INTERACTIVE MORTGAGE AND LOAN INFORMATION AND REAL-TIME TRADING SYSTEM

The invention provides a method and system for trading loans in real time. Loan applications, such as home mortgage loan applications, are made available electronically to receive bids from a plurality of potential lenders. A transaction server maintains a database of pending loan applications and t...

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Bibliographic Details
Main Authors ADIGA, SADASHIV, PAYANKANNUR, SURESH, FRASER, STEPHEN, K
Format Patent
LanguageEnglish
French
German
Published 28.06.2000
Edition7
Subjects
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
ELECTRIC DIGITAL DATA PROCESSING
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Summary:The invention provides a method and system for trading loans in real time. Loan applications, such as home mortgage loan applications, are made available electronically to receive bids from a plurality of potential lenders. A transaction server maintains a database of pending loan applications and their statuses, which is accessible over a communications channel, such as the Internet. Each party to a loan can search and modify the database consistent with their role in a transaction. The invention provides smart computerized administration that ensures personal preferences of the participating parties are enforced, errors and duplication is avoided, and information relating to accumulated data is available to the parties consistent with their roles.
Bibliography:Application Number: EP19980946943