System and method for conducting loan auction over computer network
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United States of America Patent
Stats
-
Oct 12, 1999
Grant Date -
N/A
app pub date -
Oct 11, 1996
filing date -
Oct 11, 1996
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A computer system for conducting an electronic loan auction over a computer network such as the Internet. The computer system includes a computer connected to the Internet, which performs the following functions: (1) receiving an electronic loan application form from a prospective borrower; (2) providing such application to a loan authorizer's computer over the computer network for approval; (3) receiving an electronic message from the loan authorizer's computer indicating whether or not such loan has been approved; (4) entering the loan application into a database that is accessible to lenders via the computer network, if the loan is approved; and (5) maintaining the loan application in the database for a predetermined period time during which lenders may submit bids and the borrower may accept a bid.
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