System and method for processing a secured collateral loan
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United States of America Patent
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-
Sep 12, 2006
Grant Date -
N/A
app pub date -
Mar 10, 2000
filing date -
Mar 10, 2000
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A method of processing a secured loan so as to close the loan in time periods on the order of one hour. The loan process is initiated by accepting a loan application from a borrower. The loan application includes at least the borrower's identity, collateral identity, and stated income of the borrower. A credit request is generated based upon the borrower's identity to obtain a credit report, the credit report including credit information and credit score information. A property evaluation database is accessed using the collateral identity. A matrix having specified approval criteria is applied to generate a credit approval, collateral title underwriting approval, and income approval. Loan documentation is generated and transmitted for signatures at closing.
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