US 7,742,966 B2Granted

Efficient market for financial products

AssigneeMarketcore.com, Inc.

InventorMichael David Erlanger

Life of this patent

Estimating the term…

Loading patent…

Abstract

A method of intermediation services providing an efficient market for a class of financial products in which transactions occur in distinct origination and secondary sectors, the method including outputting a pricing schedule providing credits for transactions fees paid in one sector for redemption against the transaction fees for the other. An embodiment includes offering information, captured in the course of providing intermediation services, at prices that are reduced as transaction fees increase. The method of the invention provides an efficient market for the provisioning of financial products that not only invites lenders, loan seekers, loan traders, offerors of lines of credit, seekers of lines of credit, traders of lines of credit, insurers, insurance seekers, and reinsurers to patronize a system employing the method, but which has conventions that induce them to patronize the system employing the method. The invention further contemplates the system employing the method.

Claims85

Dependent claims

A method, comprising the steps of:

in a market for loans or lines of credit offered to consumers in which transactions occur among market participants in distinct first and second sectors, providing intermediation services for transactions in each of the two sectors;
the first sector being origination of the loans or lines of credit, the intermediation services in the first sector including:
during an application process for loans or lines of credit offered by a plurality of offerors, obtaining information describing applications made by a plurality of applicants for the loans or lines of credit, the information relating to the qualifications of the applicants relative to underwriting standards of a plurality of lenders;
receiving application data records from a plurality of applicants at a data processing system having a program executing computer, a data storage device, and an output device and storing the application data records in a database in said data storage device;
executing computer programs on said data processing system for:
storing the application data records in said database;
submitting the obtained information for matching against underwriting standards of the offerors;
matching the applicants' information against underwriting standards of a plurality of lenders, and identifying to each applicant, from among those lenders having underwriting standards that the respective applicant meets, an indicium of the identity of the lender that has the best combination of low interest rate and fees;
and
essentially contemporaneously with the closing of each of a plurality of the loans or lines of credit, updating the database with information describing the closed loans or lines of credit;
and
the second sector being a secondary market for buying and selling of the loans or lines of credit, the intermediation services in the second sector including:
providing intermediation services in the second sector pursuant to a predetermined pricing schedule providing credits for transaction fees paid by a party for intermediation of transactions in the first sector for redemption against fees payable by the party for intermediation of transactions in the second sector;
offering to parties in the second sector real-time or near real-time access to the information in the database, the offer being under a prearranged pricing schedule providing reductions in the price of the information as fees increase for intermediation services provided for transactions in the first sector.

11 more elements

A method of providing intermediation services, the method comprising the steps of:

receiving transaction data records from a plurality of parties at a data processing system having a program executing computer, a data storage device, and an output device and storing the transaction data records in said data storage device;
executing computer programs on said data processing system for:
generating a pricing schedule for intermediation services, the schedule providing credits for transaction fees paid by a party for intermediation of transactions in a first sector for redemption against fees payable by the party for intermediation of transactions in a second sector, the first and second sectors respectively being origination and secondary trading of products of a class of financial products in which transactions for the products occur among market participants in the first sector, distinctly, and the second sector, distinctly;
and
providing computerized intermediation services according to the pricing schedule for transactions in each of the sectors.

2 more elements

A method of intermediation services, the method comprising the steps of:

providing, by a computer system having a program executing computer, a data storage device, and an output device, intermediation services for intermediation of transactions in each of a first sector and a second sector, the first and second sectors respectively being origination and secondary trading of products of a class of financial products in which transactions for the products occur among market participants in the first sector, distinctly, and second sector, distinctly;
receiving transaction data records from a plurality of parties at the computer system and storing the transaction data records in said data storage device;
executing computer programs on said data processing system for:
offering, by the computer system, information for sale to parties conducting transactions in the second sector, some of the information being captured in providing the intermediation services in the first sector, the offering being carried out according to a pricing schedule generated to provide price reductions for the information as fees increase for intermediation services.

1 more element

A system comprising:

a data processing system having at least one program executing computer, a data storage device, and an output device programmed to provide intermediation data processing for transactions in a class of financial products in distinct first and second sectors, the first and second sectors respectively being origination and secondary trading of products of the class among market participants and
programs executing on said program executing computer to provide access to information to parties conducting transactions in the second sector and to record charges for the access, some of the information being captured in providing intermediation services in the first sector and offered under a pricing schedule generated to provide price reductions for the information as fees increase for the intermediation services provided for transactions in the first sector.

Dependencies are inferred from the claim text.

Facts

Application: 09/370,619Filed 7 Aug 1999 · continuation in part
Priority: 24 Oct 1998
Published: US 2003/0055778 A120 Mar 2003
Granted: 22 Jun 2010
Term ends: Not estimatedThe source records don’t support an estimate.

Classification8 codes

G06Q 40/02
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: banking, e.g. interest calculation or account maintenance
G06Q 30/0207
Marketing; Price estimation or determination; Fundraising: discounts or incentives, e.g. coupons or rebates
G06Q 30/0224
Discounts or incentives, e.g. coupons or rebates: based on user history
G06Q 40/00
Finance

Family

Application09/178,400Parent of this continuation-in-part · filed 24 Oct 1998
Application09/296,573Parent of this continuation-in-part · filed 22 Apr 1999
US 2003/0055778 A1Pre-grant publication · published 20 Mar 2003
US 6,594,635 B1Parent of this continuation-in-part · filed 15 Jul 2003
US 7,742,966 B2This patent

From the US filing history. Foreign family members aren’t listed.