Automated Loan Screening System for Real-Time Product Matching
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Solution Overview
Problem
The process of matching loan borrowers with relevant loan products and services is often slow, laborious, and inaccurate due to the difficulty in accessing all available and updated loan offerings, as loan originators may not have comprehensive information about new products and promotions.
Innovation Solution
A real-time targeted loan screening service and method that uses two modules and databases to match borrower application data against supplier requirements and products, facilitating the delivery of relevant loan options directly to the loan originator's system, enabling efficient and informed decision-making.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a loan broker manually searches for loan products using traditional methods, then the broker can access some loan offers, but the process is slow and the broker cannot access all available and updated loan products
Solution Approach 1:
The patent introduces an automated loan screening system that acts as an intermediary between loan brokers and multiple lenders. This system automatically retrieves, screens, and matches loan products based on borrower characteristics, eliminating the need for brokers to manually search through numerous lenders while ensuring comprehensive access to all available loan products.
Solution Approach 2:
The patent replaces the manual mechanical process of brokers physically searching for and contacting lenders with an automated computer-based system. The system uses software to automatically extract borrower information, screen against multiple lender criteria, and generate matches, substituting human effort with automated computational processes.
2Measurement precision
If a loan broker manually screens loan applications, then the broker can evaluate some loan products, but the process is laborious and inaccurate due to limited access to updated products
Solution Approach 1:
The patent enables the loan screening system to perform self-service by automatically retrieving borrower information, screening against lender criteria, and generating matches without requiring broker intervention. The system independently completes the entire screening process, from data extraction to product matching, significantly reducing manual effort while improving accuracy through consistent automated application of screening criteria.
Solution Approach 2:
The patent implements feedback mechanisms where the system continuously updates loan product information from multiple lenders and automatically re-screens borrowers as new products become available. This feedback loop ensures that brokers receive accurate, up-to-date matching information without manual effort, improving both precision and ease of operation.
3Adaptability or versatility
If lenders constantly generate new loan products, then borrowers have more options, but it becomes difficult for loan originators to keep track of all changes
Solution Approach 1:
The patent creates a universal loan screening system that simultaneously connects with multiple lenders and processes various types of loan products through a single interface. The system is designed to handle diverse loan products from different lenders using standardized screening criteria, allowing brokers to access a wide variety of products without needing to understand or track each lender's specific changes individually.
Solution Approach 2:
The patent implements preliminary action by having the system proactively monitor and retrieve new loan product information from lenders before brokers need to search for it. The system automatically screens borrowers against newly added products and presents matches to brokers, eliminating the need for brokers to actively track product changes across multiple lenders.
Data Source
AI summary
A loan screening system and methods are described. One method includes monitoring loan application data as it is entered into a client application, extracting loan application data from the monitored data in accordance with a first pre-determined criteria, matching the extracted data against supplier products and displaying one or more of the matching supplier products within a client application interface.