Computer support for mortgage lock option
First Claim
1. Apparatus for controlling a loan option, the apparatus comprising;
- a computer programmed for carrying out the steps of receiving information into a memory defining specifications for the option on the loan, the specifications including a trigger for executing the option, evaluating the trigger, and if the trigger occurs, signaling execution of the option.
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Accused Products
Abstract
A computer-aided method for carrying out an option on a loan, for example a residential mortgage loan, the method including the steps of: receiving information into a memory, the specifications defining the option on the loan, the specifications including a trigger for executing the option, the specifications such as an interest rate; evaluating the trigger with a computer accessing further data; and if the trigger is detected, signaling execution of the option. The option can be, for example, an interest rate floor, ceiling, or both. Computer cooperation can facilitates closing of the loan and downstream processing, if so desired.
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Citations
20 Claims
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1. Apparatus for controlling a loan option, the apparatus comprising;
a computer programmed for carrying out the steps of receiving information into a memory defining specifications for the option on the loan, the specifications including a trigger for executing the option, evaluating the trigger, and if the trigger occurs, signaling execution of the option. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A computer program product having computer code stored thereon, which when run on a computer causes the computer to perform the steps of:
receiving information into a memory defining specifications for the option on the loan, the specifications including a trigger for executing the option, evaluating the trigger, and if the trigger occurs, signaling execution of the option.
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8. A system controlling closing of a loan, the system including:
a plurality of computers programmed to cooperate to effectuate an option on a loan, wherein one of the computers is programmed for carrying out the steps of receiving information into a memory defining specifications for the option on the loan, the specifications including a trigger for executing the option, evaluating the trigger, and if the trigger occurs, transmitting a communication signaling execution of the option to another of the other of the computers to control closing of the loan.
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9. A computer-readable media tangibly embodying a program of instructions executable by a computer to perform the steps of receiving information into a memory defining specifications for the option on the loan, the specifications including a trigger for executing the option, evaluating the trigger, and if the trigger occurs, signaling execution of the option.
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10. A computer-aided method for carrying out an option on a loan, the method including the steps of:
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receiving information into a memory specifications defining the option on the loan, the specifications including a trigger for executing the option;
evaluating the trigger with a computer accessing further data; and
if the trigger is detected, signaling execution of the option. - View Dependent Claims (11, 12, 13, 14)
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15. A system for carrying out a loan option, the system comprising:
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a plurality of computers controlled by respective programs, the computers arranged to communicate data structured to identify an option on a loan; and
means for effectuating the option to control closing of the loan. - View Dependent Claims (16)
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17. A computer system for implementing a loan, the system including:
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a database of data relating to mortgage loan applications, the database including an indicator of an application status other than a lock status and a float status; and
a program accessing the database to analyze the status information in carrying out closings of some of the loans. - View Dependent Claims (18, 19, 20)
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Specification