Universal line of credit having multiple financial product features
First Claim
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1. A method for providing a financial account associated with a customer asset, comprising:
- establishing for a customer a financial account containing funds, at least a portion of the funds being secured by property owned by the customer, the account enabling the customer to;
draw funds from the account up to an account limit;
transfer funds from the account to another entity; and
deposit funds into the account;
after the establishing action, determining an appraised value of the property; and
automatically changing the account limit based on the determined appraised value.
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Abstract
According to various embodiments, a system and method for providing a financial account associated with a customer asset are provided. A financial account containing funds is established for a customer. At least a portion of the funds are secured by property owned by the customer. The account enables the customer to draw funds from the account up to a credit limit, transfer funds from the account to another entity, and deposit funds into the account. After the account is established, an appraised value of the property is determined. The credit limit is automatically changed based on the determined appraised value.
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Citations
34 Claims
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1. A method for providing a financial account associated with a customer asset, comprising:
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establishing for a customer a financial account containing funds, at least a portion of the funds being secured by property owned by the customer, the account enabling the customer to;
draw funds from the account up to an account limit;
transfer funds from the account to another entity; and
deposit funds into the account;
after the establishing action, determining an appraised value of the property; and
automatically changing the account limit based on the determined appraised value. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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33. A system for providing a financial account associated with a customer asset, comprising:
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an account creation module that establishes for a customer a financial account containing funds, at least a portion of the funds being secured by property owned by the customer, the account enabling the customer to;
draw funds from the account up to a credit limit;
transfer funds from the account to another entity; and
deposit funds into the account;
an appraisal module that determines an appraised value of the property after the establishing action; and
a credit module that automatically changes the credit limit based on the determined appraised value.
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34. A method for providing a financial account associated with a customer asset, comprising:
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establishing for a customer a financial account containing funds, at least a portion of the funds being secured by property owned by the customer, the account enabling the customer to;
draw funds from the account up to an account funding limit;
transfer funds from the account to another entity; and
deposit funds into the account;
receiving a request to lock in an interest rate associated with the at least a portion of the secured funds;
determining an amortized schedule of payments owed by the customer for the at least a portion of the secured funds;
re-amortizing the schedule of payments based on customer behavior;
issuing to the customer a transaction card configured to charge transactions against the account;
receiving a request made by the customer for cash drawn against the account;
after the establishing action, determining an appraised value of the property; and
automatically changing the account funding limit based on the determined appraised value.
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Specification