U.S. patent application number 10/647645 was filed with the patent office on 2004-02-26 for method and system for offering a loan through a computing system.
This patent application is currently assigned to rateGenius, Inc.. Invention is credited to Brown, Christopher C., Lowenfield, Cole W..
Application Number | 20040039690 10/647645 |
Document ID | / |
Family ID | 27805385 |
Filed Date | 2004-02-26 |
United States Patent
Application |
20040039690 |
Kind Code |
A1 |
Brown, Christopher C. ; et
al. |
February 26, 2004 |
Method and system for offering a loan through a computing
system
Abstract
In one embodiment of a system, a computing device receives first
information about a customer. To at least first and second loan
sources, the computing device outputs second information enabling
the first and second loan sources to determine whether to offer a
loan to the customer for financing an item. The second information
includes at least a portion of the first information. From the
first and second loan sources, the computing device receives
submissions of respective first and second offers for providing the
loan to the customer for financing the item. The first and second
offers are submitted by the first and second loan sources in
response to the second information and in a manner that commits to
provide the loan if accepted by the customer. The computing device
identifies at least one of the first and second offers as being
most favorable. To the customer, the computing device outputs third
information about the identified offer. The third information
includes an identity of at least one of the loan sources that
submitted the identified offer.
Inventors: |
Brown, Christopher C.;
(Spicewood, TX) ; Lowenfield, Cole W.; (Austin,
TX) |
Correspondence
Address: |
HAYNES AND BOONE, LLP
901 MAIN STREET, SUITE 3100
DALLAS
TX
75202
US
|
Assignee: |
rateGenius, Inc.
Austin
TX
|
Family ID: |
27805385 |
Appl. No.: |
10/647645 |
Filed: |
August 25, 2003 |
Related U.S. Patent Documents
|
|
|
|
|
|
Application
Number |
Filing Date |
Patent Number |
|
|
10647645 |
Aug 25, 2003 |
|
|
|
09471879 |
Dec 23, 1999 |
|
|
|
6622131 |
|
|
|
|
Current U.S.
Class: |
705/38 |
Current CPC
Class: |
G06Q 40/02 20130101;
G06Q 40/025 20130101; G06Q 30/08 20130101 |
Class at
Publication: |
705/38 |
International
Class: |
G06F 017/60 |
Claims
What is claimed is:
1. A system, comprising: a computing device for: receiving first
information about a customer; to at least first and second loan
sources, outputting second information enabling the first and
second loan sources to determine whether to offer a loan to the
customer for financing an item, wherein the second information
includes at least a portion of the first information; from the
first and second loan sources, receiving submissions of respective
first and second offers for providing the loan to the customer for
financing the item, wherein the first and second offers are
submitted by the first and second loan sources in response to the
second information and in a manner that commits to provide the loan
if accepted by the customer; identifying at least one of the first
and second offers as being most favorable; and to the customer,
outputting third information about the identified offer, wherein
the third information includes an identity of at least one of the
loan sources that submitted the identified offer.
2. The system of claim 1 wherein the first information includes
information about the item, and wherein the second information
includes the information about the item.
3. The system of claim 1 wherein the item is an automobile.
4. The system of claim 1 wherein the item is security for the
loan.
5. The system of claim 1 wherein the financing is a
refinancing.
6. The system of claim 1 wherein the first and second offers are
submitted by the first and second loan sources in a manner that
commits to provide the loan if accepted by the customer within a
specified time period.
7. The system of claim 1 wherein the first and second offers are
submitted by the first and second loan sources in a manner that
commits to provide the loan if accepted by the customer, and if the
second information is consistent with a review of underlying
evidence thereof.
8. The system of claim 1 wherein the first information includes an
identity of the customer, and wherein the computing device is for:
to at least the first and second loan sources, outputting the
second information yet withholding the customer's identity.
9. The system of claim 8 wherein the computing device is for
outputting the customer's identity to the identified loan
source.
10. The system of claim 1 wherein the computing device is for: in
response to the first information, determining fourth information
regarding the customer's ability to repay the loan, wherein the
second information includes the fourth information.
11. The system of claim 10 wherein the computing device is for: in
response to the first information, outputting at least one request
to a credit bureau; from the credit bureau, receiving at least one
reply to the request; and in response to the reply, determining the
fourth information.
12. The system of claim 10 wherein the fourth information includes
a measure of certainty regarding the customer's ability to repay
the loan.
13. The system of claim 1 wherein the computing device is for: in
response to the first information, determining a measure of
certainty regarding the customer's identity in comparison to the
first information.
14. The system of claim 13 wherein the computing device is for: to
at least the first and second loan sources, outputting the second
information about the customer only if the measure of certainty
regarding the customer's identity is higher than a predetermined
threshold.
15. The system of claim 14 wherein the computing device is for: in
response to the first information, outputting at least one first
request to a credit bureau; from the credit bureau, receiving at
least one first reply to the first request; in response to the
first reply, determining at least one second request; outputting
the second request to the customer in order to authenticate the
customer's identity in comparison to the first information; from
the customer, receiving at least one second reply to the second
request; and in response to the second reply, determining the
measure of certainty regarding the customer's identity in
comparison to the first information.
16. A system, comprising: a computing device for: receiving first
information about a customer, wherein the first information
includes an identity of the customer; in response to the first
information, determining second information regarding the
customer's ability to repay a loan; to at least one loan source,
outputting third information enabling the loan source to determine
whether to offer the loan to the customer for financing an item,
wherein the third information includes at least a portion of the
first information and the second information, yet withholding the
customer's identity; from the loan source, receiving a submission
of an offer for providing the loan to the customer for financing
the item, wherein the offer is submitted by the loan source in
response to the third information and in a manner that commits to
provide the loan if accepted by the customer; and to the customer,
outputting fourth information about the offer, wherein the fourth
information includes an identity of the loan source.
17. The system of claim 16 wherein the first information includes
information about the item, and wherein the third information
includes the information about the item.
18. The system of claim 16 wherein the item is an automobile.
19. The system of claim 16 wherein the item is security for the
loan.
20. The system of claim 16 wherein the financing is a
refinancing.
21. The system of claim 16 wherein the offer is submitted by the
loan source in a manner that commits to provide the loan if
accepted by the customer within a specified time period.
22. The system of claim 16 wherein the offer is submitted by the
loan source in a manner that commits to provide the loan if
accepted by the customer, and if the third information is
consistent with a review of underlying evidence thereof.
23. The system of claim 16 wherein the computing device is for
outputting the customer's identity to the loan source after
receiving the submission of the offer from the loan source.
24. The system of claim 16 wherein the computing device is for: in
response to the first information, outputting at least one request
to a credit bureau; from the credit bureau, receiving at least one
reply to the request; and in response to the reply, determining the
second information.
25. The system of claim 16 wherein the second information includes
a measure of certainty regarding the customer's ability to repay
the loan.
26. The system of claim 16 wherein the computing device is for: in
response to the first information, determining a measure of
certainty regarding the customer's identity in comparison to the
first information.
27. The system of claim 26 wherein the computing device is for: to
the loan source, outputting the third information about the
customer only if the measure of certainty regarding the customer's
identity is higher than a predetermined threshold.
28. The system of claim 27 wherein the computing device is for: in
response to the first information, outputting at least one first
request to a credit bureau; from the credit bureau, receiving at
least one first reply to the first request; in response to the
first reply, determining at least one second request; outputting
the second request to the customer in order to authenticate the
customer's identity in comparison to the first information; from
the customer, receiving at least one second reply to the second
request; and in response to the second reply, determining the
measure of certainty regarding the customer's identity in
comparison to the first information.
Description
CROSS-REFERENCE TO RELATED APPLICATION
[0001] This application claims priority to and is a divisional of
co-owned co-pending U.S. patent application Ser. No. 09/471,879,
filed Dec. 23, 1999, by Brown et al., entitled METHOD AND SYSTEM
FOR AUCTIONING LOANS THROUGH A COMPUTING SYSTEM, which is
incorporated herein by reference in its entirety.
BACKGROUND
[0002] The disclosures herein relate in general to information
processing systems and in particular to a method and system for
offering a loan through a computing system.
[0003] If a customer is seeking a loan for purchase of an item
(e.g. automobile), the customer may want to obtain a lowest
available loan rate of interest, as for example by auctioning the
loan to numerous loan sources (e.g. banks). Various websites (e.g.
http://www.ebay.com) have been implemented for offering of items
through the Internet. However, such websites have been implemented
primarily for offering of the items themselves, as contrasted with
offering of loans for purchase of the items.
[0004] Before seeking offers of a loan through a website, the
customer may want assurance that such website attracts a higher
number of loan sources to submit offers. By including features
directed specifically to the offering of loans, a website is more
likely to attract: (a) a higher number of loan sources to submit
offers, thereby achieving convenience, efficiency and reliability
for the customer; and (b) likewise a higher number of customers,
who seek a more convenient, efficient and reliable "one stop"
system for such offers.
[0005] Some websites (e.g. http://www.priceline.com,
http://www.eloan.com, and http://www.lendingtree.com) have been
implemented for selling loans through the Internet. However, those
websites have various shortcomings, because they fail to address a
number of customer preferences.
[0006] For example, in seeking offers of a loan, the customer may
prefer to remain anonymous to numerous loan sources, especially if
the loan sources would otherwise (a) request, from credit bureaus,
reviews of the customer's credit history, and/or (b) inundate the
customer with uninvited correspondence and personal solicitation.
If numerous loan sources request (from credit bureaus reviews of
the customer's credit history, then unreasonable damage (such as a
negative "Beacon" score consequence) might be inflicted on the
customer's credit history as a result of such reviews.
[0007] Notably, in seeking offers of a loan, the customer may
prefer to be the offeree, as contrasted with being the offeror. For
example, if a loan source submits an offer, the customer may prefer
to reject such offer without obligation or financial penalty.
Moreover, the customer may want the loan sources to submit
respective offers without knowing a loan rate of interest that
would be acceptable to the customer, thereby increasing the
likelihood of more favorable offers.
[0008] Also, the customer may prefer to seek offers of the loan
from hundreds, or perhaps thousands, of loan sources. For that
reason, if a website permits only a restricted few loan sources to
effectively submit offers for providing a loan to a particular
customer, such a restriction would be a significant
shortcoming.
[0009] A more convenient, efficient and reliable system for
offering loans would be particularly valuable in the context of
automobile purchases. For example, in many cases, a customer
receives an original loan for purchase of an automobile at
higher-than-market rates of interest, sometimes through the
automobile dealer who then profits from the original loan.
Accordingly, the customer may seek a more convenient, efficient and
reliable system for offering the refinancing of such a loan.
[0010] Accordingly, a need has arisen for a method and system for
offering a loan through a computing system, in which various
shortcomings of previous techniques are overcome. For example, a
need has arisen for a method and system for offering a loan through
a computing system, in which: (a) features are directed
specifically to the offering of loans; (b) a higher number of
customer preferences are addressed; and (c) the customer may more
conveniently, efficiently and reliably seek an offer for the
refinancing of a loan.
SUMMARY
[0011] One embodiment, accordingly, provides for a system,
including a computing device for receiving first information about
a customer. To at least first and second loan sources, the
computing device outputs second information enabling the first and
second loan sources to determine whether to offer a loan to the
customer for financing an item. The second information includes at
least a portion of the first information. From the first and second
loan sources, the computing device receives submissions of
respective first and second offers for providing the loan to the
customer for financing the item. The first and second offers are
submitted by the first and second loan sources in response to the
second information and in a manner that commits to provide the loan
if accepted by the customer. The computing device identifies at
least one of the first and second offers as being most favorable.
To the customer, the computing device outputs third information
about the identified offer. The third information includes an
identity of at least one of the loan sources that submitted the
identified offer.
[0012] In another embodiment, the first information includes an
identity of the customer. In response to the first information, the
computing device determines second information regarding the
customer's ability to repay a loan. To at least one loan source,
the computing device outputs third information enabling the loan
source to determine whether to offer the loan to the customer for
financing an item. The third information includes at least a
portion of the first information and the second information, yet
the computing device withholds the customer's identity. From the
loan source, the computing device receives a submission of an offer
for providing the loan to the customer for financing the item. The
offer is submitted by the loan source in response to the third
information and in a manner that commits to provide the loan if
accepted by the customer. To the customer, the computing device
outputs fourth information about the offer. The fourth information
includes an identity of the loan source.
[0013] A principal advantage of these embodiments is that various
shortcomings of previous techniques are overcome. For example, a
principal advantage of these embodiments is that: (a) features are
directed specifically to the offering of loans; (b) a higher number
of customer preferences are addressed; and (c) the customer may
more conveniently, efficiently and reliably seek an offer for the
refinancing of a loan.
BRIEF DESCRIPTION OF THE DRAWING
[0014] FIG. 1 is a block diagram of a system for offering loans
according to the illustrative embodiment.
[0015] FIG. 2 is a block diagram of a representative one of the
computing systems of the system of FIG. 1.
[0016] FIG. 3a is an illustration of a 1st screen displayed by a
display device of a customer of the system of FIG. 1.
[0017] FIG. 3b is an illustration of a 2nd screen displayed by a
display device of a customer of the system of FIG. 1.
[0018] FIG. 3c is an illustration of a 3rd screen displayed by a
display device of a customer of the system of FIG. 1.
[0019] FIG. 3d is an illustration of a 4th screen displayed by a
display device of a customer of the system of FIG. 1.
[0020] FIG. 3e is an illustration of a 5th screen displayed by a
display device of a customer of the system of FIG. 1.
[0021] FIG. 3f is an illustration of a 6th screen displayed by a
display device of a customer of the system of FIG. 1.
[0022] FIG. 3g is an illustration of a 7th screen displayed by a
display device of a customer of the system of FIG. 1.
[0023] FIG. 3h is an illustration of an 8th screen displayed by a
display device of a customer of the system of FIG. 1.
[0024] FIG. 4a is an illustration of a 1st screen displayed by a
display device of a bank of the system of FIG. 1.
[0025] FIG. 4b is an illustration of a 2nd screen displayed by a
display device of a bank of the system of FIG. 1.
[0026] FIG. 4c is an illustration of a 3rd screen displayed by a
display device of a bank of the system of FIG. 1.
[0027] FIG. 4d is an illustration of a 4th screen displayed by a
display device of a bank of the system of FIG. 1.
[0028] FIG. 4e is an illustration of a 5th screen displayed by a
display device of a bank of the system of FIG. 1.
[0029] FIG. 4f is an illustration of a 6th screen displayed by a
display device of a bank of the system of FIG. 1.
[0030] FIG. 4g is an illustration of a 7th screen displayed by a
display device of a bank of the system of FIG. 1.
[0031] FIG. 5 is a conceptual illustration of various processes
executed by a website server of the system of FIG. 1.
[0032] FIG. 6 is a flowchart of operation of a network process of
FIG. 5.
[0033] FIG. 7 (i.e. FIGS. 7a-c) is a flowchart of operation of a
customer process and a credit process of FIG. 5.
[0034] FIG. 8 is a flowchart of operation of a credit processing
server of the system of FIG. 1.
[0035] FIG. 9 (i.e. FIGS. 9a-b) is a flowchart of operation of a
bank process of FIG. 5.
[0036] FIG. 10 is a flowchart of operation of a notification
process of FIG. 5.
DETAILED DESCRIPTION
[0037] FIG. 1 is a block diagram of a system, indicated generally
at 100, for offering loans according to the illustrative
embodiment. Advantageously, system 100 includes features directed
specifically to the offering of loans. Such features are discussed
further hereinbelow.
[0038] As shown in FIG. 1, system 100 includes (a) customers 102
and 104, each for executing a respective customer process as
discussed further hereinbelow in connection with FIGS. 3a-h, (b)
banks (or "loan sources" or "lending entities" or "financial
institutions") 106 and 108, each for executing a respective bank
process as discussed further hereinbelow in connection with FIGS.
4a-g, and (c) a website server 110 for executing a website process
as discussed further hereinbelow in connection with FIGS. 3a-h,
4a-g, and 5. Further, system 100 includes (a) a global computer
network 112, such as a Transport Control Protocol/Internet Protocol
("TCP/IP") network 112 (e.g. the Internet or an intranet), and (b)
a network router 114.
[0039] Each of customers 102 and 104, banks 106 and 108, and
website server 110 includes a respective network interface for
communicating with network 112 (i.e. outputting information to, and
receiving information from, network 112), such as by transferring
information (e.g. instructions, data, signals) between such
customer (or bank or website server) and network 112. Accordingly,
through network 112, website server 110 communicates with customers
102 and 104 and banks 106 and 108, and vice versa. Network router
114 manages such communications (through network 112) between
website server 110 and each of customers 102 and 104 and banks 106
and 108, such that website server 110 is coupled through network
router 114 and network 112 to each of customers 102 and 104 and
banks 106 and 108. As shown in FIG. 1, website server 110 and
network router 114 communicate with one another through a
conventional "ethernet" connection.
[0040] Also, as shown in FIG. 1, system 100 includes a virtual
private network ("VPN") server 116. Each of website server 110 and
VPN server 116 includes a respective network interface for
communicating with one another (e.g. transferring information to
and from one another) through a conventional "ethernet"
connection.
[0041] Further, system 100 includes (a) an VPN portion 118 of
network 112, (b) a credit processing server 120, and (c) credit
bureaus 122, 124 and 126, each for executing a respective credit
bureau process as discussed further hereinbelow in connection with
FIGS. 3a-h, 4a-g, and 6. Each of credit processing server 120, and
credit bureaus 122, 124 and 126, includes a respective network
interface for communicating with one another through a conventional
medium, such as a TCP/IP network (e.g. network 112) or an
"ethernet" connection. Also, each of VPN server 116 and credit
processing server 120 includes a respective network interface for
communicating with one another through VPN portion 118 of network
112, according to a Transport Layer Security ("TLS") protocol.
[0042] Accordingly, VPN server 116 manages communications (through
VPN portion 118 of network 112) between website server 110 and
credit processing server 120, such that website server 110 is
coupled through VPN server 116 and VPN portion 118 of network 112
to credit processing server 120. Credit processing server 120
manages communications (through VPN portion 118 of network 112)
between VPN server 116 and credit bureaus 122, 124 and 126, such
that VPN server 116 is coupled through credit processing server 120
to credit bureaus 122, 124 and 126.
[0043] For clarity, FIG. 1 depicts only two customers 102 and 104,
although system 100 may include additional customers which are
substantially identical to one another. Similarly, for clarity,
FIG. 1 depicts only two banks 106 and 108, although system 100 may
include additional banks which are substantially identical to one
another. Also, for clarity, FIG. 1 depicts only three credit
bureaus 122, 124 and 126, although system 100 may include
additional credit bureaus which are substantially identical to one
another. For explanatory purposes, customer 102 is a representative
one of the customers, bank 106 is a representative one of the
banks, and credit bureau 122 is a representative one of the credit
bureaus.
[0044] Each of customers 102 and 104, banks 106 and 108, website
server 110, network 112, VPN server 116, credit processing server
120, and credit bureaus 122, 124 and 126 is a computing system that
includes at least one respective computing device (e.g. computer)
for executing a respective process and performing respective
operations (e.g. processing and communicating information) in
response thereto as discussed further hereinbelow. Each such
computing system and computing device is formed by various
electronic circuitry components. Moreover, as shown in FIG. 1, all
such computing systems and computing devices are coupled to one
another.
[0045] In the illustrative embodiment, the computing devices of
customers 102 and 104, and of banks 106 and 108, are personal
computers (e.g. IBM-compatible personal computers ("PCs")) that
execute Microsoft Windows operating system ("OS") software. Also,
in the illustrative embodiment, the computing devices of website
server 110, network 112, VPN server 116, credit processing server
120, and of credit bureaus 122, 124 and 126, are server computers
that execute Microsoft Windows NT OS software. Alternatively, any
one or more of the computing devices of system 100 is any type of
computer that executes any type of OS. All Microsoft products
identified herein are available from Microsoft Corporation, One
Microsoft Way, Redmond, Wash. 98052-6399, telephone (425)
882-8080.
[0046] FIG. 2 is a block diagram of a representative one of the
computing systems of system 100. Such representative computing
system is indicated by dashed enclosure 200. Each of the computing
systems of system 100 operates in association with a respective
human user. Accordingly, in the example of FIG. 2, computing system
200 operates in association with a human user 202, as discussed
further hereinbelow.
[0047] As shown in FIG. 2, computing system 200 includes (a) input
devices 206 for receiving information from human user 202, (b) a
display device 208 (e.g. a conventional electronic cathode ray tube
("CRT") device) for displaying information to user 202, (c) a
computer 204 for executing and otherwise processing instructions,
(d) a print device 210 (e.g. a conventional electronic printer or
plotter), (e) a nonvolatile storage device 211 (e.g. a hard disk
drive or other computer-readable medium (or apparatus), as
discussed further hereinbelow) for storing information, (f) a
computer-readable medium (or apparatus) 212 (e.g. a portable floppy
diskette) for storing information, and (g) various other electronic
circuitry for performing other operations of computing system
200.
[0048] For example, computer 204 includes (a) a network interface
(e.g. circuitry) for communicating between computer 204 and network
112 and (b) a memory device (e.g. random access memory ("RAM")
device and read only memory ("ROM") device) for storing information
(e.g. instructions executed by computer 204 and data operated upon
by computer 204 in response to such instructions). Accordingly,
computer 204 is connected to network 112, input devices 206,
display device 208, print device 210, storage device 211, and
computer-readable medium 212, as shown in FIG. 2.
[0049] For example, in response to signals from computer 204,
display device 208 displays visual images, and user 202 views such
visual images. Moreover, user 202 operates input devices 206 in
order to output information to computer 204, and computer 204
receives such information from input devices 206. Also, in response
to signals from computer 204, print device 210 prints visual images
on paper, and user 202 views such visual images.
[0050] Input devices 206 include, for example, a conventional
electronic keyboard and a pointing device such as a conventional
electronic "mouse", rollerball or light pen. User 202 operates the
keyboard to output alphanumeric text information to computer 204,
and computer 204 receives such alphanumeric text information from
the keyboard. User 202 operates the pointing device to output
cursor-control information to computer 204, and computer 204
receives such cursor-control information from the pointing
device.
[0051] FIG. 3a is an illustration of a visual image (or "screen"),
indicated generally at 300, displayed by a display device (such as
display device 208) of a customer (such as customer 102) of system
100. Likewise, FIGS. 3b-h are illustrations of other screens 300
displayed by the customer's display device. Similarly, FIGS. 4a-g
are illustrations of screens, indicated generally at 400, displayed
by a display device (such as display device 208) of a bank (such as
bank 106) of system 100.
[0052] FIG. 5 is a conceptual illustration of various processes
executed by website server 110. The processes shown in FIG. 5 are
illustrative, and not exhaustive, of the processes executed by
website server 110. As shown in FIG. 5, website server 110 executes
a network process 502 (discussed further hereinbelow in connection
with FIG. 6), a customer process 504 (discussed further hereinbelow
in connection with FIG. 7), a credit process 506 (also discussed
further hereinbelow in connection with FIG. 7), a bank process 508
(discussed further hereinbelow in connection with FIG. 9), and a
notification process 510 (discussed further hereinbelow in
connection with FIG. 10). FIG. 5 further illustrates a database 512
on the hard disk of website server 110.
[0053] As discussed further hereinbelow in connection with FIG. 6,
network process 502 manages communications between network router
114 and each of customer, bank and notification processes 504, 508
and 510. Also, as discussed further hereinbelow in connection with
FIG. 7, credit process 506 manages communications between VPN
server 116 and customer process 504, and between VPN server 116 and
database 512. Each of processes 504, 506, 508 and 510 (a) writes
information for storage in database 512 and (b) reads information
that has been previously stored in database 512.
[0054] FIG. 6 is a flowchart of operation of network process 502,
and FIG. 6 shows the sequence and interrelation of such operation's
various steps. The operation begins at a step 602 where website
server 110 determines whether it has received a new message from
network 112. If so, website server 110 determines (a) at a step
604, whether the message is destined for bank process 508, (b) at a
step 606, whether the message is destined for customer process 504,
and (c) at a step 608, whether the message is destined for
notification process 510.
[0055] If website server 110 determines that the message is
destined for none of processes 504, 508 and 510, the operation
continues to a step 610 where website server 110 otherwise
processes the message. After step 610, the operation returns to
step 602.
[0056] At step 604, if website server 110 determines that the
message is destined for bank process 508, the operation continues
to a step 612. At step 612, website server 110 outputs the message
to bank process 508. After step 612, the operation returns to step
602.
[0057] At step 606, if website server 110 determines that the
message is destined for customer process 504, the operation
continues to a step 614. At step 614, website server 110 outputs
the message to customer process 504. After step 614, the operation
returns to step 602.
[0058] At step 608, if website server 110 determines that the
message is destined for notification process 510, the operation
continues to a step 616. At step 616, website server 110 outputs
the message to notification process 510. After step 616, the
operation returns to step 602.
[0059] At step 602, if website server 110 determines that it has
not received a new message from network 112, the operation
continues to (a) a step 618, where website server 110 determines
whether it has received a new message from bank process 508, (b) a
step 620, where website server 110 determines whether it has
received a new message from customer process 504, and (c) a step
622, where website server 110 determines whether it has received a
new message from notification process 510.
[0060] If website server 110 determines (at any one or more of
steps 618, 620 or 622) that it has received a new message (from any
one or more of processes 508, 504 or 510), the operation continues
to a step 624. At step 624, website server 110 outputs the new
message to network 112. After step 624, the operation returns to
step 602. Also, if website server 110 determines (at steps 618, 620
or 622) that it has not received a new message (from any of
processes 508, 504 or 510), the operation returns to step 602.
[0061] FIG. 7 is a flowchart of operation of customer process 504
and credit process 506, and FIG. 7 shows the sequence and
interrelation of such operation's various steps. More particularly,
credit process 506 includes the steps indicated by dashed
enclosures 702 and 704, and customer process 504 includes the
remaining steps of FIG. 7. The following description references
FIG. 7, simultaneously with FIGS. 3a-h.
[0062] As indicated in FIG. 3a, the customer's computer (such as
computer 204) executes browser software, such as (a) Netscape
Navigator software available from Netscape Communications
Corporation, 501 E. Middlefield Road, Mountain View, Calif. 94043,
telephone (650) 254-1900 or (b) alternatively, Microsoft Internet
Explorer software.
[0063] Screen 300 includes a Uniform Resource Locator ("URL") field
301, which is a region of screen 300 in which the customer's user
(such as user 202) is able to specify a URL address. In FIG. 3a,
the user-specified URL address is http://loansight.com/home.asp,
which defines the route to a file on website server 110 (which is a
global computer network facility). The customer's user specifies
the URL address by selecting URL field 301 and specifying
alphanumeric character information of the URL address for display
within URL field 301.
[0064] For example, the customer's user selects URL field 301 by
(a) operating the customer's pointing device (such as the pointing
device of input devices 206) to position a cursor 302 overlapping
with URL field 301 and (b) after so positioning cursor 302,
activating a switch of the customer's pointing device. Such
selection of a region (such as URL field 301) of screen 300 by the
customer's user is hereinafter referred to as the customer's user
"clicking" such region.
[0065] After clicking (or "selecting") URL field 301, the
customer's user is able to specify alphanumeric character
information of the URL address for display within URL field 301.
For example, the customer's user specifies such information by
operating the customer's electronic keyboard (such as the
electronic keyboard of input devices 206), so that screen 300
displays such information within the selected field (such as URL
field 301). Such operation of the customer's electronic keyboard by
the customer's user is hereinafter referred to as the customer's
user "typing" such information.
[0066] After the customer's user specifies the URL address, the
user is able to cause the customer's computer to output (or
"transmit") the URL address to network 112, as for example by
pressing an "Enter" key of the customer's electronic keyboard. In
response to such transmission of the URL address, network 112
communicates with website server 110 through network router 114. At
a step 706, website server 110 detects such communication (which is
a request for initial screen 300 of FIG. 3a). In response thereto,
at a step 708, website server 110 outputs signals (such as
HyperText Markup Language ("HTML") commands or EXtensible Markup
Language ("XML") commands) to the customer's computer.
[0067] Accordingly, through network 112 and network router 114, the
customer's computer receives such signals from website server 110.
In response thereto, the customer's computer outputs signals to the
customer's display device, so that the customer's display device
displays initial screen 300 of FIG. 3a.
[0068] As shown in FIG. 3a, screen 300 includes a set of "buttons"
indicated generally at 304, which are regions of screen 300. Each
button of screen 300 (e.g. each of buttons 304) is individually
clickable by the customer's user. Buttons 304 include an
"Application" button. In response to the customer's user clicking
the "Application" button, as shown in FIG. 3a, the customer's
computer outputs at least one signal, resulting in a display of
screen 300 of FIG. 3b by the customer's display device.
[0069] In one example, the customer's computer outputs such signal
(which is a request for application screen 300 of FIG. 3b) to
website server 110. In such example, at a step 710, website server
110 detects such signal. In response thereto, at a step 712,
website server 110 outputs additional signals to the customer's
computer, resulting in the display of screen 300 of FIG. 3b by the
customer's display device.
[0070] Accordingly, referring to FIG. 3b, screen 300 includes a set
of fields indicated generally at 306. As shown in FIG. 3b, fields
306 are regions of screen 300 in which the customer's user is able
to specify alphanumeric character information, similar to the
example of FIG. 3a hereinabove in which the customer's user
specified alphanumeric character information of the URL address for
display within URL field 301. More particularly, in fields 306, the
customer's user is able to specify information about the user (e.g.
the owner of an automobile), such as the user's (a) first name, (b)
last name, (c) street address, (d) apartment number (if any), (e)
city, (f) state, (g) ZIP code, (h) e-mail address, (i) social
security number, (j) telephone number, (k) driver's license number,
and (l) driver's license state.
[0071] FIG. 3c is an illustration of screen 300 after the
customer's user has specified information for display within fields
306. In response to the customer's user clicking a "Continue"
button 308, as shown in FIG. 3c, the customer's computer outputs
the user-specified information (of fields 306) to website server
110. At a step 714, website server 110 detects such user-specified
information. In response to receiving the user-specified
information, website server 110 (a) at a step 716, stores it (in
database 512), and (b) at a step 718, outputs additional signals to
the customer's computer, resulting in the display of screen 300 of
FIG. 3d by the customer's display device.
[0072] Accordingly, referring to FIG. 3d, screen 300 includes a set
of fields indicated generally at 310. As shown in FIG. 3d, fields
310 are regions of screen 300 in which the customer's user is able
to specify information about an automobile (or other vehicle, or
physical or intangible object or item) owned by the user, such as
(a) mileage, (b) manufacturer, (c) model, (d) vehicle
identification number, (e) state of registration, (f) license plate
number, (g) name of the original lender (or "loan source") who
provided the user's original loan for purchase of the automobile,
(h) city of such lender, (i) name of the original seller from whom
the user purchased the automobile, (j) city of such seller, (k)
purchase price, (l) month of purchase, (m) year of purchase, and
(n) name of the insurance company who insures the automobile. Such
automobile-specific information is potentially relevant to a lender
in entering a secured transaction (i.e. a transaction in which the
automobile is used as security or collateral for a loan), in which
the lender provides the loan to the user for financing purchase of
the automobile (or refinancing such a loan).
[0073] Also, as shown in FIG. 3d, screen 300 includes a savings
calculator indicated generally at 312. Savings calculator 312
includes a set of fields, which are regions of screen 300 in which
the customer's user is able to specify additional information about
the user's original loan (received by the user for purchase of the
automobile), such as (a) loan amount, (b) loan rate of interest,
and (c) term (i.e. length of loan repayment period).
[0074] FIG. 3e is an illustration of screen 300 after the
customer's user has specified information for the fields of savings
calculator 312. In response to the customer's user clicking a
"Compute savings" button 314, as shown in FIG. 3e, the customer's
computer outputs the user-specified information to website server
110. At a step 720, website server 110 detects such user-specified
information. In response to receiving the user-specified
information, website server 110 (a) at a step 722, stores it (in
database 512), (b) at a step 724, computes the user's current
monthly payment in response to the user-specified loan rate and the
user-specified term, (c) at a step 726, determines a lowest
available new loan rate of interest, (d) at a step 728, computes a
new monthly payment in response to the new loan rate and to the
user-specified term, (e) at a step 730, computes the monthly
difference between the new monthly payment and the user's current
monthly payment, (f) at a step 732, computes a total savings by
multiplying the monthly difference by the number of months in the
user-specified term, and (g) at a step 734, outputs additional
signals (e.g. including the new loan rate, the new monthly payment,
and the total savings) to the customer's computer, resulting in the
display of screen 300 of FIG. 3f by the customer's display
device.
[0075] Accordingly, referring to FIG. 3f, savings calculator 312
includes a display of the new loan rate (4%), the new monthly
payment ($295), and the total savings ($569), which the customer's
computer receives from website server 110. In that manner, the
customer's user is able to view the potential magnitude of savings
resulting from continued use of system 100. In response to such
viewing, the customer's user is motivated to specify information
for display within each of fields 310.
[0076] After specifying information for display within each of
fields 310 and the fields of savings calculator 312, the customer's
user is able to click a "Continue" button 316. In response to the
user clicking "Continue" button 316, the customer's computer
outputs the user-specified information (of fields 310) to website
server 110. At a step 736, website server 110 detects such
user-specified information. In response to receiving the
user-specified information, website server 110 (a) at a step 738,
stores it (in database 512), and (b) at a step 740, outputs it to
credit processing server 120, together with the previously stored
(as discussed hereinabove in connection with FIG. 3c)
user-specified information (of fields 306).
[0077] In one embodiment, website server 110 performs such storage
and output (and performs the remaining operation discussed further
hereinbelow) only if the customer's user (a) is a resident of the
United States or Canada, (b) purchased the user's automobile less
than one year ago, and (c) obtained an original loan rate of
interest (for purchase of the automobile) higher than the lowest
available new loan rate of interest. Website server 110 outputs
such user-specified information to credit processing server 120
through VPN server 116 and VPN portion 118 of network 112.
[0078] FIG. 8 is a flowchart of operation of credit processing
server 120, and FIG. 8 shows the sequence and interrelation of such
operation's various steps. At a step 802, credit processing server
120 detects the user-specified information (from step 740), which
is a request for questions. In response to receiving such
user-specified information, credit processing server 120 stores it
(on a hard disk of credit processing server 120) and outputs
signals (e.g. including the user-specified information) to credit
bureaus 122, 124 and 126 at a step 804. In response to such
signals, each of credit bureaus 122, 124 and 126 (a) performs a
respective review of various aspects of the user's history, with
reference to a database stored on the credit bureau's hard disk,
and (b) outputs detailed results of such review to credit
processing server 120.
[0079] At a step 806, credit processing server 120 detects and
receives such results from credit bureaus 122, 124 and 126, which
are replies to the signals (or "request") of step 804. In response
to such results, credit processing server 120 (a) at a step 808,
stores them (on a hard disk of credit processing server 120) and
determines a set of questions for (or "requests of") the customer's
user, in order to confirm (or "verify" or "authenticate") the
user's identity in comparison to the user-specified information of
FIG. 3c, (b) at a step 810, for each question, determines an
associated set of multiple-choice answers, and (c) at a step 812,
outputs the set of questions and associated sets of multiple-choice
answers to website server 110, which is a reply to the request of
step 802. For each question, only one of the associated
multiple-choice answers is correct.
[0080] Referring again to FIG. 7, at a step 742, website server 110
detects and receives the set of questions and associated sets of
multiple-choice answers (of steps 808, 810 and 812). In response to
such receipt, website server 110 outputs additional signals to the
customer's computer at a step 744, resulting in the display of
screen 300 of FIG. 3g by the customer's display device. In an
alternative embodiment, credit processing server 120 outputs
results of the credit bureaus' reviews to website server 110 and,
in response thereto, website server 110 itself determines the set
of questions and associated sets of multiple-choice answers.
[0081] Accordingly, referring to FIG. 3g, screen 300 includes a
display of the set of questions and associated sets of
multiple-choice answers. For each question, the customer's user is
able to select one of the associated multiple-choice answers by
clicking the selected answer. The customer's user is able to view
all of the questions and multiple-choice answers by (a) clicking a
scroll bar 318 and (b) while continuing to activate the switch of
the customer's pointing device, operating the customer's pointing
device to reposition scroll bar 318 within screen 300.
[0082] After selecting one of the associated multiple-choice
answers for each question, the customer's user is able to click a
"Continue" button 320. In response to the user clicking "Continue"
button 320, the customer's computer outputs the user-selected
answers to website server 110. At a step 746, website server 110
detects the user-selected answers, which are replies to the set of
questions (or "requests") of steps 808, 810 and 812. In response to
receiving the user-selected answers, website server 110 (a) at a
step 748, stores them (in database 512) and (b) at a step 750,
outputs additional signals to the customer's computer, resulting in
the display of confirmation screen 300 of FIG. 3h by the customer's
display device.
[0083] Accordingly, referring to FIG. 3h, confirmation screen 300
displays a message that (a) thanks the customer's user for using
system 100 and (b) prompts the customer's user to confirm the
user's intent to apply for a new loan. In order to confirm the
user's intent, the user is able to click a "Continue" button 322.
In response to the user clicking "Continue" button 322, the
customer's computer outputs a confirmation signal to website server
110.
[0084] At a step 752, website server 110 detects the confirmation
signal. In response thereto, at a step 754, website server 110
outputs the following information to credit processing server 120
through VPN server 116 and VPN portion 118 of network 112: (a) the
previously stored (as discussed hereinabove in connection with FIG.
3c) user-specified information; and (b) the previously stored (as
discussed hereinabove in connection with FIG. 3g) user-selected
answers.
[0085] Referring again to FIG. 8, at a step 814, credit processing
server 112 detects the user-selected answers (from step 754), which
is a request for an identity report. In response to receiving the
user-selected answers, credit processing server 120 determines at a
step 816 the extent to which the answers are correct, thereby
determining a measure of certainty regarding the user's identity in
comparison to the user-specified information of FIG. 3c. In
response to such determination, credit processing server 120: (a)
at a step 818, compares such measure to a predetermined threshold
and thereby determines whether the identity of the customer's user
is confirmed; and (b) at a step 820, outputs an identity report
(specifying whether the identity of the customer's user is
confirmed) to website server 110, which is a reply to the request
of step 814. In an alternative embodiment, website server 110
itself determines the extent to which the user-selected answers are
correct and thereby determines whether the identity of the
customer's user is confirmed.
[0086] Referring again to FIG. 7, at a step 756, website server 110
detects the identity report from credit processing server 120. In
response to receiving such identity report, website server 110
determines at a step 758 whether the identity of the customer's
user has been confirmed.
[0087] Referring again to FIG. 8, at a step 822, website server
detects the previously stored (as discussed hereinabove in
connection with step 804) user-specified information (from step
740), which is a request for a credit score and a risk rating. In
response to receiving the user-specified information, credit
processing server 120 outputs signals (e.g. including the
user-specified information) to credit bureaus 122, 124 and 126 at a
step 824. In response to such signals, each of credit bureaus 122,
124 and 126 (a) performs a respective review of credit aspects of
the user's history (i.e. "the user's credit history"), with
reference to a database stored on the credit bureau's hard disk,
and (b) outputs detailed results of such review to credit
processing server 120, which are replies to the signals (or
"request") of step 824.
[0088] At a step 826, credit processing server 120 detects and
receives such results from credit bureaus 122, 124 and 126. In
response to receiving such results, credit processing server 120
(a) at a step 828, computes a credit score and a risk rating for
the customer's user, and (b) at a step 830, outputs such credit
score and risk rating to website server 110, which is a reply to
the request of step 822. In an alternative embodiment, credit
processing server 120 outputs results of the credit bureaus'
reviews to website server 110 and, in response thereto, website
server 110 itself computes (or "determines") the credit score and
risk rating.
[0089] In a significant aspect of the illustrative embodiment, each
of credit bureaus 122, 124 and 126 reviews the user's credit
history once, as contrasted with once per bank. This is achieved by
website server 110 (a) sharing the user's credit score, risk
rating, and city/state with the banks (such as banks 106 and 108),
and (b) withholding the user's specific identity from each bank
until after such bank has submitted (through system 100) the most
favorable bid (e.g. from among bids submitted by one or more banks,
the bid having the lowest proposed new loan rate of interest for
refinancing the user's loan). In that manner, system 100
substantially avoids (a) a temptation for numerous banks to solicit
the user's permission for such banks to request (from the credit
bureaus) additional reviews of the user's credit history, and (b)
the resulting unreasonable damage (such as a negative "Beacon"
score consequence) that might be inflicted on the user's credit
history as a result of such reviews. Moreover, by withholding the
user's specific identity from each bank until after such bank has
submitted (through system 100) the most favorable bid, system 100
helps the banks comply with equal opportunity lending requirements
(e.g. regulations and laws).
[0090] Referring again to FIG. 7, at a step 760, website server 110
detects the credit score and risk rating from credit processing
server 120. In response to receiving such credit score and risk
rating, website server 110 stores them (in database 512) at a step
762. The credit score and risk rating indicate a measure of
certainty regarding the user's ability to repay a loan. Relative to
the risk rating, the credit score is more heavily affected by the
user's history of repaying loans.
[0091] In the illustrative embodiment, the credit score is measured
as a number between 0 and 100 (e.g. an integer number), with a
higher number indicating a higher measure of certainty. Also, in
the illustrative embodiment, the risk rating is measured as a
number between 1 and 5 (e.g. displayed as an integer number of
"stars" in FIG. 4b), with a higher number indicating a higher
measure of certainty. By displaying the risk rating as an integer
number of "stars" in FIG. 4b, system 100 classifies each user into
a predefined category (i.e. each category is represented by an
integer number of "stars"), in order to assist the bank's
evaluation of such user.
[0092] At a step 764, website server 110 determines whether the
identity of the customer's user has been confirmed and whether it
has received both the credit score and risk rating from credit
processing server 120. If so, website server 110 adds the following
information to a list of available loans at a step 766, which is
stored by website server 110 in database 512: (a) the credit score,
(b) the risk rating, and (c) portions of the previously stored (as
discussed hereinabove in connection with FIGS. 3c and 3f)
user-specified information, as discussed further hereinbelow in
connection with FIGS. 4a-g.
[0093] FIG. 9 is a flowchart of operation of bank process 508 of
FIG. 5, and FIG. 9 shows the sequence and interrelation of such
operation's various steps. The following description references
FIG. 9, simultaneously with FIGS. 4a-g. FIG. 4a is an illustration
of screen 400, displayed by a bank's display device. As indicated
in FIG. 4a, the bank's computer (such as computer 204) executes
browser software, such as (a) Netscape Navigator software or (b)
alternatively, Microsoft Internet Explorer software.
[0094] Screen 400 includes a URL field 401, which is a region of
screen 400 in which the bank's user (such as user 202) is able to
specify a URL address. In FIG. 4a, the user-specified URL address
is http://loansight.com/banknavigation.asp, which defines the route
to a file on website server 110. The bank's user specifies the URL
address by (a) clicking URL field 401 (e.g. operating the bank's
pointing device (such as the pointing device of input devices 206)
to position a cursor 402 overlapping with URL field 401 and, after
so positioning cursor 302, activating a switch of the bank's
pointing device) and (b) typing alphanumeric character information
of the URL address for display within URL field 401.
[0095] After the bank's user specifies the URL address, the user is
able to cause the bank's computer to transmit the URL address to
network 112, as for example by pressing an "Enter" key of the
bank's electronic keyboard. In response to such transmission of the
URL address, network 112 communicates with website server 110
through network router 114. At a step 902, website server 110
detects such communication (which is a request for initial screen
400 of FIG. 4a). In response thereto, at a step 904, website server
110 outputs signals (such as HTML commands or XML commands) to the
bank's computer.
[0096] Accordingly, through network 112 and network router 114, the
bank's computer receives such signals from website server 110. In
response thereto, the bank's computer outputs signals to the bank's
display device, so that the bank's display device displays screen
400.
[0097] As shown in FIG. 4a, screen 400 includes a set of buttons
indicated generally at 404, which are regions of screen 400. Each
button of screen 400 (e.g. each of buttons 404) is individually
clickable by the bank's user. Buttons 404 include a "View available
loans" button. In response to the bank's user clicking the "View
available loans" button, as shown in FIG. 4a, the bank's computer
outputs at least one signal to website server 110.
[0098] At a step 906, website server 110 detects such signal. In
response thereto, website server 110 (a) at a step 908, retrieves
previously stored information of a profile (for which the bank
would like to view descriptions of available loans), (b) at a step
910, from the previously stored list of available loans, identifies
loans that satisfy the profile, and (c) at a step 912, outputs
additional signals (e.g. including descriptions of identified loans
that satisfy the profile) to the bank's computer, resulting in the
display of screen 400 of FIG. 4b by the bank's display device. Such
previously stored information is stored in database 512.
[0099] Accordingly, referring to FIG. 4b, screen 400 includes a set
of fields indicated generally at 406. As shown in FIG. 4b, fields
406 are regions of screen 400 in which the bank's user is able to
specify numeric character information. Each field (of fields 406)
is associated with a respective customer's user (i.e. loan
applicant).
[0100] Adjacent to such field, screen 400 displays information of
such loan applicant, such as the applicant's (a) current loan rate
of interest, (b) loan amount, (c) risk rating, (d) credit score,
(e) loan term (i.e. length of loan repayment period), (f) city, and
(g) state. Moreover, in the "Current Low Bid" column adjacent to
such field, screen 400 displays the most favorable (i.e. lowest)
proposed new loan rate of interest that has thusfar been offered
(through system 100) for such loan applicant by any one or more of
the banks (such as banks 106 and 108). In that manner, the bank's
user is able to determine whether (and what magnitude of) a bid is
worthwhile to offer for such loan applicant.
[0101] In an alternative embodiment, screen 400 of FIG. 4b
additionally displays information about the applicant's automobile,
such as information that was previously specified by the applicant
for display within fields 310 of screen 300 in FIG. 3d.
[0102] In a significant aspect of the illustrative embodiment,
website server 110 withholds the loan applicant's specific identity
from the bank until after the bank has submitted (through system
100) the most favorable bid (e.g. from among bids submitted by one
or more banks, the bid having the lowest proposed new loan rate of
interest for refinancing the applicant's loan). In place of the
loan applicant's specific identity, website server 110 shares the
applicant's credit score, risk rating, and city/state with the
bank. In that manner, each of credit bureaus 122, 124 and 126
reviews the loan applicant's credit history once, as contrasted
with once per bank. In that manner, system 100 substantially avoids
(a) a temptation for numerous banks to solicit the loan applicant's
permission for such banks to request (from the credit bureaus)
additional reviews of the applicant's credit history, and (b) the
resulting unreasonable damage (such as a negative "Beacon" score
consequence) that might be inflicted on the applicant's credit
history as a result of such reviews.
[0103] In response to viewing the information displayed by screen
400 adjacent to fields 406, the bank's user is able to determine
whether a bid is worthwhile to refinance the loan of a particular
applicant. If the bank's user determines that such a bid is
worthwhile, the bank's user is able to offer a proposed new loan
rate of interest by specifying the proposed new loan rate of
interest in the field (of fields 406) associated with the
particular applicant. Likewise, the bank's user is able to offer
proposed new loan rates of interest by specifying the proposed new
loan rates of interest in additional fields (of fields 406)
associated with additional customers, respectively. The proposed
new loan rates of interest specified in fields 406 can be the same
as, or different from, one another.
[0104] After specifying a proposed new loan rate of interest in one
or more of fields 406, the bank's user is able to click a "Submit
bids" button 408. In response to the user clicking "Submit bids"
button 408, the bank's computer outputs the user-specified
information (of fields 406) to website server 110.
[0105] At a step 914, website server 110 detects such
user-specified information, which is a request to submit bids. In
response to receiving the user-specified information, website
server 110 (a) at a step 916, stores it (in database 512), (b) at a
step 918, assigns an identification number to each bid, and (c) at
a step 920, outputs additional signals (e.g. including the
identification number) to the bank's computer, resulting in the
display of confirmation screen 400 of FIG. 4c by the bank's display
device.
[0106] Accordingly, referring to FIG. 4c, confirmation screen 400
includes a set of fields indicated generally at 410. As shown in
FIG. 4c, fields 410 are regions of screen 400 in which the bank's
user is able to click to confirm bids. Each field (of fields 410)
is associated with a respective bid. Adjacent to such field, screen
400 displays information of such bid, such as the bid's (a)
identification number, (b) proposed new loan rate of interest, (c)
current loan rate of interest, (d) loan amount, (e) loan term (i.e.
length of loan repayment period), and (f) city/state of loan
applicant (i.e. the customer's user who is applying for the
loan).
[0107] In response to viewing the information displayed by screen
400 adjacent to fields 410, the bank's user is able to determine
whether each bid is accurate and still worthwhile. If the bank's
user determines that a particular bid is accurate and still
worthwhile, the bank's user is able to click the field (of fields
410) associated with the bid.
[0108] After clicking one or more of fields 410, the bank's user is
able to click a "Confirm bids" button 412 in order to confirm the
bids associated with the clicked ones of fields 410. Alternatively,
the bank's user is able to click a "Cancel" button 414 if the
bank's user determines that none of the bids is accurate and
worthwhile. In response to the user clicking "Confirm bids" button
412, as shown in FIG. 4c, the bank's computer outputs the
user-specified information (i.e. identification of the confirmed
bids) to website server 110.
[0109] At a step 922, website server 110 detects such
user-specified information. In response to receiving the
user-specified information (i.e. identification of the confirmed
bids), website server 110 (a) at a step 924, stores it (in database
512), and removes unconfirmed bids from database 512, and (b) at a
step 926, outputs additional signals to the bank's computer,
resulting in the display of screen 400 of FIG. 4d by the bank's
display device. Accordingly, referring to FIG. 4d, screen 400
displays a confirmation message that thanks the bank's user for
using system 100.
[0110] Referring again to buttons 404, in response to the bank's
user clicking the "Edit your profile" button (of buttons 404), as
shown in FIG. 4d, the bank's computer outputs at least one signal,
resulting in a display of screen 400 of FIG. 4e by the bank's
display device. In one example, the bank's computer outputs such
signal to website server 110. In such example, at a step 928,
website server 110 detects such signal. In response thereto, at a
step 930, website server 110 outputs additional signals to the
bank's computer, resulting in the display of screen 400 of FIG. 4e
by the bank's display device.
[0111] Accordingly, referring to FIG. 4e, screen 400 includes a
first set of fields indicated generally at 416 and a second set of
fields indicated generally at 418. As shown in FIG. 4e, fields 416
are regions of screen 400 in which the bank's user is able to
specify information of a profile, such as default loan rate of
interest offered by the bank. In response to the default loan rate
of interest received from the bank and other banks of system 100,
website server 110 determines a lowest available new loan rate of
interest, as discussed further hereinabove in connection with
savings calculator 312 of FIGS. 3e and 3f, and step 726 of FIG.
7.
[0112] Also, the bank's user is able to specify a loan amount
profile by specifying information in the following fields: (a)
lowest loan amount, and (b) highest loan amount. Such lowest and
highest loan amounts specify a range of loan amounts for which the
bank would like to view descriptions of available loans, as for
example in response to clicking the "View available loans" button
(as discussed further hereinabove in connection with FIG. 4b).
Similarly, with continued reference to FIG. 4e, fields 418 are
regions of screen 400 in which the bank's user is able to click to
further specify information of a profile (for which the bank would
like to view descriptions of available loans).
[0113] For example, the bank's user is able to specify a credit
score/risk rating profile by clicking one or more of the following
fields: (a) lowest risk, (b) low risk, (c) medium risk, (d) high
risk, and (e) highest risk, which are categories of the credit
score and risk rating discussed further hereinabove. Also, the
bank's user is able to specify a loan term profile by clicking one
or more of the following fields: (a) 24 months, (b) 36 months, (c)
48 months, (d) 60 months, and (e) 72 months. Moreover, the bank's
user is able to specify a geographic profile by clicking one or
more of the following fields: (a) Southwest, (b) South, (c)
Central, (d) Northeast, (e) Northwest, and (f) West, which
designate various regions of the United States in which a loan
applicant might reside.
[0114] After specifying information of the profile (for which the
bank would like to view descriptions of available loans), the
bank's user is able to click a "Change profile" button 420 in order
to confirm the specified information. Alternatively, the bank's
user is able to click a "Cancel" button 422 if the bank's user
decides not to change the profile. In response to the user clicking
"Change profile" button 420, the bank's computer outputs the
user-specified information of the profile to website server
110.
[0115] At a step 932, website server 110 detects such
user-specified information. In response to receiving the
user-specified information of the profile, website server 110 (a)
at a step 934, stores it (in database 512), and (b) at a step 936,
outputs additional signals to the bank's computer, resulting in the
display of screen 400 of FIG. 4f by the bank's display device.
Accordingly, referring to FIG. 4e, screen 400 displays the
user-specified information of the profile.
[0116] Similarly, in response to the bank's user clicking the "View
your profile" button (of buttons 404), the bank's computer outputs
at least one signal to website server 110. At a step 938, website
server 110 detects such signal. In response thereto, website server
110 outputs additional signals to the bank's computer at step 936,
resulting in the display of screen 400 of FIG. 4f by the bank's
display device.
[0117] In the example of FIG. 4f, the profile indicates the default
loan rate of interest offered by the bank is 2.5%, and the bank
would like to view descriptions of available loans between $4,000
and $45,000, of all risks, all loan terms, and all regions of the
United States. Referring again to buttons 404, in response to the
bank's user clicking the "View account activity" button (of buttons
404), as shown in FIG. 4f, the bank's computer outputs at least one
signal to website server 110.
[0118] At a step 940, website server 110 detects such signal. In
response thereto, website server 110 (a) at a step 942, computes
the total dollar amount of loans for which the bank has submitted
bids through system 100, (b) at a step 944, computes the total
dollar amount of loans for which the bank has submitted bids
through system 100 during the current month, and (c) at a step 946,
outputs additional signals (e.g. including such computed dollar
amounts) to the bank's computer, resulting in the display of screen
400 of FIG. 4g by the bank's display device.
[0119] Accordingly, referring to FIG. 4g, screen 400 displays such
computed dollar amounts. Similarly, in response to the bank's user
clicking a "View loans awarded" button 424, as shown in FIG. 4g,
the bank's computer outputs at least one signal to website server
110.
[0120] At a step 948, website server 110 detects such signal. In
response thereto, website server 110 (a) at a step 950, identifies
each loan for which the bank has submitted the most favorable bid
through system 100, as most recently identified by website server
110 as discussed further hereinbelow in connection with FIG. 10,
and (b) at a step 952, outputs additional signals (e.g. including
descriptions of such loans) to the bank's computer, resulting in a
display of such descriptions on screen 400 by the bank's display
device.
[0121] FIG. 10 is a flowchart of operation of notification process
510 of FIG. 5, and FIG. 10 shows the sequence and interrelation of
such operation's various steps. In the illustrative embodiment, for
a period of up to three (3) business days after a loan applicant
completes submission of an application for a new loan (i.e. by
clicking "Continue" button 322 of FIG. 3h), website server 110
continues storing a description of such application in the list of
available loans, so that numerous banks are able to submit
respective bids for the application's loan during such period.
[0122] Accordingly, at a step 1002, website server 110 determines
whether a first period of one (1) business day has expired for a
particular loan's application. If website server 110 determines
that such first period has expired, the operation continues to a
step 1004. At step 1004, website server 110 determines whether a
bank has submitted a bid for the particular loan through system
100. If a bank has submitted such a bid, the operation continues to
a step 1006.
[0123] At step 1006, website server 110 identifies (a) at least one
bank's respectively submitted bid as being most favorable (most
favorable bid) and (b) each bank which submitted such most
favorable bid. Website server 110 identifies each such bank from
among the banks that submitted respective bids for the particular
loan before the expiration of such first period of one (1) business
day. In a significant aspect of the illustrative embodiment, by
identifying each such bank from among the potentially numerous
banks that submitted respective bids, website server 110
advantageously assists the loan applicant who might otherwise be
compelled to personally identify each such bank by inefficiently
reviewing numerous (perhaps hundreds or thousands) of bids.
[0124] Notably, before the expiration of such period, it is
possible for multiple banks to submit respective bids having the
same lowest proposed new loan rate of interest for refinancing the
same loan (i.e. the same most favorable terms). In that situation,
according to one embodiment, at step 1006, website server 110
identifies a single bank (from among such multiple banks) that
first submitted such bid. In that manner, website server 110
motivates such multiple banks to promptly submit their respective
bids.
[0125] After website server 110 identifies the single bank at step
1006, the operation continues to a step 1008. At step 1008, website
server 110 removes the loan application's description from the list
of available loans, which is stored by website server 110 in
database 512. After step 1008, the operation continues to a step
1010.
[0126] At step 1010, website server 110 outputs an e-mail message
to the loan applicant with information (a) notifying such applicant
that such bank has submitted the most favorable bid, (b)
specifically identifying such bank, and (c) disclosing such bank's
proposed terms (e.g. new loan rate of interest). After step 1010,
the operation continues to a step 1012.
[0127] At step 1012, website server 110 outputs an e-mail message
to such bank with information (a) notifying such bank that it
submitted the most favorable bid of interest, and (b) specifically
identifying the loan applicant. After step 1012, the operation
continues to a step 1014, where website server 110 identifies a
next particular loan's application. For such next particular loan,
the operation returns to step 1002, and the operation of FIG. 10 is
repeated for such next particular loan.
[0128] By specifically identifying the loan applicant to only the
identified bank, system 100 substantially avoids the discomfort
which might otherwise be inflicted on the loan applicant as a
result of numerous banks unnecessarily receiving such information.
For example, if numerous banks unnecessarily receive such
information, the loan applicant might be inundated with uninvited
correspondence and personal solicitation from such banks, at least
some of which may solicit the applicant's permission for such banks
to request (from the credit bureaus) additional reviews of the
applicant's credit history. This advantage of system 100 is
especially noteworthy in situations where hundreds or thousands of
banks (such as bank 106) access system 100 of the illustrative
embodiment.
[0129] For similar reasons, in one embodiment, if a bank submits
(through system 100) a bid for refinancing the applicant's loan,
and if such bid has the most favorable terms for refinancing the
applicant's loan, the bank is contractually committed to (a)
promptly offer such terms (e.g. proposed new loan rate of interest)
directly to the applicant and (b) maintain such offer to the
applicant for a contractually specified time period before such
offer expires. In such embodiment, the contractual commitment and
contractually specified time period are evidenced in a written
agreement between the bank and the organization that operates
website server 110. In that manner, system 100 (a) substantially
avoids a situation in which the bank submits a bid (e.g. having the
lowest proposed new loan rate of interest) merely for the purpose
of receiving the applicant's specific identity and (b) achieves
efficiency and reliability for loan applicants who use system
100.
[0130] After receiving the bank's offer to refinance the
applicant's loan at the proposed new rate of interest, the
applicant is free to (a) accept such offer, (b) reject such offer,
or (c) allow such offer to expire without response by the
applicant. Accordingly, in auctioning the loan through system 100
of the illustrative embodiment, the applicant is the offeree of the
bid, as contrasted with being the offeror of the bid. For example,
in auctioning the loan through system 100 of the illustrative
embodiment, the banks submit respective bids without knowing a loan
rate of interest that would be acceptable to the applicant.
Moreover, in a significant aspect of the illustrative embodiment,
if a bank submits a bid, the applicant is free to reject such bid
without obligation or financial penalty.
[0131] In one embodiment, if the applicant chooses to accept the
bank's offer, the bank is permitted to require underlying evidence
of the applicant's credit score and risk rating that were displayed
to the bank in FIG. 4b. For example, the bank is permitted to
request, as a condition for refinancing the applicant's loan, the
applicant's permission for the bank to receive a copy of the
applicant's credit history. Accordingly, upon receiving such
permission from the applicant, the bank is able to request that one
or more of credit bureaus 122, 124 and 126 (a) perform a review of
the user's credit history, with reference to a database stored on
the credit bureau's hard disk, and (b) disclose the detailed
results of such review to the bank. If such results are consistent
with the applicant's credit score and risk rating that were
displayed to the bank in FIG. 4b, then the bank is contractually
committed to refinance the applicant's loan at the proposed new
rate of interest.
[0132] Referring again to step 1004, if website server 110
determines that no bank has submitted a bid for the particular loan
through system 100, the operation continues to a step 1016. At step
1016, website server 110 outputs an e-mail message to the loan
applicant, notifying such applicant: (a) that no bank has submitted
a bid; and (b) that website server 110 will continue storing the
loan application's description in the list of available loans for a
second period of two (2) business days. After step 1016, the
operation continues to step 1014.
[0133] Referring again to step 1002, if website server 110
determines that the first period of one (1) business day has not
expired for the particular loan, the operation continues to a step
1018. At step 1018, website server 110 determines whether the
second period of two (2) business days has expired for the
particular loan. If website server 110 determines that such period
of two (2) business days has not expired for the particular loan,
the operation continues to step 1014.
[0134] Conversely, if website server 110 determines at step 1018
that the second period of two (2) business days has expired for the
particular loan, the operation continues to a step 1020. At step
1020, website server 110 outputs an e-mail message to the loan
applicant, notifying such applicant: (a) that no bank has submitted
a bid; and (b) that website server 110 will remove the loan
application's description from the list of available loans, which
is stored by website server 110 in database 512. After step 1020,
the operation continues to a step 1022, where website server 110
performs such removal. After step 1022, the operation continues to
step 1014.
[0135] Referring again to FIG. 2, computer-readable medium 212 is a
floppy diskette. Computer-readable medium 212 and computer 204 are
structurally and functionally interrelated with one another as
described further hereinbelow. Each computing device of the
illustrative embodiment is structurally and functionally
interrelated with a respective computer-readable medium, similar to
the manner in which computer 204 is structurally and functionally
interrelated with computer-readable medium 212. In that regard,
computer-readable medium 212 is a representative one of such
computer-readable media, including for example but not limited to
storage device 211.
[0136] Computer-readable medium 212 stores (or encodes, or records,
or embodies) functional descriptive material (e.g. including but
not limited to software (also referred to as computer programs or
applications) and data structures). Such functional descriptive
material imparts functionality when encoded on computer-readable
medium 212. Also, such functional descriptive material is
structurally and functionally interrelated to computer-readable
medium 212.
[0137] Within such functional descriptive material, data structures
define structural and functional interrelationships between such
data structures and computer-readable medium 212 (and other aspects
of computer 204, computing system 200 and system 100). Such
interrelationships permit the data structures' functionality to be
realized. Also, within such functional descriptive material,
computer programs define structural and functional
interrelationships between such computer programs and
computer-readable medium 212 (and other aspects of computer 204,
computing system 200 and system 100). Such interrelationships
permit the computer programs' functionality to be realized.
[0138] For example, computer 204 reads (or accesses, or copies)
such functional descriptive material from computer-readable medium
212 into the memory device of computer 204, and computer 204
performs its operations (as described elsewhere herein) in response
to such material which is stored in the memory device of computer
204. More particularly, computer 204 performs the operation of
processing a computer application (that is stored, encoded,
recorded or embodied on a computer-readable medium) for causing
computer 204 to perform additional operations (as described
elsewhere herein). Accordingly, such functional descriptive
material exhibits a functional interrelationship with the way in
which computer 204 executes its processes and performs its
operations.
[0139] Further, the computer-readable medium is an apparatus from
which the computer application is accessible by computer 204, and
the computer application is processable by computer 204 for causing
computer 204 to perform such additional operations. In addition to
reading such functional descriptive material from computer-readable
medium 212, computer 204 is capable of reading such functional
descriptive material from (or through) network 112 which is also a
computer-readable medium (or apparatus). Moreover, the memory
device of computer 204 is itself a computer-readable medium (or
apparatus).
[0140] Although illustrative embodiments have been shown and
described, a wide range of modification, change and substitution is
contemplated in the foregoing disclosure and, in some instances,
some features of the embodiments may be employed without a
corresponding use of other features. For example, although the
illustrative embodiments have been shown and described in
connection with refinancing a loan, the illustrative embodiments
are equally applicable to the financing of an original loan for
purchase of an item. Moreover, although the illustrative
embodiments have been shown and described in connection with the
auctioning of a loan (e.g. in a situation where the customer wants
to identify a vendor that offers a lowest available rate of
interest for the customer to purchase such loan), the illustrative
embodiments are equally applicable to the offering or auctioning of
any other product or service (e.g. in a situation where the
customer wants to identify a vendor that offers a lowest available
price for the customer to purchase such product or service).
Accordingly, it is appropriate that the appended claims be
construed broadly and in a manner consistent with the scope of the
embodiments disclosed herein.
* * * * *
References