Abstract:
A loan brokering system for providing loan program information to brokers includes a server computer with a processor, a memory and a network interface, the network interface operatively coupling the server computer to a network. The system also includes a loan database coupled to the server computer; a lender interface operating on the server computer for accepting the loan program information and for storing the loan program information in the loan database; and a broker interface operating on the server computer adapted to input borrower information, search the loan database and display loan programs applicable to the borrower information

Description:
BACKGROUND OF THE INVENTION 
       [0001]    1. Field of the Invention 
         [0002]    This invention relates to the field of brokering loan applications and more particularly to a system and method for communicating up-to-date loan availability between lenders and loan brokers. 
         [0003]    2. Description of the Related Art 
         [0004]    The process of finding the best loan for a given set of circumstances is often very difficult. There are countless lenders, each having several loan programs and each loan program having many different options, making it difficult to find a good fit loan. Furthermore, one is never sure that the located loan program is the best one available. 
         [0005]    In many scenarios, a borrower visits a broker and discloses information related to what they need including a description of the property, the amount they need to borrow, payment desires and personal information such as social security numbers. The broker (or loan agent) then searches for a loan program that matches the borrower&#39;s needs and credit scores. Currently, the broker may have access to various loan programs delivered on paper or by email, or the broker may access each individual lender&#39;s information system (login) and see if any of that lender&#39;s programs meet the borrower&#39;s needs. This process is tedious, time consuming and doesn&#39;t provide immediate feedback to the borrower. Often, this part of the process is completed after the borrower leaves the broker&#39;s office, presenting the opportunity for the borrower to visit competing brokers. 
         [0006]    Prior attempts at solving this problem fall short of providing an immediate loan program to the borrower. For example, US Patent Application 2006/0004651 to Corr, et al. describes a loan application tool, but it does not provide a consolidated list of loan programs available from multiple lenders. Instead, it has a step of “Contact Loan Officer” (328 of FIG. 3 b ) that requires a loan officer to be contacted (e.g., email or phone) and a set of reminders are established to remind the broker/loan agent to make sure a response is received from the loan officer. 
         [0007]    Another attempt at solving this problem is described in US Patent Application 2005/0278249 to Jones, et al. The described method captures the loan information from the borrower (step 1300) but then distributes that information to a plurality of lenders (step 1302) then looks for approvals from the plurality of lenders (step 1304), presenting the approval(s), if any, to the borrower. The broker has no insight into what loan programs are available from different lenders so the entire lender information package must be sent to each qualified lender causing each qualified lender to review the loan request and determine if any of their current programs work for that borrower. This method also requires the broker to divulge the lender&#39;s information to a plurality of lenders before determining if those lenders have any programs that are even close to the borrower&#39;s criteria. 
         [0008]    Another attempt at solving this problem is described in US Patent Application 2005/0187860 to Peterson, et al. The described method captures the loan information from an online borrower (steps 202, 204, 206). Later, the borrower&#39;s credit score is obtained and a list of lenders willing to lend to a borrower with that score is established (steps 234, 236, 238 and 240) then, the borrower&#39;s loan information is iteratively sent to each lender on the list (steps 246-258), waiting up to 24 hours (step 250) for each lender to respond. In this method, the broker has no insight into what loan programs are available from different lenders so the entire lender information package must be sent to each qualified lender causing each qualified lender to review the loan request and determine if any of their current programs work for that borrower, waiting up to 24 hours for each lender to respond. This method also requires the broker to divulge the lender&#39;s information to a plurality of lenders before determining if those lenders have any programs that are even close to the borrower&#39;s criteria. 
         [0009]    Another attempt at solving this problem is described in US Patent Application 2004/0078296 to Dykes, et al, and is hereby incorporated by reference. The described method collects and disseminates loan information from lenders and stores it on a server. The server then takes a borrower&#39;s loan criteria and the loan data from the lenders to develop a list of adjustments to the points, cap or margin which is then presented to the broker or borrower. The described methods do not provide views of the basic loan programs (only an adjusted loan offer with adjusted points, cap and/or margin) and do not facilitate a connection between the broker and the lender to solidify a loan offer. 
         [0010]    What is needed is a system and method that will capture loan programs from a plurality of lenders, capture information regarding a borrower, filter the loan programs based on the borrower information, present loan programs that meet the criteria of the borrower and provide access to the associated lender(s) for completing the loan application. 
       SUMMARY OF THE INVENTION 
       [0011]    One objective of the present invention is to provide a system in which lenders can describe available loan programs and in which brokers can specify borrower criteria and find any applicable loan programs meeting the borrower&#39;s criteria. 
         [0012]    Another objective of the present invention is to provide a system in which lenders can describe available loan programs and in which brokers can enter borrower criteria and find any applicable loan programs meeting the borrower&#39;s criteria, then selecting an applicable loan, the broker can “direct apply” to the lender, speeding up the loan brokering process. 
         [0013]    Another objective of the present invention is to provide a system in which lenders can describe available loan programs and in which brokers can enter borrower criteria and a geographic location (e.g., county) and find any applicable loan programs meeting the borrower&#39;s criteria. The geographic location allows the broker to select lenders with representatives local to the broker or local to the borrower&#39;s property. 
         [0014]    In one embodiment, a loan brokering system for providing loan program information to brokers is disclosed including a server computer with a processor, a memory and a network interface, the network interface operatively coupling the server computer to a network. The system also includes a loan database operatively coupled to the server computer; a lender interface operating on the server computer for accepting the loan program information and for storing the loan program information in the loan database; and a broker interface operating on the server computer adapted to input borrower information, search the loan database and display loan programs applicable to the borrower information. 
         [0015]    In another embodiment, a method for providing loan program information to loan brokers is disclosed including inputting loan program information for at least one loan program; storing the loan program information into a loan database; obtaining a borrower&#39;s loan criteria from a broker; searching the loan database for at least one loan program matching the borrower&#39;s loan criteria; selecting a qualified loan from the at least one loan program matching the borrower&#39;s loan criteria; and presenting the qualified loan to the borrower. 
         [0016]    In another embodiment, a computer based method for providing loan program information to loan brokers is disclosed including presenting a user interface for inputting loan program information for at least one loan program; storing the loan program information into a loan database; presenting a second user interface for obtaining a borrower&#39;s loan criteria from a broker; searching the loan database for at least one loan program matching the borrower&#39;s loan criteria; and presenting a summary user interface for selecting a qualified loan from the at least one loan program matching the borrower&#39;s loan criteria. 
         [0017]    In another embodiment, a computer readable medium including computer programming instructions that cause a computer to perform the method for providing loan program information to loan brokers is disclosed including presenting a user interface for inputting loan program information for at least one loan program; storing the loan program information into a loan database; presenting a second user interface for obtaining a borrower&#39;s loan criteria from a broker; searching the loan database for at least one loan program matching the borrower&#39;s loan criteria; and presenting a summary user interface for selecting a qualified loan from the at least one loan program matching the borrower&#39;s loan criteria. 
         [0018]    In another embodiment, a computer program product for use with a computer system for providing loan program information to loan brokers is disclosed, the computer program product including a computer usable medium having computer-readable code embodied in the medium, the computer-readable code having computer readable code for presenting a user interface for inputting loan program information for at least one loan program; computer readable code for storing the loan program information into a loan database; computer readable code for presenting a second user interface for obtaining a borrower&#39;s loan criteria from a broker; computer readable code for searching the loan database for at least one loan program matching the borrower&#39;s loan criteria; and computer readable code means for presenting a summary user interface for selecting a qualified loan from the at least one loan program matching the borrower&#39;s loan criteria. 
     
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0019]    The invention can be best understood by those having ordinary skill in the art by reference to the following detailed description when considered in conjunction with the accompanying drawings in which: 
           [0020]      FIG. 1  illustrates a typical top level broker user interface of a first embodiment of the present invention. 
           [0021]      FIG. 2  illustrates a typical second level broker user interface of the first embodiment of the present invention. 
           [0022]      FIG. 3  illustrates a typical third level broker user interface of the first embodiment of the present invention. 
           [0023]      FIG. 4  illustrates a typical lender information user interface of the first embodiment of the present invention. 
           [0024]      FIG. 5  illustrates a typical lender program creation user interface of the first embodiment of the present invention. 
           [0025]      FIG. 6  illustrates a typical lender summary user interface of the first embodiment of the present invention. 
           [0026]      FIG. 7  illustrates a flow chart for adding a new lender of the first embodiment of the present invention. 
           [0027]      FIG. 8  illustrates a flow chart for the lender to add a new loan program of the first embodiment of the present invention. 
           [0028]      FIG. 9  illustrates a flow chart for the broker to search for a loan for a borrower of the first embodiment of the present invention. 
           [0029]      FIG. 10  illustrates a flow chart for the broker to complete the loan process for the borrower of the first embodiment of the present invention. 
           [0030]      FIG. 11  illustrates a data connection diagram the first embodiment of the present invention. 
           [0031]      FIG. 12  illustrates a typical computer system the first embodiment of the present invention. 
       
    
    
     DETAILED DESCRIPTION OF THE INVENTION 
       [0032]    Reference will now be made in detail to the presently preferred embodiments of the invention, examples of which are illustrated in the accompanying drawings. Throughout the following detailed description, the same reference numerals refer to the same elements in all figures. The user interface described is an example of a user interface for the loan brokering system. As these are exemplary, many other user interfaces are possible without veering from the present invention. 
         [0033]    Referring to  FIG. 1 , a typical top level broker user interface  10  of a first embodiment of the present invention is shown. This is the loan program search screen  11 . In such, the broker enters the borrower&#39;s data or loan criteria including the loan amount  12 , the borrower&#39;s middle credit score  14 , the value of the property  16  and a geographic location  17 . The geographic location is selectable by the broker to be, for example, the location of the property, the residence of the borrower or the location of the broker, thereby finding lenders with representatives local to the property, borrower or broker, respectively. 
         [0034]    The broker then selects the Occupancy Type, Loan Type, Loan Purpose, Residency Type, Property Type and Documentation Type  18  corresponding to the borrower and property. Once all data is entered, the broker selects the “Find Program” button  20  to find any loan programs that meet the borrower&#39;s criteria. 
         [0035]    Referring to  FIG. 2 , a typical second level broker user interface  30  of the first embodiment of the present invention is shown. The Program Search Result screen  31  shows a summary of all loan programs available based on the borrower&#39;s information entered in the Search Programs screen  10 . Some of the borrower&#39;s information is repeated for clarity, including the loan amount  32 , credit score  34 , property value  36  and geographic location  37 . A list of available loan programs  38  is presented, one of which is from a company called Reliant which has a loan officer identified as Leon Loaner and offers a “No Doc” (no documentation required) loan  40 . By selecting this loan program, the broker accesses a program detail screen as shown in  FIG. 3 . 
         [0036]    Referring to  FIG. 3 , a typical third level broker user interface  40  of the first embodiment of the present invention is shown. This interface shows details regarding the selected loan program  41  including phone number and other contact information  44  to reach the loan companies representative and, if available, an apply online selector  42 , which will take the broker through a logon-page of the lender&#39;s web site where they can log onto the lender&#39;s web site and complete an application for the borrower (not shown since lender&#39;s have many different formats for accepting loan applications). The detail page  40  includes detail information about the loan program such as minimum credit score, minimum loan amount, maximum cash-out, number of trade lines, maximum loan-to-value, maximum debt ratio and number of bank foreclosures  44 . There is also a list of features for the loan such as loan type, lien position, occupancy type, documentation type, loan type details, loan purpose, residency type and property type  48 . 
         [0037]    Referring to  FIG. 4 , a typical lender information user interface  50  of the first embodiment of the present invention is shown. This is the screen where the lender company name, phone numbers and address are entered  52 . Additionally, a lender Application Submit URL is included  52  in which the URL of the lender&#39;s loan application web site is entered. This is the web address to which the broker is redirected if the select Apply Online  42 . Once all information is entered, the submit button is selected  54  and the data is saved. 
         [0038]    Referring to  FIG. 5 , a typical lender program creation user interface  60  of the first embodiment of the present invention is shown. The lender (or their representative) logs onto the system of the present invention and enters information regarding one or more loan programs they want to offer the users (brokers) of the system. In this example, the program name ( 3 -unit)  61  is entered and the lender&#39;s representative (Leon Loaner)  62 . The lender specifies the minimum credit score, minimum loan amount, maximum loan amount, maximum cash-out, number of trade lines, maximum loan-to-value, maximum debt ratio and number of bankruptcies  64 . The lender also specifies the Occupancy Type, Loan Type, Loan Type Details, Loan Purpose, Lien Type, Residency Type, Property Type and Documentation Type  66 . Once all data is entered, the lender selects the submit button  68  and the loan program is made live for all brokers to find from a search. 
         [0039]    Referring to  FIG. 6 , a typical lender summary user interface  70  of the first embodiment of the present invention is shown. This page shows all loan programs currently being advertised to the brokers using the loan brokering system (e.g., loan brokers) by a specific lender  72  (Reliant in this example). This page displays one or more loan programs  74 , including the “ 3  Unit” loan program described in  FIG. 5 . By clicking on the info icon  75 , the lender can review details of their programs (as shown in  FIG. 5 ) and make any changes needed. 
         [0040]    Referring to  FIG. 7 , a flow chart for adding a new lender of the first embodiment of the present invention is shown. To create an account for a new lender  100 , an authorized user initiates a new lender page  102 , inputs the lender name, contact information and a password  104 , then adds the web page address (URL)  106  for access to the lender&#39;s web site for directly applying for one of the loan programs that have been found by a broker using the system of the present invention. Note that each broker may need to be a registered user of each lender&#39;s online loan application system. 
         [0041]    Referring to  FIG. 8 , a flow chart for the lender to add a new loan program of the first embodiment of the present invention is shown. To add a new loan program  110 , the lender or their surrogate logs onto the loan system of the present invention  112  and inputs data regarding the loan program including the program name  114 , the loan program manager  116 , loan amounts, credit requirements, etc.  118  (as described above) and loan requirement selections  120  (as described above). 
         [0042]    Referring to  FIG. 9 , a flow chart for the broker to search for a loan for a borrower of the first embodiment of the present invention is shown. To search for a loan  130 , the broker enters a loan amount  132 , the borrower&#39;s credit score  134 , the property value  136 , the geographic location  137 , the occupancy type  138 , the loan purpose  140 , the loan type  142 , the residency type  143 , the property type  144  and documentation type  146 , then selects the search button  147 . The search will return all lender programs the match the borrower&#39;s requirements as entered by the broker. The geographic location is selectable by the broker to be, for example, the location of the property, the residence of the borrower or the location of the broker, thereby finding lenders with representatives local to the property, borrower or broker, respectively. 
         [0043]    Referring to  FIG. 10 , a flow chart for the broker to complete the loan process for the borrower of the first embodiment of the present invention is shown. The broker selects a loan program from the results of the search  150  ( FIG. 9 ). First, the broker reviews the list of loan programs  152  returned from the search ( FIG. 9 ), determining a best fit for the borrower. The best loan is selected  154  and details are presented. The broker reviews the details  156  and, if right for the borrower, selects the “Apply Online” button  158 , at which time the broker is redirected to the lender&#39;s web site where they can complete a loan application for the selected loan program  160 . 
         [0044]    Referring to  FIG. 11 , a data connection diagram the first embodiment of the present invention is shown. One or more loan providers  200 / 202 / 204  access the loan brokering system of the present invention through a network such as the World Wide Web  210 . The lenders are provided with a lender interface  220  for gathering information regarding the lenders and the loan programs available from the lenders and storing such in a loan database  222 . One or more brokers access the loan brokering system from a broker workstation  230  connected to a broker interface  224  through the network  210 . The broker interface  224  provides the loan program search function, accessing the loan programs stored in the loan database  222 . Additionally, when the “Direct Apply” feature is activated, the broker workstation  230  is redirected to the associated loan provider through the network  210  as depicted by connection  226 . 
         [0045]    Referring to  FIG. 12 , a typical computer system the first embodiment of the present invention is shown. Although shown in its simplest form, having a single processor, many different computer architectures are known that accomplish similar results in a similar fashion and the present invention is not limited in any way to any particular computer system. The present invention works well utilizing a single processor system as shown in  FIG. 12 , a multiple processor system where multiple processors share resources such as memory and storage, a multiple server system where several independent servers operate in parallel (perhaps having shared access to the loan database  222 ) or any combination. In this, a processor  310  is provided to execute stored programs that are generally stored for execution within a memory  320 . The processor  310  can be any processor or a group of processors, for example an Intel Pentium-4® CPU or the like. The memory  320  is connected to the processor and can be any memory suitable for connection with the selected processor  310 , such as SRAM, DRAM, SDRAM, RDRAM, DDR, DDR-2, etc. Firmware is stored in firmware storage  325  that is connected to the processor  310  and may include initialization software known as BIOS. This initialization software usually operates when power is applied to the system or when the system is reset. In some embodiments, the software is read and executed directly from the firmware storage  325 . Alternately, the initialization software is copied into the memory  320  and executed from the memory  320  to improve performance. 
         [0046]    Also connected to the processor  310  is a system bus  330  for connecting to peripheral subsystems such as a network interface  380 , a hard disk  340 , a CDROM  350 , a graphics adapter  360  and a keyboard/mouse  370 . The graphics adapter  360  receives commands and display information from the system bus  330  and generates a display image that is displayed on the display  365 . 
         [0047]    In general, the hard disk  340  may be used to store programs, executable code and data persistently, while the CDROM  350  may be used to load said programs, executable code and data from removable media onto the hard disk  340 . These peripherals are meant to be examples of input/output devices, persistent storage and removable media storage. Other examples of persistent storage include core memory, FRAM, flash memory, etc. Other examples of removable media storage include CDRW, DVD, DVD writeable, compact flash, other removable flash media, floppy disk, ZIP®, laser disk, etc. In some embodiments, other devices are connected to the system through the system bus  330  or with other input-output connections. Examples of these devices include printers; mice; graphics tablets; joysticks; and communications adapters such as modems and Ethernet adapters. 
         [0048]    The network interface  380  connects the computer-based system to the world-wide-web  210  through a link  385  which is, preferably, a high speed link such as a cable broadband connection, a Digital Subscriber Loop (DSL) broadband connection, a T1 line or a T3 line. 
         [0049]    Equivalent elements can be substituted for the ones set forth above such that they perform in substantially the same manner in substantially the same way for achieving substantially the same result. 
         [0050]    It is believed that the system and method of the present invention and many of its attendant advantages will be understood by the foregoing description. It is also believed that it will be apparent that various changes may be made in the form, construction and arrangement of the components thereof without departing from the scope and spirit of the invention or without sacrificing all of its material advantages. The form herein before described being merely exemplary and explanatory embodiment thereof. It is the intention of the following claims to encompass and include such changes.