05870721 is referenced by 790 patents and cites 23 patents.

A method and apparatus for closed loop, automatic processing a loan, including completion of the application, underwriting, and transferring funds, includes use of a programmed computer to interface with an applicant, obtain the information needed to process the loan, determine whether to approve the loan, and effect electronic fund transfers to the applicant's deposit account and arrange for automatic withdrawals to repay the loan. Information is received from the applicant preferably by using voice recognition technology but alternatively by entering the alpha-numeric information using a personal computer keyboard or using the buttons on a telephone. The loan approval determination is made using a neural network with input obtained in part from the applicant and in part from databases accessed by the computer, such as a credit bureau, to obtain a credit report. The loan agreement is transmitted by facsimile to and from the applicant when the applicant has access to a facsimile machine or datafile to be printed or to an agent who delivers the agreement to the applicant when the applicant does not have access. In a preferred embodiment, the applicant accesses the computer from a kiosk where the complete transaction can take place as the applicant waits.

Title
System and method for real time loan approval
Application Number
113205
Publication Number
5870721
Application Date
October 15, 1996
Publication Date
February 9, 1999
Inventor
Jeffrey A Norris
Lexington
SC, US
Agent
Rhodes Coats & Bennett L
Assignee
Affinity Technology Group
SC, US
IPC
G06F 17/60
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