Dynamic Guide for Product Identification in Property Funding
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Solution Overview
Problem
The selection of appropriate funding products for property purchases or refinances is often subjective and dependent on the skills of customers and consultants, leading to inconsistent and biased outcomes.
Innovation Solution
A dynamic computer system that includes processors and non-transitory computer-readable storage media, which creates an information engine, a goals engine, a third-party information engine, and a product and pricing selection engine to objectively identify suitable funding products based on user information, goals, and credit information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a manual selection process is used by customers and consultants, then flexibility and customization are improved, but consistency and objectivity deteriorate
Solution Approach 1:
The patent introduces a computer system as an intermediary between customers and funding products. The system includes an information engine that collects customer data, a goals engine that defines objectives, a third-party information engine that accesses credit information, and a product selection engine that objectively matches products to customers based on predefined criteria, thereby ensuring consistency while maintaining flexibility through customizable parameters
Solution Approach 2:
The patent replaces the manual mechanical selection process with an automated computer-based system. The product selection engine uses algorithmic processing to evaluate customer information against funding product criteria, substituting human judgment with objective computational analysis to achieve consistent and reliable product recommendations
2Ease of operation
If a manual selection process is used by customers and consultants, then subjective expertise can be applied, but subjective biases and inconsistency increase
Solution Approach 1:
The patent replaces subjective human judgment with objective computational algorithms. The product selection engine processes customer information and funding product criteria through standardized algorithms, eliminating subjective biases while maintaining the ability to apply expert knowledge through programmable selection criteria and weighted evaluation metrics
Solution Approach 2:
The patent transforms subjective expertise into objective parameters by defining specific criteria, weights, and thresholds in the goals engine and product selection engine. These parameters encode expert knowledge in a quantifiable manner, allowing consistent application of expertise through computational evaluation rather than subjective human judgment
3Reliability
If multiple funding products are evaluated manually, then comprehensive analysis is possible, but time consumption and complexity increase
Solution Approach 1:
The patent enables continuous automated evaluation of multiple funding products through the product selection engine, which simultaneously assesses all available products against customer criteria without interruption. This continuous processing eliminates the sequential manual evaluation process, maintaining comprehensive analysis while dramatically reducing time consumption through parallel computational evaluation
Solution Approach 2:
The system performs self-service evaluation by automatically collecting customer information, defining goals, accessing credit data, and evaluating funding products without requiring manual intervention at each step. The engines work autonomously to process and compare multiple products, providing comprehensive analysis instantly rather than requiring time-consuming manual review
Data Source
AI summary
An example computer system for identifying products for funding a purchase or refinance of a property can include: one or more processors; and non-transitory computer-readable storage media encoding instructions which, when executed by the one or more processors, causes the computer system to: create an information engine programmed to access information about a user; create a goals engine programmed to define one or more goals of the user associated with the purchase or refinance of the property; create a third party information engine programmed to access credit information for the user; and create a product and pricing selection engine programmed to, using the information about the user, the one or more goals of the user, and the credit information for the user, select one or more of the products for funding the purchase or refinance of the property.