System and method for automatically processing loan applications

• US 7,395,239 B1
• Filed: 07/19/1999
• Issued: 07/01/2008
• Est. Priority Date: 07/19/1999
• Status: Expired due to Fees

• Current Assignee: American Business Financial Systems Incorporated
• Original Assignee: American Business Financial
• Inventors: Riseman, Milton
• Primary Examiner(s): Nguyen; Cuong
• Application Number:
  US09/357,066
• Time in Patent Office: 3,270 Days
• Field of Search: 705/35, 705 38- 39
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system and method for processing applications for loans secured by real estate, wherein an applicant is prompted for one or more parameters of a requested loan and for data regarding the applicant, data regarding the applicant'"'"'s credit is accessed based on data provided by the applicant, predetermined rules are applied to the received data, it is automatically determined whether to approve the loan based on the results of the application of the predetermined rules to the received data, if the loan is approved, one or more terms of the loan are automatically determined based on the results of the application of the predetermined rules to the received data, and the applicant is informed whether the loan was approved and one or more terms of the loan, if approved.

Claims

1. A method for processing applications for loans secured by real estate, comprising the steps of:

(a) prompting an applicant for one or more parameters of a requested loan, including loan amount information;

(b) prompting the applicant for data regarding the applicant, including information regarding real estate owned by the applicant to be used to secure the requested loan;

(c) automatically interfacing with at least one credit reporting service for real-time access and review of the applicant'"'"'s entire credit based on data provided by the applicant;

(d) applying a plurality of predetermined rules to the data received in steps (a) through (c);

(e) automatically applying loan criteria to the requested loan based on the parameters supplied by the applicant in step (a) and the results of step (d);

(f) automatically applying a plurality of strategies to the results of step (e) and generating a plurality of proposed loans based on the results of steps (d) and (e), wherein each of the proposed loans includes a unique set of loan terms; and

(g) presenting the applicant with the plurality of proposed loans, wherein steps (a) through (g) are performed during a single user session.

2. A method for processing applications for loans secured by real estate, comprising the steps of:

(a) prompting an applicant for one or more parameters of a requested loan;

(b) prompting the applicant for data regarding the applicant;

(c) automatically accessing and reviewing data regarding the applicant'"'"'s entire credit based on data provided by the applicant in step (b);

(d) applying predetermined rules to the data received in steps (a) through (c);

(e) automatically determining whether to approve the loan based on the results of step (d);

(f) if the loan is approved in step (e), automatically determining one or more terms of the loan based on the results of step (d);

(g) if the loan is not approved in step (e), automatically applying predetermined strategies to determine whether to adjust the loan parameters;

(h) if the loan is not approved in step (e) and it is determined in step (g) to adjust the loan parameters, automatically adjusting one or more loan parameters;

(i) repeating steps (d) through (b) for no more than a predetermined number of iterations until the loan is approved in step (e); and

(j) informing the applicant whether the loan was approved and of one or more terms of the loan, if approved.