Integrated Electronic Credit Application, Contracting and Securitization System and Method

Abstract

The present invention is an integrated electronic credit application, contracting and securitization system and method. In one embodiment, the present invention comprises the following integrated components: a Credit Application Module, an eContracting Module and an eDocument Storage Module. Together the components enable “paper-less” commercial transactions.

What is claimed: 
     
         1 . An integrated electronic credit application, contracting and securitization system comprising:
 a network device for receiving a credit application from an applicant utilizing at least one remote application input and display device;   a processor configured for selectively forwarding said credit application to a plurality of funding sources and for receiving a credit decision from the plurality of funding sources;   a server for providing an electronic contract between at least said applicant and a selected one of said plurality of funding sources using at least some information from said credit application; and   a hosted vault for storing, retrieving and maintaining the integrity of said electronic contract by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract,   wherein the approval token comprises audit information and other data related to the applicant.   
     
     
         2 . The system of  claim 1 , wherein said server for providing an electronic contract provides on said at least one application input and display device an electronic contract form having at least one first data field containing at least a portion of said credit application information and at least one second data field for entry of electronic contract information by said applicant. 
     
     
         3 . The system of  claim 2 , wherein said server for providing an electronic contract stores in a storage medium at least a partially completed electronic contract. 
     
     
         4 . The system of  claim 2 , wherein said server for providing an electronic contract forwards at least said electronic contract information to said selected funding source for verification purposes and receives a funding source verification message from said selected funding source. 
     
     
         5 . The system of  claim 4 , wherein said server for providing an electronic contract prevents access by said applicant to said electronic contract information until receipt of said funding source verification message. 
     
     
         6 . The system of  claim 2 , wherein said server for providing an electronic contract receives an electronic signature of at least said applicant for said electronic contract. 
     
     
         7 . The system of  claim 1 , wherein said hosted vault for storing, retrieving, and maintaining the integrity of said electronic contract receives and stores said electronic contract in a second storage medium for a predefined period of time. 
     
     
         8 . The system of  claim 7 , wherein said hosted vault for storing, retrieving, and maintaining the integrity of said electronic contract retrieves said stored electronic contract from said second storage medium and displays said stored electronic contract having an “original” or “copy” designation on said at least one application input and display device. 
     
     
         9 . The system of  claim 7 , wherein said hosted vault for storing, retrieving, and maintaining the integrity of said electronic contract maintains in said second storage medium user permissions data of at least one authorized user. 
     
     
         10 . The system of  claim 7 , further comprising a registry and wherein said hosted vault for storing, retrieving, and maintaining the integrity of said electronic contract stores electronic contract ownership information in said registry. 
     
     
         11 . A method in an integrated electronic credit application, contracting and securitization system, comprising the steps of:
 receiving a credit application from an applicant utilizing at least one remote application input and display device;   selectively forwarding said credit application to a plurality of funding sources utilizing a transmitting apparatus;   receiving a credit decision from at least one of the plurality of funding sources using a receiving apparatus;   providing an electronic contract between at least said applicant and a selected one of said plurality of funding sources using a processor configured to process at least some information from said credit application; and   storing, retrieving and maintaining the integrity of said electronic contract using a storage medium by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract;   wherein the approval token comprises audit information and other data related to the applicant.   
     
     
         12 . The method of  claim 11 , further comprising providing on said at least one remote application input and display device an electronic contract form having at least one first data field containing at least a portion of said credit application information and at least one second data field for entry of electronic contract information by said applicant. 
     
     
         13 . The method of  claim 11 , further comprising forwarding at least said electronic contract information to said selected funding source for verification purposes and receiving a funding source verification message from said selected funding source. 
     
     
         14 . The method of  claim 13 , further comprising preventing access to said electronic contract information by said applicant until receipt of said funding source verification message. 
     
     
         15 . The method of  claim 11 , further comprising capturing an electronic signature of at least said applicant for said electronic contract using an electronic signature device. 
     
     
         16 . The method of  claim 11 , further comprising selectively forwarding said electronic contract information to another of said one or more funding sources for funding. 
     
     
         17 . The method of  claim 11 , further comprising receiving and storing in a second storage medium said electronic contract for a predefined period of time. 
     
     
         18 . The method of  claim 17 , further comprising monitoring access to said electronic contract stored in said storage medium. 
     
     
         19 . The method of  claim 17 , further comprising providing and storing electronic contract ownership information in a registry. 
     
     
         20 . A program storage device readable by a machine, tangibly embodying a program of instructions executable by the machine to perform method steps for electronic credit application processing, contracting and securitizing, said method steps comprising:
 receiving credit application information of an applicant;   selectively forwarding said credit application to one or more funding sources;   receiving an approved credit application credit decision from at least one of the funding sources;   processing electronic contract information and at least some of said application information from said approved credit application to provide an electronic contract between at least said applicant and a selected one of said funding sources; and   storing and retrieving said electronic contract and maintaining the integrity of at least some of said application information contained therein by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract;   wherein the approval token comprises audit information and other data related to the applicant.   
     
     
         21 . The program storage device of  claim 20 , wherein the method steps further comprise providing on at least one application entry and display device an electronic contract form having at least one first data field containing at least a portion of said application information and at least one second data field for entry of electronic contract information by said applicant. 
     
     
         22 . The program storage device of  claim 20 , wherein the method steps further comprise forwarding at least said electronic contract information to said selected funding source for verification purposes and receiving a funding source verification message from said selected funding source. 
     
     
         23 . The program storage device of  claim 22 , further comprising preventing access to said electronic contract information by said applicant until receipt of said funding source verification message. 
     
     
         24 . The program storage device of  claim 20 , wherein the method steps further comprise providing for at least one authorized user of said system and maintaining in said second storage medium user permissions data of said at least one authorized user. 
     
     
         25 . The program storage device of  claim 20 , wherein the method steps further comprise capturing an electronic signature of at least said applicant of said electronic contract using an electronic signature device. 
     
     
         26 . The program storage device of  claim 20 , wherein the method steps further comprise receiving and storing in a second storage medium said electronic contract for a predefined period of time. 
     
     
         27 . The program storage device of  claim 26 , wherein the method steps further comprise the steps of retrieving said stored electronic contract from said second storage medium and displaying said stored electronic contract having an “original” or “copy” designation on said at least one application entry and display device.