Closed loop financial transaction method and apparatus

Abstract

A method and apparatus for closed loop, automatic processing of typical financial transactions, including loans, setting up checking, savings and individual retirement accounts, obtaining cashier's checks, ordering additional checks, issuing credit and debit cards, wire tansferring money, and so on. The transactions are provided from a kiosk and controlled by a computer controller interacting with the consumer. In the case of loans, a computer controller helps the consumer in the completion of the application, performs the underwriting, and transfers funds. The computer controller obtains the information needed to process the application, determines whether to approve the loan, effects electronic fund transfers to the applicant's deposit account and arranges for automatic withdrawals to repay the loan. The computer controller reviews documentation requirements including consumer lending and other required documentation with the consumer and obtains acknowledgment of acceptance of terms by having the consumer sign an electronic signature pad. Copies of documents with a digital photograph are printed out by a printer in the kiosk for the consumer. Finally, the kiosk has the capability of imprinting a credit or debit card in response to a consumer request.

1 . A loan processing system providing closed loop loan processing over a communication network from at a remote interface, said loan processing system comprising: 
 a. a data processing system with associated memory having underwriting criteria bearing on the ability and willingness of a loan applicant to repay the loan based on prescribed data obtained from the loan applicant and information about the loan applicant from at least one database containing information about the loan applicant relevant to the ability and willingness of the loan applicant to repay the loan;    b. a communication interface electronically coupling said data processing system to the remote interface;    c. without human assistance, said data processing system adapted to: 
 i. receive the data from the loan applicant via the remote interface;  
 ii. send a required disclosure regarding the terms of the loan to the loan applicant at the remote interface;  
 iii. receive acknowledgement of the required disclosure by the loan applicant at the remote interface;  
 iv. access the at least one database for information relevant to the loan applicant's identity and for information relevant to the loan applicant's ability and willingness to repay the loan;  
 v. compare certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the loan applicant's ability and willingness to repay the loan with said underwriting criteria to provide an underwriting result;  
 vi. based on said underwriting result, send a result to the remote interface informing the loan applicant whether or not the loan was approved.  
   
     
     
         2 . The loan processing system of  claim 1  wherein said data processing system sends the required disclosure regarding the terms of the loan to the applicant at the remote interface before said data processing system performs the action in (i).  
     
     
         3 . The loan processing system of  claim 1  wherein said data processing system sends the required disclosure regarding the terms of the loan to the applicant at the remote interface before said data processing system performs the actions in (iv)-(vi).  
     
     
         4 . The loan processing system of  claim 1  wherein said data processing system sends the required disclosure regarding the terms of the loan to the applicant at the remote interface after said data processing system performs the action in (iv).  
     
     
         5 . The loan processing system of  claim 1  wherein said data processing system sends the required disclosure regarding the terms of the loan to the applicant at the remote interface after said data processing system performs the action in (v).  
     
     
         6 . The loan processing system of  claim 1  wherein said data processing system sends the required disclosure regarding the terms of the loan to the applicant at the remote interface after said data processing system performs the action in (vi).  
     
     
         7 . The loan processing system of  claim 1  wherein said required disclosure is a consumer lending law.  
     
     
         8 . The loan processing system of  claim 1  wherein said required disclosure is comprised from the group consisting of regulatory requirements, the Federal Reserve Board Regulations B and Z, Title I of the Consumer Credit Protection Act, and the Federal Truth In Lending Act.  
     
     
         9 . The loan processing system of  claim 1  wherein the required disclosure regarding the terms of the loan include the amount of the loan, the monthly payment, and the term of the loan.  
     
     
         10 . The loan processing system of  claim 1  wherein said acknowledgement of the required disclosure by the loan applicant at the remote interface is an electronic signature.  
     
     
         11 . The loan processing system of  claim 1  wherein said acknowledgement of the required disclosure by the loan applicant at the remote interface is an electronic data file transmission.  
     
     
         12 . The loan processing system of  claim 1  wherein said communication interface is further adapted to electronically deliver loan documentation to the loan applicant.  
     
     
         13 . The loan processing system of  claim 1  wherein said data processing system is further adapted to verify the loan applicant's identity by comparing certain of the information received from the loan applicant with information received from at least one database relevant to the applicant's identity.  
     
     
         14 . The loan processing system of  claim 1  wherein said data processing system is further adapted to automatically direct issuance of proceeds for the loan as requested by the loan applicant in real time if the requested loan is approved and accepted by the loan applicant.  
     
     
         15 . The loan processing system of  claim 13  wherein said data processing system is further adapted to issue the proceeds by effecting an electronic funds transfer of an approved loan amount from the lending institution's account to a designated account.  
     
     
         16 . The loan processing system of  claim 13  wherein said data processing system is further adapted to issue the proceeds by effecting printing of a check.  
     
     
         17 . The loan processing system of  claim 13  wherein said data processing system is further adapted to issue the proceeds by effecting printing of a check at the remote interface.  
     
     
         18 . The loan processing system of  claim 13  wherein said data processing system is further adapted to periodically effect an electronic funds transfer of an approved payment amount from the applicant's account to the lending institution's account for automatic repayment.  
     
     
         19 . The loan processing system of  claim 1  wherein the at least one database includes credit bureau information relating to the applicant.  
     
     
         20 . The loan processing system of  claim 1  wherein said data processing system is configured to electronically transmit an image of a loan agreement to the remote applicant interface for display on the remote interface.  
     
     
         21 . The loan processing system of  claim 1  wherein said data processing system is adapted to receive an electronic signature from the applicant via the remote interface.  
     
     
         22 . The loan processing system of  claim 1  wherein said data processing system is adapted to transfer an electronic image of documents scanned at the remote interface.  
     
     
         23 . The loan processing system of  claim 1  wherein said data processing system send a result to the remote interface informing the loan applicant that the decision regarding loan approval is delayed if the loan was not approved based on said underwriting result  
     
     
         24 . A method for providing closed loop loan processing over a communication network from at a remote interface, comprising the steps of, without human assistance: 
 a. receiving prescribed data about the loan applicant from the remote interface;    b. sending a required disclosure regarding the terms of the loan to the loan applicant at the remote interface;    c. receiving acknowledgement of the required disclosure by the loan applicant at the remote interface;    d. accessing at least one database for information relevant to the loan applicant's identity and for information relevant to the loan applicant's ability and willingness to repay the loan;    e. comparing certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the loan applicant's ability and willingness to repay the loan with said underwriting criteria to provide an underwriting result; and    f. based on said underwriting result, sending a result to the remote interface informing the loan applicant whether or not the loan the loan was approved.    
     
     
         25 . The method of  claim 24  wherein said step (b) is performed before said step (a).  
     
     
         26 . The method of  claim 24  wherein said step (b) is performed before said steps (d).  
     
     
         27 . The method of  claim 24  wherein said step (b) is performed after said step (d).  
     
     
         28 . The method of  claim 24  wherein said step (b) is performed after said step (e).  
     
     
         29 . The method of  claim 24  wherein said step (b) is performed after said step (e).  
     
     
         30 . The method of  claim 24  wherein said required disclosures is a consumer lending law.  
     
     
         31 . The method of  claim 24  wherein said required disclosure is comprised from the group consisting of regulatory requirements, the Federal Reserve Board Regulations B and Z. Title I of the Consumer Credit Protection Act, and the Federal Truth In Lending Act.  
     
     
         32 . The method of  claim 24  wherein the required disclosure regarding the terms of the loan include the amount of the loan, the monthly payment, and the term of the loan.  
     
     
         33 . The method of  claim 24  wherein said step of receiving acknowledgement further comprises receiving an electronic signature by the loan applicant at the remote interface.  
     
     
         34 . The method of  claim 24  said step of receiving acknowledgement further comprises receiving an electronic data file transmission by the loan applicant at the remote interface.  
     
     
         35 . The method of  claim 24  further comprising the step of electronically deliver loan documentation to the loan applicant.  
     
     
         36 . The method of  claim 24  further comprising the step of verifying the loan applicant's identity by comparing certain of the information received from the loan applicant with information received from at least one database relevant to the applicant's identity.  
     
     
         37 . The method of  claim 24  further comprising the step of automatically direct issuance of proceeds for the loan as requested by the loan applicant in real time if the requested loan is approved and accepted by the loan applicant.  
     
     
         38 . The method of  claim 37  further comprising the step of issuing the proceeds by effecting an electronic funds transfer of an approved loan amount from the lending institution's account to a designated account.  
     
     
         39 . The method of  claim 37  further comprising the step of issuing the proceeds by effecting printing of a check.  
     
     
         40 . The method of  claim 37  further comprising the step of issuing the proceeds by effecting printing of a check at the remote interface.  
     
     
         41 . The method of  claim 37  further comprising the step of periodically effecting an electronic finds transfer of an approved payment amount from the applicant's account to the lending institution's account for automatic repayment.  
     
     
         42 . The method of  claim 24  wherein the at least one database includes credit bureau information relating to the applicant.  
     
     
         43 . The method of  claim 24  further comprising the step of electronically transmitting an image of a loan agreement to the remote applicant interface for display on the remote interface.  
     
     
         44 . The method of  claim 24  further comprising the step of receiving an electronic signature from the applicant via the remote interface.  
     
     
         45 . The method of  claim 24  further comprising the step of transferring an electronic image of documents scanned at the remote interface.  
     
     
         46 . The method of  claim 24  further comprising the step of sending a result to the remote interface informing the loan applicant that the decision as to whether or not the loan was approved is delayed until more information about applicant is provided.