METHODS AND SYSTEMS FOR NETWORK LOAN MARKETING
Methods and systems for trading financial products such as loans over a network such as the Internet that includes receiving information relating to the financial product offered for sale on behalf of a seller, making the information relating to the financial product available over the network, receiving a bid from a buyer, wherein the bid comprises at least an amount offered to purchase the loan, and performing due diligence on the financial product. Methods and systems also include storing the information in a data storage medium at a central location to be searched by potential buyers, the information being accessible via, for example, the Internet.
1 . A method of trading a financial product over a computer network, the method comprising:
receiving information relating to the financial product offered for sale on behalf of a seller;
storing the information in a data storage medium at a central location;
making the information available from the central location to one or more third parties via the computer network;
receiving, via the computer network, a bid from a potential buyer, wherein the bid comprises at least an amount offered to purchase the financial product;
providing a response to the bid; and
performing due diligence on the financial product;
wherein ownership of the financial product is transferred based on the response.
2 . The method of claim 1 , wherein the financial product is a loan.
3 . The method of claim 1 , further comprising making due diligence information available to the potential buyer.
4 . The method of claim 1 , wherein the information relating to the financial product comprises at least one of loan-to-value, FICO score and combined loan-to-value.
5 . The method of claim 1 , wherein the computer network comprises the Internet.
6 . The method of claim 1 , wherein the information relating to the financial product stored in the data storage medium is searchable by the one or more third parties via a search engine.
7 . The method of claim 1 , wherein the financial product is at least one of a “scratch and dent” loan, a residential loan, a defaulted loan, a forward commitment deficiency, a credit, a residential lien and a commercial loan.
8 . A system for trading a financial product over a computer network, the system comprising:
a processor;
a user interface functioning via the processor; and
a repository accessible by the processor; wherein
information relating to a financial product offered for sale is received on behalf of a seller;
the information relating to the financial product is stored in a data storage medium at a central location;
the information is made available from the central location to one or more third parties via the computer network;
a bid is received from a buyer via the computer network, wherein the bid comprises at least an amount offered to purchase the financial product;
a response to the bid is provided; and
due diligence on the financial product is performed;
wherein ownership of the financial product is transferred based on the response.
9 . The system of claim 8 , wherein the financial product is a loan.
10 . The system of claim 8 , wherein the information relating to the financial product comprises at least one of loan-to-value, FICO score and combined loan-to-value.
11 . The system of claim 8 , wherein the information relating to the financial product stored in the data storage medium is searchable by the one or more third parties via a search engine.
12 . The system of claim 8 , wherein the financial product is at least one of a “scratch and dent” loan, a residential loan, a defaulted loan, a forward commitment deficiency, a credit, a residential lien and a commercial loan, an individual loan and a pool of loans.
13 . The system of claim 8 , wherein the computer network comprises the Internet.
14 . The system of claim 8 , wherein the processor is housed on a terminal.
15 . The system of claim 14 , wherein the terminal is selected from a group consisting of a personal computer, a minicomputer, a main frame computer, a microcomputer, a hand held device, and a telephonic device.
16 . The system of claim 8 , wherein the processor is housed on a server.
17 . The system of claim 16 , wherein the server is selected from a group consisting of a personal computer, a minicomputer, a microcomputer, and a main frame computer.
18 . A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to trade a financial product over a computer network, the control logic comprising:
first computer readable program code means for receiving information relating to the financial product offered for sale on behalf of a seller;
second computer readable program code means for storing the information in a data storage medium at a central location;
third computer readable program code means for making the information available over the computer network from the central location to one or more third parties;
fourth computer readable program code means for receiving a bid from a potential buyer, wherein the bid comprises at least an amount offered to purchase the loan;
fifth computer readable program code means for providing a response to the bid over the computer network; and
sixth computer readable program code means for performing due diligence on the financial product;
wherein ownership of the financial product is transferred based on the response.