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Loan Option Customization

a technology of loan option and customization, applied in the field of loan customization, can solve the problems of less flexible fixed option loans than they are, and achieve the effects of increasing loan term, increasing interest rate, and increasing loan term

Inactive Publication Date: 2014-05-01
GREIG JR RUSSELL H +1
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

The present invention aims to increase the length of a loan and do so when a certain number of missed payments have been reached.

Problems solved by technology

A fixed option loan is typically less flexible than the fully variable option loan.

Method used

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  • Loan Option Customization
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Examples

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Embodiment Construction

[0033]Reference is now made in detail to the description of the embodiments of systems and methods for providing loan option customization as illustrated in the accompanying drawings. The inventions may, however, be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are intended to convey the scope of the inventions to those skilled in the art. Furthermore, all “examples” given herein are intended to be non-limiting.

[0034]Loan option customization as embodied in the present invention allows a borrower the option of omitting scheduled payments without incurring penalties. Fully variable option loans, fixed option loans and conventional loans are available to the borrower.

[0035]A fully variable option loan sets the loan parameters, such as the loan amount, interest rate, and payment period at the outset. Once these parameters are agreed upon between the borrower and the lender, a borrower can omit a pa...

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PUM

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Abstract

In a loan option system having a loan server accessible through a network to an external borrower computer and a loan processor for providing loan parameters to the loan server, systems and methods are provided for determining and adjusting a loan balance, via (1) receiving a principal value for a loan through the network from the borrower computer, the principal value corresponding to the loan balance, wherein the loan has an interest rate and a loan term corresponding to a specified number of payments throughout the loan, (2) upon a permissible omitted payment, increasing the interest rate, determining accrued interest, setting predetermined fees due to the missed payment, and applying the predetermined fees and accrued interest to the loan balance to produce a new balance, (3) retrieving the new balance from the loan processor to the loan server, and (4) providing the new balance to the borrower computer.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application is a divisional application of, and claims the benefit of and priority to U.S. patent application Ser. No. 12 / 391,238, entitled “Systems and Methods for Loan Option Customization,” filed Feb. 23, 2009, which is a continuation-in-part of, and claims the benefit of and priority to U.S. patent application Ser. No. 11 / 158,490, entitled “Loan Option Algorithm Adaptable to Fully Variable Option Loans and Fixed Option Loans,” filed Jun. 22, 2005, which claims benefit under 35 U.S.C. §119(e) of U.S. Provisional Patent Application Ser. No. 60 / 582,030, entitled “Loan Option Algorithm Adaptable to Fully Variable Option Loans and Fixed Option Loans,” filed Jun. 22, 2004, each of which is incorporated herein by reference as if set forth herein in its entirety.TECHNICAL FIELD[0002]The present invention relates generally to loan customization. More particularly, this invention relates to systems and methods for providing loan option cus...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q40/02
CPCG06Q40/025G06Q40/00G06Q40/02G06Q40/03
Inventor GREIG, JR., RUSSELL H.GREIG, ROBERT A.
Owner GREIG JR RUSSELL H
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