Method and system for vendor management

• US 7,707,055 B2
• Filed: 09/10/2004
• Issued: 04/27/2010
• Est. Priority Date: 09/12/2003
• Status: Expired due to Fees

• Current Assignee: Altisource Holdings, S.A.R.L. (Altisource Portfolio Solutions SA), Andrei Iancu, Ashley Moody Florida Office of The Attorney General and Successors Thereto, Jeanette Nunez Lieutenant Governor of Florida and Successors Thereto, Joan D. Heuer, Laurel M Lee Florida Secretary of State and Successors Thereto, Steven Mnuchin United States Secretary of The Treasury and Successors Thereto, Timothy E Gribben Commissioner For Bureau of The Fiscal Service Agency of The United States Department of The Treasury and Successors and Assigns Thereto
• Original Assignee: Altisource Solutions SARL (Altisource Portfolio Solutions SA)
• Inventors: Reno, Keith S., Castner, Arthur J., Behmoiras, Ralph J., Erbey, William C., Kennedy, Christopher
• Primary Examiner(s): Patel; Jagdish N
• Application Number:
  US10/937,879
• Publication Number:
  US 20050216395A1
• Time in Patent Office: 2,055 Days
• Field of Search: 705/26, 705/8, 705/29
• US Class Current: 705/7.38
• CPC Class Codes: G06Q 10/0639 Performance analysis of employees; Performance analysis of enterprise or organisation operations
• CPC Class Codes: G06Q 10/0875 Itemisation or classification of parts, supplies or services, e.g. bill of materials
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• 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 50/167 Closing

Abstract

A method and system for managing business transactions, such as mortgages or other financial transactions. A business transaction between an end user and a financial institution includes sub-transactions between the end user and a vendor. A software system performs functions to complete the business transaction. Automated ordering allows an end user to quickly and easily order a sub-transaction without input from the financial institution or the vendor, and also automatically orders sub-transactions upon satisfaction of a trigger event. Vendor management functionality allows a financial institution to manage the transactions of a vendor. Qualitative performance analysis functionality allows an end user to monitor and evaluate a vendor'"'"'s price, turn-around time, quality score, and overall score. Vendor distribution functionality distributes sub-transactions among vendors. Vendor management company functionality allows a vendor management company—a vendor that outsources some or all of its sub-transactions to independent service providers—to effectively use the system.

Claims

1. A computer-implemented method for electronically facilitating a transaction between a financial institution and an end user, the computer comprising a processor and an accessible repository, the method comprising:

receiving via the processor input specifying the transaction;

identifying via the processor at least one sub-transaction associated with the transaction; and

identifying via the processor a vendor from a plurality of vendors for the at least one sub-transaction on the basis of a calculated vendor score;

wherein identifying the at least one sub-transaction occurs automatically and comprises a trigger event triggering identifying the at least one sub-transaction, the trigger event comprising a completed second sub-transaction;

wherein the vendor score is calculated based on at least a vendor quality score and a vendor service score; and

wherein the at least one sub-transaction is identified as required or optional.

2. The method of claim 1, wherein the trigger event comprises a received input specifying the transaction.

3. The method of claim 1, wherein the trigger event comprises a third sub-transaction having a predetermined status.

4. The method of claim 1, wherein the trigger event comprises a satisfied decision rule.

5. The method of claim 4, wherein the decision rule is evaluated based on at least one selected from a group consisting of input specifying the transaction, a completed second sub-transaction, and a predetermined status of a third sub-transaction.

6. The method of claim 1, further comprising:

if the at least one sub-transaction is marked as optional, receiving via the processor input from the end user prior to identifying the vendor.

7. The method of claim 1, wherein identifying a vendor further comprises:

a trigger event triggering identifying a vendor.

8. The method of claim 7, wherein the trigger event comprises a received input specifying the transaction.

9. The method of claim 8, wherein the trigger event comprises a received input from the end user.

10. The method of claim 7, wherein the trigger event comprises a second completed sub-transaction.

11. The method of claim 7, wherein the trigger event comprises a third sub-transaction having a predetermined status.

12. The method of claim 7, wherein the trigger event comprises a satisfied decision rule.

13. The method of claim 12, wherein the decision rule is evaluated based on at least one selected from a group consisting of input specifying the transaction, a completed second sub-transaction, and a predetermined status of a third sub-transaction.

14. The method of claim 1, further comprising:

placing an order with the vendor to complete the sub-transaction.

15. The method of claim 14, wherein placing the order comprises:

a trigger event triggering placing the order.

16. The method of claim 15, wherein the trigger event comprises a received input specifying the transaction.

17. The method of claim 15, wherein the trigger event comprises a completed second sub-transaction.

18. The method of claim 15, wherein the trigger event comprises a third sub-transaction having a predetermined status.

19. The method of claim 15, wherein the trigger event comprises a satisfied decision rule.

20. The method of claim 19, wherein the decision rule is evaluated based on at least one selected from a group consisting of input specifying the transaction, a completed second sub-transaction, and a predetermined status of a third sub-transaction.

21. The method of claim 1, wherein the input specifying the transaction is received from the end user.

22. The method of claim 1, wherein the vendor is automatically identified.

23. The method of claim 1, wherein the vendor is manually identified.

24. The method of claim 23, wherein the vendor is manually identified by the end user.

25. The method of claim 1, further comprising:

obtaining via the processor at least one vendor property of the identified vendor.

26. The method of claim 25, wherein the at least one vendor property includes one selected from a group consisting of vendor capacity, vendor threshold, and vendor late-order ratio.

27. The method of claim 25, wherein obtaining the at least one vendor property comprises:

calculating via the processor the at least one vendor property.

28. The method of claim 25, wherein obtaining the at least one vendor property comprises:

receiving via the processor the at least one vendor property from an outside source.

29. The method of claim 25, wherein obtaining the at least one vendor property comprises:

receiving via the processor vendor data from an outside source.

30. The method of claim 25, further comprising:

displaying via the processor the at least one vendor property.

31. The method of claim 25, wherein the identified vendor is selected based on the at least one vendor property.

32. The method of claim 1, further comprising obtaining at least one vendor performance score.

33. The method of claim 32, wherein the at least one vendor performance score includes one selected from a group consisting of vendor price, vendor turn-around time, vendor quality score, vendor overall score.

34. The method of claim 32, wherein obtaining the at least one vendor performance score comprises:

calculating the at least one vendor performance score.

35. The method of claim 32, wherein obtaining the at least one vendor performance score comprises:

receiving the at least one vendor performance score from an outside source.

36. The method of claim 32, wherein obtaining the at least one vendor performance score comprises:

receiving vendor data from an outside source.

37. The method of claim 32, further comprising:

displaying the at least one vendor performance score.

38. The method of claim 32, wherein the identified vendor is selected based on the at least one vendor performance score.

39. A system having a processor and a data repository for electronically facilitating a transaction between a financial institution and an end user, comprising:

means for receiving input specifying the transaction;

first means for identifying that identify at least one sub-transaction associated with the transaction; and

second means for identifying a vendor from a plurality of vendors for the at least one sub-transaction based on a calculated vendor score;

wherein identifying the at least one sub-transaction occurs automatically, and the first means for identifying comprise a trigger event triggering identifying the at least one sub-transaction, the trigger event comprising a completed second sub-transaction; and

wherein the vendor score is calculated based on at least a vendor quality score and a vendor service score.