Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Patent
1997-02-03
1998-08-18
Poinvil, Frantzy
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
705 35, G06F15700
Patent
active
057971331
ABSTRACT:
A method is provided for the real-time automatic determination of the approval status of a potential borrower of a loan. The method of acquiring information from the potential borrower includes the steps of (1) detecting the change in a data stream of a trunk link routed telephone call; (2) answering the call initiated by the potential borrower; (3) determining the DNIS; (4) choosing a proper lender script from a library; (5) starting the script, the script being a series of pre-recorded voice messages which are questions, statements and/or instructions; (6) receiving the DTMF tones transmitted by the telephone keypad button pressed by the caller in response to a question; (7) translating the tones into the numerical values; (8) storing the values in a data processor; (9) terminating the call; and, (10) resetting the system for the next call. The method of determining the approval status and credit limit of the potential borrower includes the steps of: (11) automatically determining the approval status of the potential borrower according to criteria provided by a lender, including utilizing the predefined information in this determination, and information received by accessing a credit bureau; and (12) automatically transmitting information regarding the approval status back to the dealer and/or lender. Additionally, prior to determining the approval status of the potential borrower, the method may include (13) automatically transmitting information identifying the potential borrower to a data processing system maintained by a credit bureau; (14) automatically selecting financial information regarding the potential borrower from the data stored by the credit bureau and transmitting it to the control location; and (15) automatically utilizing this information obtained from the credit bureau in determining the approval status of the potential borrower.
REFERENCES:
patent: 4866756 (1989-09-01), Crane et al.
patent: 5164981 (1992-11-01), Mitchell et al.
patent: 5239462 (1993-08-01), Jones et al.
patent: 5276731 (1994-01-01), Arbel et al.
Bank New Product News, p. 26, Sep., 1991, Dialog file 16, Accession No. 03380829.
Northern Tel's Meridian 1 Meridian Link Business Communications Products Launched in Japan, Edge, Apr. 8, 1991.
Stetenfeld, Beth, "Lending the Right Loan System Loan Automation Buyer's Guide", Credit Union Management V15N7 pp. 28-39 Jul. 1992 Acc# 00728366 File 15.
"University Support Services Announces State-of the-Art Loan Application and Processing Service for Education Borrowers", PR Newswire Association Inc., Jul. 1993. Dialog Acc# 0612997.
"Facsimiles of the Future", Bank Technology News, Feb. 7, 1994 p. 28; Dialog Acc# 04950532.
"Mortgage Firm Reacto Fast With Net Services", Network World, Feb. 29, 1988, pp. 21, 23.
Goetz Charles Frederick
Jones Robert Mebane
Poinvil Frantzy
Strategic Solutions Group, Inc
LandOfFree
Method for automatically determining the approval status of a po does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Method for automatically determining the approval status of a po, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Method for automatically determining the approval status of a po will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-1126466