System and method for automated flexible person-to-person lending

• US 20070265960A1
• Filed: 02/23/2007
• Published: 11/15/2007
• Est. Priority Date: 05/10/2006
• Status: Abandoned Application

• Current Assignee: Virgin Money Holdings Limited (Liberty Global Plc)
• Original Assignee: Virgin Money Holdings Limited (Liberty Global Plc)
• Inventors: Advani, Asheesh, Brown, Grant C., Michaud, Michael D., Narahara, Daniel M., Michel, Andrew T.
• Application Number:
  US11/710,247
• Publication Number:
  US 20070265960A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A computer method for automating person-to-person lending comprises receiving from a user over a computer network at least one custom periodic payment amount for a loan period of a person-to-person loan; generating a custom loan schedule based on the custom amount; and transmitting the custom loan schedule over the computer network to the user. A further method comprises receiving from a first user over a computer network a request to modify at least one specific periodic payment amount for a loan period of a pre-existing person-to-person loan; receiving from a second user a consent to the first user'"'"'s request; and generating a revised loan schedule for the loan based on the request to modify the payment amount. Another method comprises retrieving from a database loan history data for a person-to-person loan; and transmitting the loan history data to a credit reporting agency over a computer network.

Claims

1. A computer method for automating person-to-person reverse mortgages, the method comprising:

receiving from a user over a computer network a request to create a person-to-person reverse mortgage; and

transmitting a schedule for the reverse mortgage over the computer network to the user.

2. A method according to claim 1, wherein a loan-to-value (LTV) ratio for the reverse mortgage exceeds 100%.

3. A method according to claim 1, further comprising:

receiving from the user over the computer network at least one custom periodic payment amount for a payment period of the reverse mortgage;

generating a custom schedule based on the custom periodic payment amount; and

transmitting the custom schedule over the computer network to the user.

4. A method according to claim 1, further comprising:

receiving from the user over the computer network at least one of an age and a gender of at least one participant in the reverse mortgage or of the participant'"'"'s spouse;

determining a recommended loan duration for the reverse mortgage based on a mortality table using at least one of the age and the gender; and

transmitting the recommended loan duration over the computer network to the user.

5. A method according to claim 1, wherein the schedule is based on a periodic cost-of-living adjustment.

6. A method according to claim 1, wherein the schedule is based on a periodic home appreciation adjustment.

7. A method according to claim 1, wherein the schedule includes payment of third party loan fees.

8. A method according to claim 7, wherein the payment of third party loan fees is due in an initial payment by at least one participant in the reverse mortgage.

9. A method according to claim 8, wherein the payment of third party loan fees is due to be repaid with interest at the completion of the reverse mortgage.

10. A method according to claim 7, wherein the payment of third party loan fees is due to be paid over a plurality of payment periods as part of payments in the payment periods.

11. A method according to claim 1, further comprising:

transmitting to the user over the computer network at least one set of recommended loan terms based on pre-determined suggested loan-to-value (LTV) ratios.

12. A carrier medium comprising computer readable code for controlling a processor to automate a person-to-person reverse mortgage by carrying out the steps of:

receiving from a user over a computer network a request to create a person-to-person reverse mortgage; and

transmitting a schedule for the reverse mortgage over the computer network to the user.