US 8,266,050 B2Granted

System and method for processing loans

AssigneeBank of America Corporation

InventorsMayur Dhanji Chheda, Thomas Steven Helock, Scott Christopher Arcure

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Abstract

Loan requests may be automatically processed for approval and fulfillment by a distributed processing system. The processing system receives loan requests and determines whether the loan should be approved and, if needed, request supplemental loan information from vendor systems. The processing system may further perform due diligence, generate closing documents and board loans. Exceptions may be detected and handled manually if necessary; once work on exceptions are complete, the remainder of loan processing may be completed automatically. In some configurations, a loan request or tasks thereof may be transferred from a processing system at a first processing center to a second processing center to continue processing in response to a predefined event. The first and second processing centers may be located in different time zones. Additionally, the processing system may provide a simulation environment for evaluating process models prior to implementation in a live processing environment.

Claims26

Dependent claims

A method for processing loans, the method comprising:

receiving, at a loan processing system of a first processing center, a loan request including loan request information;
transmitting, from the first processing center, the loan request to a second processing center, wherein the second processing center is associated with a time zone different than that of the processing center and wherein the first and second processing centers are associated with a loan processing institution;
determining a first amount of available processing time at the second processing center;
determining a second amount of available processing time at a third processing center;
comparing the first amount of available processing time to the second amount of available processing time;
selecting the second processing center in response to determining that the first amount of available processing time is greater than the second amount of available processing time to maximize processing time by as few processing centers as possible;
receiving, at the loan processing system, supplemental loan request information based on the loan request information;
calculating, by the loan processing system, a risk score for the loan request based on the loan request information and the supplemental loan request information in response to receiving the loan request information and the supplemental loan request information;
upon receiving the supplemental loan request information, determining, by the loan processing system, whether the loan request is approved by comparing the risk score with a predefined risk score threshold;
and
in response to determining that the loan request is approved, approving the loan request.

8 more elements

A non-transitory computer readable medium storing computer executable instructions that, when executed by a processor, causes a processor to perform a method comprising:

receiving, at a loan processing system of a first processing center, a loan request;
initiating processing of the loan request, wherein the processing includes a loan approval process and a loan fulfillment process;
detecting a predefined event:
in response to detecting the predefined event:
determining a first amount of processing time available at a second loan processing center:
selecting, by the loan processing system, a second loan processing center to continue loan processing based on the determined first amount of processing time, wherein the second loan processing center is selected from a plurality of processing centers based at least in part on an amount of available processing time at the second loan processing center to maximize processing time by as few processing centers as possible;
and
transferring at least a portion of the loan request to the first second loan processing center.

5 more elements

Dependencies are inferred from the claim text.

Facts

Application: 11/668,712Filed 30 Jan 2007
Published: US 2008/0183515 A131 Jul 2008
Granted: 11 Sep 2012
Term ends: Not estimatedThe source records don’t support an estimate.

Classification4 codes

G06Q 40/02
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: banking, e.g. interest calculation or account maintenance
G06Q 40/00
Finance
G06Q 40/03
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: credit; Loans; Processing thereof
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial