AU784943B2 - Loan processing system and method - Google Patents

Description

07-DEC-2001 17:28 A J PARK 07-DC-201 7:2 iJ PlRK64 4 472 3358 P.03/43 Regulation 3.2

AUSTRALIA

PATENTS ACT, 1990 COMPLETE SPECIFICATION FOR A STANDARD PATENT

ORIGINAL

Name of Applicant: Actual Inventors: Address for service in Australia: Invention Title: LOANSURF NEW ZEALAND LIMTED Richard Galbraith and Dave Raj Fermah A J PARK, Level 11, 60 Marcus Clarke Street, Canberra ACT 2601 Loan Processing System and Method The following statement is afUll description of this invenion. including the best method of performing it kown to n/us 07-DEC-2001 17:28 A J PARK 07-EC-00117:8 PJ PRK64 4 472 3358 P.04/43 2 LOAN PROCESSING SYSTEM AND METHOD FIELD OF INVENTION The invention relates to a loan processing system and method, particularly but not solely designed to enabl~e a customer to put a loan application out to tender and to select a lender from one or more lender responses.

BACKGROUND TO DiVENTION It is a difficult and time-consuming process for a consumer to obtain the most competitive loan or mortgage from one of a number of financial institutions. Before a financial institution can provide a competitive rate for a particular customer, the financial institution must obtain a large amount of information from the customer. This information is generally collected by a customer manually filling in pre-specified forms and sending these to a financial institution. Staff members of the financial institution review the forms and appraise them manually. In most cases, it is necessary to .interview the customer or potential customer also.

The time-consuming nature of this process generally means that a borrower is in practice limited to evaluating offers made by no more than two or three different financial institutions. Lending rates can change significantly over a short timefrarne and so each offer made by a financial institution is generally only valid for a short timeframe, placing further pressure on a customer to obtain the most competitive loan or mortgage.

US patent specification 5,995,947 to Fraser et al entitled "Interactive mortgage and loan information and real-time trading system" describes one method and system for automating loan applications, such as home mortgage loan applications, placing them up for bid by a plurality of potential lenders, and following those loans using a technique for managing such loan applications and bids. The specification describes a database of pending loan applications and their statuses which is maintained on a 07-DEC-2001 17:29 A J PARK 07-EC-001 17:9 f 3 ARK64 4 472 3358 P.05/43 3 database server. Borrowers and lenders can search and modify the database consistent with their role in the transaction, by requests to the server from a client device identified with their role. The Fraser specification describes a system which is more suited for use as a tool by mortgage brokers and by financial institutions.

US patent specification 5,966,699 to Zandi entitled "System and Method for Conducting Loan Auction Over Computer Network" describes an electronic loan auction system in which prospective borrowers electronically submit completed applications for loans.

Loan application details are stored in a database available for access by lenders. This system is a passive system requiring participating lenders to periodically check loan records maintained in a central database and to electronically submit bids for this loan.

It would be particularly advantageous to provide a system which is more suited to use by a customer from the premises of the customer. It would also be particularly advantageous to provide a system which maintains a list of two or more participating lenders and which notifies each of these participating lenders as soon as a customer makes a loan application.

SUMMqARY OF EiNVNTION In broad terms in one form the invention provides a loan processing system including one or more customer stations connected to a server through a network or networks; two or more lender stations connected to the server through the network, each lender station associated with one or more lenders; a data memory in which is stored one or more lender identifiers, the lender identifiers representing respective lenders; a loan application request processor arranged to receive a loan application from a customer, retrieve the lender identifiers from the data memory and to dispatch the loan application to each lender represented by the lender identifiers; and a lender response processor arranged to receive a response to a loan application from one or more of the lenders, and display the lender responses to the customer.

07-DEC-2001 17:29 A J PARK 07-DC-201 7:2 fl3 PlRK64 4 472 3358 P.06/43 4 In broad terms in another form the invention provides a method of processing a loan including the steps of receiving a loan application from a customer operating a customer station connected to a server through a network or networks; retrieving one or more lender identifies from a data memory, each lender identifier representing respective lenders operating two or more lender stations connected to the server through the network; displaying the loan application to each lender represented by the lender identifiers, receiving a response to a loan application from one or more of the lenders; and dispatching the lender responses to the customer.

In another form in broad terms the invention provides a loan processing computer program in which one or more customer stations are connected to a server through a network or networks and two or more lender stations are connected to the server through the network, each lender station associated with one or more lenders, the computer program including one or more lender identifiers stored in a data memory, the lender identifiers representing respective lenders; a loan application request processor arranged to receive a loan application from a customer, retrieve the lender identifiers from the data memory and to dispatch the loan application to each lender represented by :the lender identifiers; and a lender response processor arranged to receive a response to a loan application from one or more of the lenders and display the lender responses to the customer.

BRIEF DESCRIPTON OF THLE FIGURES Preferred forms of the loan processing system and method will now be described with reference to the accompanying figures in which: Figure 1 shows a block diagram of a system in which one form of the invention may be implemented; Figure 2 shows one preferred system architecture of hardware on which the present invention may be implemented; 07-DEC-2001 17:29 A J PARK 64 4 472 3358 P.07/43 Figure 3 shows one method in which the invention may operate; Figures 4A and 4B show a site map of one preferred website designed in accordance with the invention; Figures 5A, 5B, 5C and 5D show a preferred online application form from the site map of Figure 4; Figure 6 is a rental investment property form accessible from the web page of Figures 5A and Figure 7 is a preferred form email to a customer; Figure 8 is a preferred form email to each lender; Figure 9 shows a preferred electronic online form accessible to a lender; Figure 10 is a preferred form email sent to a customer indicating lender responses; and o* Figures 11A and 11B illustrate a preferred form summary of lending responses.

DETAILED DESCRIPTION OF PREFERRED FORMS Figure 1 illustrates a block diagram of the preferred system 10 in which one form of the present invention may be implemented. The system includes one or more customer stations 20 for example 20A, 20B and 20C, which each may comprise a personal computer or workstation described below, and be associated with a customer or potential customer.

The system 10 further comprises one or more lender stations 30 for example 30A, and 30C. The lender stations 30 may each comprise a personal computer or workstation 07-DEC-2001 17:30 A J PARK 07-DC-201 7:3 flJ PiRK64 4 472 3358 P.08/43 6 and be associated with one or more lenders for example staff members of a financial institution.

The system 10 preferably further comprises a personal computer or workstation operating under the control of appropriate operating and application software having a data memory 42 interfaced to a server or data processor 44.

Each customer 20, lender 30 and the workstation 40 are preferably interfaced to each other through a network 50 or networks. It is envisaged that network 50 could comprise a local area network or LAN, a wide area network or WAN, an Internet, Intranet, wireless access network, telecommunication network, or any combination of the foregoing.

As will be further described below, in general a customer 20 submits a loan application request over the network 50 to the workstation 40. The customer 20 could alternatively transmit the loan application- request to a broker indicated generally at 60 for example 60B and 60C. Each broker 60 could operate a personal computer or workstation :in a similar manner to customer 20 and lender The system 10 also includes a lender list 70 comprising a list of participating lenders.

The workstation 40 retrieves the list of participating lenders from the lender list 70 and transmits the customer loan application request to each lender 30 in the list using the network 50. Each lender 30 then submits a lender response over the network 50 to the workstation 40. The workstation 40 transmits the list of responses to the customer 20 so that the customer 20 may select the most competitive lender response.

The system 10 may further comprise a loan application validator 80. In one form, this loan application validator could include an on-line telephone directory or other address database. Loan application requests transmitted from the customer 20 to the server are checked against the address database. If the address of the customer does not appear in the address database, or if the name of the customer does not appear in the address database, the customer could be contacted to query the name and/or address.

07-DEC-2001 17:30 A J PARK 07-DC-201 7:3 J PRK64 4 472 3358 P.09/43 7 The system 10 coul d further comprise a credit checker 90 which could be interfaced to a credit database 92. The names of customers specified in a loan application request could be checked against the credit database 92 using the credit checker 90 to ensure that the customer has a good credit history.

Figure 2 shows the preferred system architecture of a customer station 20, lender station workstation 40 and/or broker station 60. The computer system 100 typically comprises a central processor 102, a main memory 104 for example RAM and an input/output controller 106. The computer system 100 also comprises peripherals such as a keyboard 108, a pointing device 1 10 for example a mouse, trackball or touch pad, a display or screen device 112, a mass storage memory 114 for example a hard disk, floppy disk or optical disc, and an output device 116, for example a printer. The system 100 could also include a network interface card or controller 118 and/or a modem 120.

The system 100 could further comprise wireless data transmission and receiving apparatus. The individual components of the system 100 could communicate through a system bus 122 or alternatively individual components of the system 100 could be :distributed over the network The system could follow a client/server computing model in which application processing is divided between clients (for example customer station 20, lender station and broker station 60) and server (for example workstation 40). The system could alternatively follow a host-based processing model performed on a single computer system (workstation 40) with attached data terminals (customer station 20, lender station 30 and broker station 60). Alternative variations could include master-slave processing or peer-to-peer processing. It is envisaged that the system 10 could embody application service provision techniques in which server component 44 of workstation downloads and executes applications on behalf of associated client nodes.

Figure 3 illustrates one preferred method of operation of the invention, indicated generally at 200. As shown at 2 10, the workstation 40 receives a loan application from a customer 20. The workstation 40 preferably has installed on it a loan application 67-DEC-2001 17:30 A J PARK 07-EC-001 17:0 f J PRK64 4 472 3358 P.10/43 8 request processor. In one form this loan application request processor could present a customer 20 with an on-line loan application form in a web page accessible to a customer through a Login screen. The customer could access a website and complete the on-line form for transmittal to the workstation As shown at 220, the loan application is checked to ensure that it is a valid loan application. For example, the name and address specified in the loan application could be cross-checked against an on-line telephone directory or other address database. If the name and/or address specified in the loan application request does not match the data stored in the address database, there is a high likelihood that the customer has inserted :spurious or incorrect details. As shown at 230, the customer could be notified that the loan application is invalid. This notification could be an electronic communication pointing out particular data entry fields in the loan application form which are either incomplete or incorrect. Alternatively, the customer 20 could be contacted by telephone to rectify the errors or omissions in the loan application form.

At step 220, the loan application could also be subject to a credit check to ensure that *:the customer 20 specified in the loan application request has a good credit history. This credit check could be performed by the credit checker 90, crosschecking the name specified in the loan application request with data in a credit database 92. If there are any issues raised with the customer's credit history, these issues could be raised and resolved with the customer at step 230 by electronic comnmun ication or telephone.

In one preferred form, a valid loan application request could generate an automatic electronic communication stating that the loan application request would be transmitted to one or more lenders, and providing an expected time frame by which lender responses would be available.

As described above, the system could include a lender list 70. The lender list could include a database of lenders participating in the system 10. Each entry in the database could include a lender identifier which uniquely identifies each lender from the other.

Where the lender list is stored in a relational database, the lender identifier field could 07-DEC-2001 17:31 A J PARK 07-EC-00117:1 P3 PRK64 4 472 3358 P.11/43 9 represent the primary key for each record. The lender list could also include contact details, for example a staff member with email to which notifications may be sent. As shown at 240, the system retrieves the list of participating lenders from the lender list This retrieval could be effected by retrieving the lender identifiers from the lender list 70, each of the lender identifiers representing a different lender.

As indicated at 250, the loan application is dispatched to each participating lender. This dispatching is preferably performed by the loan application request processor. In one form, the contact details for each lender institution are retrieved from the lender list An automated electronic communication is then sent to each of the participating lenders advising that a new loan application has been made and that the loan application is available for consideration.

In a further preferred form of the invention, a filter is applied to the loan applications sent to each participating member. Such a ifiter enables a participating lender to specify criteria for a desired loan application to reduce the quantity of loan applications sent to an individual lender which do not satisfy the criteria imposed by that lender. As shown :at 245. a filter could optionally be applied to the list of participating lenders based on the loan application, so that the loan application at 250 is only dispatched to each eligible lender.

Each lender could have an associated list of criteria. One criteria could be a Loan Type filter in which the maximum Loan to Value ratio or LVR is specified for a particular security type. For example, a house could have a maximum LVR specified of whereas an apartment could have a maximum LVR specified of 80%. Where a lender will not consider a particular security or loan type, the maximum LN& could be stored as 0. In this way, only particular loan or security types within the maximum LVR will be sent to an individual lender. The Loan Type could include term and interest rate data.

The loan filter could also include a Loan Purpose filter. This filter could enable a lender to specify the nature of the property used as security for the loan, for example a house, 67-DEC-2001 17:31 A J PARK 07-DC-201 7:3 J RRK64 4 472 3358 P.12/43 apartment, terraced house, lifestyle block, farm, commercial property and/or section.

The filter may also enable the lender to specify a loan purpose, for example whether a dwelling is owner-occupied, a holiday home or rental investment. A filter could also include a loan purpose, such as whether the loan is a new loan, refinance, pre-approval of future purchase, or renovations. The Loan Purpose filter could therefore include any combination of the three foregoing sets, together with a maximum LVR.

The filter could also include a Security Type, together with a simple boolean value indicating whether or not the lender accepts the particular type of security for a loan.

The security types could include house, terraced house, apartment, lifestyle block, farm, section and/or commercial property.

The filter could also include a loan period, for example a minimum period in years anda maximum period in years.

The system preferably fuirther comprises a lender response processor which receives lender responses as indicated at 260. The notification dispatched above at step 250 :preferably specifies a deadline in the form of a date and time by which a lender response must be made. The lender accesses the website provided by the workstation 40 and preferably completes a lender response electronic on-line form provided on the website.

V000.In one embodiment, the on-line form enables the lending institution to either decline the *0000*loan application request, to approve the loan application request on specified terms, or to indicate that the lender requires further information. Each lender response is preferably collated and stored in a memory, for example data memory 42 or any suitable memory notionally designated as a lender response memory.

As indicated at 270, the lender response processor dispatches the lender responses to the customer. In one form, the system could transmit an automated electronic notification to the customer, indicating that one or more of the lenders have submitted lender responses to the loan application request. The notification could direct the customer to access a website to view the individual lender responses, or a summary of the lender 67-DEC-2001 17:32 A J PARK 07-EC-88117:2 PJ PRK64 4 472 3358 P.13/43 11 responses. The electronic communication could also direct the customer to discuss the results with a mortgage consultant.

As indicated at 280, the system could receive a customer acceptance of an individual lender response, for example by email, telephone or interview with a mortgage consultant. Acceptance of a lender response could then be transmitted to an appropriate lender as indicated at 290.

In one form, the invention could fuirther comprise a customer relationship manager (CRM). The CRM could enable a lender, a broker or system manager to search a database of customers and customer loans on one or more search criteria. These search criteria could include, for example, application number, client surname, city, broker name, lender responded, lender chosen, lender actual or advertising source. Date criteria within a range could also be searched, for example the date a loan is received, a loan expiry date, a fixed interest rate expiry date, a settlement date, an unconditional finance required date or a follow-up date. Criteria could also include a range of dollar values, for example the loan amount required, the final loan amount or the gross :income.

The CRM could be used, for example to conduct a monthly search for all customers with loans on a fixed term which are coming up for renewal. These customers could ***then be offered a new term.

Further uses for the CRM include general research, for example searching volumes of loan applications per month, per city, per advertising source, per lender, per broker, per settlement date, per loan amounts and/or per income.

The CRM may also provide access to a direct email marketing utility, enabling a message to be sent to all customers, special offer customers or forecast customers. The CRM system can also automatically dispatch email to brokers, lenders and management advising on follow-up dates, applications available for viewing; or any other preset function.

07-DEC-2001 17:32 A J PARK 07-EC-00117:2 PJ PRK64 4 472 3358 P.14/43 12 A further preferred form system could include a cascading default value utility reducing the need for the user of a system to fill in each field individually for all customer type and loan value bands. The user of a system simply fills out general terms and conditions and specific terms, conditions and interest rates per customer type. The filter can separate applications received into one of three or more customer types and subgroups within customer types, dependent on parameters preset in the filter. Loan value bands for example could be one of the subgroups.

The lender could use this information in the default value utility to be the automatic response to the lender application. Alternatively they could respond manually by overwriting these fields. The lender could specify whether the lenders prefer automatic response or manual response per customer type and subgroup.

A fuirther preferred form could include a mortgage reinsurance calculation.

One preferred implementation of the invention in the form of a website and online -forms available from the website will now be described.

*foe*: Figures 4A and 4B illustrate an overall site map for one preferred form of the invention.

Specific web pages from the site map are described with reference to Figures 5 to 11.

Figures 5A to 5D show one preferred online form for a customer to enter a loan application request. The form could include one or more compulsory fields which must be completed to make a valid loan application request. Such fields could include the name or names of the customer, telephone contact details, full address, occupation, employer, length of time with the employer, security address for the loan, the purpose of the loan, the purchase price, the deposit available, gross income and the period of the loan. The online form could also obtain further information from the customer for example email address, registered valuation of a house to be purchased if available, the date of the valuation, the government valuation and date, the loan type for example fixed, floating, revolving credit, redraw, etc., preferred timing for obtaining the loan, 07-DEC-2001 17:32 A J PARK 07-EC-00117:2 PJ PRK64 4 472 3358 P.15/43 13 any comments or requirements from the customer, and whether or not the customer wishes to receive promotional offers.

As shown in Figure 5A, the purpose of the loan could be specified by checking one of a finite number of boxes for example owner occupied, rental investment, renovations, holiday home, and refinance. In one form where a customer checks the rental investment option, a further electronic form could pop up as shown in Figure 6. This further rental investment property form could require compulsory fields such as whether the customer is using an existing property for security, and if so, the address of the property, the registered valuation and date, the amiount of the current loan and current repayments. The online form could also obtain from the customer the government valuation and the date and whether the customer lives in the house or whether the house is another rental property. The customer submits the form by clicking the appropriate button and the loan application processor performs validity checking as described above. If the loan application request is valid, the loan application request processor could transmit an automated electronic message to the customer.

Figure 7 illustrates an example of such an electronic communication. The communication could specify for example an expected time fr-ame for receiving lender 20 responses. The loan application request processor then dispatches the loan application to each lender in the lender list.

Figure 8 illustrates an example of an automated electronic communication to be sent to each lender. The preferred communication preferably states that a new loan application is available for consideration and that the lender is to submit the best offer possible.

The notification preferably also specifies when all offers will be returned to the customer to provide the lender with a deadline by which to submit a lender response.

The notification also preferably directs the lender to log in into a website in accordance with the invention and to supply a lender password.

07-DEC-2001 17:33 A J PARK 07-DC-201 7:3 J PRK64 4 472 3358 P.16/43 14 It is envisaged that the system could also include an auto-reminder option to automatically notify each lender of an impending deadline if the lender has not yet responded.

Figure 9 illustrates a preferred electronic online form accessible to a lender in order to submit a lender response. The online form could include three option boxes enabling the lender to either decline the customer loan application, to require further information to be specified by the lender, or to approve the loan application on a set of specified criteria, for example the interest rate, repayment amount and frequency and other special terms and offers.

The lender response processor could dispatch the lender responses to the customer and Figure 10 illustrates a preferred form electronic notification which could be sent to the customer. The electronic communication could specify that one or more lenders have submitted responses to a loan tender, with the results viewable by clicking on a link in the communication. Each communication could provide a customer with a password by which to log on to a website to view the lender responses. Each communication could also include a referral facility enabling a user to refer the service to, for example, another customer.

Figures I I A and I l B illustrate a preferred form summary of lending responses which S. could be displayed to a customer by the lender response processor. The display is preferably accessed from a link in the electronic communication sent to the customer.

As shown in Figure 11 A, the display could set out the lender response for each lender in the form of a table. The display could also set out a date and time to which each lender response is valid.

The website could also provide further features to a customer. For example, the website could provide a customer with a list of current interest rates for eacQh participating lender. The system could also obtain from each tender that lender's opinion on interest rates, namely whether the interest rates are likely to increase, decrease or remain the same.

67-DEC-2001 17:33 A J PRRK 07-EC-00117:3 A3 PRK64 4 472 3358 P.17/43 Each lender could receive an email generated by the system automatically or after a specific event, for example the day the governor of the Reserve Bank of New Zealand announces the official cash rate which is the major driver of home loan interest rates in New Zealand. The email could ask the lenders to simply reply anonymously by indicating whether in their view interest rates in the short term, for example in the next three month period, will rise (assign a value of stay the same (assign a value of or fall (assign a value of The system could assign values such as 1, 0 or -1 to each response and calculate the average opinion of all lenders in the lender list 70. The system could determine which of the above statements is closest to the average and accordingly the system could make a short term interest rate forecast.

15 It is also envisaged that further options could be provided, for example rise sharply, rise slightly, stay the same, fall slightly or fall sharply.

The system could also include a mortgage calculator to enable a customer to identify the expected repayment amounts of fortnightly or monthly repayment schemes on any 20 given loan or mortgage. For example, the customer could enter the loan amount, the loan term and the interest rate and whether the loan is fixed or floating. The mortgage calculator could specify the monthly or fortnightly repayments for a particular mortgage and provide an interest rate averaged over each of the participating lenders.

The system could also include other features for example a web page to assist a customer in finding property using the Internet, a keyword search page for locating particular words on the website, a frequently asked questions page, a contact details page, a page regarding insurance and other cross-selling opportunities, a description of the applicant company, a pivacy and security conditions page, and a general page setting out copyright and other terms and conditions of using the website.

07-DEC-2001 17:33 A J PARK 64 4 472 3358 P.18/43 16 It is envisaged that suitable encryption techniques could be used to ensure that communications over the network 50 are secure. For example, using suitable electronic signature software the customer 20 could not only select the most competitive lender response but also complete the mortgage documentation online rather than complete the process through a mortgage consultant.

In a further preferred form, the system could rank the lender responses against set criteria and loan application requests. For example, where a customer requires the flexibility of a revolving credit or floating rate mortgage, and an individual lender response is limited to a fixed term mortgage, this lender response could have assigned to it a negative weight so that other more suitable lender responses are ranked higher.

The invention provides a convenient method and system for a customer or potential customer to obtain the most competitive mortgage or loan rate from one or more 15 lenders. The foregoing describes the invention including preferred forms thereof.

Alterations and modifications as will be obvious to those skilled in the art are intended to be incorporated within the scope of the accompanying claims.

*O**eo*

Claims (2)

1. 07-DEC-2001 17:34 A J PARK 07-EC-00117:4 PJ PRK64 4 472 3358 P.19/43 17 The claims defining the invention are as folows: 1. A loan processing system including: one or more customer stations connected to a server through a network or networks; two or more lender stations connected to the server through the network, each lender station associated with one or more lenders; a data memory in which is stored one or more lender identifiers, the lender identifiers representing respective lenders; a loan application request processor arranged to receive a loan application from a customer, retrieve the lender identifiers from the data memory and to dispatch the loan application to each lender represented by the lender identifiers; and a lender response processor arranged to receive a response to a loan application from one or more of the lenders, and display the lcnder responses to the customer. A loan processing system as claimed in claim 1 wherein the loan application request processor is arranged to transmit electronic notification of a loan application to *...each lender represented by the lender identifiers. 3. A loan processing system as claimed in claim 2 wherein the electronic notification includes a timeframe for the lender to submit a lender response. 4. A loan processing system as claimed in any one of the preceding claims wherein the loan application request processor is arranged to perform validation on each loan application. A loan processing system as claimed in claim 4 wherein the loan application request processor is arranged to perform address validation of name and address data included in the loan application using an address database.
2. 67-DEC-2001 17:34 A J PARK 07-DC-201 7:3 flJ PlRK64 4 472 3358 P.20/43 18 6. A loan processing system as claimed in claim 4 or claim 5 wherein the loan application request processor is arranged to perform a credit check of each customer using a credit database. 7. A loan processing system as claimed in any one of claims 2 to 6 further including a loan application memory in which is stored the loan application, the loan application request processor arranged to retrieve the loan application from the loan application memory and to display the loan application to a lender. 8. A loan processing system as claimed in claim 7 wherein the loan application request processor is arranged to display the loan application to a lender in a web page accessible to a lender through a login screen. 9. A loan processing system as claimed in any one of the preceding claims wherein the lender response processor is arranged to transmit electronic notification of one or more lender responses to the customer, A loan processing system as claimed in claim 9 fuirther including a lender response memory in which is stored each lender response, the lender response processor 20 arranged to retrieve each lender response from the lender response memory and to display the lender responses to the customer. 11. A loan processing system as claimed in claim 10 wherein the loan response processor is arranged to display the lender responses to the customer in a web page accessible to the customer through a login screen. 12. A loan processing system as claimed in any one of the preceding claims wherein the lender response includes either a loan application rejection, a loan application approval, or a request for further information. 07-DEC-2001 17:34 A J PARK 07-EC-00117:4 PJ PRK64 4 472 3358 P.21/43 19 13. A method of processing a loan including the steps of:. receiving a loan application from a customer operating a customer station connected to a server through a network or networks; retrieving one or more lender identifies from a data memory, each lender identifier representing respective lenders operating two or more lender stations connected to the server through the network; dispatching the loan application to each lender represented by the lender identifiers; receiving a response to a loan application from one or more of the lenders; and displaying the lender responses to the customer. A method of processing a loan as claimed in claim 13 furither including the step of transmritting electronic notification of a loan application to each lender represented by the lender identifier, A method of processing a loan as claimed in claim 14 further including the step of imposing a timeframe in the electronic notification for the lender to submit a lender response. 16. A method of processing a loan as claimed in any one of claims 13 to 15 further including the step of performing validation on each loan application. 17. A method of processing a loan as claimed in claim 16 further including the step of performing address validation of name and address data included in the loan application using an address database. 18. A method of processing a loan as claimed in claim 16 or claim 17 further including the step of performing a credit check of each customer using a credit database. 19. A method of processing a loan as claimed in any one of claims 14 to IS further including the steps of maintaining the loan application in a loan application memory, 67-DEC-2001 17:35 A J PARK 07-EC-00117:5 A3 PRK64 4 472 3358 P.22/43 retrieving the loan application from the loan application memory, and displaying the loan application to a lender. A method of processing a loan as claimed in claim 19 further including the step of displaying the loan application to a lender in a web page accessible to a lender through a login screen. 21. A method of processing a loan as claimed in any one of claims 13 to 20 further including the step of transmitting electronic notification of one or more lender responses to the customer. :22. A method of processing a loan as claimed in claim 21 further including the step of maintaining each lender response in a lender response memory, retrieving each lender response from the lender response memory, and displaying the lender responses to the customer. *23. A method of processing a loan as claimed in claim 22 fturther including the step of displaying the lender responses to the customer in a web page accessible to the customer through a login screen. 24. A method of processing a loan as claimed in any one of claims 13 to 23 wherein the lender response includes either a loan application rejection, a loan application approval, or a request for further information. 25- A loan processing computer program in which one or more customer stations are connected to a server through a network or networks and two or more lender stations are connected to the server through the network, each lender station associated with one or more lenders, the computer program including: one or more lender identifiers stored in a data memory, the lender identifiers representing respective lenders; 0?-DEC-2001 1?:35 A J PARK 07-EC-001 17:5 f J RRK64 4 472 3358 P.23/43 21 a loan application request processor arranged to receive a loan application from a customer, retrieve the lender identifiers from the data memory and to dispatch the loan application to each lender represented by the lender identifiers; and a lender response processor arranged to receive a response to a loan application from one or more of the lenders and display the lender responses to the customer. 26. A loan processing computer program as claimed in claim 25 wherein the loan application request processor is arranged to transmit electronic notification of a loan application to each lender represented by the lender identifiers. 27. A loan processing computer program as claimed in claim 26 wherein the electronic notification includes a timeframe for the lender to submit a lender response. 28. A loan processing computer program as claimed in any one of claims 25 to 27 wherein the loan application request pr ocessor is arranged to perform validation on each loan application. 29. A loan processing computer program as claimed in claim 28 wherein the loan application request processor is arranged to perform address validation of name and address data included in the loan application using an address database. A loan processing computer program as claimed in claim 28 or claim 29 wherein the loan application request processor is arranged to perform a credit check of each customer using a credit database. 31. A loan processing computer program as claimed in any one of claims 26 to wherein the loan application is stored in a loan application memory, the loan application request processor arranged to retrieve the loan application from the loan application memory and to display the loan application to a lender. 67-DEC-2001 17:35 A J PARK 07-DC-201 7:3 flJ PlRK64 4 472 3358 P.24/43 22 32. A loan processing computer program as claimed in claim 31 wherein the loan application request processor is arranged to display the loan application to a lender in a web page accessible to a lender through a login screen. 33. A loan processing computer program as claimed in any one of claims 25 to 32 wherein the lender response processor is arranged to transmit electronic notification of one or more lender responses to the customer. 34. A loan processing computer program as claimed in claim 33 wherein each lender response is stored in a lender response memory, the lender response processor arranged to retrieve each lender response from the lender response memory and to display the lender responses to the customer. A loan processing computer program as claimed in claim 34 wherein the loan response processor is arranged to display the lender responses to the customer in a web page accessible to the customer through a login screen. 36. A loan processing computer program as claimed in any one of claims 25 to wherein the leader response includes either a loan application rejection, a loan application approval, or a request for further information. *37. A loan processing computer program as claimed in any one of claims 25 to 36 embodied on a computer-readable medium. 38. A loan processing system, substantially as herein described with reference to the accompanying figures. 39. A method of processing a loan, substantially as herein described with reference to the accompanying figures. A loan processing computer program, substantially as herein described with reference to the accompanying figures.