SYSTEM AND METHOD FOR PROCESSING LOAN APPLICATIONS THROUGH COMPETITIVE BIDDING

摘要

A method for processing loan applications includes several steps. A financial institution is provided, including an origination entity and a distribution entity. Loan applications are received from a plurality of applicants. A website is provided for hosting a forum for competitive bidding among the distribution entity and a plurality of third-party entities, for each loan application. Access is provided to at least some information for each loan application by the distribution entity and the plurality of third-party entities through the website. A winner of the competitive bidding is determined for each loan application receiving at least one bid through the competitive bidding. A loan is created with the applicant corresponding to each loan application receiving at least one bid through the competitive bidding. Each loan is distributed to the winner of the corresponding loan application. A system can include components for practicing the method.