Web-based loan auctions for individual borrowers and lenders
US7873569B1 · kind B1 · utility
Inventor
Key dates
| Filing date | Jan 12, 2006 |
| Grant date | Jan 18, 2011 |
| Priority date | — |
| Expiry date | Dec 1, 2026 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A web-based loan auction system is available to individual borrowers and individual lenders and is particularly well-suited for individual borrowers that cannot meet the standards of conventional lending institutions. The system is also attractive to potential lenders that desire to achieve a higher return on their investment than currently offered by banks. The potential borrower submits a web-based loan application to the auction system. Once the loan application information is verified (a function performed by the agency offering the auction service), the application is translated into an “anonymous” version, where the personal information of the borrower himself is replaced by “placeholders” known and controlled by the auction service. The “anonymized” version of the loan application is then posted on the auction's web site for bidding by potential lenders.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.