Processing loan transactions

• US 8,606,692 B2
• Filed: 11/08/2010
• Issued: 12/10/2013
• Est. Priority Date: 11/08/2010
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Carleton, Diane Courie, Rains, Gordon Bruce, Robinson, Sean Michael, East, Twila Dawn, Holeman, Heather Leigh, Rossi, Matthew John, Sheppard, Juanita Long
• Primary Examiner(s): Wong, Eric T
• Assistant Examiner(s): BAIRD, EDWARD J
• Application Number:
  US12/941,820
• Publication Number:
  US 20120116940A1
• Time in Patent Office: 1,128 Days
• Field of Search: 705 35- 40
• 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

Abstract

In an exemplary embodiment, a method includes receiving first financial information associated with a first loan system, wherein the first financial information is in a first format associated with the first loan system and converting, by a processor, the first financial information to a common format. The method also includes receiving second financial information associated with a second loan system, wherein the second financial information is in a second format associated with the first loan system; converting, by a processor, the second financial information to the common format; and communicating the first financial information and the second financial information to a user.

Claims

1. A method, comprising:

receiving, from a user of an online web portal, a request associated with a financial transaction;

determining, by one or more processors, a class of the user;

selecting, by at least one of the one or more processors, based on the class of the user, a first loan system communicatively coupled to a network and a second loan system communicatively coupled to the network from a plurality of loan systems communicatively coupled to the network responsive to the request;

determining, by at least one of the one or more processors, that the request is for a payment to a loan obligation associated with one or more of the first loan system and the second loan system;

determining, by at least one of the one or more processors, that the request is subject to a pre-payment penalty;

receiving a designation of a deposit account as the source of the payment from the user;

determining, by at least one of the one or more processors, that the request fails criteria associated with at least one from the set comprising the first loan system and the second loan system and cannot be granted by the one or more processors;

in response to determining that the request fails the criteria and cannot be granted by the one or more processors;

communicating, through the web portal, an initiation response to the user, the initiation response indicating that processing of the request has been initiated without indicating to the user that the request failed the criteria and cannot be granted by the one or more processors; and

communicating the request to an administrator associated with the class of the user;

receiving, from the administrator, authorization to grant the request; and

applying, by at least one of the one or more processors, the payment and the pre-payment penalty to the loan obligation and to the deposit account upon receiving the authorization from the administrator, wherein the request is communicated to the administrator based at least in part on an association of the administrator with pre-payment penalty requests.

2. The method of claim 1, wherein the first loan system is a commercial banking system that provides one or more of the following:

tiered commitments, flat and accrual fees, participations, syndications, late fees, collateral tracking, and indirect liabilities.

3. The method of claim 1, wherein the second loan system is a commercial banking system that provides one or more of the following:

term loans, revolving lines of credit, syndications, participations, pricing options, flat and accrual fees, and multi-currency credits.

4. The method of claim 1, wherein the first financial information and the second financial information include account information, obligation information, and payment information.

5. The method of claim 1, wherein the online web portal includes a graphical user interface for servicing loans online.

6. The method of claim 1, further comprising:

determining, by at least one of the one or more processors, that the request is for a cash advance on a loan obligation associated with one or more of the first loan system and the second loan system;

receiving a designation of a deposit account as the destination of the cash advance from the user; and

applying, by at least one of the one or more processors, the cash advance to the loan obligation and to the deposit account upon receiving the authorization from the administrator, wherein the request is communicated to the administrator based at least in part on an association of the administrator with cash advance requests.

7. A non-transitory computer readable medium comprising logic, the logic, when executed by one or more processors, operable to:

receive, from a user of an online web portal, a request associated with a financial transaction;

determine a class of the user;

select, based on the class of the user, a first loan system communicatively coupled to a network and a second loan system communicatively coupled to the network from a plurality of loan systems communicatively coupled to the network responsive to the request;

determine that the request is for a payment to a loan obligation associated with one or more of the first loan system and the second loan system;

determine that the request is subject to a pre-payment penalty;

receive a designation of a deposit account as the source of the payment from the user;

determine that the request fails criteria associated with at least one from the set comprising the first loan system and the second loan system and cannot be granted by the one or more processors;

in response to determining that the request fails the criteria and cannot be granted by the one or more processors;

communicate, through the web portal, an initiation response to the user, the initiation response indicating that processing of the request has been initiated without indicating to the user that the request failed the criteria and cannot be granted by the one or more processors; and

communicate the request to an administrator associated with the class of the user;

receive, from the administrator, authorization to grant the request; and

apply the payment and the pre-payment penalty to the loan obligation and to the deposit account upon receiving the authorization from the administrator, wherein the request is communicated to the administrator based at least in part on an association of the administrator with pre-payment penalty requests.

8. The computer readable medium of claim 7, wherein the first loan system is a commercial banking system that provides one or more of the following:

tiered commitments, flat and accrual fees, participations, syndications, late fees, collateral tracking, and indirect liabilities.

9. The computer readable medium of claim 7, wherein the second loan system is a commercial banking system that provides one or more of the following:

term loans, revolving lines of credit, syndications, participations, pricing options, flat and accrual fees, and multi-currency credits.

10. The computer readable medium of claim 7, wherein the first financial information and the second financial information include account information, obligation information, and payment information.

11. The computer readable medium of claim 7, the logic further operable to:

determine that the request is for a cash advance on a loan obligation associated with one or more of the first loan system and the second loan system;

receive a designation of a deposit account as the destination of the cash advance from the user; and

apply the cash advance to the loan obligation and to the deposit account upon receiving the authorization from the administrator, wherein the request is communicated to the administrator based at least in part on an association of the administrator with cash advance requests.

12. A system, comprising:

an interface operable to;

receive, from a user of an online web portal, a request associated with a financial transaction;

one or more processors communicatively coupled to the interface and operable to;

determine a class of the user;

select, based on the class of the user, a first loan system communicatively coupled to a network and a second loan system communicatively coupled to the network from a plurality of loan systems communicatively coupled to the network responsive to the request;

determine that the request is for a payment to a loan obligation associated with one or more of the first loan system and the second loan system; and

determine that the request is subject to a pre-payment penalty;

the interface further operable to receive a designation of a deposit account as the source of the payment from the user;

at least one of the one or more processors further operable to determine that the request fails criteria associated with at least one from the set comprising the first loan system and the second loan system and cannot be granted by the one or more processors;

the interface further operable to;

in response to determining that the request fails the criteria and cannot be granted by the one or more processors;

communicate, through the web portal, an initiation response to the user, the initiation response indicating that processing of the request has been initiated without indicating to the user that the request failed the criteria and cannot be granted by the one or more processors; and

communicate the request to an administrator associated with the class of the user; and

receive, from the administrator, authorization to grant the request; and

at least one of the one or more processors further operable to apply the payment and the pre-payment penalty to the loan obligation and to the deposit account upon receiving the authorization from the administrator, wherein the request is communicated to the administrator based at least in part on an association of the administrator with pre-payment penalty requests.

13. The system of claim 12, wherein the first loan system is a commercial banking system that provides one or more of the following:

tiered commitments, flat and accrual fees, participations, syndications, late fees, collateral tracking, and indirect liabilities.

14. The system of claim 12, wherein the second loan system is a commercial banking system that provides one or more of the following:

term loans, revolving lines of credit, syndications, participations, pricing options, flat and accrual fees, and multi-currency credits.

15. The system of claim 12, wherein the first financial information and the second financial information include account information, obligation information, and payment information.

16. The system of claim 12, the one or more processors further operable to determine that the request is for a cash advance on a loan obligation associated with one or more of the first loan system and the second loan system;

the interface further operable to receive a designation of a deposit account as the destination of the cash advance from the user; and

the one or more processors further operable to apply the cash advance to the loan obligation and to the deposit account upon receiving the authorization from the administrator, wherein the request is communicated to the administrator based at least in part on an association of the administrator with cash advance requests.