MORTGAGE LOAN HAVING EXERCISABLE OPTION
First Claim
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1. A method comprising:
- storing, in a non-transitory computer-readable medium, one or more terms of an exercisable option, wherein the option is incorporated into a mortgage loan, wherein the mortgage loan comprises a fixed interest rate, and wherein the option comprises an interest rate modification feature, such that exercising the option results in the value of the fixed interest rate being modified from a first value to a second value.
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Abstract
Embodiments of the present invention relate to methods and apparatuses for providing, processing, and/or servicing a mortgage loan having one or more exercisable options. For example, in some embodiments, a method is provided that includes storing, in a non-transitory computer-readable medium, one or more terms of an exercisable option, where the option is incorporated into a mortgage loan, where the mortgage loan includes a fixed interest rate, and where the option includes an interest rate modification feature, such that exercising the option results in the value of the fixed interest rate being modified from a first value to a second value.
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Citations
32 Claims
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1. A method comprising:
storing, in a non-transitory computer-readable medium, one or more terms of an exercisable option, wherein the option is incorporated into a mortgage loan, wherein the mortgage loan comprises a fixed interest rate, and wherein the option comprises an interest rate modification feature, such that exercising the option results in the value of the fixed interest rate being modified from a first value to a second value. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. An apparatus comprising:
a non-transitory computer-readable medium comprising one or more terms of an exercisable option, wherein the option is incorporated into a mortgage loan, wherein the mortgage loan comprises a fixed interest rate, and wherein the option comprises an interest rate modification feature, such that exercising the option results in the value of the fixed interest rate being modified from a first value to a second value. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25)
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26. A computer program product comprising a non-transitory computer-readable medium, wherein the non-transitory computer-readable medium comprises computer-executable program code portions stored therein, and wherein the computer-executable program code portions comprise:
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a first program code portion operable to receive a request to incorporate an exercisable option into a mortgage loan, wherein the mortgage loan comprises a fixed interest rate, and wherein the option comprises an interest rate modification feature, such that exercising the option results in the value of the fixed interest rate being modified from a first value to a second value; a second program code portion operable to determine that a borrower associated with the mortgage loan is eligible to receive the option; and a third program code portion operable to incorporate the option into the mortgage loan based at least partially on the second program code portion determining that the borrower is eligible to receive the option. - View Dependent Claims (27, 28, 29, 30)
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31. A method comprising:
providing a mortgage loan, wherein the mortgage loan comprises a fixed interest rate and an exercisable option, and wherein the option comprises an interest rate modification feature, such that exercising the option results in the value of the fixed interest rate being modified from a first value to a second value.
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32. A method comprising:
modifying, upon exercise of an option, a fixed interest rate of a mortgage loan from a first value to a second value, wherein the second value is lower than the first value, and wherein the option is incorporated into the mortgage loan prior to the exercise.
Specification