System and method for real time loan approval

US5870721A · kind A · utility

Assignee

• Affinity Technology Group, Inc. · US

Inventor

• Jeffrey Norris · Lake Forest, US

Key dates

• Filing date: Oct 15, 1996
• Grant date: Feb 9, 1999
• Expiry date: Oct 15, 2016

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F19/20
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

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