A method and apparatus are provided for the real-time automatic determination of the approval status of a potential borrower of a loan. The method includes (1) transmitting an image of a form by facsimile transmission to a control location, wherein the form contains predefined information applicable to the potential borrower in spaces located at predetermined locations; (2) automatically receiving the image of the form by facsimile transmission at the control location; (3) automatically scanning and interpreting the image of the form to obtain the predefined information; (4) automatically determining at the control location the approval status of the potential borrower according to criteria provided by a lender, wherein the determining step utilizes the predefined information; and (6) automatically transmitting information regarding the approval status from the control location to the potential borrower. The invention further provides for a method and apparatus for scanning and interpreting a coded form received by facsimile transmission such that the form comprises a sheet having a predetermined number of timing marks spaced at predetermined intervals along the right hand and left hand vertical borders of the sheet such that each timing mark along the left hand border is paired with one timing mark along the right hand border. This method includes (1) automatically scanning the form to ascertain the presence and location of the predetermined number of timing marks; (2) automatically locating the vertical center of each timing mark; (3) automatically locating a line between the vertical center of each left hand timing mark to the vertical center of the respective paired right hand timing mark; (4) automatically detecting the spaces in predetermined locations along each line; and (5) automatically obtaining the predefined information applicable to the potential borrower from the spaces.