Method and apparatus for automatically determining the approval status of a potential borrower

• US 5,239,462 A
• Filed: 02/25/1992
• Issued: 08/24/1993
• Est. Priority Date: 02/25/1992
• Status: Expired due to Term

• Current Assignee: Anvar Nanji
• Original Assignee: Creative Solutions, Inc. (Forval Corporation)
• Inventors: Jones, Robert M., Steele, Larry L., Goetz, Charles F.
• Primary Examiner(s): NOT, DEFINED
• Assistant Examiner(s): Hazard, Jennifer L.
• Application Number:
  US07/841,397
• Time in Patent Office: 546 Days
• Field of Search: 364/401, 364/406, 364/408
• US Class Current: 705/38
• CPC Class Codes: G06F 40/174 Form filling; Merging
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• 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: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A method and apparatus are provided for the real-time automatic determination of the approval status of a potential borrower of a loan. The method includes (1) transmitting an image of a form by facsimile transmission to a control location, wherein the form contains predefined information applicable to the potential borrower in spaces located at predetermined locations; (2) automatically receiving the image of the form by facsimile transmission at the control location; (3) automatically scanning and interpreting the image of the form to obtain the predefined information; (4) automatically determining at the control location the approval status of the potential borrower according to criteria provided by a lender, wherein the determining step utilizes the predefined information; and (6) automatically transmitting information regarding the approval status from the control location to the potential borrower. The invention further provides for a method and apparatus for scanning and interpreting a coded form received by facsimile transmission such that the form comprises a sheet having a predetermined number of timing marks spaced at predetermined intervals along the right hand and left hand vertical borders of the sheet such that each timing mark along the left hand border is paired with one timing mark along the right hand border. This method includes (1) automatically scanning the form to ascertain the presence and location of the predetermined number of timing marks; (2) automatically locating the vertical center of each timing mark; (3) automatically locating a line between the vertical center of each left hand timing mark to the vertical center of the respective paired right hand timing mark; (4) automatically detecting the spaces in predetermined locations along each line; and (5) automatically obtaining the predefined information applicable to the potential borrower from the spaces.

Claims

1. A method for the real-time automatic determination of the approval status of a potential borrower for a loan, comprising the steps of:

a) transmitting an image of a form by facsimile transmission to a control location wherein said form contains predefined information applicable to said potential borrower, including the identity of the potential borrower, in spaces located at predetermined locations;

b) automatically receiving said image of said form by facsimile transmission at said control location;

c) automatically scanning and interpreting the image of said form to obtain said predefined information;

d) automatically determining at said control location said approval status of said potential borrower according to criteria provided by a lender, wherein said determining step utilizes said predefined information; and

e) automatically transmitting information regarding said approval status from said control location to said potential borrower.

2. The method of claim 1, wherein said predefined information identifies said potential borrower, further comprising the steps of:

a) prior to said determining step, automatically transmitting said predefined information identifying said potential borrower to a data processing system maintained by a credit bureau;

b) automatically selecting stored financial information regarding said potential borrower from a data file of said stored financial information located in said data processing system;

c) automatically transmitting said selected stored financial information regarding said potential borrower from said data processing system to said control location; and

d) automatically utilizing said selected stored financial information in said determining step.

3. The method of claim 1, wherein said step of automatically transmitting information regarding said approval status comprises automatically creating an image of said information and transmitting said image of said information to said potential borrower by facsimile transmission.

4. The method of claim 1, wherein said form comprises a rectangular or square sheet having a predetermined number of timing marks, each having a vertical center, spaced at predetermined intervals along the right hand and left hand vertical borders of said sheet such that each timing mark along said left hand border is paired with one timing mark along said right hand border and wherein said automatic scanning and interpretation step comprises:

a) automatically scanning said form to ascertain presence and location of said predetermined number of timing marks;

b) automatically locating the vertical center of each timing mark;

c) automatically locating a line between the vertical center of each left hand timing mark to said vertical center of said paired right hand timing mark;

d) automatically detecting said spaces in predetermined locations along each line; and

e) automatically obtaining said predefined information applicable to said potential borrower from said spaces.

5. The method of claim 1, further comprising the step of automatically transmitting said information regarding said approval status to said lender.

6. The method of claim 1, further comprising the step of automatically transmitting information regarding the identity of said potential borrower to a predetermined lead organization.

7. The method of claim 1, wherein said loan is selected from the group consisting of a real estate mortgage loan, a refinancing loan, an automobile loan, a personal revolving debt loan and a general loan.

8. The method of claim 1, further comprising the step of updating said criteria provided by said lender.

9. The method of claim 1, further comprising the step of transmitting current interest rates of said lender from said control location to a remote location.

10. A system, for the real-time automatic determination of the approval status of a potential borrower for a loan, said system comprising:

a) a programmed data processor;

b) a form comprising spaces in predetermined locations, wherein said spaces are associated with predefined information applicable to said potential borrower;

c) first facsimile transmission means for transmitting an image of said form to a control location;

d) first facsimile receiving means at said control location associated with said data processor for receiving the image of said form;

e) scanning and interpretation means associated with said data processor for automatically reading the image of said form and storing said predefined information applicable to said potential borrower;

f) determining means associated with said data processor for automatically determining said approval status of said potential borrower according to criteria provided by a lender, wherein said determining means utilizes said predefined information; and

g) means associated with said data processor at said control location for automatically transmitting information regarding said approval status to said potential borrower.

11. The system of claim 10, wherein said predefined information identifies the potential borrower, further comprising:

a) data communication processing means associated with said data processor for automatically transmitting said information identifying said potential borrower to a credit bureau data processing system;

b) means associated with said credit bureau data processing system for selecting stored financial information regarding said identified potential borrower from a data file of said stored financial information;

c) data communication means for transmitting said selected stored financial information regarding said identified potential borrower to said data processor at said control location; and

d) means for automatically utilizing said selected stored financial information in the determination of said approval status of said potential borrower.

12. The system of claim 10, wherein said means for transmitting information regarding said approval status to said potential borrower comprises:

a) second facsimile transmission means at said control location;

b) means associated with said data processor for creating an image of said information and transmitting said image of said information to said potential borrower by said second facsimile transmission means; and

c) second facsimile receiving means for receiving said image of said information.

13. The system of claim 10, wherein said form comprises a rectangular or square sheet having a predetermined number of timing marks spaced at predetermined intervals along the right hand and left hand vertical borders of said sheet such that each timing mark along said left hand border is paired with one timing mark along said right hand border and wherein said scanning and interpretation means comprise:

a) scanning means for scanning said form to ascertain the presence and location of said predetermined number of timing marks;

b) locating means for locating the vertical center of each timing mark and for locating a line between said vertical center of each left hand timing mark to said vertical center of the respective paired right hand timing mark;

c) detecting means for detecting said spaces in predetermined locations along each line; and

d) obtaining means for obtaining said predefined information applicable to said potential borrower from said spaces.

14. The system of claim 10, further comprising means for automatically transmitting said information regarding said approval status to said lender.

15. The system of claim 10, further comprising means for transmitting information regarding the identify of said potential borrower to a predetermined lead organization.

16. The system of claim 10, further comprising means for transmitting current interest rates of said lender from said control location to a remote location.