Automated loan processing system and method

• US 7,555,459 B2
• Filed: 10/02/2001
• Issued: 06/30/2009
• Est. Priority Date: 10/02/2000
• Status: Expired due to Fees

• Current Assignee: International Projects Consultancy Services (IPCS), Inc.
• Original Assignee: International Projects Consultancy Services (IPCS), Inc.
• Inventors: Ahles, James, Dhar, Kuldeep K., Dhar, Anupa
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): Shrestha; Bijendra K
• Application Number:
  US09/970,276
• Publication Number:
  US 20020040339A1
• Time in Patent Office: 2,828 Days
• Field of Search: 705/35, 705/38, 705/39
• US Class Current: 705/38
• CPC Class Codes: A61G 7/0503 Holders, support devices for receptacles, e.g. for drainage or urine bags hanging-up devices for infusion A61M5/1414
• CPC Class Codes: A61J 9/00 Feeding-bottles in general
• CPC Class Codes: B65D 25/2873 Straps or slings
• CPC Class Codes: B65D 81/3881 formed with double walls, i.e. hollow
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/06316 Sequencing of tasks or work
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A workflow engine for rendering instant credit decisions includes a workflow designer, a web site interface, a database, checklists created by the workflow designer and associated with at least one loan offering, and a messaging system for brokering messages between a consumer and a lender. The workflow engine accepts web-based loan applications, processes the loan applications programmatically, and renders a loan decision within seconds. The workflow engine uses checklists to evaluate loan applications. Each checklist is associated with one loan offering and one lender. Multiple lenders offer multiple loan offerings through the system to compete for consumer/borrowers. The system evaluates loan applications and renders a programmatic loan decision without human intervention, subject to verification of the application data.

Claims

1. An automated loan system, the system comprising:

a computer processor for processing a collection of software components;

a computer-readable memory for storing the collection of software components; and

the collection of software components stored in computer-readable memory on a single platform, the collection comprising;

a software component for lenders to establish configurable workflow checklists in real-time in which a plurality of differentiated tasks are set up and are made available for a plurality of loan types;

wherein each workflow task can avail of a plurality of existing or new underlying business parameter objects that can be embedded for workflow task automation;

a data dictionary unique to the loan type associated with each workflow, wherein each workflow for any loan type is driven by the associated data dictionary, the software component for lenders having the ability to use, handle and manage the data-dictionary and to generate entry conditions and rules;

a database for the software components allowing the lenders to establish entry conditions for any of the plurality of differentiated tasks, allowing the lenders to modify and add entry conditions, business parameter objects, rules, and also containing loan offerings data specific to each of a plurality of lenders;

wherein the collection of software components provides the lenders the flexibility to dynamically re-order and rearrange workflow checklists without restarting an application server or reinstalling the collection of software components to drive lending rules for plurality of differentiated loan types in real-time, without any dependence on costly and time consuming programming changes;

an integrated web application interface providing a loan-type specific credit application form for a consumer to complete, the website interface providing a field for the consumer to select a category of loan offerings from a plurality of loan offering categories;

a network-accessible lender partner software component linked as part of the business parameter objects for loan offerings for products offered by lender partners; and

a workflow engine for evaluating a completed credit application automatically using the loan process checklist and for generating an instant loan offer for qualified credit applications.

2. The automated loan system of claim 1, wherein the instant loan offer is conditioned on verification of information contained in the completed credit application against a reference data source.

3. The automated loan system of claim 1, further comprising:

a bank database containing a plurality of records, each record being associated with a single financial institution, each record representing a checklist for a loan category and type, each task in each checklist containing at least one selection criterion.

4. The automated loan system of claim 1, wherein one or more of the plurality of records contains an instant offer associated with the at least one selection criterion of at least one of the plurality of tasks.

5. The automated loan system of claim 1, wherein the lender interface allows an officer of the lender to access rejected credit applications.

6. The automated loan system of claim 1, wherein each task has at least one associated selection criteria determined by a lender.

7. A computer implemented method for providing multiple instant Internet-based loan offers, the method comprising:

creating a plurality of differentiated and configurable tasks stored in computer-readable memory and available to lenders for a plurality of loan types;

creating a plurality of business parameter objects stored in computer-readable memory that can be embedded with any of the plurality of differentiated and configurable tasks by lenders for establishing a desired extent of automation of a chosen differentiated and configurable task;

dynamically creating rules by computer for any plurality of the loan types without any intervention or modification to software programming;

creating a rules database stored in computer-readable memory that enables lenders to establish entry conditions for any of the plurality of differentiated tasks;

configuring workflow parameters associated with a checklist stored in computer-readable memory for each loan offered, wherein the checklist includes a selected number of the plurality of differentiated tasks as well as entry conditions that are associated with each of the differentiated and configurable tasks, and wherein the checklist associates business parameter objects with each of the selected number of the plurality of differentiated and configurable tasks for performing desired functionality in an order as established as part lender-specific workflow process automation;

storing the workflow parameters in a database that resides in a computer-readable storage medium;

providing a website interface for Internet-based credit applications by a consumer wherein the website interface is accessible with a computer;

receiving a completed Internet-based credit application;

parsing the completed Internet-based credit application to determine a loan type from a plurality of available loan offering categories;

retrieving the checklist and associated workflow parameters from the database;

evaluating the completed Interact-based credit application using the checklist and associated workflow parameters, the evaluation process for detecting qualified credit applications, wherein the completed Internet-based credit application is evaluated by performing the differentiated and configurable tasks for which the entry conditions are satisfied as a function of data contained in the completed Internet-based credit application;

generating an instant loan offer from a lender for qualified credit applications; and

providing real-time information updates to all parties associated in the workflow based on the defined business parameter objects selected for the checklist.

8. The method according to claim 7, wherein evaluating the completed Internet-based credit application comprises:

retrieving a credit score associated with the consumer from a credit bureau; and

evaluating the retrieved credit score against the associated workflow parameters.

9. The method according to claim 7, wherein evaluating the completed Internet-based credit application comprises:

weighting information provided in the completed Internet-based credit application according to an index created by a lender.

10. The method according to claim 9, the method further comprising:

generating an average weighted score; and

processing the average weighted score programmatically against the workflow checklist and associated selection criteria.

11. The method according to claim 7, the method further comprising:

displaying the instant offer on a secure web page for the consumer.

12. A system for programmatically rendering a loan decision, the system comprising:

a computer processor for processing a collection of software components;

a computer-readable memory for storing the collection of software components; and

a dynamic data dictionary component stored in computer-readable memory with foundation designed to enable generation of application-specific lending workflows in real-time, and allowing lenders to add additional data dictionary fields for any workflow application to create an application-specific data dictionary without any programming effort;

a workflow designer operable via at least one computer processor for lenders to dynamically set up configurable workflows comprising differentiated tasks made available for a plurality of loan types based on the application-specific data-dictionary and to embed a plurality of business parameter objects that can be linked with any of the plurality of differentiated tasks within a given workflow, wherein the differentiated tasks can each be a conditional task, an automated task, an automated timed task, a person-based task, or a person-timed based task, and wherein the workflow designer provides flexibility for the lenders to dynamically modify deployed workflows as part of business planning and process optimization including adding or deleting a differentiated task for a workflow for any loan type and for redefining the degree of automation for each task by embedding new or existing business parameter objects in real-time and to dynamically modify loan selection criteria;

a rules database stored in computer-readable memory dynamically managed for establishing entry conditions for any of the plurality of differentiated tasks; and

a workflow engine operable via at least one computer processor for processing loan applications by dynamically identifying the appropriate checklist applicable to the loan type and processing the differentiated tasks of the checklist in the order defined by the workflow for which the associated entry conditions are satisfied and for generating an instant loan decision, the workflow engine capable of transmitting the instant loan decision to a consumer securely in real-time, the workflow engine capable of brokering communications between the consumer and a lender associated with the instant loan decision, the workflow engine further comprising a messaging system for routing communications between the consumer, the lender, and all partners associated with the loan decision, the messaging system providing a digital record of an instant loan offer, and acceptance of the instant loan offer, and a communication record associated with offer acceptance.

13. The system of claim 12, the system further comprising:

means for verifying a loan application according to a digital signature associated with the consumer.

14. The system according to claim 12, wherein the selection criteria include a weighted average of information contained in the loan application of the consumer, the information including gross income and outstanding debt.