a computerized system for negotiating loans on behalf of a borrower collects data on a desired loan transaction in electronic form . next , the system electronically notifies a plurality of lenders of the requested loan transaction and invites each lender to electronically submit a corresponding quote . the system posts the received quotes to a database that may be viewed by the borrower . the borrower selects quotes from the plurality of quotes , and the system invites the corresponding lenders to participate in a final quote event . in conducting the final quote event , the system displays the selected quotes to the borrower and also displays , to each lender , the lender &# 39 ; s current quote and the best terms from among the multiple remaining quotes . each lender is also provided with options to improve their corresponding quote . after a period of negotiation , the borrower selects one quote from among the multiple quotes as the final quote .