System and method of expedited credit and loan processing
DCFirst Claim
1. A method of expedited direct or indirect application approval and processing related to purchase of goods, services or programs, the method comprising the steps of:
- (a) providing at least one processing software program resident on a credit sale and loan processor computer having a server and a data storage device, the processing software program having or accessing at least one seller-selected consideration criterion wherein the seller has possession of at least one collateralizable article;
(b) populating predetermined identification information fields resident in the software with application-relevant information associated with a prospective individual purchaser of the collateralizable article under the control of a seller using an input device and transmitting the application relevant information to the credit sale and loan processor computer, wherein the application-relevant information also includes data regarding the collateralizable article;
(c) verifying the application-relevant information by the credit sale and loan processing software and generating at least one verification result command, the verification result command being one of either a computer-generated verification signal or a computer generated nonverification signal;
(d) upon receipt of a computer-generated verification indication, analyzing the application-relevant information against qualification parameters resident in the at least one software program and generating at least one output solution, wherein the output solution is one associated with a concluded credit sale transaction that is assignable by the seller to a financial institution.
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Abstract
A system and method of expedited credit approval and lending for an applicant initially pre-qualifies the applicant using an input device to obtain predetermined applicant identification information and transmits the applicant identification information to the credit and loan processor computer which verifies the applicant identification without pulling credit. If verified, applicant answers predetermined prescreen question to initially pre-qualify the applicant and the applicant'"'"'s answer is compared to a predetermined lender/dealer criteria for the prescreen question to determine whether to continue with the loan application if the applicant'"'"'s answer meets the predetermined lender/dealer criteria or end the loan application if the predetermined lender/dealer criteria is not met, before pulling credit. The source or transaction originator is notified of the decision. The credit and loan processor software program continues to pre-qualify the applicant using stated debt to income ratio for a selected loan type and if pre-qualified, then processes full credit.
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Citations
20 Claims
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1. A method of expedited direct or indirect application approval and processing related to purchase of goods, services or programs, the method comprising the steps of:
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(a) providing at least one processing software program resident on a credit sale and loan processor computer having a server and a data storage device, the processing software program having or accessing at least one seller-selected consideration criterion wherein the seller has possession of at least one collateralizable article; (b) populating predetermined identification information fields resident in the software with application-relevant information associated with a prospective individual purchaser of the collateralizable article under the control of a seller using an input device and transmitting the application relevant information to the credit sale and loan processor computer, wherein the application-relevant information also includes data regarding the collateralizable article; (c) verifying the application-relevant information by the credit sale and loan processing software and generating at least one verification result command, the verification result command being one of either a computer-generated verification signal or a computer generated nonverification signal; (d) upon receipt of a computer-generated verification indication, analyzing the application-relevant information against qualification parameters resident in the at least one software program and generating at least one output solution, wherein the output solution is one associated with a concluded credit sale transaction that is assignable by the seller to a financial institution. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 20)
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16. A system of expedited credit sale approval and lending, the system comprising:
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a processing software program resident on at least one credit sale and loan processor computer, the credit sale and loan processor computer having a server and a data storage device, wherein the credit sale and loan processing software program obtains predetermined application-relevant identification information using an input device, wherein the application-relevant information is associated with a prospective individual purchaser of a collateralizable article under the control of a seller, and wherein the input device verifies the application-relevant information and, if verified, continues to process the credit sale application; a display device in communication with the credit sale and loan processor computer for communicating at least one query to the seller; an input device for transmitting the application-relevant information to the credit sale and loan processing computer, wherein the processing software program compares the application relevant information against at least one seller-selected consideration criteria to produce at least one output solution, wherein the seller-selected information includes value of at least one collaterizable article; wherein the processing software program implements a method of expedited direct or indirect application approval and processing related to purchase of goods, services or programs that includes the steps of; (a) providing at least one processing software program resident on a credit sale and loan processor computer having a server and a data storage device, the processing software program having or accessing at least one seller-selected consideration criterion wherein the seller has possession of at least one collateralizable article; (b) populating predetermined identification information fields resident in the software with application-relevant information associated with a prospective individual purchaser of the collateralizable article under the control of a seller using an input device and transmitting the application-relevant information to the credit sale and loan processor computer, wherein the application relevant information also includes data regarding the collateralizable article; (c) verifying the application-relevant information by the credit sale and loan processing software and generating at least one verification result command, the verification result command being one of either a computer-generated verification signal or a computer generated nonverification signal; and (d) upon receipt of a computer-generated verification indication, analyzing the application-relevant information against qualification parameters resident in the at least one software program and generating at least one output solution, wherein the output solution is one associated with a concluded credit sale transaction that is assignable by the seller to a financial institution. - View Dependent Claims (17, 18, 19)
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Specification