Customized consumer loan search and optimized loan pricing

• US 8,321,335 B1
• Filed: 05/24/2011
• Issued: 11/27/2012
• Est. Priority Date: 03/27/2006
• Status: Expired due to Fees

• Current Assignee: Loaninsights LLC
• Original Assignee: Loaninsights LLC
• Inventors: Bramlage, William, Strike, Jonathan
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US13/115,034
• Time in Patent Office: 553 Days
• Field of Search: 705 10- 44
• US Class Current: 705/38
• 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 40/12 Accounting

Abstract

The invention relates to methods and systems for presenting a consumer with available loan products with associated pricing comprising comparing the consumer profile to available lender loan products, and optimizing available loan products based upon the consumer criteria, by matching the consumer'"'"'s qualifications and needs to the best available loan products with associated rate pricing, including combining a plurality of loan products from a single or plurality of lenders to give a consumer a best available loan product.

Claims

1. In a computer-accessible medium comprising a processing unit and a memory element, and having encoded thereon instructions, a method to present a consumer with available loan products with associated pricing, wherein the instructions cause the processing unit to perform steps comprising:

comparing the consumer profile to at least one of existing lender guideline criteria and combined criteria of a plurality of lenders;

rejecting lenders that will not offer loan products to the consumer;

comparing the consumer profile to available lender loan products;

obtaining a number of available loan products;

determining at least one of base rate and yield spread rate for the available loan products wherein determining the base rate or yield spread rate further comprises creating a pricing matrix within a lender database or databases and increasing or decreasing the rate pricing of a loan product based on predefined criteria to calculate lender rates for the loan product; and

ranking the loan products according to interest rate, monthly payment, or annual percentage rate (APR); and

presenting the ranked loan products via an interactive interface.

2. The method of claim 1 wherein the combined criteria of the said plurality of lenders further comprises combining and optimizing product selection according to the consumer profile to include multiple weighted products from different lending institutions.

3. The method of claim 1, wherein the instructions further automatically calculate consumer output criteria comprising lenders, loan products, rates, monthly payment totals, annual percentage rate (APR), lender fees, or a portion of the consumer profile.

4. The method of claim 1 further comprising calculating by the instructions on the computer-accessible medium, consumer output criteria which further comprises calculating title insurance cost, lender fees, or other closing costs and fees.

5. The method of claim 1 further comprising, allowing by the instructions on the computer-accessible medium, the consumer to modify their existing consumer profile to obtain alternative lending institutions'"'"' product rankings based on alternative search criteria.

6. The method of claim 1 further comprising, allowing by the instructions on the computer-accessible medium, a computing apparatus to communicate with other computer devices to obtain additional information or to allow a consumer to contact the lender or initiate or complete a transaction for one or more of the loan products as presented in the consumer output.

7. The method of claim 1 wherein the said obtaining the number of available loan products comprises obtaining a plurality of available loan products which offer a combination of loans, providing a combined loan, or a combination of loans, with overall lowest monthly payments, interest rates, annual percentage rate (APR), lender fees or overall lowest blended monthly payments, interest rates or annual percentage rate (APR) or lender fees.

8. The method of claim 7 wherein obtaining a combination loan product comprises obtaining the combination loan product from a single lending institution.

9. The method of claim 7 wherein obtaining a combination loan product comprises obtaining the combination loan product from a plurality of lending institutions.

10. The method of claim 1 wherein obtaining the said number of available loan products comprises obtaining single loan products with the corresponding monthly payments, interest rates, annual percentage rate (APR) or lender fees.

11. The method of claim 10 wherein obtaining the available loan product further comprises obtaining a new first loan, deed of trust, or mortgage with an existing second loan, deed of trust, or mortgage remaining in place.

12. The method of claim 10 wherein obtaining available loan products comprises obtaining a new second mortgage, loan, deed of trust, or line of credit with an existing first loan, deed of trust, or mortgage remaining in place.

13. The method of claim 1 wherein the available loan products are Conforming loans, and wherein comparing the consumer profile to existing lender guideline criteria comprises comparing the consumer profile to the guideline criteria of an established lender to determine eligibility for Conforming loan products, and obtaining available loan products further comprises obtaining a number of available Conforming loan products from multiple lenders.

14. The method of claim 13 further comprising presenting the Conforming loan products along with other loan products for which the consumer is or may be eligible.

15. The method of claim 14 further comprising at least one of allowing a computing apparatus to communicate with other computer devices to obtain additional information and allowing a consumer to contact the lender or initiate or complete a transaction for one or more of the loan products as presented in the consumer output.