US-20230281708-A1 - DIGITAL LENDING PLATFORM AND METHODS THEREOF WITH INTEGRATED PRODUCTS, PRICING, AND ELIGIBILITY

US20230281708A1US 20230281708 A1US20230281708 A1US 20230281708A1US-20230281708-A1

Abstract

Disclosed herein is a digital lending platform with integrated product, pricing, and eligibility. The digital lending platform includes, in some embodiments, one or more server hosts supporting an application stack of the digital lending platform. The application stack includes a loan-product database, a pricing algorithm, and an eligibility rules engine. The loan-product database includes each loan product of a number of loan products offered through the digital lending platform. The pricing algorithm is configured to determine a price for each loan product of the number of loan products. The eligibility rules engine includes eligibility rules for each loan product of the number of loan products. Also disclosed herein is a computer-implemented method of the digital lending platform with the integrated product, pricing, and eligibility.

Inventors

LACK DINO
MARCHETTI DOMINICK

Assignees

LOANDEPOT COM LLC

Dates

Publication Date: 20230907
Application Date: 20230511
Priority Date: 20190528

Claims (14)

1 . A digital lending platform with integrated product, pricing, and eligibility, comprising: one or more server hosts supporting an application stack of the digital lending platform, the application stack including: a loan-product database including each loan product of a number of loan products offered through the digital lending platform; a pricing algorithm configured to determine a price for each loan product of the number of loan products; and an eligibility rules engine including eligibility rules for each loan product of the number of loan products.
2 . The digital lending platform of claim 1 , wherein the pricing algorithm is configured to determine the price for each loan product of the number of loan products in accordance with loan parameters including loan risk, lock term for a locked rate, and interest rate.
3 . The digital lending platform of claim 1 , wherein the eligibility rules include rules for minimum credit scores, maximum loan amounts, maximum loan-to-value ratios for loan amounts to assets, or a combination thereof.
4 . The digital lending platform of claim 3 , wherein the eligibility rules include rules for loan-level price adjustments.
5 . The digital lending platform of claim 1 , wherein the digital lending platform is configured to access the loan-product database, execute the pricing algorithm, and run the eligibility rules engine a number of times for each potential borrower of a number of borrowers depending upon loan-application changes.
6 . The digital lending platform of claim 1 , further comprising: an administration portal of the application stack provided as a graphical user interface (“GUI”) configured for display on a screen of a lender representative’s display, wherein the administration portal is configured to display the price for each loan product of the number of loan products, enable any loan product of the number of loan products to be activated or deactivated, enable margins to be managed for each loan product of the number of loan products, or a combination thereof.
7 . The digital lending platform of claim 1 , further comprising: an automated quality-assurance system of the application stack including automated test-case derivation, eligibility verification, loan-level price-adjustment verification, lock-policy verification, or a combination thereof.
8 . A computer-implemented method of a digital lending platform with integrated product, pricing, and eligibility, comprising: instantiating an application stack of the digital lending platform on one or more server hosts; accessing a loan-product database of the application stack including each loan product of a number of loan products offered through the digital lending platform; determining a price for each loan product of the number of loan products with a pricing algorithm of the application stack; and applying eligibility rules for each loan product of the number of loan products with an eligibility rules engine of the application stack.
9 . The computer-implemented method of claim 1 , wherein determining the price for each loan product of the number of loan products includes determining the price in accordance with loan parameters including loan risk, lock term for a locked rate, and interest rate.
10 . The computer-implemented method of claim 1 , wherein the eligibility rules include rules for minimum credit scores, maximum loan amounts, maximum loan-to-value ratios for loan amounts to assets, or a combination thereof.
11 . The digital lending platform of claim 10 , wherein the eligibility rules include rules for loan-level price adjustments.
12 . The computer-implemented method of claim 1 , wherein accessing the loan-product database, determining the price for each loan product of the number of loan products, and applying the eligibility rules for each loan product of the number of loan products is performed a number of times for each potential borrower of a number of borrowers depending upon loan-application changes.
13 . The computer-implemented method of claim 1 , further comprising: providing an administration portal of the application stack as a graphical user interface (“GUI”) on a screen of a lender representative’s display; and displaying the price for each loan product of the number of loan products, enabling any loan product of the number of loan products to be activated or deactivated, enabling margins to be managed for each loan product of the number of loan products, or a combination thereof in the administration portal.
14 . The computer-implemented method of claim 1 , further comprising: instantiating an automated quality-assurance system of the application stack, wherein the quality-assurance system includes automated test-case derivation, eligibility verification, loan-level price-adjustment verification, lock-policy verification, or a combination thereof.

Description

PRIORITY This application claims the benefit of priority to U.S. Pat. Application No. 16/885,861 filed on May 28, 2020 and U.S. Provisional Pat. Application No. 62/853,643, filed May 28, 2019, which is incorporated by reference in its entirety into this application. BACKGROUND An important financial service provided by financial institutions is lending, which can include originating loans, servicing loans, or both originating and serving loans. There are many different types of loans available through such financial institutions. Broadly, the different types of loans are divided between secured loans and unsecured loans, wherein the secured loans are secured against borrowers’ assets. Secured loans include, for example, mortgages, home equity loans, home equity lines of credit, or automotive loans. Unsecured loans include, for example, personal loans, personal lines of credit, student loans, or credit cards. Lending, particularly originating loans such as mortgages, requires many fragmented, often manual processes of both borrowers and lenders. For a borrower, such processes include filling out a loan application and providing information in support of the loan application, the supporting information including, for example, employment, income, asset, and liability information. For a lender, such processes include processing the borrower’s loan application and verifying the supporting information, underwriting a potential loan and performing a detailed risk assessment in view of the supporting information, and, ultimately, upon approval from underwriting, funding the loan. Moreover, such processes are highly specific to loan type. This obviates any financial benefit from economies of scale that could otherwise be passed onto borrowers and lenders alike if such processes were more tightly integrated. Accordingly, there is a need for a more highly automated, more tightly integrated configurable digital lending platform that dissolves lines between lending for secured and unsecured loan types. Disclosed herein is a digital lending platform with integrated product, pricing, and eligibility and methods thereof in support of at least the foregoing need. SUMMARY Disclosed herein is a digital lending platform with integrated product, pricing, and eligibility. The digital lending platform includes, in some embodiments, one or more server hosts supporting an application stack of the digital lending platform. The application stack includes a loan-product database, a pricing algorithm, and an eligibility rules engine. The loan-product database includes each loan product of a number of loan products offered through the digital lending platform. The pricing algorithm is configured to determine a price for each loan product of the number of loan products. The eligibility rules engine includes eligibility rules for each loan product of the number of loan products. In some embodiments, the pricing algorithm is configured to determine the price for each loan product of the number of loan products in accordance with loan parameters including loan risk, lock term for a locked rate, and interest rate. In some embodiments, the eligibility rules include rules for minimum credit scores, maximum loan amounts, maximum loan-to-value ratios for loan amounts to assets, or a combination thereof. In some embodiments, the eligibility rules include rules for loan-level price adjustments. In some embodiments, the digital lending platform is configured to access the loan-product database, execute the pricing algorithm, and run the eligibility rules engine a number of times for each potential borrower of a number of borrowers depending upon loan-application changes. In some embodiments, the digital lending platform further includes an administration portal of the application stack provided as a graphical user interface (“GUI”) configured for display on a screen of a lender representative’s display. The administration portal is configured to display the price for each loan product of the number of loan products, enable any loan product of the number of loan products to be activated or deactivated, enable margins to be managed for each loan product of the number of loan products, or a combination thereof. In some embodiments, the digital lending platform further includes an automated quality-assurance system of the application stack including automated test-case derivation, eligibility verification, loan-level price-adjustment verification, lock-policy verification, or a combination thereof. Also disclosed herein is a computer-implemented method of a digital lending platform with integrated product, pricing, and eligibility. The method includes, in some embodiments, instantiating an application stack of the digital lending platform on one or more server hosts; accessing a loan-product database of the application stack including each loan product of a number of loan products offered through the digital lending platform; determining a price for ea