System and method of expedited credit and loan processing

• US 8,909,551 B2
• Filed: 03/15/2013
• Issued: 12/09/2014
• Est. Priority Date: 09/22/2011
• Status: Active Grant

• Current Assignee: David Lohoefer, Paul Pawlusiak
• Original Assignee: David Lohoefer, Paul Pawlusiak
• Inventors: Pawlusiak, Paul, Lohoefer, David
• Primary Examiner(s): JOHNSON, GREGORY L
• Application Number:
  US13/839,901
• Publication Number:
  US 20130218752A1
• Time in Patent Office: 634 Days
• Field of Search: None
• 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

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.

Claims

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.

2. The method of claim 1 further comprising the step of:

classifying the inputted transaction data as either a direct or indirect transaction, wherein the classification step includes at least one user input action, the user input action executed by the seller of the collaterizable article.

3. The method of claim 2 wherein classification as a direct transaction results in creation of a direct credit application between the prospective individual purchaser and the seller of at least one collateralizable article.

4. The method of claim 2 wherein classification as an indirect transaction results in at least one command step characterizing seller as creditor and wherein the method further comprises the step of:

processing application-relevant information against one or more seller-selected consideration criteria resident in or accessible to the processing software program and generating at least one output solution; and

based on the at least one output solution, generating at least one item of applicant-related documentation.

5. The method of claim 1 wherein the verifying step further

comprises the following steps:

if the verifying step generates a positive verification indication, issuing a computer generated continuation command operable to initiate at least one sequentially subsequent process step;

if the verifying step generates a negative verification indication (or), issuing at least one correction request command.

6. The method of claim 5 wherein the verifying step further comprises the step of re-verifying input resulting from the correction request command(s), wherein if the re-verifying step generates a positive verification command, issuing a computer-generated continuation command operable to initiate at least one sequentially subsequent process step.

7. The method of claim 1 further comprising the steps of:

(a) providing a source computer that is in communication with the credit sale and loan processor computer;

(b) obtaining income and debt information from application-relevant information using the processing software program;

(c) determining a debt-to-income ratio based on application-relevant information using the processing software program;

(d) performing at least one program driven analysis of the determined debt-to-income ratio against at least one consideration criterion selected the seller, wherein the seller-selected consideration criterion is relevant to debt-to-income ratio such that favorable comparison prompts continuation of the program and unfavorable comparison triggers at least one notification signal to be transmitted to the seller, wherein the seller-selected criterion includes data originating from at least one third-party financial institution, and wherein the at least one third-party financial institution seeks assignment of the resulting credit sale transaction;

(e) generating a list of tier categories and communicating the generated list to the seller, wherein selection of one listed tier category triggers continuation of the processing program and at least one computer-generated command to obtain the prospective individual purchaser'"'"'s credit report from a credit reporting agency in communication with the credit sale and loan processor computer;

(f) analyzing the obtained credit report against the at least one consideration criterion criteria for the selected credit sale and loan tier category generated by the processing software program and generating at least one communication message to the seller; and

(g) prompting the seller for at least one approval input upon indication of acceptable credit report criteria and denying the credit sale or loan to the prospective individual purchaser if the predetermined criteria for the selected credit sale or loan tier is not met and communicating whether the credit sale or loan is pre-approved or denied to the source prospective purchaser via the communications network.

8. The method of claim 1 further comprising the steps of:

using the consideration criteria to initially pre-qualify a co-applicant using the credit sale and loan processing software program.

9. The method of claim 8 further comprising the steps of:

selecting another credit sale or loan category if the credit sale or loan to the potential purchaser for the initial selected assignable credit sale or loan category is denied using the processing software program.

10. The method of claim 8 further comprising the steps of:

using an automated credit sale or loan structuring tool associated with the processing software program to evaluate feasibility and complete the assignable credit sale or transaction, wherein the automated credit sale or loan structuring tool;

(a) prompts the seller to input predetermined information for the credit sale or loan type;

(b) automatically structures the credit sale transaction and notifies the seller of adjustments to comply with applicable rules associated with the selected credit sale transaction; and

(c) sends a funding package for the credit sale to the seller from the credit sale and processor via the communications network, the funding package including at least one executable document.

11. The method of claim 10 further comprising the step of providing the seller with access to a status of the credit sale or loan application using the credit sale and loan transaction processing software program.

12. The method of claim 1 wherein the seller is a vehicle dealer and collateralizable article a vehicle.

13. The method of claim 1 wherein the potential purchaser identification information is obtained using electronic means and transmitted to the processor computer.

14. The method of claim 1 wherein the seller-selected consideration criterion is derived from qualification criterion of the seller and/or one or more lending institutions and the qualification criterion is queried to identify at least one transaction category for which the prospective individual purchaser pre-qualifies without consideration of the prospective individual buyer'"'"'s credit score and credit history.

15. The method of claim 14 wherein the application-relevant information includes at least one of:

debt-to-income ratio, customer statement, co-applicant information, wherein the application-relevant information is determined without consideration of the prospective purchaser'"'"'s credit score and credit history.

20. The process of claim 1 wherein the software program is present in a computer readable medium.

16. A system of expedited credit sale approval and lending, the system comprising:

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.

17. The system as set forth in claim 16 further comprising:

a lender computer in communication with the credit sale and loan processor computer via a communications network, wherein the lender provides the credit sale and loan processor software program with consideration criteria, independent of transaction between the seller and the prospective purchaser.

18. The system as set forth in claim 17 further comprising:

a seller computer in communication with the credit sale and loan processor computer via a communications network to obtain income and debt information from the prospective purchaser of the collateralizable article under the control of the seller using the processing software program, and wherein the processing software program determines a debt-to-income ratio for the prospective buyer by comparing the prospective buyer'"'"'s debt-to-income ratio to a debt-to-income ratio rule for the associated transaction, wherein the debt-to-income ratio rule is derived from consideration criteria provided by at least one of the following;

the seller and/or the lender, and wherein the software processing program continues the process if the derived debt-to-income ratio is met and ends the process if the derived debt-to-income ratio is not met; and

wherein the lender computer provides the credit sale and loan computer with at least one additional consideration criterion, the additional consideration criterion including at least one of credit sale or loan categories available to the seller, deal structure, collateral requirement;

wherein upon receiving indication that the consideration criterion are met, the processing software program obtains the prospective purchaser'"'"'s credit report from a credit reporting agency in communication with the processor software computer and ascertains whether the prospective purchaser'"'"'s credit report is consistent with the previously employed consideration criteria and identifies one or more qualifying transaction categories to the seller, wherein the ascertainment process and identification process proceeds independent of lender interaction.

19. The system of claim 18 wherein the seller is a vehicle dealer and the collateralizable article is a vehicle.