Methods And Computer Network For Co-Ordinating A Loan Over The Internet

Abstract

The invention relates to a method and a computer for coordinating an electronic credit application between an Internet user and a plurality of lending institutions via the Internet. This method involves displaying documents in a web site, and receiving credit data forming placed on the web site. After receiving this data a special loan processing computer applies a filter to the data. The filter comprises loan selection criteria provided by lending institutions which allows these institutions to filter out loan applications that they do not want. Next, after the data is filtered, it is transmitted to a plurality of lending institutions. Finally, the computer and the method then controls and coordinates communication between these lending institutions and the Internet user to match borrowers and lenders via the Internet.

1 . A method for coordinating an electronic credit application between an Internet user and a plurality of lending institutions via the Internet, comprising the steps of:
 a) displaying a plurality of documents in a web site;   b) receiving a plurality of credit data sent from the Internet user;   c) applying said credit data to a filter comprising a plurality of selection criteria, wherein the plurality of selection criteria are employed to automatically select the plurality of lending institutions;   d) transmitting said credit data to said plurality of lending institutions; and   e) coordinating communication between said plurality of lending institutions and the Internet user so that said Internet user can obtain credit or loans from said lending institutions.   
     
     
         2 . The method as claimed in  claim 1 , wherein step (a) comprises the steps of:
 displaying a document welcoming the Internet user;   displaying a document explaining the application process;   displaying a document explaining the services provided; and   displaying said electronic credit application.   
     
     
         3 . The method as claimed in  claim 1 , wherein step (b) further includes the steps of:
 verifying data input in a credit application on a web site; and   storing said plurality of credit data in a database table in a storage device.   
     
     
         4 . The method as claimed in  claim 1 , wherein step (c) further includes the steps of:
 obtaining a Fair Isaac Credit Score based upon said plurality of credit data submitted; and   attaching the Fair Isaac Credit Score to said database table.   
     
     
         5 . The method as claimed in  claim 4 , further including the steps of:
 reading said database table from said storage device;   reading said filter wherein, said filter is comprised of a plurality of lending institution criteria comparing said filter to said database table; and   identifying a match between said filter and said database table wherein said match yields a successful electronic credit application.   
     
     
         6 . The method as claimed in  claim 1 , wherein step (c) further includes the step of:
 checking said filter for data errors.   
     
     
         7 . The method as claimed in  claim 1 , wherein step (c) further includes the steps of:
 advancing to the first of said selection criteria of said filter;   comparing said selection criteria to the corresponding credit data on said electronic credit application;   proceeding to the next level of said selection criteria if the comparison is successful; and   proceeding to the next level of said filter if the comparison is unsuccessful.   
     
     
         8 . The method as claimed in  claim 1 , wherein step (d) further includes the steps of:
 determining an appropriate transfer method to transmit said successful electronic credit application to said lending institutions; and   sending said successful electronic credit application to said lending institutions via said appropriate transfer method.   
     
     
         9 . The method as claimed in  claim 8 , further including:
 sending said successful electronic credit application to said lending institutions via a Common Gateway Interface (CGI).   
     
     
         10 . The method as claimed in  claim 8 , further including: transmitting said successful electronic credit application to said lending institutions via a secured website. 
     
     
         11 . The method as claimed in  claim 8 , further including:
 sending said successful credit application to said lending institutions via a secured E-Mail.   
     
     
         12 . The method as claimed in  claim 8 , further including the step of:
 receiving a first notification of a successful transmission of said successful electronic credit application from said plurality of lending institutions.   
     
     
         13 . The method as claimed in  claim 1 , further including the steps of:
 receiving a second notification from said lending institutions regarding a lender's decision;   creating a dynamic personal web site for said Internet user; and   storing said lender's decision on said dynamic personal web site.   
     
     
         14 . The method as claimed in  claim 13 , further including the steps of:
 sending a loan id number to said Internet user; and   receiving an Internet user's decision from said dynamic personal web site comprising an acceptance, denial or request for more information regarding said lender's decision from said plurality of lending institutions.   
     
     
         15 . The method as claimed in  claim 14 , further including the steps of:
 sending said Internet user's decision to a corresponding lender of said plurality of lending institutions; and   collecting said Internet user's decision and storing said decision in a storage device.   
     
     
         16 . The method as claimed in  claim 1 , further including the steps of:
 receiving a third notification of a closure of said successful electronic credit application from a final lending institution.   
     
     
         17 . The method as claimed in  claim 1 , further including the steps of:
 generating a plurality of reports for said plurality of lending institutions; and   displaying said plurality of reports to said plurality of lending institutions.   
     
     
         18 . A network system designed to coordinate loan applications between lenders and borrowers comprising:
 a means for inputting loan application data from a prospective borrower into the network;   a means for inputting lender criteria data into the network;   a computing means for comparing said borrower application data to said lender criteria data, wherein the lender criteria data are employed to automatically select the plurality of lending institutions;   a communicating means connecting said means for inputting borrower application data and said means for inputting lender criteria data to said computing means said communicating means for allowing said connected components to communicate with each other, wherein said computing means matches said borrower application data and said lender criteria data so as to achieve a match between a borrower and a lender.   
     
     
         19 . The system as claimed in  claim 18 , further comprising a means for storing data connected to said computing means said storage means for storing said borrower application data and said lender criteria data. 
     
     
         20 . The system as claimed in  claim 18 , wherein said communicating means is a connection via the Internet.