SYSTEM AND METHOD OF EXPEDITED CREDIT AND LOAN PROCESSING

摘要

A system and method of expedited credit approval and lending for an applicant initially pre-qualifies the applicant using an input device to obtain predetermined applicant identification information and transmits the applicant identification information to the credit and loan processor computer which verifies the applicant identification without pulling credit. If verified, applicant answers predetermined prescreen question to initially pre-qualify the applicant and the applicant's answer is compared to a predetermined lender/dealer criteria for the prescreen question to determine whether to continue with the loan application if the applicant's answer meets the predetermined lender/dealer criteria or end the loan application if the predetermined lender/dealer criteria is not met, before pulling credit. The source or transaction originator is notified of the decision. The credit and loan processor software program continues to pre-qualify the applicant using stated debt to income ratio for a selected loan type and if pre-qualified, then processes full credit.

主权项

1. A method of expedited direct or indirect application approval and processing related to purchase of goods, services or programs, the method comprising the steps of:
(a) providing at least one processing software program resident on a credit sale and loan processor computer having a server and a data storage device, the processing software program having or accessing at least one seller-selected consideration criterion wherein the seller has possession of at least one collateralizable article; (b) populating predetermined identification information fields resident in the software with application-relevant information associated with a prospective individual purchaser of the collateralizable article under the control of a seller using an input device and transmitting the application-relevant information to the credit sale and loan processor computer; (c) verifying the application-relevant information by the credit sale and loan processing software and generating at least one verification result command, the verification result command being one of either a computer-generated verification signal or a computer generated non-verification signal; (d) upon receipt of a computer-generated verification indication, analyzing the application-relevant information against qualification parameters resident in the at least one software program and generating at least one output solution, wherein the output solution is one associated with a concluded credit sale transaction that is assignable by the seller to a financial institution and wherein the credit sale and loan processing program includes an automated loan structuring tool that is used to generate the output solution wherein the structuring tool:
(a) prompts input of predetermined information associated with the credit sale;(b) automatically calculates the credit sale structure and notifies the seller of the collateralizable article of adjustment to comply with predetermined rules associated with the credit sale to comply with assignment to at least one financial institution; and(c) generates a funding package for the credit sale to the seller of the collaterizable article from the credit sale and loan processor via the communications network.