LOAN COLLATERAL EQUITY TRACKER

• US 20120030092A1
• Filed: 07/30/2010
• Published: 02/02/2012
• Est. Priority Date: 07/30/2010
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Curry, Lisa D., Marshall, Edna Waters, Hardy, Ashley C.
• Application Number:
  US12/847,454
• Publication Number:
  US 20120030092A1
• 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

Embodiments of the present invention relate to methods and apparatuses for implementing, in connection with a loan account, a loan management tool. In some embodiments, the method includes: identifying a loan account associated with a loan, indentifying information associated with collateral securing the loan, determining a current equity value associated with the collateral, and generating a notification that additional credit may be added to the loan account. A current equity value associated with the collateral may be determined by calculating the difference between the market value for the collateral and the total amount of debt and credit secured by the collateral. The loan account may be a HELOC account where the collateral is a home.

Claims

1. A computer-implemented method comprising:

identifying a loan account associated with a loan;

indentifying information associated with collateral securing the loan;

determining a current equity value associated with the collateral; and

generating a notification that additional credit may be added to the loan account.

2. The method of claim 1, wherein determining a current equity value associated with the collateral comprises:

determining a market value for the collateral; and

determining a total amount of debt and credit secured by the collateral.

3. The method of claim 2, wherein determining a current equity value associated with the collateral comprising calculating the difference between the market value for the collateral and the total amount of debt and credit secured by the collateral.

4. The method of claim 2, wherein determining a market value for the collateral comprises determining the market value for the collateral based on information provided by a party other than a borrower associated with the account.

5. The method of claim 2, wherein determining a total amount of debt and credit secured by the collateral comprises:

identifying all loans that are secured by the collateral;

determining an outstanding balance for each loan; and

summing the outstanding balances.

6. The method of claim 5, wherein at least one of the loans is a line of credit secured by the collateral, wherein said method further comprises determining a maximum draw amount for each line of credit and, wherein said summing comprises summing the outstanding balances and the maximum draw amounts.

7. The method of claim 1, further comprising:

adding additional credit to the loan account.

8. The method of claim 1, wherein the loan account is a credit line type loan account and the loan is a line of credit.

9. The method of claim 1, wherein the loan account is a HELOC account and the collateral is a home.

10. A computer-implemented method comprising:

identifying a HELOC account associated with a home;

determining a current equity value associated with the home; and

generating a notification that additional credit may be added to the HELOC account.

11. The method of claim 10, wherein determining a current equity value associated with the home comprises:

determining a market value for the home; and

determining a total amount of debt and credit secured by the home.

12. The method of claim 11, wherein determining a current equity value associated with the home comprises calculating the difference between the market value for the home and the total amount of debt and credit secured by the home.

13. The method of claim 11, wherein determining a total amount of debt and credit secured by the home comprises:

identifying all loans that are secured by the home, wherein at least one of the loans is a line of credit;

determining an outstanding balance or a maximum draw amount for each loan; and

summing the outstanding balances and the maximum draw amounts.

14. The method of claim 10, further comprising:

adding additional credit to the HELOC account.

15. A system comprising:

a storage device comprising stored therein information relating to a loan account associated with collateral securing the loan;

computer readable program code stored on said storage device or a separate storage device; and

a processor communicably coupled to said storage device or storage devices,

wherein said computer readable program code comprises instructions that when operated by said processor, causes said processor to;

determine a current equity value associated with the collateral; and

generate a notification that additional credit may be added to the loan account.

16. The system of claim 15, wherein said processor is configured to:

determine a market value for the collateral; and

determine a total amount of debt and credit secured by the collateral.

17. The system of claim 16, wherein said processor is configured to calculate the difference between the market value for the collateral and the total amount of debt and credit secured by the collateral.

18. The system of claim 16, further comprising a communication interface configured to receive information relating to the market value for the collateral from a party other than a borrower associated with the account.

19. The system of claim 15, wherein said computer readable program code further comprises instructions that when operated by said processor, causes said processor to:

add additional credit to the loan account.

20. The system of claim 15, wherein the loan account is a credit line type loan account and the loan is a line of credit.

21. The system of claim 15, wherein the loan account is a HELOC account and the collateral is a home.

22. A computer program product comprising a computer-readable medium having computer-executable computer program code portions stored therein, wherein the computer-executable program code portions comprise:

a first program code portion configured to identify a loan account associated with a loan;

a second program code portion configured to indentify information associated with collateral securing the loan;

a third program code portion configured to determine a current equity value associated with the collateral; and

a fourth program code portion configured to generate a notification that additional credit may be added to the loan account.

23. The computer program product of claim 22, wherein the third program code portion is configured to determine the current equity value associated with the collateral by determining a market value for the collateral, and determining a total amount of debt and credit secured by the collateral.

24. The computer program product of claim 22, wherein the third program code portion is configured to determine the total amount of debt and credit secured by the collateral by:

identifying all loans that are secured by the collateral, wherein at least one of the loans is a line of credit secured by the collateral;

determining an outstanding balance or maximum draw amount for each loan; and

summing the outstanding balances and the maximum draw amounts.

25. The computer program product of claim 22, wherein the computer-executable program code portions further comprise:

a fifth program code portion configured to add additional credit to the loan account.