Methods and Systems for Customer Incentive Awards

Abstract

Methods and systems for generating customer incentive awards involve receiving, using a processor coupled to memory, information regarding a balance of a deposit account, such as a savings account, of at least one customer for determination of an award amount related to a loan account of the customer. Using the processor, the award amount may be computed based on at least in part on the balance of the deposit account and at least in part on an interest rate of the loan account of the customer. Thereafter, likewise using the processor, the award amount may be applied to an account designated by the customer, such as a mortgage loan account of the customer.

Description

FIELD OF THE INVENTION[0001]The present invention relates generally to the field of mortgage-related customer incentive awards, and more particularly to methods and systems for generating mortgage-related customer incentive awards.BACKGROUND OF THE INVENTION[0002]Up until recently, home values in the United States typically appreciated year after year. However, since the arrival of the financial crisis in 2007, homeowner's have experienced a reversal of that trend with home values decreasing instead of increasing. This has made it difficult, if not impossible, for many homeowners to get out of debt. For example, many homeowners who obtained higher loan-to-value (LTV) mortgage loans on their homes may now owe more on their mortgages than their homes are worth. These homeowners may likely have difficulty making payments and thus may be having a very difficult time getting out of debt.[0003]Further, a tremendous amount of deleveraging is presently occurring with consumer business clien...

AI Technical Summary

Benefits of technology

Enables customers to pay less interest over time, build equity faster, and earn a higher effective rate of return on their savings, helping them achieve homeownership and financial goals while maintaining liquidity in their savings accounts.

Problems solved by technology

However, since the arrival of the financial crisis in 2007, homeowner's have experienced a reversal of that trend with home values decreasing instead of increasing.

This has made it difficult, if not impossible, for many homeowners to get out of debt.

These homeowners may likely have difficulty making payments and thus may be having a very difficult time getting out of debt.

Further, a tremendous amount of deleveraging is presently occurring with consumer business clients endeavoring to pay off their credit card debt and home loans in order to become debt free, for example, before retirement.

Unfortunately, however, the level of home ownership in the United States has recently been as low as 66 percent.

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