SYSTEM FOR MATCHING BORROWERS AND LENDERS

• US 20080319895A1
• Filed: 03/21/2008
• Published: 12/25/2008
• Est. Priority Date: 08/16/2001
• Status: Abandoned Application

• Current Assignee: Jeffrey M. Lazerson
• Original Assignee: Jeffrey M. Lazerson
• Inventors: Lazerson, Jeffrey M.
• Application Number:
  US12/052,936
• Publication Number:
  US 20080319895A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method are disclosed for a borrower to obtain and/or evaluate desired financial services. Personal information from the borrower is obtained and recorded. A credit grading for the borrower is determined based on the personal information, and based on pre-established and objective criteria used by at least one established financial institution that provides financing of the type sought by the borrower. The credit grading is determined by an independent entity (or its computer system) that will not provide the financing to the borrower. The financing may be a loan, such as a mortgage loan or an auto loan or the financing may be the issuance of a credit card or a line of credit. The independent entity may also compile a comparison of closing costs associated with the financial transactions.

Claims

1-23. -23. (canceled)

24. A computer-implemented method, comprising:

receiving, over a computer network, personal data supplied by a borrower, said personal data comprising financial data of the borrower;

automatically generating or causing the generation of a credit grading for the borrower such that the credit grading is dependent upon the financial data supplied by the borrower, said credit grading being distinct from a credit score obtained from a credit bureau, and being generated at least partly using underwriting criteria of one or more lenders;

identifying a set of mortgage loan packages for which the borrower qualifies based at least partly on said credit grading, said set of mortgage loan packages including loans offered by each of a plurality of lenders, each mortgage loan package including home loan information provided by a lender, and including guaranteed closing cost information for closing services not provided by the corresponding lender; and

outputting information regarding the set of mortgage loan packages, including the guaranteed closing cost information for closing services not provided by the lender, to the borrower via a user interface that enables the borrower to at least compare total costs of the mortgage loan packages for which the borrower qualifies, said user interface additionally providing functionality for the borrower to select a mortgage loan package for which to apply;

wherein the method is performed by a computer-based system operated by an entity that serves as an intermediary between the lenders and the borrower.

25. The method of claim 24, wherein outputting the information regarding the set of mortgage loan packages comprises outputting at least the following types of information regarding the mortgage loan packages in a format that enables the borrower to perform an itemized comparison of the mortgage loan packages:

initial interest rate, any interest rate adjustment(s), closing costs, rate lock period, and term and dollar amount of any prepayment penalty, whereby the method assists the borrower in selecting a mortgage loan package that is most suitable.

26. The method of claim 24, wherein outputting the information regarding the set of mortgage loan packages comprises outputting a good faith estimate that provides guaranteed loan terms for a specified period of time.

27. The method of claim 24, wherein outputting the information regarding the set of mortgage loan packages comprises outputting to the borrower an indication of an amount a lender is paying for funds associated with at least one of the mortgage loan packages.

28. The method of claim 24, wherein the credit grading is generated using a non-lender-specific grading algorithm.

29. The method of claim 24, wherein the credit grading is generated based on a credit score obtained from a credit bureau, and based additionally on the financial data supplied by the borrower.

30. The method of claim 29, wherein the credit grading is additionally based on an employment history of the borrower.

31. The method of claim 24, wherein the method comprises generating the credit grading, at least in part, by executing software confidentially provided to said entity by at least one of the lenders, said software embodying underwriting criteria used by at least one of the lenders.

32. The method of claim 24, further comprising providing a pre-approval to the borrower for a selected loan package on behalf of a corresponding lender while the borrower remains anonymous to the corresponding lender.

33. The method of claim 24, wherein the computer-based system additionally enables the borrower to obtain a pre-approval from a selected lender for a selected loan package while remaining anonymous to the selected lender, said pre-approval including guaranteed loan terms for the selected loan package.

34. The method of claim 24, further comprising outputting an indication of the credit grading to the borrower.

35. The method of claim 24, wherein the computer-based system communicates the financial data of the borrower to lenders in association with an anonymous identifier of the borrower to enable the lenders to assess the borrower without knowing an identity of the borrower.

36. The method of claim 24, wherein the computer-based system performs said method without exposing an identity of the borrower to any of said lenders.

37. A computer-implemented system for enabling borrowers to shop for home loans, the system comprising:

a data repository that stores loan data for home loans offered by each of a plurality of lenders, said loan data including loan qualification criteria specified by corresponding lenders; and

a computer system that provides a user interface that prompts a borrower to enter personal data, including financial data, and which executes or invokes a borrower grading module that uses at least the financial data to calculate a credit grading for the borrower, said credit grading being distinct from a credit score of the borrower, and being based on underwriting criteria used by at least some of said lenders;

wherein the computer system is programmed to use the credit grading and the loan qualification criteria to identify a set of home loan packages for which the borrower qualifies, and is additionally programmed to generate a viewable comparison that enables the borrower to compare the set of home loan packages, said viewable comparison including guaranteed closing costs for closing services not provided by the lenders, and revealing a total cost of each home loan package.

38. The system of claim 37, wherein the computer-implemented system enables the borrower to obtain a guarantee of a total cost of a loan package while the borrower remains anonymous to an associated lender.

39. The system of claim 37, wherein the viewable comparison comprises at least the following types of information regarding the home loan packages in a format that enables the borrower to perform an itemized comparison of the home loan packages:

initial interest rate, any interest rate adjustment(s), closing costs, rate lock period, and term and dollar amount of any prepayment penalty.

40. The system of claim 37, wherein the viewable comparison comprises or represents a good faith estimate that provides guaranteed loan terms for a period of time.

41. The system of claim 37, wherein the viewable comparison comprises an indication of an amount a lender is paying for funds associated with at least one of the home loan packages.

42. The system of claim 37, wherein the borrower grading module generates the credit grading using a non-lender-specific grading algorithm.

43. The system of claim 37, wherein the borrower grading module generates the credit grading based on a credit score obtained from a credit bureau, and based additionally on the financial data supplied by the borrower.

44. The system of claim 43, wherein the borrower grading module generates the credit grading based additionally based on an employment history of the borrower.

45. The system of claim 37, wherein the computer system is capable of providing a pre-approval to the borrower for a selected loan package on behalf of a corresponding lender while the borrower remains anonymous to the corresponding lender.

46. The system of claim 37, wherein the computer system is operative to communicate the financial data of the borrower to lenders in association with an anonymous identifier of the borrower to enable the lenders to assess the borrower without knowing an identity of the borrower.

47. The system of claim 37, wherein the computer system is operative to output and indication of the credit grading to the borrower.

48. A computer-implemented method, comprising:

receiving, over a computer network, personal data supplied by a borrower, said personal data comprising financial data of the borrower;

identifying a set of mortgage loan packages that are suitable for the borrower based at least partly on the financial data, said set of mortgage loan packages including loans offered by each of a plurality of lenders, each mortgage loan package including home loan information provided by a lender, and including closing cost information for closing services not provided by the corresponding lender; and

outputting information regarding the set of mortgage loan packages, including the closing cost information for closing services not provided by the lender, to the borrower via a user interface that enables the borrower to at least compare total costs of the mortgage loan packages;

wherein the method is performed by a computer-based system operated by an entity that serves as an intermediary between the lenders and the borrower, and is performed in its entirety while an identity of the borrower is unknown to the lenders, whereby the method inhibits predatory lending.

49. The method of claim 48, wherein outputting the information regarding the set of mortgage loan packages comprises outputting at least the following types of information regarding the mortgage loan packages in a format that enables the borrower to perform an itemized comparison of the mortgage loan packages:

initial interest rate, any interest rate adjustment(s), closing costs, rate lock period, and term and dollar amount of any prepayment penalty.

50. The method of claim 48, wherein outputting the information regarding the set of mortgage loan packages comprises outputting a good faith estimate that provides guaranteed loan terms for a specified period of time.

51. The method of claim 48, wherein outputting the information regarding the set of mortgage loan packages comprises outputting to the borrower an indication of an amount a lender is paying for funds associated with at least one of the mortgage loan packages.

52. The method of claim 48, wherein the computer-based system additionally enables the borrower to obtain a pre-approval from a selected lender for a selected loan package while remaining anonymous to the selected lender, said pre-approval including guaranteed loan terms for the selected loan package.