Method and system for vendor management

• US 20050216395A1
• Filed: 09/10/2004
• Published: 09/29/2005
• Est. Priority Date: 09/12/2003
• Status: Active Grant

• Current Assignee: Altisource Holdings, S.A.R.L. (Altisource Portfolio Solutions SA), Andrei Iancu, Ashley Moody Florida Office of The Attorney General and Successors Thereto, Jeanette Nunez Lieutenant Governor of Florida and Successors Thereto, Joan D. Heuer, Laurel M Lee Florida Secretary of State and Successors Thereto, Steven Mnuchin United States Secretary of The Treasury and Successors Thereto, Timothy E Gribben Commissioner For Bureau of The Fiscal Service Agency of The United States Department of The Treasury and Successors and Assigns Thereto
• Original Assignee: Altisource Solutions S.A R.L. (Altisource Portfolio Solutions SA)
• Inventors: Castner, Arthur J., Erbey, William C., Kennedy, Christopher, Reno, Keith S., Behmoiras, Ralph J.
• Granted Patent: US 7,707,055 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/0639 Performance analysis of employees; Performance analysis of enterprise or organisation operations
• CPC Class Codes: G06Q 10/0875 Itemisation or classification of parts, supplies or services, e.g. bill of materials
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• 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 50/167 Closing

Abstract

A method and system for managing business transactions, such as mortgages or other financial transactions. A business transaction between an end user and a financial institution includes sub-transactions between the end user and a vendor. A software system performs functions to complete the business transaction. Automated ordering allows an end user to quickly and easily order a sub-transaction without input from the financial institution or the vendor, and also automatically orders sub-transactions upon satisfaction of a trigger event. Vendor management functionality allows a financial institution to manage the transactions of a vendor. Qualitative performance analysis functionality allows an end user to monitor and evaluate a vendor'"'"'s price, turn-around time, quality score, and overall score. Vendor distribution functionality distributes sub-transactions among vendors. Vendor management company functionality allows a vendor management company—a vendor that outsources some or all of its sub-transactions to independent service providers—to effectively use the system.

Claims

1. A method for electronically facilitating a transaction between a financial institution and an end user, the method comprising:

receiving input specifying the transaction;

identifying at least one sub-transaction associated with the transaction; and

identifying a vendor for the at least one sub-transaction.

2. The method of claim 1, wherein identifying the at least one sub-transaction occurs automatically.

3. The method of claim 1, wherein identifying the at least one sub-transaction further comprises:

a trigger event triggering identifying the at least one sub-transaction.

4. The method of claim 3, wherein the trigger event comprises a received input specifying the transaction.

5. The method of claim 3, wherein the trigger event comprises a completed second sub-transaction.

6. The method of claim 3, wherein the trigger event comprises a third sub-transaction having a predetermined status.

7. The method of claim 3, wherein the trigger event comprises a satisfied decision rule.

8. The method of claim 7, wherein the decision rule is evaluated based on at least one selected from a group consisting of input specifying the transaction, a completed second sub-transaction, and a predetermined status of a third sub-transaction.

9. The method of claim 1, wherein the at least one sub-transaction is identified as required or optional.

10. The method of claim 9, further comprising:

if the at least one sub-transaction is marked as optional, receiving input from the end user prior to identifying the vendor.

11. The method of claim 1, wherein identifying a vendor further comprises:

a trigger event triggering identifying a vendor.

12. The method of claim 11, wherein the trigger event comprises a received input specifying the transaction.

13. The method of claim 12, wherein the trigger event comprises a received input from the end user.

14. The method of claim 11, wherein the trigger event comprises a second completed sub-transaction.

15. The method of claim 11, wherein the trigger event comprises a third sub-transaction having a predetermined status.

16. The method of claim 11, wherein the trigger event comprises a satisfied decision rule.

17. The method of claim 16, wherein the decision rule is evaluated based on at least one selected from a group consisting of input specifying the transaction, a completed second sub-transaction, and a predetermined status of a third sub-transaction.

18. The method of claim 1, further comprising:

placing an order with the vendor to complete the sub-transaction.

19. The method of claim 18, wherein placing the order comprises:

a trigger event triggering placing the order.

20. The method of claim 19, wherein the trigger event comprises a received input specifying the transaction.

21. The method of claim 19, wherein the trigger event comprises a completed second sub-transaction.

22. The method of claim 19, wherein the trigger event comprises a third sub-transaction having a predetermined status.

23. The method of claim 19, wherein the trigger event comprises a satisfied decision rule.

24. The method of claim 23, wherein the decision rule is evaluated based on at least one selected from a group consisting of input specifying the transaction, a completed second sub-transaction, and a predetermined status of a third sub-transaction.

25. The method of claim 1, wherein the input specifying the transaction is received from the end user.

26. The method of claim 1, wherein the vendor is automatically selected.

27. The method of claim 1, wherein the vendor is manually selected.

28. The method of claim 27, wherein the vendor is manually selected by the end user.

29. The method of claim 1, further comprising:

obtaining at least one vendor metric.

30. The method of claim 29, wherein the at least one vendor metric includes one selected from a group consisting of vendor capacity, vendor threshold, and vendor late-order ratio.

31. The method of claim 29, wherein obtaining the at least one vendor metric comprises:

calculating the at least one vendor metric.

32. The method of claim 29, wherein obtaining the at least one vendor metric comprises:

receiving the at least one vendor metric from an outside source.

33. The method of claim 29, wherein obtaining the at least one vendor metric comprises:

receiving vendor data from an outside source.

34. The method of claim 29, further comprising:

displaying the at least one vendor metric.

35. The method of claim 29, wherein the identified vendor is selected based on the at least one vendor metric.

36. The method of claim 1, further comprising obtaining at least one vendor performance score.

37. The method of claim 36, wherein the at least one vendor performance scorn includes one selected from a group consisting of vendor price, vendor turn-around time, vendor quality score, vendor overall score.

38. The method of claim 36, wherein obtaining the at least one vendor performance score comprises:

calculating the at least one vendor performance score.

39. The method of claim 36, wherein obtaining the at least one vendor performance score comprises:

receiving the at least one vendor performance score from an outside source.

40. The method of claim 36, wherein obtaining the at least one vendor performance score comprises:

receiving vendor data from an outside source.

41. The method of claim 36, further comprising:

displaying the at least one vendor performance score.

42. The method of claim 36, wherein the identified vendor is selected based on the at least one vendor performance score.

71. The method of claim 68, further comprising:

upon receiving the confirmation of services provided, generating a second service concern.

The method of claim 1, wherein the vendor is automatically selected.

43. A system for electronically facilitating a transaction between a financial institution and an end user, comprising:

means for receiving input specifying the transaction;

means for identifying at least one sub-transaction associated with the transaction; and

means for identifying a vendor for the at least one sub-transaction.

44. A system for electronically facilitating a transaction between a financial institution and an end user, comprising:

a processor; and

a repository accessible by the processor;

wherein input specifying the transaction is received and stored in the repository;

wherein at least one sub-transaction associated with the transaction is identified via the processor; and

wherein a vendor for the at least one sub-transaction is identified via the processor.

45. The system of claim 44, wherein the processor is housed on a terminal.

46. The system of claim 45, wherein the terminal is selected from a group consisting of a personal computer, a minicomputer, a main frame computer, a microcomputer, a hand held device, and a telephonic device.

47. The system of claim 44, wherein the processor is housed on a server.

48. The system of claim 47, wherein the server is selected from a group consisting of a personal computer, a minicomputer, a microcomputer, and a main frame computer.

49. The system of claim 47, wherein the server is coupled to a network.

50. The system of claim 49, wherein the input is received via the network.

51. The system of claim 49, wherein the network is the Internet.

52. The system of claim 49, wherein the server is coupled to the network via a coupling.

53. The system of claim 52, wherein the coupling is selected from a group consisting of a wired connection, a wireless connection, and a fiberoptic connection.

54. The system of claim 44, wherein the repository is housed on a server.

55. The system of claim 54, wherein the server is coupled to a network.

56. A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to provide interactive assistance with performing a transaction between a financial institution and an end user, the control logic comprising:

first computer readable program code means for receiving input specifying the transaction;

second computer readable program code means for identifying at least one sub-transaction associated with the transaction; and

third computer readable program code means for identifying a vendor for the at least one sub-transaction.

57. A method for electronically facilitating a transaction between a financial institution and an end user, the method comprising:

receiving an order from a user;

receiving a sub-transaction from a user, the vendor sub-selecting identifying at least one sub-transaction associated with the order;

receiving vendor criteria from a user; and

selecting at least one vendor for the at least one sub-transaction;

58. The method of claim 57, wherein the vendor criteria comprise:

an indication that the at least one vendor is selected electronically.

59. The method of claim 57, wherein the vendor criteria comprise:

vendor criteria used to electronically select the at least one vendor.

60. The method of claim 57, wherein the vendor criteria comprise:

an indication that the at least one vendor is selected by the user.

61. The method of claim 57, wherein the vendor criteria comprise:

a request for vendor information to be presented to the user.

62. A method for electronically facilitating ordering for a sub-transaction associated with a particular transaction, comprising:

receiving parameters for a transaction from a user;

selecting a transaction matching the input parameters;

selecting at least one sub-transaction associated with the selected transaction;

selecting at least one vendor for the at least one sub-transaction; and

placing an order with the at least one vendor for the at least one sub-transaction.

63. A method for electronically facilitating ordering for a sub-transaction associated with a particular transaction, comprising:

receiving a product fulfillment indication from a vendor;

selecting at least one sub-transaction;

selecting at least one vendor for the at least one sub-transaction; and

placing an order with the at least one vendor for the at least one sub-transaction.

64. A method for providing online services between a vendor and a service recipient, the method comprising:

receiving a transaction request;

identifying a service concern associated with the transaction request;

identifying a vendor capable of addressing the service concern;

providing a request for the service concern to a vendor; and

if the vendor agrees to address the service concern, receiving a transaction response, receiving a transaction response including;

receiving at least one item of information relating to addressing the service concern.

65. The method of claim 64, wherein the transaction request is a request for a loan for a real estate purchase.

66. The method of claim 64, wherein the service concern is selected from a group consisting of determination of flood classification status, an inspection, a business process outsourcing, an appraisal, an automated valuation model, and a mortgage insurance policy.

67. The method of claim 66, wherein the vendor is an entity providing a service selected from a group consisting of determining of flood classification status, providing an inspection, providing a business process outsourcing, providing an appraisal, providing an automated valuation model, and providing a mortgage insurance policy.

68. The method of claim 64, further comprising:

if the vendor agrees to address the service concern, receiving a confirmation of services provided.

69. The method of claim 68, wherein the confirmation of services provided comprises:

a result of services provided.

70. The method of claim 69, wherein the result of services provided comprises one selected from the group consisting of flood classification status information, inspection status information, business process outsourcing information, appraisal information, automated valuation model information, and mortgage insurance policy information.

72. The method of claim 64, wherein identifying the vendor comprises:

receiving an input from a user, the input specifying the vendor.

73. The method of claim 64, wherein identifying the vendor comprises:

electronically selecting a vendor.