G - Physics – 06 – Q
Patent
G - Physics
06
Q
G06Q 40/02 (2012.01)
Patent
CA 2691437
A method of connecting mortgage applicants with financial institutions and mortgage providers using an internet based interest rate auctioning system. Various 'financial institutions and mortgage providers', hereinafter referred to as 'lenders' register on the central website for an opportunity to place bids on mortgage applications. The borrower fills an online mortgage application form on a central website. The application information is saved in a secure database. With the applicant's permission within the application a credit report is pulled and stored in the secure database. All registered lenders are notified of the new application. Lenders can securely login to the centralised website to review and evaluate the applicant's financial situation. The lenders place a bid on the application with the best interest rate they can provide. Multiple lenders place their best bid on one application. The applicant will choose the most suitable bid made by the lender. The applicants contact information is released to the chosen lender to communicate and proceed further with the application. The chosen lender can send the application data automatically to the mortgage origination and underwriting software systems. This method enables the applicant to get multiple interest rate options from different lenders saving them time and giving them access to the lowest interest rates based on their financial situation.
Na
Palan Vikas
LandOfFree
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