U.S. patent application number 10/211231 was filed with the patent office on 2004-04-22 for system and method for transmitting and processing loan data.
Invention is credited to Dykes, Frederick T., Heiston, Richard J..
Application Number | 20040078296 10/211231 |
Document ID | / |
Family ID | 26796351 |
Filed Date | 2004-04-22 |
United States Patent
Application |
20040078296 |
Kind Code |
A1 |
Dykes, Frederick T. ; et
al. |
April 22, 2004 |
System and method for transmitting and processing loan data
Abstract
An automated system for collecting and disseminating loan
information over a network connection includes a server which
receives loan data, including daily loan data, from lenders and
stores the loan data in a database. A web server provides to users
(e g, brokers, correspondents, or retail loan customers)
interactive web content including loan information and a list of
loan criteria which would affect the quoted points, rate, cap, or
margin associated with a particular loan. The web server receives a
user's applicable loan criteria selected from the list of possible
loan criteria. And uses that applicable loan criteria and the loan
data from the lender to create a list of adjustments to the points,
rate, cap or margin. A quoted interest rate and the list of
applicable adustments are transmitted by the web server to the
user
Inventors: |
Dykes, Frederick T.; (Great
Falls, VA) ; Heiston, Richard J.; (Odessa,
DE) |
Correspondence
Address: |
GREENBERG-TRAURIG
1750 TYSONS BOULEVARD, 12TH FLOOR
MCLEAN
VA
22102
US
|
Family ID: |
26796351 |
Appl. No.: |
10/211231 |
Filed: |
August 5, 2002 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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10211231 |
Aug 5, 2002 |
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09277771 |
Mar 29, 1999 |
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6438526 |
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60099665 |
Sep 9, 1998 |
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Current U.S.
Class: |
705/26.1 |
Current CPC
Class: |
G06Q 40/04 20130101;
G06Q 30/0601 20130101; G06Q 40/08 20130101; G06Q 40/025 20130101;
G06Q 40/00 20130101 |
Class at
Publication: |
705/027 |
International
Class: |
G06F 017/60 |
Claims
What is claimed is:
1. A method for collecting and disseminating information over a
network connection, comprising the steps of: providing a form to
users via a network connection, said form including a series of
possible adjustment criteria, adjustments to product costs, and
means associated with each of said adjustment criteria for allowing
said user to indicate that a criterium is applicable; receiving via
said network connection user input indicating that particular
criteria among said adjustment criteria are applicable; and,
providing to said user over said network connection a report
showing user-selected applicable adjustments to terms of a quoted
product.
2. The method in accordance with claim 14, wherein said quoted
product is a retail product.
3. The method in accordance with claim 15, wherein said retail
product is an automobile.
Description
[0001] This is a divisional application of U.S. Ser. No. 09/277,771
filed Mar. 29, 1999, which claims the benefit of U.S. Provisional
Patent Application Serial No. 60/099,665 filed Sep. 9, 1998, the
entire disclosures of which are incorporated herein by
reference.
[0002] This application includes a microfiche appendix having 1
fiche and 72 frames.
[0003] This application relates to Disclosure Document Number
429419, filed Jan. 21, 1998.
[0004] This application includes material which is subject to
copyright protection. The copyright owner has no objection to the
facsimile reproduction by anyone of the patent disclosure, as it
appears in the Patent and Trademark Office files or records, but
otherwise reserves all copyright rights whatsoever.
BACKGROUND OF THE INVENTION
[0005] 1. Field of the Invention
[0006] The present invention relates generally to the field of
disseminating loan program information, including rate information,
and to automated systems for collecting and disseminating loan
information.
[0007] 2. Related Art
[0008] Home mortgages, home equity loans, auto loans, and other
lending products may be distributed through a variety of channels,
brokers, and correspondents. Particularly in the case of complex
mortgage loans, there may be variable "points" and a complex set of
additional adjustments to the loan rate based oil the presence or
absence of a variety of factors. In the past, current rates and
points from particular lenders (including required adjustments)
have been published to these sales channels via fax. There have
also been efforts to automate the calculation of such adjustments
by receiving the text of the lender's fax sheet and parsing it
analytically to apply necessary adjustments based on applicant
information. Such efforts have not, however, been entirely
successful in providing a user friendly and accurate interface.
[0009] An article by Jeff Butler entitled "Partnership Bridged with
Technology", Mortgage Banking v53n11, pp. 12-19, August, 1993,
generally suggests systems for allowing electronic communications
links between a mortgage company and its customers--brokers,
correspondent lenders, real estate agents, and consumers. The
article specifically discloses Citicorp's MortgagePower Plus system
and Countrywide Funding Corp.'s DirectLine Plus system.
MortgagePower Plus provided software which permitted loan
purchasers to select between loan types, enter their data and
prequalify themselves, and obtain a loan commitment from the
mortgage company. DirectLine Plus includes software which provides
brokers with online access to Countrywide's current loan data and
the ability to lock-in a particular loan.
[0010] An article by Norman Miller entitled "Web Implications and
Resources for Real Estate Finance", Real Estate Finance, v13n3,
pp.74-83, Fall, 1996, discloses various Internet- and
intranet-based systems for processing loan applications. Miller
further discloses providing electronic forms which "can be
programmed to check to see if all the necessary information is
included prior to transmission. . . . "
[0011] An article by Tami Luhby entitled "Loan Processing System
Offers Internet Data Access", American Banker, v163, p.12, Jun. 30,
1998, discloses an online database with wholesale lenders' fees,
rates, and product information. The publication also discloses
online loan application processing. An article by Steven Marjanovic
entitled "Intuit Investing $6M in Loan Processing Service for Web",
American Banker, v163n116, p.13(1), Jun. 19, 1998, discloses an
Internet loan processing service website ("quickenmortgage.com")
which uses loan information from lenders and allows consumers to
enter data, get mortgage rate quotes, and submit loan
applications.
[0012] Other references generally showing electronic means for
processing loan or other applications include U.S. Pat. No.
4,194,242 to Robbins, U.S. Pat. No. 4,876,648 to Lloyd, U.S. Pat.
No. 5,239,462 to Jones, et al., U.S. Pat. No. 5,523,942 to Tyler,
et al., U.S. Pat. No. 5,611,052 to Dykstra, et al., U.S. Pat. No.
5,673,402 to Orion, et al., U.S. Pat. No 5,699,527 to Davidson,
U.S. Pat. No. 5,6742,775 to King, and U.S. Pat. No. 5,765,144 to
Larche, et al.
[0013] In view of the above, there is a need for a system and
method which provides access to information on a variety of loan
programs from different lenders, yet is accurate and results in
correct calculations (including adjustments) of loan rates and
points by brokers and other correspondents.
OBJECTS AND SUMMARY OF THE INVENTION
[0014] In a preferred embodiment, the invention provides a computer
system that enables mortgage lenders and commercial banks to
transmit their data daily easily and inexpensively via the
Internet. The system enables mortgage brokers, correspondents and
retail consumers to download or access the data live via the
Internet, automatically search, calculate and apply appropriate
adjustments to loan rates and points, and electronically register
selected products with the selected lenders.
[0015] In its preferred embodiment, the invention provides an
automated system for collecting and disseminating loan information
over a network connection which includes a server which receives
loan data, including daily loan data, from lenders and stores the
loan data in a database. A web server provides to users (e.g.,
brokers, correspondents, or retail loan customers) interactive web
content including loan information and a list of loan criteria
which would affect the quoted points, rate, cap, or margin
associated with a particular loan. The web server receives a user's
applicable loan criteria selected from the list of possible loan
criteria. And uses that applicable loan criteria and the loan data
from the lender to create a list of adjustments to the points,
rate, cap or margin. A quoted interest rate and the list of points
and applicable adjustments are transmitted by the web server to the
user.
[0016] By using the Internet, the preferred embodiment eliminates
the costly and time-consuming tasks of transmitting product data
and loan lock registration forms via the fax. It eliminates the
need for brokers and correspondents to calculate rate and cost
adjustments manually and for lenders to check the calculations
manually. By enabling electronic selection and registration of loan
products the system of the invention reduces the cost to brokers
and correspondents and eliminates the risk that brokers and
correspondents currently experience because of the inevitable lag
time between the time a broker faxes a loan order and the lender
verifies the adjustment calculation and locks the rate.
BRIEF DESCRIPTION OF THE DRAWINGS
[0017] The foregoing and other objects, features, and advantages of
the invention will be apparent from the following more particular
description of preferred embodiments as illustrated in the
accompanying drawings, in which reference characters refer to the
same parts throughout the various views. The drawings are not
necessarily to scale, emphasis instead being placed upon
illustrating principles of the invention.
[0018] FIG. 1 is a schematic block diagram of a preferred
embodiment of the system of the present invention.
[0019] FIGS. 2a-2e show screen displays illustrating the interface
for the lender software of the invention.
[0020] FIG. 2f shows the interface of software used to import daily
data from an ASCII file prepared by the lender's current
spreadsheet software.
[0021] FIGS. 3a-3h show screen displays illustrating the interface
for receiving terms and conditions from a lender to define a loan
product.
[0022] FIG. 3i shows a screen display for the interface for
receiving lender information from a lender.
[0023] FIGS. 4a and 4b show a screen display illustrating the
initial page of the web interface of the invention.
[0024] FIG. 4c shows a screen display illustrating a "Find a Loan
Product" page which allows a user to enter search criteria.
[0025] FIG. 5 shows a screen display illustrating a "Search
Results" page of the web interface of the invention.
[0026] FIGS. 6a-6d show a screen display illustrating a "Points
Adjustments" page of the web interface of the invention.
[0027] FIGS. 7a-7b show a screen display illustrating a "Lock
Registration Data Input" page of the web interface of the
invention.
[0028] FIGS. 8a and 8b show a screen display illustrating an
"Automated Lock Registration" page of the web interface of the
invention.
DETAILED DESCRIPTION
[0029] The inventive system automates the process of updating and
transmitting lender loan product information to brokers and
correspondents. Each day, lenders automatically transfer
information on rates, points, caps, and margins of their products
from their lender spreadsheets into lender software residing on
their PCs, where other product information that does not change
daily (such as adjustments, loan matrix, and lender information) is
maintained. The lender software transmits all the information via
the Internet to a related Web site. This process is simpler to the
user because it requires no manual data input. Brokers and
correspondents can access the site live via a browser or
proprietary software, with the capability to download the data to a
local computer. The broker or correspondent then has the ability to
search the product offerings and find a product with a base rate
and points of his choosing. When a broker or correspondent selects
a product, only the adjustments and matrix information for that
particular product appear. Once the broker or correspondent selects
applicable adjustments, the system makes all the mathematical
computations automatically and displays the total cost. After
viewing the total cost, the broker or correspondent may click a
button to register the loan product electronically with the
lender.
[0030] The system according to a preferred embodiment stores
descriptions of possible adjustments, receives current numeric
values for those adjustments, and presents the possible adjustments
applicable to a specific loan product (e.g. for rates, points,
margin, cap, or life cap) in a standardized display format. The
record for each adjustment includes criteria, amount of adjustment,
and an extended amount. The possible adjustments are displayed on a
screen for the broker, who may click "apply" for each adjustment if
appropriate, or otherwise indicate to the software that particular
adjustment criteria are applicable. If an adjustment is selected,
the adjustment amount is included in automatic calculations in the
form. The system also provides a report to the lender and the
broker or correspondent showing the adjustments that were applied
by the broker or correspondent, for quality control and audit
purposes.
[0031] The software according to the preferred embodiment of the
invention runs on general-purpose IBM-compatible office PCs and
Macintosh computers and does not require any special equipment to
access the software other than a computer, a modem or other
appropriate Internet connection, and a browser such as the commonly
available Netscape or Internet Explorer browsers.
[0032] Referring to FIG. 1, a database and web server 102 has an
Internet connection and holds a database of loan data (e.g., rates,
points, caps, margins), middleware for generating web content based
upon loan data in the database, and web server software for using
that web content to interact with brokers/correspondent computers
Broker 1 through Broker 4.
[0033] Broker computers Broker 1 through Broker 4 are each
associated with a live user, e.g., a broker/correspondent, and run
Internet client software, such as a web browser, or proprietary
broker software. The broker computers also have an Internet
connection through which they access database and web server
102.
[0034] A loan rate service provider computer 103 has a data
connection to the Internet server 102 and runs lender/bank software
which creates and updates lender database files which are stored
locally and are then used to update server database files stored on
the database and web server 102. The loan rate service provider
computer may reside, e.g., at the lender's location or at a remote
site, e.g., at a loan rate service provider's site. A lender
computer 110 at a lender/bank runs spreadsheet software and may
have a data connection to the loan rate service provider 103. These
latter two data connections may be public or private computer
network connections, such as a secure Internet or private intranet
connections. The spreadsheet software is used to make changes to
loan data which changes daily to regularly export a file with that
data which is then imported by the lender software and used to
update the lender and server database files.
[0035] In a typical system according to the invention, there may be
a large number of broker computers and lender computers, the number
being reduced in FIG. 1 for purposes of clarity.
[0036] According to a preferred embodiment, the lender database
files residing on the loan rate service provider computer 103 and
the server database files residing on the web server 102 are
created using scripts written for the FileMaker Pro software
application manufactured by FileMaker, Inc, a subsidiary of Apple
Computer. Source code for the File Maker Pro scripts used in the
system are included in the microfiche appendix which is
incorporated into the present specification. It should be noted
that embodiments of the invention which use other database
software, such as that provided by Oracle of Redwood Shores,
Calif., is envisioned and is within the spirit and scope of the
invention.
[0037] The middleware which resides on the database and web server
102, and which creates the interactive web content which is
ultimately served to broker computers via the Internet, may
comprise suitable software such as, e.g., Lasso Middleware
manufactured by Blue World Communications, Inc., of Bellevue, Wash.
Suitable web server software includes, e.g., Webstar manufactured
by Starnine, Inc., of Berkeley, Calif.
[0038] The database and web server 102 (FIG. 1) comprises a server
computer such as. e.g., an Apple G3, and is hosted by an Internet
service provider or is otherwise provided with a fast Internet
connection.
[0039] An overview of the data flow will now be given, followed by
a detailed description of the processes and functions associated
with the various pieces of software of the invention.
[0040] First, databases of loan data are created on the loan rate
service provider computer. These databases are referred to herein
as the "lender databases." The loan data in these databases may
include information on each lender using the system, the loan
products offered by each lender, and initial information on the
rates and points associated with each of those products which may
be different for various regions as decided by the lender. The
database structure accommodates different rates and points for
different regions. The lender software residing on the loan rate
service provider computer 103 then uploads data from those
databases to the database and web server 102, where the data is
used to update similar databases residing thereon. These databases
are referred to herein as the "server databases." The server
databases are then used by middleware residing on the database and
web server 102 to create interactive web content, e.g., HTML files.
These files are served, by web server software also residing on the
database and web server 102, to Internet clients (e.g., web browser
software) running on broker computers Broker 1 through Broker 4.
Each day, as rates and points associated with the various loan
products change, bank personnel make changes to a spreadsheet
running on the lender computer 110; the bank personnel then export
an ASCII file of with this "daily data" and transmit the exported
file to the loan rate service provider computer 103. The daily
dated file is then imported into the lender software and is used by
that software to update the lender databases. Updated data from the
lender databases is then transmitted to the database and web server
102, where it is used to update the server databases.
[0041] By using the invention in the above-described manner,
lenders can easily make daily updates to the data (including
different data for different regions) which is served out to
brokers over the Internet without the need for them to perform HTML
authoring on a daily basis.
[0042] A detailed description of the software of the invention will
now be provided.
[0043] As discussed above, two similar sets of database files are
preferably used to store loan data. The first set, which resides on
the computer 103 and is manipulated by the lender software, is
referred to herein as the "lender files." The second set, which
resides on the database and web server 102, is referred to herein
as the "server files."
[0044] The Lender Terms & Conditions file updates the Server
Terms & Conditions file. The Lender Bank Information file
updates the Server Bank Information file. The Lender Daily file
updates the Server Daily file (of rates and points)
[0045] Examples of the scripts associated with the lender files and
the server files are shown in the microfiche appendix which is
attached hereto and is incorporated into the present disclosure.
These files will now be discussed.
[0046] Server Files
[0047] ServTC.FP3--This file stores the terms and conditions
associated with all products for all lenders using the system.
[0048] ServBank.FP3--This file stores lender bank information such
as the bank's name, address and contact information, for all
lenders using the system.
[0049] ServDail.FP3--This file stores the updated daily information
on rates and points for all products residing in Master.ndg.
[0050] Input.FP3--This file stores all data input by the broker or
correspondent. It gets data from ServDail.FP3, ServBank.FP3, and
ServTC.FP3. All calculations such lo as computing adjustments are
done in Input.FP3.
[0051] Lender Files
[0052] LendTC.FP3--This file stores the terms and conditions
associated with all products for all lenders using the system.
[0053] LendBank.NDG--This file stores lender information such as
the lender's name, address and contact information.
[0054] LendDail.FP3--This file stores the updated daily information
on rates and points for all products residing in LendTC.FP3
[0055] Import from Lotus.FP3--This file imports data from an ASCII
file prepared by the lender's current spreadsheet such as Lotus or
Microsoft EXCEL. It also converts decimal numbers to percent
numbers for those data fields that are exported as decimal numbers
instead of percent numbers. A button on this file's screen sends a
message to LendDail.FP3 to initiate a script to lookup data from
Import from Lotus.FP3
[0056] The lender software and update processes and data flow will
now be described in more detail. The interface provided by the
lender application is shown in FIGS. 2a-2e. In particular, these
figures show screen displays for the lender application, including
control menus for database importation, updating the database,
archiving, and restoring data. These screens correspond to the file
"LendDail.FP3" which is described below. FIG. 2f shows the
interface of software used to import daily data from an ASCII file
prepared by the lender's current spreadsheet software, such as
Lotus or Microsoft EXCEL. This screen corresponds to the file
"ImportFromLotus.FP3" which is described below.
[0057] FIGS. 3a-3h show screen displays for the interface for
receiving terms and conditions from a lender. The information
indicated in these "Loan Package Detail" screen displays is
provided to the system to define the available loan packages in the
database. These screens correspond to the file "LendTC.FP3" which
is described below. FIG. 3i shows a screen display for the
interface for receiving lender information from a lender. This
screen corresponds to the file "LendBank.FP3" which is described
below.
[0058] The lender application is used by lenders to create and
update products available from their institution to registered
brokers and correspondents. The application allows each lender to
perform three different updates of their products to the master
files located on the server. The first update is to the "daily,"
file (LendDail.PF3), which consists of rates, points, caps,
margins, and life caps. These items change daily and sometimes more
than once a day, and so this update is performed often. The data
used to update the daily file is received from a spreadsheet file
exported from a spreadsheet application running on the lender
computer 110. The second type of update, which is performed less
often, is to the "products" file (LendTC.FP3), which contains full
matrix information, lenders information, applicable adjustments.
These items do not normally change on a daily basis. The third type
of update is LendBank.FP3 to ServBank.FP3 to update bank
information such as name, address and contact information.
[0059] Once the data has been updated in the lender software, the
computer on which that software is running is connected to the
Internet and, by simply selecting one of six buttons, "Upload Daily
File First Set" "Upload Daily File Second Set" or "Upload Products
File First Set", "Upload Products File Second Set", "Upload Lender
Info File First Set", "Upload Lender Info File Second Set", the
information is uploaded to the database and web server 102.
[0060] Access to the content on the Internet server by brokers or
correspondents is provided by either a standard Internet client
(such as a web browser) or proprietary Broker/Correspondent
software. Because of the ubiquity of Internet client software,
embodiments wherein brokers access the Internet server using a
standard Internet client is preferred. The proprietary
Broker/Correspondent software and the download process performed
using that software will first be described.
Proprietary Broker/correspondent Software
[0061] In one embodiment, both brokers and correspondents can
download product information available from participating lenders
as well as process customer loan applications with the software.
This process is controlled via script, which resides in the
software. These scripts are as follows:
[0062] Get Products Update--This script connects to the Internet
web server and downloads either a new set of product files or a new
set of daily update files.
[0063] Update Products--This script accesses the files downloaded
in the Get Product Update Process, and imports either a new set of
product files or a new set of daily files into the
broker/correspondent software.
[0064] The software provided to brokers and correspondents includes
customer related files, files not related to a specific customer
include Lender Information, and Loan Product data.
[0065] The components of a related customer file:
[0066] Create Customer Record--General information name and
address
[0067] Quick or Full Application--Property, loan, and customer
information
[0068] Find a Product Screen--Search criteria for customer
[0069] List View--This page consists of just the basic information,
effective date, lender short name, max LTV, max CLTV, rates,
points, loan description, product number, loan term years, and loan
type.
[0070] Extended List View--This page gives more information such as
margin, cap, life cap, index definition, max and minimum loan
amount, conversion option, documentation.
[0071] Loan Package Detail--Overall information of selected loan
product
[0072] Loan package Worksheet--Overall information with the ability
to select adjustments to product.
[0073] Automated Lock Registration Form--These two pages are
automated information from the Loan Package Worksheet and customer
information file, along with edited data from the broker or
correspondent.
[0074] Customer Record--This form keeps a tracking record if more
than one loan is registered to the same customer name. In addition
it keeps a tracking record of all correspondent information to each
loan under that customer name.
[0075] Closing Information--This form keeps track of all related
closing information, such as closing Attorney, Appraiser, existing
loan information to be paid off, new loan information, etc.
[0076] Customer Menu--A complete menu of files above for easy
selection when viewing a customer file
[0077] The components of the non-customer related file:
[0078] Find a Product Screen--General search
[0079] List View--See above
[0080] List View Extended--See above
[0081] Loan Package Detail--See above
[0082] Lender Information includes lender phone numbers, address,
contacts, fax numbers, e-mail, and promotional descriptions.
Product Data includes all product data, numbers, descriptions, and
matrix information.
Internet Client Embodiment
[0083] As set forth above, an alternative and preferred embodiment
uses a standard Internet client in place of the proprietary
broker/correspondent software to provide brokers and lo
correspondents with access to the information via a website. In
this embodiment, the system of the invention can be accessed live
on the web without downloading any files. The web-based system
preferably operates using a G-3 server with the same functionality
as described herein but without the tracker file.
[0084] The web-based embodiment will now be described in detail
with reference to FIGS. 4-8. FIGS. 4-8 show screenshots of the
broker/correspondent's interface to the as seen through a standard
web browser. FIGS. 4a and 4b show an initial screen. FIG. 4c shows
a "Find a Loan Product" screen which allows a broker/user to select
criteria needed to find a particular loan product. FIG. 5 shows a
"Search Results" screen which displays the results for the criteria
entered in the screen shown in FIG. 4c. FIGS. 6a through 6d show an
"Adjustments" screen which is used by the broker/user to determine
all related cost, rate, cap, life cap, and margin adjustments that
are applicable for a particular borrower. FIGS. 7a and 7b show a
"Lock Registration Data Input" screen which is used by the broker
to input customer and broker data that is required by the lending
institution to properly register the loan product selected. FIGS.
8a and 8b show an "Automated Lock Registration" screen which
displays all automated loan product, customer, and
broker/correspondent information, including adjustment information,
for viewing before electronically sending a loan product request to
the lender.
[0085] The system and methods provided in the invention offer
numerous advantages over the prior art. In particular, the system
can be used to provide an automated information and
transaction-processing service that is offered to mortgage lenders,
commercial banks, brokers, and correspondents via subscription. It
replaces fax transmittal between Banks, Lenders, Brokers, and
Correspondents.
[0086] The system of the invention provides many compelling
advantages for lenders, including:
[0087] 1) It enables lenders to make loan product information
instantly available to the entire broker community, compared with
the present method, which is costly, time consuming, and only
allows the lender to reach a small portion of the broker and
correspondent community.
[0088] 2) It reduces costs and human errors by eliminating the need
to manually check each loan lock registration calculation and
manually record each broker and correspondents loan
information.
[0089] 3) It reduces costs by eliminating the need to fax product
data sheets to the broker and correspondent community.
[0090] 4) It reduces cost, eliminates human errors, and eliminates
systemic errors associated with presenting adjustment criteria and
calculating the final rate, points, cap and margin for loan
products without the need to answer a large number of questions
about the borrower as needed by "Rule Based" systems. This system
is universal and accommodates any adjustment criterion, no matter
how unusual or peculiar the criterion may be. This system uses all
adjustment criteria whereas "Rule Based" systems will miss some
adjustments and cannot be relied upon always to be accurate. It can
be used by a lending institution to send loan product to its own
branches instead of using faxes.
[0091] The system of the present invention also provides many
compelling advantages for brokers and correspondents,
including:
[0092] 1) It reduces costs, risk, delay, and human error by
enabling brokers to select, lock, and register a loan instantly,
versus the current fax method, which requires brokers to search
through many faxed rate sheets, find applicable products, identify
adjustments, calculate adjustments, and fill out lock-in
registration forms manually that then need to be faxed to the
lender to register the loan product.
[0093] 2) Brokers and correspondents can electronically search,
find, and register loan products from any location, versus the
current method of receiving data from a fixed location.
[0094] 3) It reduces costs by enabling brokers and correspondents
to conduct electronic searches of thousands of loan products almost
instantaneously, versus the current method, which requires brokers
and correspondents to search through paper product sheets
manually.
[0095] 4) It eliminates the costly delay of sending loan lock
registration forms and receiving loan product information by
fax.
[0096] 5) Brokers and correspondents can receive full matrix
information that pertains to each product selected.
[0097] 6) Brokers and correspondents do not have long-distance
phone charges to fax lock forms.
[0098] Thus, an improved system and method for transmitting loan
rate information has been disclosed. The systems and methods
disclosed may be applied to a variety of products, particularly
including retail loans (e.g. auto loans), and in the case of simple
retail loans, access to the loan database may be provided to the
consumer via live web access, and applications may be taken and
processed in the same general manner disclosed with respect to the
mortgage examples provided above.
[0099] While the invention has been particularly shown and
described with reference to a preferred embodiment thereof, it will
be understood by those skilled ii the art that various changes in
form and details may be made therein without departing from the
spirit and scope of the invention.
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