Intermediary System for Automated Loan Data Verification
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Solution Overview
Problem
The process of applying for a consumer loan, such as a mortgage, is often time-consuming due to the need to gather and verify extensive lending data from multiple financial institutions, which can be spread across different institutions and requires manual effort from both the loan requester and financial institutions.
Innovation Solution
A system and method where a loan originating financial institution uses a computer system to determine required verification information, searches internal databases, and initiates requests for additional information from third-party providers through an intermediary service, enabling real-time data exchange and automated generation of task lists for missing data, facilitating efficient loan decision-making.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If manual data collection from multiple financial institutions is used, then data verification accuracy is improved, but processing time increases
Solution Approach 1:
The patent introduces an intermediary computing system that acts as a mediator between the loan originating financial institution and multiple information provider computing systems. This intermediary automatically requests, receives, and consolidates lending data from multiple financial institutions, eliminating the need for manual data collection while ensuring data accuracy through systematic verification processes.
Solution Approach 2:
The system enables automated self-service data collection where the intermediary computing system autonomously requests and retrieves required lending data from multiple information providers without human intervention. The system automatically processes loan applications by gathering data from various financial institutions, verifying information, and making loan decisions based on consolidated data.
2Measurement precision
If comprehensive lending data is collected from multiple sources, then loan decision accuracy is improved, but system complexity increases
Solution Approach 1:
The patent divides the complex data collection and verification process into distinct functional modules: the loan originating financial institution computer system that receives applications, the intermediary computing system that coordinates data exchange, and multiple information provider computing systems that supply specific data types. Each segment handles specific tasks, reducing overall system complexity while maintaining comprehensive data collection.
Solution Approach 2:
The intermediary computing system serves multiple functions: it acts as a communication hub between different financial institutions, validates data from multiple sources, consolidates lending information, and supports various types of loan applications. This multi-functional design reduces the need for separate systems for each function, simplifying the overall architecture.
3Productivity
If automated data retrieval is implemented, then processing efficiency is improved, but data security requirements increase
Solution Approach 1:
The intermediary computing system serves as a secure mediator that manages all data transmissions between financial institutions. It implements security protocols for automated data retrieval, ensuring that sensitive lending information is protected during exchange while maintaining processing efficiency through systematic authentication and authorization mechanisms.
Data Source
AI summary
A system includes a processing circuit having one or more processors coupled to memory, the processing circuit configured to generate a requestor token comprising information of an applicant and determine verification information is required to process an application associated with the applicant. The processing circuit is further configured to retrieve the verification information based on previously stored information corresponding to the applicant, generate a task comprising a requirement to fulfill based on determining additional information is required, and provide a list of tasks comprising the task to the applicant.