초록 ▼

A method and apparatus for closed loop, automatic processing a loan, including completion of the application, underwriting, and transferring funds, includes use of a programmed computer to interface with an applicant, obtain the information needed to process the loan, determine whether to approve th

A method and apparatus for closed loop, automatic processing a loan, including completion of the application, underwriting, and transferring funds, includes use of a programmed computer to interface with an applicant, obtain the information needed to process the loan, determine whether to approve the loan, and effect electronic fund transfers to the applicant's deposit account and arrange for automatic withdrawals to repay the loan. Information is received from the applicant preferably by using voice recognition technology but alternatively by entering the alpha-numeric information using a personal computer keyboard or using the buttons on a telephone. The loan approval determination is made using a neural network with input obtained in part from the applicant and in part from databases accessed by the computer, such as a credit bureau, to obtain a credit report. The loan agreement is transmitted by facsimile to and from the applicant when the applicant has access to a facsimile machine or datafile to be printed or to an agent who delivers the agreement to the applicant when the applicant does not have access. In a preferred embodiment, the applicant accesses the computer from a kiosk where the complete transaction can take place as the applicant waits.

대표청구항 ▼

[ What is claimed is:] [13.] An automatic loan processing system providing real time loan processing without human intervention for applicants located at a remote interface, said system comprising:a. a remote applicant interface adapted to:i. allow a loan applicant to remotely request a loan; andii.

[ What is claimed is:] [13.] An automatic loan processing system providing real time loan processing without human intervention for applicants located at a remote interface, said system comprising:a. a remote applicant interface adapted to:i. allow a loan applicant to remotely request a loan; andii. receive data from the loan applicant;b. a data processing system with associated memory having weighted underwriting criteria bearing on the ability and willingness of a borrower to repay a loan based on prescribed data obtained from the borrower and information about the borrower from at least one database containing information about the borrower relevant to the ability and willingness of the borrower to repay a loan;c. a communication network electronically coupling said data processing system to said applicant interface and facilitating access from said data processing system to the at least one database to facilitate data transfer therebetween;d. without human assistance, said data processing system adapted to:i. receive the data from the loan applicant received at the applicant interface;ii. access information for the loan applicant in said at least one database;iii. receive the information about the loan applicant relevant to the ability and willingness of the applicant to repay the loan;iv. compare certain of the information received from the loan applicant and about the loan applicant with said weighted underwriting criteria bearing on the ability and willingness of a borrower to repay a loan based on prescribed data obtained from the borrower and information about the borrower from said at least one database to provide an underwriting score;v. based on the underwriting score, determine in real time and without human assistance if the loan applicant's requested loan is:a. approved,b. rejected, orc. indeterminable without human assistance and requires human assistance for further processing;vi. send a result to the remote applicant interface informing the loan applicant that the requested loan was approved, rejected or indeterminable.