Customized consumer loan search and optimized loan pricing
First Claim
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1. A computer-accessible medium having encoded thereon instructions to present a consumer with available loan products with associated pricing, wherein the instructions, when executed by a computing apparatus, cause the computing apparatus to:
- compare the consumer profile to at least one of existing lender guideline criteria and combined criteria of a plurality of lenders;
reject lenders that will not offer loan products to the consumer;
compare the consumer profile to available lender loan products;
obtain a number of available loan products;
at least one of calculating or determining base rate and yield spread rate for the available loan products wherein determining the base rate and yield spread rate further comprises creating a pricing matrix within a lender database and increase or decrease the rate pricing of a loan product based on predefined criteria to calculate or determine lender rates for the loan product; and
,rank and present the loan products according to interest rate, monthly payment, or annual percentage rate (APR) or other output in an interactive interface.
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Abstract
The invention relates to methods that create and update a centralized and searchable database of lenders'"'"' underwriting and pricing guidelines that can be utilized by the consumer and to a system that matches the consumer'"'"'s qualifications and needs to the best available loan products with associated rate pricing.
37 Citations
12 Claims
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1. A computer-accessible medium having encoded thereon instructions to present a consumer with available loan products with associated pricing, wherein the instructions, when executed by a computing apparatus, cause the computing apparatus to:
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compare the consumer profile to at least one of existing lender guideline criteria and combined criteria of a plurality of lenders; reject lenders that will not offer loan products to the consumer; compare the consumer profile to available lender loan products; obtain a number of available loan products; at least one of calculating or determining base rate and yield spread rate for the available loan products wherein determining the base rate and yield spread rate further comprises creating a pricing matrix within a lender database and increase or decrease the rate pricing of a loan product based on predefined criteria to calculate or determine lender rates for the loan product; and
,rank and present the loan products according to interest rate, monthly payment, or annual percentage rate (APR) or other output in an interactive interface. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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Specification