System and method for originating loans
First Claim
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1. A method of facilitating a loan origination comprising:
- receiving from potential borrowers applications for loans to be secured by properties;
creating a computer database for one or more potential loans, said database including underwriting information for said loans, said underwriting information not constituting a loan approval but including net cash flow information for the properties, property site inspection information and credit information pertaining to the borrowers;
providing a plurality of prospective lending entities access via a communication network to at least part of the underwriting information in said computer database;
receiving via a communication network bids from the plurality of prospective lending entities in an auction for said loans using the underwriting information they accessed;
informing borrowers or their representatives of at least one of said bids for their loans; and
closing a loan when one of said bids for that loan is accepted by one of the borrowers or their representatives.
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Abstract
The present invention is directed to a method of originating a loan. The method includes the steps of receiving loan request information from an applicant, developing underwriting information relating to the loan, and storing the loan request and the underwriting information so that it is accessible to a plurality of prospective lenders. The method further includes the steps of receiving at least one bid from at least one of the prospective lenders and storing the bid so that the applicant has an opportunity to consider and accept the bid. A corresponding software application and a system are also discussed.
145 Citations
71 Claims
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1. A method of facilitating a loan origination comprising:
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receiving from potential borrowers applications for loans to be secured by properties; creating a computer database for one or more potential loans, said database including underwriting information for said loans, said underwriting information not constituting a loan approval but including net cash flow information for the properties, property site inspection information and credit information pertaining to the borrowers; providing a plurality of prospective lending entities access via a communication network to at least part of the underwriting information in said computer database; receiving via a communication network bids from the plurality of prospective lending entities in an auction for said loans using the underwriting information they accessed; informing borrowers or their representatives of at least one of said bids for their loans; and closing a loan when one of said bids for that loan is accepted by one of the borrowers or their representatives. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37)
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38. A software program embodied in a computer-readable medium for processing financing requests, the software program configuring a computer to:
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receive from potential borrowers applications for loans to be secured by properties; receive underwriting information relating to potential loans; create a computer database for one or more potential loans, said database including underwriting information for said loans, said underwriting information not constituting a loan approval but including net cash flow information for the properties, property site inspection information and credit information pertaining to the borrowers; provide a plurality of prospective lending entities access via a communication network to at least part of the underwriting information in said computer database; receive via the communication network bids from the plurality of prospective lending entities in an auction for said loans using the underwriting information they accessed; inform borrowers or their representatives of at least one of said bids for their loans; and close a loan when one of said bids for that loan is accepted by one of the borrowers or their representatives. - View Dependent Claims (39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71)
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Specification