System and method for providing a loan marketplace

• US 20020038285A1
• Filed: 09/06/2001
• Published: 03/28/2002
• Est. Priority Date: 09/08/2000
• Status: Abandoned Application

• Current Assignee: Versura, Inc.
• Original Assignee: Versura, Inc.
• Inventors: Hong, Peter, Golden, Marshall K., Ballmann, Frank X.
• Application Number:
  US09/946,559
• Publication Number:
  US 20020038285A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/08 Auctions
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A marketplace that facilitates the business of education finance by providing a globally accessible exchange that facilitates transactions between educational institutions and lenders, and between loan sellers and loan buyers. Specifically, the present invention provides a system and method for selecting a preferred lender list, and a system and method for selling loan portfolios and forward purchase commitments. The present invention also provides a system and method for conducting an auction over a global computer network (e.g., the Internet), which enables the offer or that posts the auction to choose, after receiving proposals, whether to select bidders that qualify for a second round of bidding and continue with bidding, or award winners and conclude the auction.

Claims

1. A method for conducting an auction over a global computer network comprising the steps of:

posting a request-for-proposal from an offeror on a site of the global computer network;

receiving, at the site, proposals that respond to the request-for-proposal;

enabling the offeror to evaluate the proposals and to choose one of awarding winning bidders and selecting bidders that qualify for a second bidding round;

if the offeror chooses to select second round bidders,

receiving, at the site, new proposals from the second round bidders, and

enabling the offeror to evaluate the new proposals and award winning bidders; and

if the offeror chooses to award winning bidders, notifying the winning bidders and ending the auction.

2. The method of claim 1, wherein if the offeror chooses to select second round bidders, the method farther comprises the step of enabling the offeror to revise the request-for-proposal.

3. The method of claim 1, wherein the offeror is one of a school that is soliciting proposals for education loan programs and a loan seller that is soliciting offers to buy one of loans and forward purchase commitments.

4. The method of claim 1, wherein the auction is for one of loan servicing rights, loan guarantee rights, loan derivatives, loan collection rights, and a construction contract.

5. The method of claim 1, wherein the step of enabling the offeror to evaluate the proposals comprises allowing the offeror to filter the proposals, export the proposals, and review profiles of bidders that submitted the proposals.

6. The method of claim 1, wherein if the offeror selects bidders that qualify for a second bidding round, the method further comprises the step of enabling the offeror to select bidders that qualify for a third bidding round,

wherein if the offeror selects bidders that qualify for a third bidding round, the method further comprises repeating the following steps until the offeror chooses to award winning bidders:

receiving, at the site, revised proposals; and

enabling the offeror to evaluate the revised proposals and choose one of awarding winning bidders and selecting bidders that qualify for another bidding round.

7. The method of claim 1, wherein the offeror is a school and the bidders are lenders, and wherein the auction is for a slot on a preferred lender list of the school.

8. The method of claim 7, further comprising the step of collecting a fee from the winning bidders.

9. The method of claim 1, wherein the offeror is a loan seller and the bidders are loan buyers, and wherein the auction is for one of a loan portfolio and a forward purchase commitment.

10. The method of claim 9, further comprising the step of collecting a fee from the loan seller.

11. The method of claim 1, wherein the number of second round bidders is fewer than the number of proposals, and wherein the number of winning bidders is fewer than the number of second round bidders.

12. The method of claim 1, further comprising the steps of:

collecting an escrow fee from each of the second round bidders; and

returning the escrow fee to the second round bidders that are not chosen as winning bidders.

13. The method of claim 1, wherein the offeror is a plurality of prospective borrowers and the bidders are lenders, and the plurality of prospective borrowers is soliciting proposals from the lenders to provide loans to the plurality of prospective borrowers.

15. The system of claim 14, wherein the system administrator is further adapted to enable the offeror to revise the request-for-proposal after the offeror selects finalist bidders.

16. The system of claim 14, wherein the offeror is a school, the bidders are lenders, and the item is a slot on a preferred lender list of the school.

17. The system of claim 14, wherein the offeror is a loan seller, the bidders are loan buyers, and the item is a one of a loan portfolio and a forward purchase commitment.

18. The system of claim 14, wherein the offeror is a plurality of prospective borrowers, the bidders are lenders, and the item is the right to serve lending needs of the plurality of prospective borrowers.

19. The system of claim 14, wherein the system administrator site is a web site and the global computer network is the Internet.

20. The system of claim 14, wherein the item is one of a slot on a preferred lender list, a loan portfolio, a forward purchase commitment, loan servicing rights, loan guarantee rights, loan derivatives, loan collection rights, and a construction contract.

14. A system for conducting an auction comprising:

(a) an offeror that is offering an item, wherein the offeror generates a request-for-proposal;

(b) a system administrator site in communication with the offeror through a global computer network, wherein the system administrator site is adapted to post the request-for-proposal for accessing through the global computer network; and

(c) a plurality of bidders in communication with the system administrator through the global computer network, wherein the plurality of bidders view the request-for-proposal and submit proposals to the system administrator site,

wherein the system administrator site is adapted to

enable the offeror to view the proposals and to select finalist bidders from among the plurality of bidders,

accept revised proposals from the finalist bidders, and

enable the offeror to view the revised proposals and to award winning bidders from among the finalist bidders.

21. A method for conducting an auction comprising the steps of:

posting a request-for-proposal on a web site of a global computer network;

inputting into the web site proposals that respond to the request-for-proposal;

identifying finalist proposals from among the proposals, wherein the finalist proposals are associated with finalist bidders;

inputting into the web site revised proposals from the finalist bidders; and

identifying at least one winning proposal from among the revised proposals.

22. The method of claim 21, wherein, after the step of identifying finalist proposals, the method further comprises the step of posting a revised request-for-proposal on the web site for the finalist bidders to view.

23. The method of claim 21, wherein the request-for-proposal asks for proposals for one of providing an education loan program, purchasing a loan portfolio, purchasing a forward purchase commitment, providing loan servicing, providing loan guarantees, purchasing loan derivatives, and obtaining collection rights.

24. The method of claim 21, wherein the step of identifying finalist proposals comprises the steps of filtering the proposals, exporting the proposals, and reviewing profiles of bidders that submitted the proposals.

25. The method of claim 21, wherein the step of identifying at least one winning proposal comprises the steps of filtering the finalist proposals, exporting the finalist proposals, and reviewing profiles of bidders that submitted the finalist proposals.

26. The method of claim 21, further comprising the steps of:

collecting an escrow fee from each of the finalist bidders; and

returning the escrow fee to finalist bidders whose revised proposals are not chosen to be the at least one winning proposal.

27. The method of claim 21, further comprising the step of notifying, from among the finalist bidders, bidders who submitted the at least one winning proposal.

29. The method of claim 28, wherein, after the step of marking finalist lenders, the method farther comprises the step of posting a revised version of the request on the web site.

30. The method of claim 28, wherein the step of posting proposals further comprises providing the school with secured access to the proposals.

31. The method of claim 28, wherein the step of marking finalist lenders further comprises the steps of:

enabling the school to filter and export the proposals; and

receiving an indication from the school of the finalist lenders, and

wherein the step of marking winning lenders further comprises the steps of;

enabling the school to filter and export the revised proposals; and

receiving an indication from the school of the winning lenders.

32. The method of claim 28, further comprising the steps of:

designating representatives of the school to be one of school traders, school analysts, and school observers;

enabling the school traders to create and edit the request, and to submit the request to the web site;

enabling the school analysts to create and edit the request, but not to submit the request;

enabling the school observers to view the request, but not to create, edit, or submit the request;

designating representatives of the lenders to be one of lender traders, lender analysts, and lender observers;

enabling the lender traders to create and edit the proposals and the revised proposals, and to submit the proposals and the revised proposals to the web site;

enabling the lender analysts to create and edit the proposals and the revised proposals, but not to submit the proposals and the revised proposals; and

enabling the lender observers to view the proposals and the revised proposals, but not to create, edit, or submit the proposals and the revised proposals.

33. The method of claim 28, further comprising the steps of:

collecting an escrow fee from each of the finalist lenders; and

returning the escrow fee to finalist lenders that are not marked as winning lenders.

34. The method of claim 28, further comprising the step of collecting a fee from each of the winning lenders.

36. The method of claim 35, wherein, after the step of marking finalists, the method further comprises the step of posting a revised version of the request on the web site.

37. The method of claim 35, wherein the steps of posting proposals and posting revised proposals further comprise providing the loan seller with secured access to the proposals and the revised proposals.

38. The method of claim 35, wherein the step of marking finalist loan buyers further comprises the steps of:

enabling the loan seller to filter and export the proposals; and

receiving an indication from the loan seller of the finalist loan buyers, and

wherein the step of marking winning loan buyers further comprises the steps of;

enabling the loan seller to filter and export the revised proposals; and

receiving an indication from the loan seller of the winning loan buyers.

39. The method of claim 35, further comprising the steps of:

designating representatives of the loan seller to be one of loan seller traders, loan seller analysts, and loan seller observers;

enabling the loan seller traders to create and edit the request, and to submit the request to the web site;

enabling the loan seller analysts to create and edit the request, but not to submit the request;

enabling the loan seller observers to view the request, but not to create, edit, or submit the request;

designating representatives of the loan buyers to be one of loan buyer traders, loan buyer analysts, and loan buyer observers;

enabling the loan buyer traders to create and edit the proposals and the revised proposals, and to submit the proposals and the revised proposals to the web site;

enabling the loan buyer analysts to create and edit the proposals and the revised proposals, but not to submit the proposals and the revised proposals; and

enabling the loan buyer observers to view the proposals and the revised proposals, but not to create, edit, or submit the proposals and the revised proposals.

40. The method of claim 35, further comprising the steps of:

collecting an escrow fee from each of the finalist loan buyers; and

returning the escrow fee to finalist loan buyers that are not marked as winning loan buyers.

41. The method of claim 35, further comprising the step of collecting a fee from each of the winning loan buyers.

28. A method for selecting lenders for placement on a preferred lender list of a school comprising the steps of:

posting, on a web site, a request by the school, to lenders, asking the lenders for proposals to furnish a loan program to students of the school;

posting proposals from the lenders on the web site;

marking finalist lenders from among the lenders;

posting revised proposals from the finalist lenders on the web site; and

marking winning lenders from among the finalist lenders, wherein the winning lenders are to be placed on the preferred lender list.

35. A method for auctioning one of a loan portfolio and a forward purchase commitment of a loan seller comprising the steps of:

posting, on a web site, a request by the loan seller, to loan buyers, asking the loan buyers for proposals;

posting proposals from the loan sellers on the web site;

marking finalist loan buyers from among the loan buyers;

posting revised proposals from the finalist loan buyers on the web site; and

marking winning loan buyers from among the finalist loan buyers.