Efficient market for financial products

• US 8,027,909 B2
• Filed: 04/22/2010
• Issued: 09/27/2011
• Est. Priority Date: 10/24/1998
• Status: Expired due to Fees

• Current Assignee: Goknown LLC
• Original Assignee: Marketcore.com, Inc.
• Inventors: Erlanger, Michael David
• Primary Examiner(s): Cheung, Mary
• Assistant Examiner(s): Greene, Daniel L
• Application Number:
  US12/765,688
• Publication Number:
  US 20100205116A1
• Time in Patent Office: 523 Days
• Field of Search: 705/37, 705/38, 705/35, 705/4, 705/1, 705/14.1, 705/14.25
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• 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: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A data processing system is disclosed that provides an efficient market for: (1) the provision of loans and lines of credit between lenders and those seeking loans and lines of credit, and (2) the sale of loans between loan pool traders. One embodiment of the present invention comprises: receiving at a data processing system a lending criteria from each of a plurality of lenders; compiling a first set of statistics in the data processing system based on the lending criteria from each of the plurality of lenders; and outputting from the data processing system the first set of statistics to a first lender at a price that is based on a measure of fees incurred with respect to the first lender.

Claims

1. Apparatus for providing a market for loans, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a plurality of loan granting institutions;

computer programs executing on said data processing system for;

compiling statistics regarding said plurality of stored data records containing loan underwriting standards and storing statistics data records in said data storage device;

receiving loan solicitation data records in said data storage device;

comparing said loan solicitation data records to said loan underwriting standards data records from said plurality of loan granting institutions to identify one or more loan granting institutions and to provide data records identifying said loan seeker to said loan granting institution;

providing from said data processing system said statistics to a data processing system participant; and

calculating a price to the data processing system participant for said statistics data records provided to the data processing system participant, in which the price is reduced for fees obtained from transactions associated with the data processing system participant in accordance with a predetermined netbacking schedule stored in a netbacking database, and based on the data processing system participant providing one or more loan underwriting standards data records.

2. The apparatus of claim 1 further comprising:

computer programs executing on said data processing system for providing from said data processing system said statistics data records to a selected loan granting institution; and

calculating a price to the selected loan granting institution for providing said statistics data records in which the price is reduced for fees obtained from transactions associated with the selected loan granting institution.

3. The apparatus of claim 1, further comprising computer programs executing on said data processing system for:

receiving loan pool data records from one or more loan granting institutions;

receiving loan pool purchase offer data records from one or more data processing system participants;

comparing said loan pool purchase offer data records with said loan pool data records to identify one or more data processing system participants.

4. The apparatus of claim 3 further comprising:

an indicium output by an output device providing an identification of said one or more data processing system participants.

5. The apparatus of claim 3 further comprising:

computer programs executing on said data processing system for calculating a fee due from a loan granting institution or a data processing system participant for brokering the sale of said loan pool to an identified data processing system participant.

6. The apparatus of claim 5, further comprising:

computer programs executing on said data processing system for compiling loan purchase statistics regarding loan pool purchase offer data records; and

storing loan purchase statistics data records in said data storage device.

7. The apparatus of claim 3, further comprising computer programs executing on said data processing system for calculating a price to a data processing system participant for receiving loan pool data records and loan pool purchase offer data records.

8. The apparatus of claim 5, further comprising computer programs executing on said data processing system for calculating a price to a data processing system participant for receiving loan purchase statistics data records.

9. The apparatus of claim 8, wherein said data processing system participant is a loan granting institution, and further comprising computer programs executing on said data processing system for calculating a reduced price to the loan granting institution for receiving in accordance with a predetermined netbacking schedule stored in a netbacking database based on the loan granting institution providing one or more loan pool data records.

10. The apparatus of claim 5, further comprising computer programs executing on said data processing system for providing from said data processing system said loan purchase statistics data records to a selected data processing system participant;

and calculating a price for providing said loan purchase statistics data records to said selected data processing system participant that is based on a fee earned with respect to said selected data processing system participant.

11. The apparatus of claim 3, further comprising computer programs executing on said data processing system for providing from said data processing system said loan pool data records to a selected data processing system participant;

and calculating a price for providing said loan pool data records to said selected data processing system participant that is based on said fees earned with respect to said selected data processing system participant.

12. The apparatus of claim 3, further comprising computer programs executing on said data processing system for providing from said data processing system said loan pool purchase offer data records to a selected data processing system participant;

and calculating a price for providing said loan pool purchase offer data records to said selected data processing system participant that is based on said fees earned with respect to said selected data processing system participant.

13. An apparatus, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a plurality of loan granting institutions;

computer programs executing on said data processing system for;

compiling statistics regarding said plurality of stored data records containing loan underwriting standards and storing statistics data records in said data storage device;

providing from said data processing system said statistics to a data processing system participant;

calculating a price to the data processing system participant for said statistics data records provided to the data processing system participant, in which the price is reduced for fees obtained from transactions associated with the data processing system participant in accordance with a predetermined netbacking schedule stored in a netbacking database.

14. The apparatus of claim 13, further comprising computer programs executing on said data processing system for calculating a price to the data processing system participant for said statistics data records in which the price is reduced based on the data processing system participant providing one or more loan underwriting standards data records.

15. The apparatus of claim 14 further comprising:

computer programs executing on said data processing system for providing from said data processing system said statistics data records to a selected loan granting institution; and

calculating a price to the selected loan granting institution for providing said statistics data records in which the price is reduced for fees obtained from transactions associated with the selected loan granting institution.

16. The apparatus of claim 13, further comprising computer programs executing on said data processing system for:

receiving loan pool data records from one or more loan granting institutions;

receiving loan pool purchase offer data records from one or more data processing system participants.

17. The apparatus of claim 16, further comprising:

computer programs executing on said data processing system for compiling loan purchase statistics regarding loan pool purchase offer data records; and

storing loan purchase statistics data records in said data storage device.

18. The apparatus of claim 16, further comprising computer programs executing on said data processing system for calculating a price to a data processing system participant for receiving one or more of loan pool data records and loan pool purchase offer data records.

19. The apparatus of claim 17, further comprising computer programs executing on said data processing system for calculating a price to a data processing system participant for receiving loan purchase statistics data records.

20. The apparatus of claim 18, wherein said data processing system participant is a loan granting institution, and further comprising computer programs executing on said data processing system for calculating a reduced price to the loan granting institution for receiving one or more of loan pool data records and loan pool purchase offer data records in accordance with a predetermined netbacking schedule stored in a netbacking database.

21. The apparatus of claim 19, wherein said data processing system participant is a loan granting institution, and further comprising computer programs executing on said data processing system for calculating a reduced price to the loan granting institution for receiving loan purchase statistics data records in accordance with a predetermined netbacking schedule stored in a netbacking database.

22. The apparatus of claim 21, further comprising computer programs executing on said data processing system for providing from said data processing system said loan purchase statistics data records to a selected data processing system participant;

and calculating a price for providing said loan purchase statistics data records to said selected data processing system participant that is based on a fee earned with respect to said selected data processing system participant.

23. The apparatus of claim 20, further comprising computer programs executing on said data processing system for providing from said data processing system said one or more of loan pool data records and loan pool purchase offer data records to a selected data processing system participant;

and calculating a price for providing said one or more of loan pool data records and loan pool purchase offer data records to said selected data processing system participant that is based on said fees earned with respect to said selected data processing system participant.

24. A method comprising the steps of:

receiving a plurality of loan underwriting standards data records from a plurality of loan granting institutions at a data processing system having a program executing computer, a data storage device, and an output device and storing the loan underwriting standards data records in said data storage device;

executing a computer program on said data processing system for;

(a) compiling a first set of statistics data records in said data processing system based on said plurality of underwriting standards data records from said plurality of loan granting institutions and storing the first set of statistics data records;

(b) calculating a fee earned with respect to a selected loan granting institution;

(c) providing from said data processing system said first set of statistics data records to the selected loan granting institution;

(d) calculating a price for providing said first set of statistics data records to said selected loan granting institution that is based on said fee earned with respect to said selected loan granting institution in accordance with a predetermined netbacking schedule stored in a netbacking database.

25. The method of claim 24 wherein said price decreases as said fee increases.

26. The method of claim 24 further comprising of the step of:

executing a computer program on said data processing system for providing from said data processing system a data record that a portion of said fee is to be remitted to said selected loan granting institution.

27. A method, comprising the steps of:

receiving a plurality of underwriting standards data records from a plurality of loan granting institutions at a data processing system having a program executing computer, a data storage device, and an output device and storing the underwriting standards data records in said data storage device;

executing computer programs on said data processing system for;

compiling statistics data records in said data processing system based on said plurality of underwriting standards and storing the statistics data records;

receiving at said data processing system an loan solicitation data record from an loan seeker;

comparing in said data processing system said loan solicitation data record to said underwriting standards data records to identify a selected loan granting institution;

receiving at said data processing system an indicium that a fee has been earned with respect to transactions involving said selected loan granting institution;

calculating fees earned with respect to said selected loan granting institution;

calculating a price for outputting a first set of statistics data records to said selected loan granting institution that is based on said fees earned with respect to transactions involving said selected loan granting institution within a given interval in accordance with a predetermined netbacking schedule stored in a netbacking database;

providing from said data processing system said first set of statistics data records to said selected loan granting institution;

providing from said data processing system said statistics data records to a data processing system participant; and

receiving at said data processing system from said data processing system participant an offer to purchase loans.

28. Apparatus for providing a market for loan and debt purchase, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of loan underwriting standards data records stored in said data storage device containing loan underwriting standards from a one or more loan granting institutions;

computer programs executing on said data processing system for;

(a) compiling statistics regarding said plurality of stored data records containing loan underwriting standards;

(b) calculating fees earned with respect to the one or more loan granting institutions;

(c) calculating a reduced price to the one or more loan granting institutions for providing said statistics regarding said stored data records to the selected loan granting institution based on the calculated fees earned with respect to said selected loan granting institution in accordance with a predetermined netbacking schedule stored in a netbacking database.

29. The apparatus of claim 28, further comprising:

a plurality of loan purchase offer data records stored in said data storage device containing loan purchase offers from one or more data processing system participants;

computer programs executing on said data processing system for;

(a) compiling statistics regarding said stored plurality of debt purchase offer data records containing debt purchase offers;

(b) calculating fees earned with respect to the one or more loan granting institutions and data processing system participants;

(c) calculating a reduced price to the one or more loan granting institutions and data processing system participants for providing said statistics regarding said statistics regarding said stored data records or said stored debt purchase offer data records to the one or more loan granting institutions and data processing system participants based on the calculated fees earned with respect to the one or more loan granting institutions and data processing system participants in accordance with a predetermined netbacking schedule stored in a netbacking database.

30. Apparatus for providing a market for loan and debt purchase, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of loan and debt purchase offer data records stored in said data storage device containing loan and debt purchase offers from one or more data processing system participants;

computer programs executing on said data processing system for;

(a) compiling statistics regarding said plurality of stored debt purchase offer data records containing debt purchase offers;

(b) calculating a fees earned with respect to the one or more data processing system participants;

(c) calculating a reduced price to the one or more data processing system participants for output of said statistics regarding said stored debt purchase offer data records to the one or more data processing system participants based on the calculated fees earned with respect to the one or more data processing system participants in accordance with a predetermined netbacking schedule stored in a netbacking database.

31. A data processing method operable in connection with a loan market and an associated debt purchase market, comprising:

receiving a plurality of underwriting standards data records from a plurality of loan granting institutions at a data processing system having a program executing computer, a data storage device, and an output device, and storing the underwriting standards data records in said data storage device;

receiving an loan solicitation data record from an loan seeker at the data processing system and storing the loan solicitation data record in said data storage device;

executing computer programs on said data processing system for;

(a) comparing in said data processing system said loan solicitation data record to said underwriting standards data records to identify one or more selected loan granting institutions;

(b) receiving issued loan data records from selected loan granting institutions; and

(c) compiling first statistics data records regarding said plurality of loan data records;

(d) storing the first statistics data records in said data storage device;

(e) receiving loan purchase offer data records from one or more data processing system participants and storing the loan purchase offer data records in said data storage device;

(f) receiving a plurality of loan pool data records from one or more loan granting institutions and storing the loan pool data records in said data storage device;

(g) comparing said loan purchase offer data records with said plurality of loan pool data records to identify one or more data processing system participants;

(h) compiling second statistics data records regarding said plurality of stored loan purchase offer data records;

(i) calculating a fee earned with respect to a data requester;

(j) calculating a reduced price to the data requester for providing one or more of the first and second statistics data records based on the fee earned with respect to the data requester in accordance with a predetermined netbacking schedule stored in a netbacking database.

32. A method for performance by a provider of computer information services, comprising the steps of:

during an application process for financial products offered by a plurality of offerors, obtaining information describing solicitations made by a plurality of applicants for the financial products and submitted for matching against underwriting standards of the offerors, and storing the solicitation information in a database;

essentially contemporaneously with the closing of each of a plurality of the financial products, updating the database with information describing the closed financial products; and

making the database available to parties on a secondary market for the financial products.

33. The method of claim 32, further comprising the step of:

in a market for the financial products in which transactions occur among market participants in distinct first and second sectors, providing intermediation services for transactions in each of the two sectors;

a predetermined pricing schedule for the intermediation services providing credits for transaction fees paid by a party for intermediation of transactions in the first sector for redemption against fees payable by the party for intermediation of transactions in the second sector.

34. The method of claim 32, further comprising the step of:

providing intermediation services for buying and selling the financial products in the secondary market for the financial products; and

structuring a pricing schedule to provide credits for transaction fees paid by a lender for obtaining the solicitation information for redemption against fees payable by the lender for intermediation of transactions in the secondary market.

35. The method of claim 32, further comprising the steps of:

offering access to the information to parties on the secondary market under a prearranged pricing schedule providing reductions in the price of the information as fees increase for provision of origination services for the financial products.

36. A computer, comprising:

hardware and/or software designed to obtain information describing solicitations for financial products from a plurality of applicants for origination of the financial products, and to store the solicitation information in a database;

hardware and/or software designed to match the solicitation information against underwriting standards of a plurality of offerors of the financial products;

hardware and/or software designed to receive information describing closed financial products, and to update the database with information describing the closed financial products essentially contemporaneously with the closing of the closed financial products; and

an interface designed to make the database available to parties on a secondary market for the financial products.

37. The computer of claim 36, further comprising:

hardware and/or software designed to host a secondary market for buying and selling of the financial products and to maintain a record of fees earned for intermediation of transactions on the secondary market, a predetermined pricing schedule for intermediation services providing that transaction fees paid by a party for intermediation of transactions are to be credited against fees payable by the party for intermediation of other transactions, and providing for reduced pricing for access by a party to research information describing the loans, the price reduction based on increased transaction volume achieved by the party over an agreed time period.

38. The computer of claim 36, further comprising:

hardware and/or software designed to provide reductions in price for access to the database by a party, the reductions increasing based on increased transaction volume achieved by the party over an agreed time period according to a predetermined pricing schedule.

39. The computer of claim 36, further comprising:

hardware and/or software designed to provide intermediation data processing functions for buying and selling of the financial products on a secondary market, a predetermined pricing schedule for intermediation services providing that transaction fees paid by a party for intermediation of transactions are to be credited against fees payable by the party for intermediation of other transactions, and providing for reduced pricing for access by a party to research information describing the financial products, the price reduction based on increased transaction volume achieved by the party over an agreed time period.