Patent Application
20140372283
The present disclosure relates to the field of data processing, in particular, to apparatuses, methods and storage media associated with underwriting of loans.
The background description provided herein is for the purpose of generally presenting the context of the disclosure. Unless otherwise indicated herein, the materials described in this section are not prior art to the claims in this application and are not admitted to be prior art by inclusion in this section.
Individuals and companies frequently borrow money for commercial and personal use. Borrowers frequently need to establish a method of securing a loan in order to convince a lender to lend money. Sometimes this is done through the use of collateral or simply by establishing that the borrower is a good risk for lending. Sometimes the lender may not be able to establish sufficient credit and/or collateral for a loan, however. In such situations, the lender may secure the loan through the establishment of an underwriter, e.g., a person or institution that offers to pay off a balance on the loan in the event of a default. However, borrowers may also find it difficult to identify and make arrangements for loan underwriters.
Embodiments will be readily understood by the following detailed description in conjunction with the accompanying drawings. To facilitate this description, like reference numerals designate like structural elements. Embodiments are illustrated by way of example, and not by way of limitation, in the Figures of the accompanying drawings.
In the following detailed description, reference is made to the accompanying drawings which form a part hereof wherein like numerals designate like parts throughout, and in which is shown by way of illustration embodiments that may be practiced. It is to be understood that other embodiments may be utilized and structural or logical changes may be made without departing from the scope of the present disclosure. Therefore, the following detailed description is not to be taken in a limiting sense, and the scope of embodiments is defined by the appended claims and their equivalents.
Various operations may be described as multiple discrete actions or operations in turn, in a manner that is most helpful in understanding the claimed subject matter. However, the order of description should not be construed as to imply that these operations are necessarily order dependent. In particular, these operations may not be performed in the order of presentation. Operations described may be performed in a different order than the described embodiment. Various additional operations may be performed and/or described operations may be omitted in additional embodiments.
For the purposes of the present disclosure, the phrase “A and/or B” means (A), (B), or (A and B). For the purposes of the present disclosure, the phrase “A, B, and/or C” means (A), (B), (C), (A and B), (A and C), (B and C), or (A, B and C).
The description may use the phrases “in an embodiment,” or “in embodiments,” which may each refer to one or more of the same or different embodiments. Furthermore, the terms “comprising,” “including,” “having,” and the like, as used with respect to embodiments of the present disclosure, are synonymous.
As used herein, the term “logic” and “module” may refer to, be part of, or include an Application Specific Integrated Circuit (ASIC), an electronic circuit, a processor (shared, dedicated, or group) and/or memory (shared, dedicated, or group) that execute one or more software or firmware programs, a combinational logic circuit, and/or other suitable components that provide the described functionality.
Referring now to
In various embodiments, the LUS 100 may be configured to facilitate underwriting of the loan by one or more loan underwriters 130. In various embodiments, underwriting of a loan may include an agreement by the one or more loan underwriters 130 to pay off all or part of a loan balance upon an event, such as default of the loan. In various embodiments, default may be determined in various ways, such as failure of the borrower 110 to pay the lender 120 one or more loan payments, delay of payment of one or more loan payments, one or more loan payments that are less than an agreed-upon amount, etc. In various embodiments, the LUS 100 may be configured to receive a default indication from the lender 120 and, based on this facilitate payment of all or part of the loan balance by the one or more loan underwriters 130. In various embodiments, events other than default may trigger payment by the one or more loan underwriters 130.
In various embodiments, the LUS 100 may be configured to facilitate underwriting by individuals acting as loan underwriters 130, such as individuals 133 and 135. In various embodiments, the LUS 100 may be configured to facilitate underwriting by non-individual loan underwriters, such as by organization 138, which, in various embodiments, may include for-profit and non-profit organizations.
In various embodiments, the LUS 100 may be configured to facilitate payment by the loan underwriters 130 of one or more individual payments. These individual payments may, when combined, constitute all or part of the loan balance that may be paid to the lender 120, such as upon indication of default. In various embodiments, the LUS 100 may be configured to facilitate payment of different individual payments by different underwriters 130; for example, as illustrated in the example of
In various embodiments, the LUS 100 may be configured to facilitate underwriting by encumbering financial resources of the loan underwriters 130. For example, in various embodiments, the LUS 100 may be configured to obtain an authorization to take an individual payment amount from a loan underwriter 130 upon indication of default by the lender 120. In some embodiments, the LUS 100 may be configured to obtain an authorization to take the individual payment amount out of a bank account, line of credit, or credit card under control of a loan underwriter (referred to herein generally as “a line of credit”). In such embodiments, the LUS 100 may facilitate the lender 120 in lending a loan amount without a requirement that the one or more loan underwriters 130 provide funds or other collateral at the time of the loan. Instead, in such embodiments, the one or more loan underwriters 130 may agree to the authorization of an individual payment amount without needing to have the individual payments on-hand at the time the loan is agreed to. Additionally, a loan underwriter 130 may be facilitated by the LUS 100 in entering into agreements to underwrite the loan based on the loan underwriter's available credit, rather than other resources, such as liquid funds or other capital.
In various embodiments, the LUS 100 may be configured to facilitate collection and sharing of a premium from the borrower 110 to the one or more loan underwriters 130. Thus, in various embodiments, the LUS 100 may facilitate the division of an underwriting premium between various loan underwriters 130. In various embodiments, this division may be performed at least in part based on an amount of the individual payment the loan underwriter 130 has agreed to pay upon default. Thus, as shown, the individual loan underwriter 133, which has agreed to pay less of the payment than the individual loan underwriter 135, is also receiving a smaller individual premium. In various embodiments, the LUS 100 may be configured to facilitate collection of underwriting premiums and payment of individual premiums on a recurring basis, such as, for example, monthly or yearly.
In various embodiments, the LUS 100 may include one or more computing devices as described herein. In various embodiments the LUS 100 may include one or more modules configured to be operated on the one or more computing devices to perform techniques described herein. While particular modules are illustrated and described, in various embodiments, techniques described herein may be performed by other modules, combined into modules, and/or omitted. In various embodiments, the modules may be implemented as hardware and/or software components. The software components may be implemented in any one of a number of languages that may be assembled and/or compiled into instructions of the instruction set architecture of underlying processors.
In various embodiments, the LUS 100 may include borrower interface module 150, which may be configured to receive request for loan underwriting from a borrower 110. The borrower interface module 150 may also facilitate payment of underwriting premiums by the borrower 110. In various embodiments, the LUS 100 may include a lender interface 160 which may be configured to facilitate payment of a loan balance to the lender 120. In various embodiments, the LUS 100 may include a underwriter interface 170 which may be configured to receive offers to underwrite loans from the one or more loan underwriters 130, to facilitate payment of individual payments by the one or more loan underwriters 130, as well as to facilitate payment of divisions of premium amounts to the loan underwriters 130.
In various embodiments, the LUS 100 may include an underwriter identification module 180 which may be configured to select one or more loan underwriters 130 to underwrite a particular loan. Particular details of loan underwriter identification are described below. In various embodiments, the LUS 100 may also include a payment facilitation module 190. In various embodiments, the payment facilitation module 150 may be configured to divide received underwriting premiums between the one or more loan underwriters 130 and/or to facilitate payment of the divided premiums between the loan underwriters 130. In various embodiments, the payment facilitation module 150 may also be configured to facilitate payment from the loan underwriters 130 to the lender 120 after indication of default. In various embodiments, the payment facilitation module 150 may be configured to perform automated authorized payment from resources under control of the one or more loan underwriters 130, such as by obtaining authorization to pay from lines of credit and/or bank accounts under control of one or more loan underwriters 130. Examples of payment facilitation are described below.
Referring now to
After agreement, at operation 250, the LUS 100 may facilitate processing and sharing of premiums received from the borrower 110 with the one or more loan underwriters 130. Particular examples of operation 250 are described below with reference to
Referring now to
The process may begin at operation 310, where the LUS 100 may receive underwriting limit information for the loan underwriter 130. For example, the LUS 100 may receive an indication of maximum amount the loan underwriter 130 may be willing to underwrite. In various embodiments, at operation 310 the loan underwriter 130 may provide an indication of available credit limits and/or bank accounts that it is willing to authorize payment out of. In various embodiments, the underwriting limit information received at operation 310 may be indicated on a per-loan basis, and/or as a total limit on all loans to be underwritten by the loan underwriter 130.
Next, at operation 320, the LUS 100 may receive a desired premium amount from the loan underwriter 130. In various embodiments, the LUS 100 may facilitate indication of different desired premiums for different levels of underwriting; thus, a loan underwriter 130 may indicate that it is willing to provide additional underwriting for a higher received premium. Next, at operation 330, the LUS 100 may receive desired risk information. In various embodiments, the LUS 100 may thus receive an indication of a likelihood (which may be measured as a percentage or in some other metric) of a default occurring; this likelihood may then be associated with the loan underwriter 130's underwriting offer.
Next, at operation 340, the LUS 100 may receive financial information for the loan underwriter 130. In various embodiments, this financial information may be utilized by the LUS 100 to facilitate payment to the lender 120 upon occurrence of a default on a loan. In various embodiments, the financial information may facilitate the LUS 100 in encumbering the loan underwriter 130 to better ensure payment. For example, the LUS 100 may receive financial information that allows the LUS 100 to place a spending authorization against a line of credit of the loan underwriter 130. In various embodiments, this financial information may include one or more contract agreements between the loan underwriter 130 and the LUS 100 (or an entity associated with the LUS 100) to provide legal authorization for future payments. In various embodiments, the financial information received at operation 340 may include authorization for the LUS 100 to repeat obtaining authorization to encumber the loan underwriter 130, such as if a previous authorization times out. The process may then end.
Referring now to
The process may begin at operation 410, where the LUS 100 may receive risk information relating to the requested loan, such as from the borrower 110. In various embodiments, the risk information my include data relating to an actual numerical risk of a default occurring. In other embodiments, risk information may include information that facilitates the LUS 100 in determining risk, such as the borrower 110's current and/or historical financial information, history of repayment on other loans, etc. Next, at operation 430, the LUS 100 may receive a desired underwriting premium amount from the borrower 110. The premium amount, in various embodiments, may include an amount that the borrower 110 may be willing to pay per time period for underwriting of the particular loan being requested. The process may then end.
Referring now to
The process may begin at operation 510, where the LUS 100 may identify potential loan underwriters 130 who have indicated they are willing to underwrite a particular risk level for the requested loan. In various embodiments, the risk level may be determined from the risk information provided at operation 420 of process 400. In some embodiments, the LUS 100 may identify those loan underwriters 130 that are willing to provide underwriting for lowest premium levels for the given risk, and/or at highest premium levels for the given risk.
Next, at operation 520, the LUS may determine the portions of the underwriting premium to be provided by the loan underwriters 130. In various embodiments, this determination may be based on the loan underwriter 130s′ underwriting limits as well as identified desired risks. Next, at operation 530, the LUS 100 may determine portions of the loan balance to be paid by each identified loan underwriter 130. The process may then end.
Referring now to
Next, at operation 620, the LUS 100 may receive an underwriting premium payment from the borrower 110. In some embodiments, rather than receiving the premium payment directly, the LUS 100 may receive indication that the underwriting premium payment has been paid to another entity and/or directly to one or more loan underwriters 130. Next, at operation 630, the LUS 100 may divide the received premium. In various embodiments, this division may be performed according to the encumbered individual payment amounts and/or risk accepted by the loan underwriters 130. For example, in some embodiments, the premium may be divided between loan underwriters 130 as a pro rata share according to their amount of individual payment offered by each loan underwriter 130. Next, at operation 640, the LUS 100 may provide (or facilitate provision of) the divided underwriting premium to the loan underwriters 130. The process may then end.
Referring now to
Referring now to
Each of these elements may perform its conventional functions known in the art. In particular, system memory 804 and mass storage devices 806 may be employed to store a working copy and a permanent copy of the programming instructions implementing the modules shown in
The permanent copy of the programming instructions may be placed into permanent storage devices 806 in the factory, or in the field, through, for example, a distribution medium (not shown), such as a compact disc (CD), or through communication interface 810 (from a distribution server (not shown)). That is, one or more distribution media having an implementation of the agent program may be employed to distribute the agent and program various computing devices.
The number, capability and/or capacity of these elements 810-812 may vary. Their constitutions are otherwise known, and accordingly will not be further described.
Although certain embodiments have been illustrated and described herein for purposes of description, a wide variety of alternate and/or equivalent embodiments or implementations calculated to achieve the same purposes may be substituted for the embodiments shown and described without departing from the scope of the present disclosure. This application is intended to cover any adaptations or variations of the embodiments discussed herein. Therefore, it is manifestly intended that embodiments described herein be limited only by the claims.
Where the disclosure recites “a” or “a first” element or the equivalent thereof, such disclosure includes one or more such elements, neither requiring nor excluding two or more such elements. Further, ordinal indicators (e.g., first, second or third) for identified elements are used to distinguish between the elements, and do not indicate or imply a required or limited number of such elements, nor do they indicate a particular position or order of such elements unless otherwise specifically stated.
