Method for automatically processing a financial loan application and the system thereof
US7499882B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Nov 15, 2001 |
| Grant date | Mar 3, 2009 |
| Priority date | — |
| Expiry date | May 7, 2025 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method for automatically processing a loan application where a real property is used as collateral is disclosed. The method comprises steps of (a) inputting the loan application into a computer system, (b) providing the address of a collateral property to an automated valuation model (AVM) system, (c) receiving valuation data for the corresponding property from the AVM system; (d) determining a maximum allowable loan (LoanCap) by applying a pre-set lending policy to the valuation data and information provided in the loan application, and (e) comparing a requested loan amount in the loan application to the LoanCap, so that, when the requested loan amount is within the LoanCap, the loan application can be approved, wherein the steps (b) to (e) are automatically carried out in the computer system. The computer system for automatically processing the loan application is also disclosed.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.