Method and computer network for co-ordinating a loan over the Internet

• US 6,611,816 B2
• Filed: 02/22/2002
• Issued: 08/26/2003
• Est. Priority Date: 05/08/1998
• Status: Expired due to Term

• Current Assignee: LendingTree LLC (Tree.com Incorporated)
• Original Assignee: LendingTree Incorporated (Tree.com Incorporated)
• Inventors: Stiegler, Richard, Lebda, Douglas
• Primary Examiner(s): Hafiz, Tariq R.
• Assistant Examiner(s): ROBINSON BOYCE, AKIBA K
• Application Number:
  US10/080,891
• Publication Number:
  US 20020077970A1
• Time in Patent Office: 550 Days
• Field of Search: 705/1, 705/35, 705/38
• US Class Current: 705/38
• CPC Class Codes: G06F 40/174 Form filling; Merging
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• 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

Abstract

The invention relates to a method and a computer for coordinating an electronic credit application between an Internet user and a plurality of lending institutions via the Internet. This method involves displaying documents in a web site, and receiving credit data forming placed on the web site. After receiving this data a special loan processing computer applies a filter to the data. The filter comprises loan selection criteria provided by lending institutions which allows these institutions to filter out loan applications that they do not want. Next, after the data is filtered, it is transmitted to a plurality of lending institutions. Finally, the computer and the method then controls and coordinates communication between these lending institutions and the Internet user to match borrowers and lenders via the Internet.

Claims

1. A method for coordinating an electronic qualification form between a computer user and a plurality of lending institutions via a computer network, comprising the steps of:

receiving selection criteria from a plurality of lending institutions;

receiving credit data sent from the computer user;

employing the selection criteria to filter the credit data and to automatically select one or more lending institutions from the plurality of lending institutions; and

transmitting the credit data to each of the selected lending institutions;

whereby the selected lending institutions compete with each other for business with the computer user.

2. The method of claim 1, further comprising the step of determining an appropriate transfer method to forward the credit data to the selected lending institutions.

3. The method of claim 1, further comprising the step of displaying a plurality of positive credit decisions from the selected lending institutions to the computer user.

6. The method of claim 1, wherein the step of receiving credit data further comprises receiving credit data from the credit user comprising information relating to one of a first mortgage, a second mortgage, a car loan, a student loan, a personal loan, and a credit card.

4. The method of claim 4, further comprising the step of assigning each lending institution a corresponding filter.

5. The method of claim 4, further comprising the step of customizing selection criteria of each filter in response to receiving communications from a corresponding lending institution.

7. A method for coordinating business between a computer user and a plurality of lending institutions via a computer network, comprising the steps of:

storing selection criteria for a plurality of lending institutions;

receiving credit data sent from the computer user corresponding to an electronic qualification form;

matching the credit data with lending institutions and the selection criteria by employing the selection criteria to filter the credit data and to automatically select one or more lending institutions from the plurality of lending institutions;

determining an appropriate transfer method to transmit said electronic qualification form to the lending institutions associated with a match of said credit data;

transmitting the electronic qualification form to the lending institutions associated with a match of said credit data according to the determined transfer method;

whereby the selected lending institutions compete with each other for business with the computer user by electing to make offers to the computer user.

8. The method of claim 7, further comprising the step of displaying one or more positive credit decisions from the selected lending institutions to the computer user.

9. The method of claim 7, further comprising transmitting said electronic qualification form to said lending institutions associated with a match of said credit data via a Common Gateway Interface (CGI).

10. The method of claim 7, further comprising transmitting said electronic qualification form to said lending institutions associated with a match of said credit data via a secured website.

11. The method of claim 7, further comprising transmitting said qualification form to said lending institutions associated with a match of said credit data via a secured E-Mail.

13. The method of claim 11, wherein the step of matching the credit data comprises employing the selection criteria to filter the credit data and to automatically select one or more lending institutions from the plurality of lending institutions.

14. The method of claim 11, further comprising the step of determining an appropriate transfer method to transmit the credit data to the lending institutions associated with a match of said credit data.

16. The method of claim 11, further comprising the step of receiving via the computer network at least one decision from the computer user regarding at least one of the positive credit decisions, the Internet user'"'"'s decision comprising an acceptance, denial or request for more information regarding a positive decision for one of said lending institutions associated with a match of said credit data.

17. The method of claim 11, further comprising the step of transmitting a computer user'"'"'s decision regarding a positive credit decision to at least one lending institution corresponding with the positive credit decision so that said Internet user can obtain credit or a loan from one of said lending institutions associated with a match of said credit data.

12. A method for promoting commerce between a computer user and a plurality of lending institutions via a computer network, comprising the steps of:

receiving selection criteria from a plurality of lending institutions;

receiving credit data sent from the computer user;

matching the credit data with lending institutions and the selection criteria;

transmitting the credit data to one or more lending institutions associated with a match of the credit data; and

displaying a plurality of positive credit decisions from one or more of the lending institutions to the computer user or a website via the computer network.

15. The method of 14, further comprising the step of transmitting the credit data to the lending institutions associated with a match of said credit data according to the determined transfer method.

18. A computer readable medium having computer-executable instructions for coordinating an electronic financial services application between an Internet user and a plurality of financial institutions via the Internet, the instructions comprising the steps of:

receiving selection criteria from one or more financial institutions;

receiving credit data from the Internet user;

applying the credit data to a filter comprising a plurality of selection criteria to automatically select each one of the financial institutions associated with a match of the credit data to the selection criteria;

transmitting the credit data to the selected ones of the financial institutions to assist a determination of offering financial services to the Internet user; and

coordinating communication between the selected financial institutions and the Internet user so that the Internet user can accept financial services from one of the selected financial institutions.

19. The computer readable medium of claim 18, wherein the step of coordinating communication further comprises the step of receiving a decision from the Internet user regarding one or more offers made from the selected ones of the financial institutions.

20. The computer readable medium of claim 18, further comprises the step of displaying one or more positive credit decisions from the selected lending institutions to the computer user.

21. The computer readable medium of claim 18, wherein the financial services comprise services relating to one of first mortgages, second mortgages, car loans, student loans, personal loans, and credit cards.

22. A system for coordinating business between a computer user and a plurality of lending institutions comprising:

a processing unit;

a memory storage device; and

a program module, stored in said memory storage device for providing instructions to said processing unit;

said processing unit responsive to said instructions of said program module, operable for

receiving selection criteria from a plurality of lending institutions;

receiving credit data sent from the computer user;

employing the selection criteria to filter the credit data and to automatically select one or more lending institutions from the plurality of lending institutions; and

forwarding the credit data to the selected one or more lending institutions;

whereby the selected lending institutions compete with each other for business with the computer user.

23. The system of claim 22, wherein said processing unit is further operable for determining an appropriate transfer method to forward the credit data to the selected lending institutions.

24. The system of claim 22, wherein said processing unit is further operable for displaying a plurality positive credit decisions from the selected lending institutions to the computer user.