System and method for transmitting and processing loan data

• US 6,438,526 B1
• Filed: 03/29/1999
• Issued: 08/20/2002
• Est. Priority Date: 09/09/1998
• Status: Expired due to Fees

• Current Assignee: Frederick T. Dykes, Richard J. Heiston
• Original Assignee: Frederick T. Dykes, Richard J. Heiston
• Inventors: Heiston, Richard J., Dykes, Frederick T.
• Primary Examiner(s): Coggins, Wynn
• Assistant Examiner(s): Garg, Yogesh C.
• Application Number:
  US09/277,771
• Time in Patent Office: 1,240 Days
• Field of Search: 705/38, 705/35, 705/37
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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: G06Q 40/08 Insurance

Abstract

An automated system for collecting and disseminating loan information over a network connection includes a server which receives loan data, including daily loan data, from lenders and stores the loan data in a database. A web server provides to users (e.g., brokers, correspondents, or retail loan customers) interactive web content including loan information and a list of loan criteria which would affect the quoted points, rate, cap, or margin associated with a particular loan. The web server receives a user'"'"'s applicable loan criteria selected from the list of possible loan criteria. And uses that applicable loan criteria and the loan data from the lender to create a list of adjustments to the points, rate, cap or margin. A quoted interest rate and the list of applicable adustments are transmitted by the web server to the user.

Claims

1. An automated system for collecting and disseminating loan information over a network connection, comprising:

means for receiving loan data comprising daily loan data from lenders and for storing said loan data in a database;

means for providing to a user, over said network connection, a list of possible loan criteria;

means for receiving, over said network connection, a user'"'"'s applicable loan criteria selected from said list of possible loan criteria;

means for using said applicable loan criteria and said loan data to create a list of loan adjustments, said loan adjustments comprising changes to costs, points, rates, margins, caps or life caps to be made if associated adjustment criteria are indicated as being applicable;

means for transmitting to said user over said network connection a quoted interest rate and said list of loan adjustments.

2. The automated system for collecting and disseminating loan information according to claim 1, wherein said loan adjustments comprise point adjustments, rate adjustments, or cap adjustments.

3. The automated system for collecting and disseminating loan information according to claim 1, wherein said loan data comprises data describing current interest rates, points, caps, or margins.

4. The automated system for collecting and disseminating loan information according to claim 1, further comprising means for interactively allowing a user to select, lock, and register a loan over said network connection.

5. The automated system for collecting and disseminating loan information according to claim 1, wherein said loan data further comprises loan product data which remains constant from day-to-day.

6. A method for collecting and disseminating loan information over a network connection, comprising the steps of:

providing a form to users via a network connection, said form including a series of possible adjustment criteria, adjustments to costs, points, rates, margins, caps or life caps associated with said criteria, and means associated with each of said adjustment criteria for allowing said user to indicate that a criterium is applicable;

receiving via said network connection user input indicating that particular criteria among said adjustment criteria are applicable;

providing to said user over said network connection a report showing user-selected applicable adjustments to terms of a quoted loan product.

7. The method for collecting and disseminating loan information over a network according to claim 6, further comprising the step of:

receiving over said network connection an indication that said user desires to lock said quoted loan product.

8. The method for collecting and disseminating loan information over a network according to claim 6, wherein said adjustments comprise adjustments to an interest rate, points, a cap, or a margin associated with said quoted loan product.