Systems and methods for loan origination and servicing based on a recurring deposit of funds
AssigneeUnited Services Automobile Association (USAA)
InventorMarc William Hildebrand
Life of this patent
Estimating the term…
Abstract
Customers of a financial institution may apply for a line of credit for use with, e.g., a web-based bill pay service. The credit line may be determined using an average value of the customer's previously direct-deposited paychecks and an analysis of the customer's spending behavior using the web-based bill pay service. In some implementations, the financial institution may aggregate data points associated with the customer to make a determination of an amount, an interest rate, and a term of the line of credit. The line of credit may be used to pay bills from a financial services institution and unrelated third-party billers with which the customer has a payment history, as well as provide for cash for use by the customer.
Claims18
A non-transitory computer-readable medium comprising computer-readable instructions which, when executed by one or more processors of a computer system, cause one or more devices to perform a method for originating a loan using a plurality of historical direct deposits to an account, said method comprising:
- providing, by the computer system, a user with a self-service interface that presents a display on a user device and enables the user to request a loan while the user device is connected to the computer system;
- receiving a request at a website provided by a financial services provider for the loan from a user;
- ascertaining an amount of a plurality of historical direct deposit;
- ascertaining a frequency of the plurality of historical direct deposits;
- determining a loan amount as a percentage of the amount of the plurality of historical direct deposits;
- determining a repayment schedule in accordance with the loan amount and the frequency of the plurality of historical direct deposits, wherein the frequency of the plurality of historical direct deposits limits a repayment period of the loan;
- and
- restricting payment from funds from the loan to only billers who have an electronic relationship with the financial services provider.
A system configured for originating a loan through a bill payment application provided by a financial service provider, comprising:
- processor resources;
- and
- memory resources coupled to the processor resources and configured to direct the processor resources to:
- provide a user with a self-service interface that presents a display on a user device and enables the user to request a loan while the user device is connected to the system;
- receive instructions, at a website provided by the financial services provider from the user device, at the bill payment application to initiate a loan application;
- receive information regarding an applicant for the loan;
- determine the applicant has a plurality of historical direct deposits in an account at the financial services provider;
- deposit funds into the account at the financial services provider;
- determine a repayment schedule in accordance with a loan amount and a frequency of the plurality of historical direct deposits, wherein the frequency of the plurality of historical direct deposits limits the repayment period of the loan;
- and
- restrict payment from funds from the loan to only billers who have an electronic relationship with the financial services provider.
A system configured for providing a self-service, loan application and origination process, comprising:
- processor resources;
- and
- memory resources coupled to the processor resources and configured to direct the processor resources to:
- provide a user with a self-service interface that presents a display on a user device and enables the user to request a loan while the user device is connected to the system;
- receive, at a website provided by a financial services provider, loan application information at the financial services provider from the user device;
- determine the user has a plurality of historical direct deposits to an account held at the financial services provider;
- determine an amount of a loan using the plurality of historical direct deposits;
- determine a frequency of the plurality of historical direct deposits
- determine a repayment schedule using the frequency of the plurality of historical direct deposits, wherein the frequency of the plurality of historical direct deposits limits the repayment period of the loan;
- restrict payment from funds from the loan to only billers who have an electronic relationship with the financial services provider;
- automatically deducting repayments from an amount of each future direct deposit;
- and
- credit the account with the amount of the loan.
Dependencies are inferred from the claim text.