Automated loan approval system

• US 7,742,980 B1
• Filed: 11/15/2002
• Issued: 06/22/2010
• Est. Priority Date: 11/15/2002
• Status: Expired due to Fees

• Current Assignee: IMX Incorporated
• Original Assignee: IMX Incorporated
• Inventors: Klein, Lawrence
• Primary Examiner(s): Havan; Thu Thao
• Application Number:
  US10/298,252
• Time in Patent Office: 2,776 Days
• Field of Search: 705 38- 39
• 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 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 provides a method and system capable of automatic loan approval, in which lenders can both provide information to brokers regarding their loan policies, and in which brokers can obtain information regarding likely lender treatment of prospective borrowers. Thus, brokers search a database of possible loan programs made available by lenders, rather than lenders searching a database of possible loans made available by brokers.

Claims

1. Apparatus including

a database of loan programs,

said loan programs

being associated with one or more possible lenders,

each said loan program

being associated with a set of loan approval rules;

a search element

coupled to said database and

responsive to at least one of

a broker history of loan approvals,

a broker history of loan performance,

associated with a broker

associated with said possible loan request; and

an automated approval element

coupled to said search element and

coupled to said loan approval rules.

2. Apparatus as in claim 1,

including

a governor

coupled to said automated approval element,

said governor

being responsive to

a measure of loan volume

coupled to

said automated approval element.

3. Apparatus as in claim 2,

wherein

said measure of loan volume

is responsive to

a set of loans approved

by said automated approval element.

4. Apparatus as in claim 2,

wherein

said measure of loan volume

is responsive to

a set of loans approved

in accordance with

a selected set of loan programs.

5. Apparatus as in claim 2,

wherein

said measure of loan volume

is responsive to

a set of loans approved

on behalf of

at least one of

a selected loan officer,

a selected team of loan officers.

6. Apparatus as in claim 1,

including

a loan selection element

coupled to

an output of said search element, and

responsive to

a broker fee

associated with a selected loan program;

wherein

said loan selection element

has an output related to

a statistical measure of

at least one said broker fee.

7. Apparatus as in claim 1,

wherein said automated approval element

is disposed for

providing an automated lock

for said loan request, and

is responsive to

a set of loan adjustment rules,

said loan adjustment rules

including a set of modifications

to said automated lock,

said modifications being applied

after acceptance of said loan.

8. A method, including steps of

maintaining a database of loan programs,

said loan programs

being associated with

one or more possible lenders,

each said loan program

being associated with

a set of loan approval rules;

searching said database

responsive to at least one of

a broker history of loan approvals,

a broker history of loan performance,

associated with a broker

associated with a possible loan request; and

providing automated approval

of one or more

selected said possible loan requests

in response to

said steps of searching.

9. A method as in claim 8,

including steps of

governing said steps of

providing automated approval,

said steps of governing

being responsive to

a measure of loan volume

processed by

said steps of

providing automated approval.

10. A method as in claim 9,

wherein

said measure of loan volume

is responsive to

a set of loans approved

by said steps of

providing automated approval.

11. A method as in claim 9,

wherein

said measure of loan volume

is responsive to

a set of loans approved

in accordance with

a selected set of loan programs.

12. A method as in claim 9,

wherein

said measure of loan volume

is responsive to

a set of loans approved

on behalf of

at least one of

a selected loan officer,

a selected team of loan officers.

13. A method as in claim 8,

including steps of

selecting one or more loans

in response to

said steps of searching, and

in response to

a broker fee

associated with a selected loan program;

wherein

said steps of

selecting one or more loans

have an output related to

a statistical measure of

at least one said broker fee.

14. A method as in claim 8,

wherein said steps of

providing automated approval

include steps of

providing an automated lock

for said loan request, and

are responsive to

a set of loan adjustment rules,

said loan adjustment rules

including a set of modifications to said automated lock,

said modifications being applied after acceptance of said loan.