Automated loan processing system and method

A computer implemented method for providing multiple instant Internet-based loan offers, the method comprising:

• creating a plurality of differentiated and configurable tasks stored in computer-readable memory and available to lenders for a plurality of loan types;
• creating a plurality of business parameter objects stored in computer-readable memory that can be embedded with any of the plurality of differentiated and configurable tasks by lenders for establishing a desired extent of automation of a chosen differentiated and configurable task;
• dynamically creating rules by computer for any plurality of the loan types without any intervention or modification to software programming;
• creating a rules database stored in computer-readable memory that enables lenders to establish entry conditions for any of the plurality of differentiated tasks;
• configuring workflow parameters associated with a checklist stored in computer-readable memory for each loan offered, wherein the checklist includes a selected number of the plurality of differentiated tasks as well as entry conditions that are associated with each of the differentiated and configurable tasks, and wherein the checklist associates business parameter objects with each of the selected number of the plurality of differentiated and configurable tasks for performing desired functionality in an order as established as part lender-specific workflow process automation;
• storing the workflow parameters in a database that resides in a computer-readable storage medium;
• providing a website interface for Internet-based credit applications by a consumer wherein the website interface is accessible with a computer;
• receiving a completed Internet-based credit application;
• parsing the completed Internet-based credit application to determine a loan type from a plurality of available loan offering categories;
• retrieving the checklist and associated workflow parameters from the database;
• evaluating the completed Interact-based credit application using the checklist and associated workflow parameters, the evaluation process for detecting qualified credit applications, wherein the completed Internet-based credit application is evaluated by performing the differentiated and configurable tasks for which the entry conditions are satisfied as a function of data contained in the completed Internet-based credit application;
• generating an instant loan offer from a lender for qualified credit applications;
• and
• providing real-time information updates to all parties associated in the workflow based on the defined business parameter objects selected for the checklist.

A system for programmatically rendering a loan decision, the system comprising:

• a computer processor for processing a collection of software components;
• a computer-readable memory for storing the collection of software components;
• and
• a dynamic data dictionary component stored in computer-readable memory with foundation designed to enable generation of application-specific lending workflows in real-time, and allowing lenders to add additional data dictionary fields for any workflow application to create an application-specific data dictionary without any programming effort;
• a workflow designer operable via at least one computer processor for lenders to dynamically set up configurable workflows comprising differentiated tasks made available for a plurality of loan types based on the application-specific data-dictionary and to embed a plurality of business parameter objects that can be linked with any of the plurality of differentiated tasks within a given workflow, wherein the differentiated tasks can each be a conditional task, an automated task, an automated timed task, a person-based task, or a person-timed based task, and wherein the workflow designer provides flexibility for the lenders to dynamically modify deployed workflows as part of business planning and process optimization including adding or deleting a differentiated task for a workflow for any loan type and for redefining the degree of automation for each task by embedding new or existing business parameter objects in real-time and to dynamically modify loan selection criteria;
• a rules database stored in computer-readable memory dynamically managed for establishing entry conditions for any of the plurality of differentiated tasks;
• and
• a workflow engine operable via at least one computer processor for processing loan applications by dynamically identifying the appropriate checklist applicable to the loan type and processing the differentiated tasks of the checklist in the order defined by the workflow for which the associated entry conditions are satisfied and for generating an instant loan decision, the workflow engine capable of transmitting the instant loan decision to a consumer securely in real-time, the workflow engine capable of brokering communications between the consumer and a lender associated with the instant loan decision, the workflow engine further comprising a messaging system for routing communications between the consumer, the lender, and all partners associated with the loan decision, the messaging system providing a digital record of an instant loan offer, and acceptance of the instant loan offer, and a communication record associated with offer acceptance.