Computer implemented automated credit application analysis and decision routing system

• US 6,587,841 B1
• Filed: 06/30/1998
• Issued: 07/01/2003
• Est. Priority Date: 09/12/1995
• Status: Expired due to Term

• Current Assignee: First American Bank (The PNC Financial Services Group, Inc.)
• Original Assignee: First American Credit Management Solutions, Inc. (CoreLogic Incorporated)
• Inventors: Freiman, Scott L., Agrawal, Arvind K., DeFrancesco, James R.
• Primary Examiner(s): Rice, Kenneth R.
• Assistant Examiner(s): JASMIN, LYNDA C
• Application Number:
  US09/107,321
• Time in Patent Office: 1,827 Days
• Field of Search: 705/38, 705/35, 705/39, 709/217
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• 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 credit application and routing system includes a central processor having and executing a program. The system includes data input capabilities for selectively receiving credit application data from respective applicants at remote locations, and routing capabilities for selectively forwarding the credit application data to remote funding sources and selectively forwarding funding decision data from the funding sources to the respective applicants. The computer program includes routines for receiving a credit application from at least one remote application input and display device, for selectively forwarding a received credit application to at least one funding source, for receiving a funding decision from the at least one funding source, and for forwarding a received funding decision to the at least one remote application input and display device. The system can also obtain credit report data from credit bureaua, and analyze and summarize the credit report data. A computer readable storage medium has a substrate physically configured to represent the computer program which causes a computer to provide the credit application and routing system.

Claims

1. A credit application and routing system including a central processor having and executing a program and further comprising:

data input means for selectively receiving credit application data from respective applicants at remote locations; and

routing means for selectively forwarding the credit application data to remote funding sources and forwarding funding decision data from the funding sources to the respective applicants, wherein the routing means comprises means for sending at least a portion of a credit application to more than one of said remote funding sources sequentially until a funding source returns a positive funding decision or until all funding sources have been exhausted.

2. The credit application and routing system according to claim 1, wherein said central processor further provides at least one of a loan calculator, lender product news and funding source articles.

3. A credit application and routing system including a central processor having and executing a program and further comprising:

data input means for selectively receiving credit application data from respective applicants at remote locations; and

routing means for selectively forwarding the credit application data to remote funding sources and forwarding funding decision data from the funding sources to the respective applicants, wherein the routing means comprises means for sending at least a portion of a credit application to a first one of said remote funding sources, and then, after a predetermined time delay, sequentially sending to each other remote funding source in turn, until one of the remote finding sources returns a positive funding decision or until all funding sources have been exhausted.

4. The credit application and routing system according to claim 3, wherein said central processor further provides at least one of a loan calculator, lender product news and funding source articles.

5. A credit application and routing system including a central processor having and executing a program and further comprising:

data input means for selectively receiving credit application data from respective applicants at remote locations; and

routing means for selectively forwarding the credit application data to remote funding sources and forwarding funding decision data from the funding sources to the respective applicants, wherein the routing means comprises;

means for sending at least a portion of a credit application to more than one of said remote funding sources substantially at the same time;

means for sending at least a portion of a credit application to more than one of said remote funding sources sequentially until a funding source returns a positive funding decision or until all funding sources have been exhausted; and

means for sending at least a portion of a credit application to a first one of said remote funding sources, and then, after a predetermined time delay, sending to at least one other remote funding source, until one of the funding sources returns a positive funding decision or until all funding sources have been exhausted.

6. The credit application and routing system according to claim 5, wherein said central processor further provides at least one of a loan calculator, lender product news and funding source articles.

7. A computer based method of operating a credit application and routing system, the system including a central processor coupled to a communications medium for communicating with remote application entry and display devices, remote credit bureau terminal devices, and remote funding source terminal devices, the method comprising:

selectively receiving credit application data from a remote application entry and display device;

selectively obtaining credit report data from at least one remote credit bureau terminal device;

selectively forwarding the credit application data, and credit report data if appropriate, to at least one remote funding source terminal device; and

forwarding funding decision data from the at least one remote finding source terminal device to the respective remote application entry and display device, wherein the step of selectively forwarding the credit application data and credit report data to at least one remote funding source terminal device comprises;

sending at least a portion of the credit application data, and the credit report data if appropriate, to more than one of said at least one remote funding source terminal devices substantially at the same time.

8. The computer based method of claim 7, further comprising the step of enabling reviewing, analysis and editing of the credit application data at the remote application entry and display device prior to the step of selectively forwarding the credit application data.

9. The computer based method of claim 7, wherein said remote application entry and display device is located at a vehicle dealer.

10. A computer based method of operating a credit application and routing system, the system including a central processor coupled to a communications medium for communicating with remote application entry and display devices, remote credit bureau terminal devices, and remote funding source terminal devices, the method comprising:

selectively receiving credit application data from a remote application entry and display device;

selectively obtaining credit report data from at least one remote credit bureau terminal device;

selectively forwarding the credit application data, and credit report data if appropriate, to at least one remote funding source terminal device; and

forwarding funding decision data from the at least one remote finding source terminal device to the respective remote application entry and display device, wherein the step of selectively forwarding the credit application data, and credit report data if appropriate, to at least one remote funding source terminal device comprises one of;

sending at least a portion of a credit application data, and credit report data if appropriate, to a plurality of funding source terminal devices sequentially until a finding source terminal device returns positive funding decision data or until all funding sources have been exhausted; and

sending at least a portion of a credit application data, and credit report data if appropriate, to a first one of a plurality of funding source terminal devices, and then, after a predetermined time delay, sending to at least one other finding source terminal device in turn, until a funding source terminal device returns positive funding decision data or until all funding sources have been exhausted.

11. The computer based method of claim 10, further comprising the step of enabling reviewing, analysis and editing of the credit application data at the remote application entry and display device prior to the step of selectively forwarding the credit application data.

12. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium; and

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium;

wherein there are a plurality of funding source terminal devices connected to said communications medium, and wherein a credit application is sent to more than one of said plurality of funding source terminal devices over said communications medium through said central processing means.

13. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving, to and from said central processing means over said communications medium; and

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium;

wherein there are a plurality of funding source terminal devices connected to said communications medium, and wherein a credit application is sent to more than one of said plurality of funding source terminal devices over said communications medium through said central processing means.

14. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium; and

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium,

wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for tracking pending credit applications.

15. The credit application and routing system according to claim 14, wherein said tracking pending credit applications further provides for querying the status of dealer accounts including at least one of current charges and transactions processed.

16. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium;

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium; and

at least one credit bureau terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application from said at least one credit application input terminal device through said central processing means over said communications medium, and for sending credit information to said at least one credit application input terminal device over said communications medium through said central processing means,

wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for tracking pending credit applications.

17. The credit application and routing system according to claim 16, wherein said central processing means computer program which implements and controls credit application processing and routing, further provides outcome results including approval, decline, conditional approval or a message.

18. The credit application and routing system according to claim 16, wherein said tracking pending credit applications further provides for querying the status of dealer accounts including at least one of current charges and transactions processed.

19. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium;

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium; and

at least one credit bureau terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application from said at least one credit application input terminal device through said central processing means over said communications medium, and for sending credit information to said at least one credit application input terminal device over said communications medium through said central processing means,

wherein said central processing means computer program which implements and controls credit application processing and routing, further provides finance or loan versus lease analysis, new and used vehicle pricing, announcement messages, and a lender encyclopedia with product information.

20. The credit application and routing system according to claim 19, wherein said central processing means further provides at least one of a loan calculator, lender product news and funding source articles.

21. A credit application and routing system including a central processor having and executing a program and further comprising:

data input means for selectively receiving credit application data from respective applicants at remote locations; and

routing means for selectively forwarding the credit application data to remote funding sources and forwarding finding decision data from the finding sources to the respective applicants, wherein the routing means comprises;

means for sending at least a portion of a credit application to more than one of said remote funding sources substantially at the same time;

means for sending at least a portion of a credit application to more than one of said remote funding sources sequentially until a funding source returns a positive funding decision or until all funding sources have been exhausted; and

means for sending at least a portion of a credit application to a first one of said remote finding sources, and then, after a predetermined time delay, or receipt of a decline or other conditional response, sending to at least one other remote funding source, until one of the funding sources returns a positive funding decision or until all finding sources have been exhausted.

22. A credit application and routing system, comprising:

a communications medium;

central processing means, operably coupled to said communications medium, for executing a computer program which implements and controls credit application processing and routing;

at least one credit application input terminal device, operably coupled to said communications medium, for keyboard entry of at least credit application information, for visual display of at least funding decision information, and for sending and receiving to and from said central processing means over said communications medium; and

at least one funding source terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application over said communications medium from said at least one credit application input terminal device through said central processing means, and for sending a funding decision to said at least one credit application input terminal device through said central processing means over said communications medium,

wherein said central processing means computer program which implements and controls credit application processing and routing, further provides for querying the status of dealer accounts including at least one of current charges and transactions processed.

23. A credit application and routing system according to claim 22, further comprising:

at least one credit bureau terminal device, operably coupled to said communications medium, for receiving at least a portion of a credit application from said at least one credit application input terminal device through said central processing means over said communications medium, and for sending credit information to said at least one credit application input terminal device over said communications medium through said central processing means.