Automated loan approval system

• US 8,326,748 B1
• Filed: 06/16/2010
• Issued: 12/04/2012
• Est. Priority Date: 11/15/2002
• Status: Expired due to Fees

• Current Assignee: IMX Incorporated
• Original Assignee: IMX Incorporated
• Inventors: Klein, Lawrence
• Primary Examiner(s): Havan, Thu Thao
• Application Number:
  US12/816,636
• Time in Patent Office: 902 Days
• Field of Search: 705 35- 40
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

The invention provides a method and system capable of automatic loan approval, in which lenders can both provide information to brokers regarding their loan policies, and in which brokers can obtain information regarding likely lender treatment of prospective borrowers. Thus, brokers search a database of possible loan programs made available by lenders, rather than lenders searching a database of possible loans made available by brokers.

Claims

1. A physical medium including information, said information being interpretable as instructions to a computing device

to maintain a database of loan programs, said loan programs being associated with one or more possible lenders, each said loan program being associated with a set of loan approval rules

to search said database responsive to at least one of

a broker history of loan approvals,

a broker history of loan performance,

associated with a broker associated with a possible loan request;

and

to provide automated approval of one or more selected said possible loan requests in response to said steps of searching.

2. A physical medium as in claim 1, including information

being interpretable as 2^nd instructions directing a computing device to select one or more loans in response to said search,

and in response to a broker fee associated with a selected loan program;

wherein said search of one or more loans relate to a statistical measure of at least one said broker fee.

3. A physical medium as in claim 1, including

information being interpretable as 2nd instructions to a computing device

said 2^nd instructions operatively coupled to said instructions to provide automated approval,

said 2nd instructions being responsive to a measure of loan volume provided automated approval.

4. A physical medium as in claim 3, wherein

said measure of loan volume is responsive to a set of loans approved in accordance with a selected set of loan programs.

5. A physical medium as in claim 3, wherein

said measure of loan volume is responsive to a set of loans approved on behalf of at least one of:

a selected loan officer, a selected team of loan officers.

6. A physical medium as in claim 3, wherein

said measure of loan volume is responsive to a set of loans provided automated approval.

7. A physical medium as in claim 1, wherein

said automated approval includes an automated lock for said loan request,

and is responsive to a set of loan adjustment rules,

said loan adjustment rules including a set of modifications to said automated lock, said modifications being applied after acceptance of said loan.

8. A physical medium including information, said information being interpretable by one or more computing devices

to include as a database of loan programs,

said loan programs being associated with one or more possible lenders, each said loan program being associated with a set of loan approval rules;

to include instructions directing said one or more computing devices

to search said database responsive to at least one of;

a broker history of loan approvals, or

a broker history of loan performance,

associated with a broker associated with said possible loan request; and

to include information indicative of an automated approval,

said information being coupled to said instructions to search, and

said information being coupled to said automated approval.

9. A physical medium as in claim 8, including

information, said information being interpretable by one or more computing devices,

said information being operatively coupled to said automated approval, and

said information being operatively coupled to a measure of loan volume.

10. A physical medium as in claim 9, including

information, said information being interpretable by one or more computing devices,

said information directing said one or more computing devices to

select a loan responsive to said search, and responsive to a broker fee associated with a selected loan program;

wherein said selection has an output related to a statistical measure of at least one said broker fee.

11. A physical medium as in claim 9, wherein

said automated approval includes an automated lock for said loan request,

and is responsive to a set of loan adjustment rules,

said loan adjustment rules including a set of modifications to said automated lock,

said modifications being applicable after acceptance of said loan.

12. A physical medium as in claim 9, wherein

said measure of loan volume is responsive to a set of loans approved in accordance with a selected set of loan programs.

13. A physical medium as in claim 9, wherein

said measure of loan volume is responsive to a set of loans approved on behalf of one of:

a selected loan officer, a selected team of loan officers.

14. A physical medium as in claim 9, wherein

said measure of loan volume is responsive to a set of loans having automated approval.