WO2006014981A2

WO2006014981A2 - The optimization of data to ascertain the best solution for any given problem

Info

Publication number: WO2006014981A2
Application number: PCT/US2005/026531
Authority: WO
Inventors: Errez Segman
Original assignee: Errez Segman
Priority date: 2004-07-27
Filing date: 2005-07-27
Publication date: 2006-02-09
Also published as: WO2006014981A3

Abstract

A system for making decisions and optimization for any problem in any industry dependent on the options that are known, and not withstanding the options chosen, the system has the capability of changing the made decisions based on future criteria and market trends which will able the user to either amend or alter his original decision or permit the user to implement a decision that was not originally available.

Description

The optimization of data to ascertain the best solution for any given problem.

Related application

This application relies for priority on provisional application serial # 60/490,270 filed on July 28^th, 2003.

Background of the Invention

Using the mortgage banking industry as an example, a potential mortgagor (buyer) approaches a broker with a unique set of circumstances or criteria and a unique set of preferences and needs, e.g. job and income information, occupancy information, credit history information, residency information, how much money the buyer wishes to spend, what type of financing the prefers, the proposed mortgage payment, etc. In return the broker has to analyze that specific data and cross-reference it with multiple available options in a marketplace and thereafter selects the options available to best meet the mortgagor's situation, preferences and needs as well as the mortgagee's and broker's restrictions and preferences for the specific transaction. As this process is of a manual nature, it follows that it is time consuming and tedious, open to human errors, inefficiencies, and therefore imperfect. .

In the mortgage industry, residential mortgage lending is a highly competitive business. Lenders, Brokers, and Loan Officers must be knowledgeable about the constantly changing level of program guidelines, changing borrower qualification requirements, interest rates eligibility for different qualified programs, and the hundreds of mortgage products that are available from the major investors (Lenders). Add to this the fact that every potential borrower is unique, with there own credit histories, credit ratings, income levels and sources, spending habits, and housing requirements. For brokers and loan officers, the problem is to match all of the loan products with the borrower characteristics and identify the best and most optimized products for the borrower given their objectives and broker's restrictions and preferences. This is especially true when dealing with borrowers that do not qualify for the best quality lender programs or want a mortgage that does not conform to the major investment agencies' requirements.

In any industry individual and unique potential buyers and vendors engage in satisfying buyers needs and must consider restrictions and individual circumstances of each party. By thus ascertaining what various vendors have to offer the broker thereafter relays to the buyers one or more individual solutions that best suit a buyer's situation and consideration.

As there are many vendors to choose from it becomes a very time-consuming and tedious procedure. To simplify the needs of the buyer a broker is generally available who can meet the buyers needs efficiently and in a time saving manner to perfect the buyer's choice in a transaction. The broker works to become aware of the unique scenario and the unique needs of the buyer and uses his/hers expertise and familiarity and knowledge of various specifications and requirements of vendors for specific transactions. This process benefits the buyer in maximizing the best solution for each unique transaction, the broker in efficiently maximizing the best solution to any transaction and its preferences towards any given transaction, and assists the vendors by making their products available to a larger share of qualified potential buyers to more readily serve them.

Summary of the Invention

The present invention streamlines trade and sales activities including the interaction between Vendors-brokers-buyers activities by producing an intelligence system_which has features as describes herein and which is capable of accessing more vendor's product and services and analyzing which vendor has the capability of servicing a buyer with specific needs and circumstances immediately and instantly optimizing this decision based on the unique preferences and restrictions of each party involved; that is: the buyer, broker, and vendor.

The system optimizes the specific available options enabling the broker to instantaneously decide and determine the best solution for the buyer, as well as the best solution of sale for the broker based on their own restrictions and preferences. This Artificial Brokerage Intelligence System considers all factors influencing the decision for a transaction.

The present software (MMC and/or MLOM and/or ABIS (Artificial Brokerage Intelligence System)) also facilitates the very first and most crucial phase of the selling process, that is the feasibility of qualifying buyers for products. It is designed to help brokers to determine the feasibility of a potential transaction, which is dependent upon the information provided by the buyer when the buyer contacts the vendor or broker about the availability of products in the marketplace. Additionally it provides the broker with graded optimized options for products available for every unique buyer, offered by the different vendors available in the market at any point in time.

Furthermore, the software also implements a revolutionary and efficient solution to store buyers' preliminary transaction data collected for the initial purpose of determining feasibility for a new transaction and initially evaluates potential solutions for it. This information about prospects, leads, open tasks, tasks in process, closed tasks, lost cases, etc. is currently stored in paper notes and paper files. This is especially true in the preliminary stage of a potential sale, when a buyer contacts a broker or vendor for the purpose of determining feasibility and evaluating specifications of possible options that maybe made available. MLOM software stores this information and does away with paper notes and paper files. The Intelligence system it. capable of altering buyers circumstances in situations when such buyer can not qualify to purchase or obtain a product that is optimized for his/hers needs. The system will suggest possible changes that the buyer can act on, which will then qualify that buyer to the type of product he/she is seeking. At this time the system will also optimize the new altered criteria with products available in today's market, and present the buyer and the broker with a solution that is available for such an altered transaction.

Additionally the system continuously monitors open cases and/or unresolved cases of buyers, in attempting to optimize solutions for buyers with new available products as they become available in the marketplace.

The system incorporates the capability of upgrading the data to the global database by introducing new information and/or developments either by manual methods or by automatically and/or electronically feeding known data from other available sources therein.

In this regard, the present system is capable of accepting and gathering into its database the different data parameters of unique vendors, each of which is voluminous and unique to each vendor, and is able to process, and work simultaneously with this enormous unique data and structure to determine the most optimized solution to the problem at hand.

In addition the system encompasses an underwriting engine that is able to recognize different vendor's rules and guidelines in a one centralized location, and which is capable of recognizing, underwriting, and optimizing products through a large range of different rules and criteria of the different vendors companies and product types.

Brief Description of the Drawing

Figure 1 is a flow diagram showing the present relationship workflow between buyers, brokers, and vendors for completing a transaction.

Figure 2 is a flow diagram of the various steps utilized in making a decision which includes a universal database that is accessed in making a determination of options available.

Figure 3 is an Inquiry Sheet showing questions asked to a potential buyer by an un¬ experienced broker.

Figure 4 is an Inquiry Sheet showing questions asked to a potential buyer by an experienced broker

Figured 5 is a summary sheet generated in response to the answered questions of Figure 3 and 4.

Figure 6 is a sheet showing the best-optimized solutions for the buyer to consider. Figure 7 is d'co'mpansorr a-nal'ysϊ's table of optimized solution selected for detailed comparison by the user.

Figure 8 is the specific recommendation for the approved of the selected solution.

Appendix A describes the system components and the product list for the descriptions within this application.

Detailed Description of the Invention

With reference to Figure 1 of the drawing an example of the present system available to all in any industry includes potential buyers A-F etc. and potential vendors A'-F' etc. engaged in satisfying the buyers needs with the buyer ascertaining which vendor has the most to offer to solve the buyer's problem and providing the buyer with a unique and optimized solution. As there are many vendors it is apparent that to canvas each vendor and relate the vendors your problems and needs is difficult, very time consuming and tedious.

To simplify the procedure, a potential buyer can contact a broker who is generally available and has the capabilities of matching the buyer with the most preferred vendor and the best product for the transaction. As the broker collected knowledge and familiarity over time dealing with many vendors and selling their products, the broker becomes useful to buyers to optimize a solution for their situation without having to communicate separately with each vendor and to learn each option available to them in their marketplace.

While the flow diagram of Figure 1 is fairly simple it should be taken into consideration that the buyers, vendors, and brokers each generally have restrictions, unique circumstances, personalities, needs, and preferences that can interfere with smooth transactions (e.g. in some circumstances brokers can not deal with certain vendors and buyers and vice-versa).

The present invention will override all of these shortcomings as well as other unknown factors. By providing a system of intelligence which has all of the features described above and which is also capable of accessing specifications of products of multiple vendors and quickly analyzing which vendors and which product is the most optimized fit, and have the ability to best service a buyer with specific needs and circumstances in a manner of seconds.

As seen in the flow diagram of Figure 2 entitled "MMC (Mega Mortgage Consultant)" company A and/or company B acting as brokers to serve their buyers needs connect to the present system through the Internet, which immediately recognizes that broker with its unique preferences and restrictions. Using the system, the broker is able to enter the buyer's circumstances and needs. After which the system, using complex methods of calculation, feasibility and probabilities based in part on algorithms and searches and optimizes the best solution available to that unique buyer.

With continuing referenced to Figure 2 it is seen that once the MMC system is accessed the following procedures are automatically put into place, that is the global database of underwriting criteria is accessed, which contains all presently known data relating to a specific business whether it be the mortgage industry or any manufacturing and/or servicing industry, etc. This unique data of circumstances, restrictions, preferences, and needs is searched and thereafter is first matched on the universal underwriting system, which in-turn digest the results and in combination of the optimization system concludes a final result to any problem presented by company A or B.

The system also provide other portals sites that can be utilized (A, B, and C) to permit . different level of access for different type of users, including brokers, vendors, and buyers.

The system throughout all of its components and access modes is strictly secured based on the highest industry standard available and can only be access by authorized and registered users which must first be approved for their level of access by MMC personal and based on access security restrictions dictated by individual vendors and/or brokers.

The system currently works in this in this fashion: the system is accessed by the broker using the Internet at www.MLQM.com, after the potential buyer and the broker initiate interaction (i.e. either the broker calls the buyer or, the buyer calls the broker), at which point using the present system the broker collects preliminary transaction information from the buyers that is necessary to determine the transaction feasibility and enters it into the system (see Figure 3 interactive inquiry sheet and Figure 4 expert inquiry sheet). A broker utilizes the form of Figure 3 with little to no experience, and an experienced broker would use the form of Figure 4. In either case the information would be collected while the buyer and the broker are still engaged in the conversation. The system will translate this information into a summation of all the information, see Figure 5. The system provides the option to include automatic credit analysis of the buyer, which is required for qualification for individual transaction by vendor (e.g. credit extension transactions). Simultaneously the system searches and optimizes all the available products (in this case mortgage products) of all vendors in or linked to the central database, upon which the system instantly produces a plurality of optimized solutions that best benefit all parties involved; that is the buyer, broker, and vendor. The buyer is then furnished by the user of the system the priority list of graded optimized solutions for this transaction. In this case the optimized mortgage program that best fits the specifications of this transaction, see Figure 6, which shows the best (in this case only 2) graded optimized solutions by percentages available to the buyer and broker. Obviously the highest percentage grade is the most optimized solution. A;t)the]isa.ii1!eiit!i:røιt|hfe.s'yiS^;Mia:::aMώilatical]y sends the respective data to each of the vendors whose product is a potential solution for the transaction. The data informs the vendors that a potential sale for their product exists with a specific broker, allowing the vendor to contact that broker to promote a specific sale on a qualified transaction which has been already screened by the system (See optimized graded solutions of Figure 6.)

The broker is able to compare the two optimized solutions that were generated by the system for this transaction, as shown in Figure 7. This allows the broker to immediately compare the itemized product details of one to the other which was not available on the generation of Figure 6, and provide the broker with a more comprehensive compression analysis between the two.

Thereafter, the system generates a preliminary qualification form for this transaction that details the specific terms and conditions for this individual sale and for this specific product, as shown in Figure 8.

This then concludes the most important phase of the transaction. After this all the remains now is for the broker to process the completion of this sale directly with the vendor of the selected optimized product.

Thereafter, the selected solution is then electronically sent directly to the vendor of the optimized product, providing the vendor with the exact details on the transaction and the specifications of the qualified transaction created, and allowing the vendor to modify and alter the solution with any necessary correction, if any. The vendor's response and alteration, if any, to the recommended transactions is electronically sent back to the broker notifying the broker that the transaction has been accepted. The vendor now has registered that transaction and has officially approved it.

The broker now has an actual solution that was screened and selected to best fit the buyer and the broker. The buyer has benefited from an instant process that has provided the buyer with the best-optimized solution for the buyer's circumstances and needs instantaneously.

Thus, the system closes the circle between brokers and vendors allowing both sides to instantly communicate on a specific and an already-qualified transaction, with an already- optimized product.

Transactions of this nature are made possible because the database of the present system has a multitude of detailed information of all available products of available vendors and the database has the capabilities of tieing into other informational links both directly to the individual vendor's database and to other service providers of respective industry information sources.

The system also permits that the information of an originally non-qualifying buyer remains therein and is continuously monitored to evaluate changes and modification of vendors' products to determine if the then non-qualified buyer becomes qualified in view thereof and-'hu wlffbe dwiy'htftffiefl of the change. Also scenarios of qualified buyers with low graded solutions are also continuously monitored for Solutions that may benefit the buyer more and therefore are evaluated with a higher optimization grade.

Furthermore the system will also monitor and calculate this data to evaluate feasibility and statistics of the fit, efficiency, probability and comparison analysis of new and existing products. This data abling vendors and brokers to continuously evaluate existing and new products and their potential fit in global and local markets from a one central location.

The system will also allow buyers to access it with more restricted rights enabling the buyer to instantly evaluate the best optimized solution for his/hers/ needs, and providing the buyer with the respective brokers that are capable of selling such a product. Thus the buyer is not limited to the products a specific broker can sell and is able to contact the broker and vendor that has (or are selling) the product that best serve him/her.

MMCs Artificial Brokerage Intelligence System (ABIS) integrates with all other types of other service providers of each industry to allow the streamlining of the entire process of executing a transaction; from preliminary feasibility, to decisioning of solutions of products, to optimizing the decisioning of each unique transaction within its marketplace, thereby closing the circle between the vendors-brokers-buyers, and transferring different levels of transaction files and registering transactions with all sides of the transaction; qualifying transactions with the resulting vendors from a worldwide centra] place, providing worldwide access to central market pipeline of transactions for each user type in the world market and for each local market and then interacting with other type of providers in the global market and in each local market to streamline conclusion and finalization of sales.

Claims

Claims:

1. The method of optimizing a transaction between parties, including the steps of having one of the parties contact the second of the parties with a situation, said second of the parties having access to information in an instantaneously manner known to the remaining parties, said second of the parties reviewing said information and selecting the most optimum information to resolve said situation and conveying the same to the said one of first parties for said transaction.

2. The method of claim 1 wherein said parties are buyers, brokers and vendors, respectively, including the steps of utilizing the Internet to record and store said buyers' qualifications and needs with said broker, thereafter said broker reviewing said buyers' qualification and needs and said broker accessing a database of vendors and their respective products and determining which any of said products optimizes said transaction.

3. The method of optimizing a transaction between a buyer, broker and vendor including the steps of the buyer disclosing buyer's potential needs based on buyer's personal qualifications to a broker, the broker accessing a database and entering the personal qualifications of the buyer, and thereafter the broker accessing the database of vendors adapted to fill said potential needs, and determining from the database information the vendor or vendors who can profile the buyer's needs and thereafter selecting the most qualified vendor to fill the buyer's needs.

4. The method of utilizing an intelligence system including the steps of constantly evaluating sale potential that is optimized to new and existing products that will be made available and/or are already available in the marketplace, and matching an optimized product for a potential buyer having existing and changing circumstances and providing said product to said potential buyer for the execution of a sale.

5. The method of claim 2 further including the step of providing uniform structure enabling said access database to readily accumulate different parameters of different vendors and their respective different products and comparing one against the other and determining therefrom which product best fits said buyer's needs.

6. The method of providing a database with structure enabling said database to readily accumulate different parameters of different vendors and their different products, maintaining said different parameters, different vendors, and different products apart from one another, comparing said different parameters and different products of said different vendors, and thereafter choosing the most optimum product among the same.

7. The method of claim 6 further including the step of utilizing algorithms in combination with the said database structure permitting said database to accumulate said different parameters.

§. Th&'mβthsώdficføirii ήfertlleiiincluding the step of matching said different parameters before said parameters are compared and then optimized. .

9. The method of claim 6 further including the steps of using mathematical calculation, probability ratios, different percentage grading methods, algorithms calculations, etc. for each of said parameter.

10. The method of claim 7 further including the steps of using mathematical calculation, probability ratios, different percentage grading methods, algorithms calculations, etc. for each of said parameter.

11. The method of electronically adopting and storing potential preliminary sale data, thereafter determining the feasibility and evaluation of options, to create a sales based on said preliminary sales data, and thereby effectively eliminating paper notes and paper files.

12. The method of utilizing artificial intelligence to continuously monitor data stored in a database, and continually checking for new products and developments which effect the said continually monitored data and comparing and evaluating said new products and development to said continuously said monitored data to evaluate the effect thereon, and to provide a solution therefore.

13. The method of utilizing artificial intelligence allowing for alteration of fixed data stored in a database, modifying said fixed data to qualify a transaction and by changing terms of the fixed data to optimize said transaction, and store said new data separately in said database.