METHOD AND SYSTEM FOR IMPLEMENTING A FAST AMORTIZATION SCHEDULE (FAS) INDEX MORTGAGE FUND

• US 20100293091A1
• Filed: 05/17/2010
• Published: 11/18/2010
• Est. Priority Date: 05/18/2009
• Status: Abandoned Application

• Current Assignee: Joseph E. Kurczodyna
• Original Assignee: Joseph E. Kurczodyna
• Inventors: Kurczodyna, Joseph E.
• Application Number:
  US12/781,020
• Publication Number:
  US 20100293091A1
• 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 method for providing mortgage services. The method includes storing in memory a pool of index rates and storing a set of credit ratings each associated with one of the index rates. In the method, with a hardware processor, loan application data that is related to a borrower and a real estate property is received with a hardware processor. The method includes running a credit rating classifier to assign one of the credit ratings based on the received loan application data. A rate association module assigns the one of the index rates associated with the assigned one of the credit ratings to the borrower or a loan application associated with the received loan application data. The pool of index rates includes a number of values (less than five, for example) and each of the values may be associated with an interest rate less than about five percent.

Claims

1. A computer-based method for providing mortgage services, comprising:

storing a pool of index rates in data storage;

storing a set of credit ratings each associated with one of the index rates in data storage;

with a computer having a hardware processor, generating and displaying a user interface on a monitor prompting a user to input loan application data related to a borrower and a real estate property;

receiving the input loan application data with the computer;

running a credit rating classifier on the computer to assign one of the credit ratings based on the received loan application data; and

with a rate association module running on the computer, assigning the one of the index rates associated with the assigned one of the credit ratings to the borrower or a loan application associated with the received loan application data.

2. The method of claim 1, wherein the pool of index rates comprises a number of values and each of the values is associated with an interest rate less than about 5 percent.

3. The method of claim 2, wherein the values are each associated with an interest rate in the range of 2 to 5 percent.

4. The method of claim 2, wherein the number of values is less than about five and the credit ratings comprise a like number of ratings ranging from a highest rating to a lowest rating.

5. The method of claim 1, further comprising, with the computer, running an amortization schedule generator to generate an amortization schedule for a loan term, a loan amount, and the assigned one of the index rate.

6. The method of claim 5, wherein the generated amortization schedule is displayed on the monitor.

7. The method of claim 5, wherein the loan term is less than about 15 years.

8. The method of claim 7, wherein the loan term is 10 years or 15 years.

9. The method of claim 5, further comprising operating with the computer a mortgage documentation generator to produce one or more mortgage documents based at least in part on the amortization schedule and the assigned index rate.

10. A system for providing mortgage services, comprising:

data storage storing a pool of index rates in data storage and further storing a set of credit ratings each associated with one of the index rates in data storage;

a hardware processor receiving loan application data corresponding to a borrower and a real estate property;

a credit rating classifier run by the hardware processor operating to assign one of the credit ratings based on the received loan application data; and

a rate association module run by the hardware processor to assign the one of the index rates associated with the assigned one of the credit ratings to the borrower or a loan application associated with the received loan application data.

11. The system of claim 10, wherein the pool of index rates comprises a number of values and each of the values is associated with an interest rate less than about 5 percent.

12. The system of claim 11, wherein the values are each associated with an interest rate in the range of 2 to 5 percent.

13. The system of claim 11, wherein the number of values is less than about five and the credit ratings comprise a like number of ratings ranging from a highest rating to a lowest rating.

14. The system of claim 10, further comprising an amortization schedule generator run by the hardware processor to generate an amortization schedule for a loan term, a loan amount, and the assigned one of the index rate.

15. The system of claim 14, wherein the loan term is less than about 15 years.

16. The system of claim 15, wherein the loan term is 10 years or 15 years.

17. The system of claim 14, further comprising a mortgage documentation generator run by the hardware processor to produce at least one mortgage document based at least in part on the amortization schedule and the assigned index rate.

18. A computer-based method for providing mortgage services, comprising:

storing a pool of index rates in data storage;

storing a set of credit ratings each associated with one of the index rates in the data storage;

with a hardware processor, receiving loan application data related to a borrower and a real estate property;

running a credit rating classifier with the hardware processor to assign one of the credit ratings based on the received loan application data; and

with a rate association module running by the hardware processor, assigning the one of the index rates associated with the assigned one of the credit ratings to the borrower or a loan application associated with the received loan application data,

wherein the pool of index rates comprises a number of values and each of the values is associated with an interest rate less than about 5 percent, and

wherein the number of values is less than about five and the credit ratings comprise a like number of ratings ranging from a highest rating to a lowest rating.

19. The method of claim 18, further comprising, with the hardware processor, running an amortization schedule generator to generate an amortization schedule for a loan term, a loan amount, and the assigned one of the index rate and wherein the loan term is less than about 15 years.

20. The method of claim 18, further comprising operating, with the hardware processor, a mortgage documentation generator to produce a mortgage document based on the amortization schedule and the assigned index rate.