System and method for conducting loan auction over computer network

  • US 5,966,699 A
  • Filed: 10/11/1996
  • Issued: 10/12/1999
  • Est. Priority Date: 10/11/1996
  • Status: Expired due to Fees
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First Claim
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1. A computer system for conducting aloan auction, said computer system comprising:

  • (a) at least one computer;

    (b) at least one computer network connected to said computer;

    (c) means for receiving an electronic loan application from a prospective borrower over said at least one computer network;

    (d) means for electronically forwarding loan application information to a loan authorizer over said at least one computer network or another computer network;

    (e) means for receiving form said loan authorizer an electronic message indicating whether or not such loan application is approved;

    (f) means for entering a record of such loan application into a database elecrtonically accessible to a plurality of prospective lenders over said at least one computer network or another computer network, if said message from said loan authorizer indicates that such loan has been approved;

    (g) means for maintaining said record of such loan application in said database accessible to said plurality of prospective lenders for predetermined period of time;

    (h) means for allowing said plurality of prospective lenders to submit bids over said at leasts one computer network on such loan application;

    (i) means for allowing the prospective borrower to access information regarding said bids from said plurality of prospective lenders over said at least one computer network; and

    (j) means for allowing the prospective borrower to accept a bid from said bids of said plurality of prospective lenders over said at least one computer network.

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