SYSTEM AND METHOD FOR PROVIDING COMPENSATION TO LOAN PROFESSIONALS
First Claim
1. A method of compensating an individual in connection with the origination of a modifiable mortgage, said method comprising the steps of:
- a. determining an annuity compensation amount in connection with the origination of the modifiable mortgage;
b. determining a payment schedule over which said annuity compensation amount will be paid to said individual;
c. calculating an annuity payment amount to be paid to said individual based on said annuity compensation amount and said payment schedule in which said compensation amount will be paid to said individual; and
d. paying said annuity payment amount to said individual in accordance with said payment schedule.
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Accused Products
Abstract
A system and method for providing a compensation program associated with a modifiable mortgage is disclosed which provides incentives to encourage a sales force to originate a modifiable mortgage. In one aspect of the invention, the compensation program calculates an annuity to be paid to an appropriate sales force member based on the principal, interest, and/or service income of a modifiable mortgage. In another aspect of the invention, the compensation program provides a commission calculation to be paid based on a triggering event such as, for example, each time the interest rate on a modifiable mortgage is lowered. The compensation program of the present invention may also include both the annuity compensation and the commission compensation as incentives to originate the modifiable mortgage.
23 Citations
16 Claims
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1. A method of compensating an individual in connection with the origination of a modifiable mortgage, said method comprising the steps of:
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a. determining an annuity compensation amount in connection with the origination of the modifiable mortgage;
b. determining a payment schedule over which said annuity compensation amount will be paid to said individual;
c. calculating an annuity payment amount to be paid to said individual based on said annuity compensation amount and said payment schedule in which said compensation amount will be paid to said individual; and
d. paying said annuity payment amount to said individual in accordance with said payment schedule. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 16)
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15. A method of compensating an individual in connection with an origination of a modifiable mortgage, said method comprising the steps of:
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a. calculating a commission amount in connection with the origination of said modifiable mortgage to be paid to said individual based on a triggering event occurring after the origination of the modifiable mortgage; and
b. paying said commission amount to said individual upon the occurrence of said triggering event.
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Specification