Apparatus and methods for verifying a credit applicant's income that enhance a credit applicant's experience

US8645264B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Thayer Allison · Charlotte, US
• Robert M. Caruso · Charlotte, US
• Sudeshna Banerjee · Waxhaw, US
• Debashis Ghosh · Charlotte, US
• Kurt D. Newman · Matthews, US
• David Joa · Irvine, US
• Arun R. Pinto · Charlotte, US
• Yanghong Shao · Charlotte, US

Key dates

• Filing date: Oct 23, 2008
• Grant date: Feb 4, 2014
• Expiry date: Oct 14, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Apparatus and methods for processing a loan application. The apparatus and methods may involve accessing a financial institution customer account that includes a plurality of transactions; identifying those transactions that belong to a predetermined transaction category; and summarizing the transactions. Summary information may be presented as part of an income and expenses flow report that at least partially characterizes the account or the applicant. A financial institution representative may query a database for the summary information and, optionally, initiate an underwriting process based on the loan application and the summary information.