application information to a loan authorizer over said at least one computer network or another computer network; (e) means for receiving from said loan authorizer an electronic message indicating whether or not such loan application is approved; (f) means for entering a record of such loan application into a database electronically accessible to a plurality of prospective lenders over said at least one computer network or another computer network, if said message from said loan authorizer indicates that such loan has been approved; (g) means for maintaining said record of such loan application in said database accessible to said plurality of prospective lenders; (h) means for allowing said plurality of prospective lenders to submit bids, over said at least one computer network on such loan application; (i) means for allowing the prospective borrower to access information regarding said bids from said plurality of prospective lenders over said at least one computer network; and (j) means for allowing the prospective borrower to accept a bid from said bids of said plurality of prospective lenders over said at least one computer network.
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15. Method for conducting a loan auction over a computer system comprising at least one computer and at least one computer network connected thereto, said method comprising the steps of:
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(a) receiving by said computer over said computer network an electronic loan application from a prospective borrower; (b) electronically forwarding loan application information to a loan authorizer over said at least one computer network or another computer network; (c) receiving from said loan authorizer over said computer network or said another network an electronic message indicating whether or not such loan application is approved; (d) entering a record of the such loan application into a database that is electronically accessible to a plurality of prospective lenders over said at least one computer network or another computer network, if said message from said loan authorizer indicates that such loan application has been approved; (e) maintaining said loan application record in said data base accessible to said plurality of prospective lenders; (f) allowing said plurality of prosrective lenders to submit bids over said at least one computer network on such loan application in said database; (g) allowing the prospective borrower to access information regarding said bids from said plurality of prospective lenders over said at least one compute network; and (h) allowing the prospective borrower to accept a bid from said bids of said plurality of prospective lenders over said at least one computer network.
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Specification