Patent ID: 6484153
Filing Date: 2002-11-19
Classification: G06Q,G07F

Abstract:
An apparatus for processing a loan, comprising:a storage device; and a processor disposed in communication with the storage device, the storage device storing: a program for controlling the processor; and the processor operative with the program to: receive an offer signal including at least one condition signal, the offer signal thereby defining a binding offer having borrower-defined loan conditions, receive a payment identifier signal for specifying an account from which funds may be paid as a penalty if the offer is accepted by a lender and is not processed by a borrower, receive an informational signal relevant to the offer from a third party, said informational signal containing credit report information regarding the borrower, transmit the offer signal and the informational signal to at least one lender, receive from at least one of the at least one lender an acceptance signal responsive to the transmitted offer signal and the transmitted informational signal, and selecting one acceptance signal to process the loan.