Home asset management account
First Claim
1. A method for home asset management, comprising:
- providing a first mortgage, having a principal balance;
providing an equity line of credit (LOC);
performing automatically a periodic principal sweep and line increase offer from said first mortgage into said equity LOC, comprising the steps of;
identifying home asset management account loans on a preexisting mortgage system associated with said first mortgage;
pulling home asset management account loans and all necessary data fields per mortgage account into a first extract file;
identifying home asset management account loans on a preexisting equity system associated with said LOC;
pulling home asset management account loans and all necessary data fields per equity account into a second extract file;
merging and comparing all home asset management account loans from the preexisting mortgage system and the preexisting equity system extract files and storing said merged file in an intersect database;
filtering and testing said home asset management equity accounts for a sweep flag equal to No in the preexisting equity system;
excluding from the sweep process home asset management equity accounts with No set in the sweep flag field and populating with a sweep flag set to no reason code;
filtering the home asset management mortgage accounts for bankruptcy status, wherein the home asset management mortgage accounts that are in bankruptcy status on the first mortgage are excluded from the sweep process at this point and are populated with a bankruptcy on the first mortgage reason code;
filtering the home asset management mortgage accounts for foreclosure status, wherein the home asset management mortgage accounts that are in foreclosure on the first mortgage are excluded from the sweep process at this point and are populated with a foreclosure on the first mortgage reason code;
filtering home asset management mortgage accounts for current status on first mortgage, where current status on the first mortgage is defined as if the current month is beyond the due month then the loan is not current and payment must be received on or before end of the month of the due date month to consider the account current, and wherein the home asset management mortgage accounts that are not current on the first mortgage are excluded from the sweep process at this point and populated with a not current on the first mortgage reason code;
filtering home asset management equity accounts for current status on the equity LOC, wherein the home asset management equity accounts that are not current for the equity LOC are excluded from the sweep process at this point and are populated with a not current on the equity LOC reason code;
identifying the first mortgage principal pay down amount and rounding said payment amount down to the nearest dollar for all merged and matched accounts that have passed all filters;
sweeping automatically the first mortgage principal pay down amount to the available equity LOC amount on the preexisting equity system to effect an increase; and
performing automatically a periodic property value review of said first mortgage and an associated offer of an automatic line increase to said equity LOC.
1 Assignment
0 Petitions
Accused Products
Abstract
A method and apparatus for a home asset management account system is provided that combines a first mortgage account and an equity line of credit (LOC) and offers a periodic sweep feature between the first mortgage and equity LOC, a periodic property value review feature of the first mortgage, and a statement feature that provides a customer valuable information on the subject property estimated value and the relationship between the first mortgage and the equity LOC. The first mortgage and equity LOC results from a proprietary automated decisioning/pricing system, the periodic sweep feature, the periodic property value review feature, and a unique statement feature are bundled into a financial package available for customers.
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Citations
24 Claims
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1. A method for home asset management, comprising:
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providing a first mortgage, having a principal balance; providing an equity line of credit (LOC); performing automatically a periodic principal sweep and line increase offer from said first mortgage into said equity LOC, comprising the steps of; identifying home asset management account loans on a preexisting mortgage system associated with said first mortgage; pulling home asset management account loans and all necessary data fields per mortgage account into a first extract file; identifying home asset management account loans on a preexisting equity system associated with said LOC; pulling home asset management account loans and all necessary data fields per equity account into a second extract file; merging and comparing all home asset management account loans from the preexisting mortgage system and the preexisting equity system extract files and storing said merged file in an intersect database; filtering and testing said home asset management equity accounts for a sweep flag equal to No in the preexisting equity system; excluding from the sweep process home asset management equity accounts with No set in the sweep flag field and populating with a sweep flag set to no reason code; filtering the home asset management mortgage accounts for bankruptcy status, wherein the home asset management mortgage accounts that are in bankruptcy status on the first mortgage are excluded from the sweep process at this point and are populated with a bankruptcy on the first mortgage reason code; filtering the home asset management mortgage accounts for foreclosure status, wherein the home asset management mortgage accounts that are in foreclosure on the first mortgage are excluded from the sweep process at this point and are populated with a foreclosure on the first mortgage reason code; filtering home asset management mortgage accounts for current status on first mortgage, where current status on the first mortgage is defined as if the current month is beyond the due month then the loan is not current and payment must be received on or before end of the month of the due date month to consider the account current, and wherein the home asset management mortgage accounts that are not current on the first mortgage are excluded from the sweep process at this point and populated with a not current on the first mortgage reason code; filtering home asset management equity accounts for current status on the equity LOC, wherein the home asset management equity accounts that are not current for the equity LOC are excluded from the sweep process at this point and are populated with a not current on the equity LOC reason code; identifying the first mortgage principal pay down amount and rounding said payment amount down to the nearest dollar for all merged and matched accounts that have passed all filters; sweeping automatically the first mortgage principal pay down amount to the available equity LOC amount on the preexisting equity system to effect an increase; and performing automatically a periodic property value review of said first mortgage and an associated offer of an automatic line increase to said equity LOC. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. An apparatus for home asset management account loans, comprising:
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means for providing a first mortgage, having a principal balance; means for providing an equity line of credit (LOC); means for performing automatically a periodic principal sweep and line increase offer from said first mortgage into said equity LOC, comprising the steps of; means for identifying home asset management account loans on a preexisting mortgage system associated with said first mortgage; means for pulling home asset management account loans and all necessary data fields per mortgage account into a first extract file; means for identifying home asset management account loans on a preexisting equity system associated with said LOC; means for pulling home asset management account loans and all necessary data fields per equity account into a second extract file; means for merging and comparing all home asset management account loans from the preexisting mortgage system and the preexisting equity system extract files and storing said merged file in an intersect database; means for filtering and testing said home asset management equity accounts for a sweep flag equal to No in the preexisting equity system; means for excluding from the sweep process home asset management equity accounts with No set in the sweep flag field and populating with a sweep flag set to no reason code; means for filtering the home asset management mortgage accounts for bankruptcy status, wherein the home asset management mortgage accounts that are in bankruptcy status on the first mortgage are excluded from the sweep process at this point and are populated with a bankruptcy on the first mortgage reason code; means for filtering the home asset management mortgage accounts for foreclosure status, wherein the home asset management mortgage accounts that are in foreclosure on the first mortgage are excluded from the sweep process at this point and are populated with a foreclosure on the first mortgage reason code; means for filtering home asset management mortgage accounts for current status on first mortgage, where current status on the first mortgage is defined as if the current month is beyond the due month then the loan is not current and payment must be received on or before end of the month of the due date month to consider the account current, and wherein the home asset management mortgage accounts that are not current on the first mortgage are excluded from the sweep process at this point and populated with a not current on the first mortgage reason code; means for filtering home asset management equity accounts for current status on the equity LOC, wherein the home asset management equity accounts that are not current for the equity LOC are excluded from the sweep process at this point and are populated with a not current on the equity LOC reason code; means for identifying the first mortgage principal pay down amount and rounding said payment amount down to the nearest dollar for all merged and matched accounts that have passed all filters; means for sweeping automatically the first mortgage principal pay down amount to the available equity LOC amount on the preexisting equity system to effect an increase; and performing automatically a periodic property value review of said first mortgage and an associated offer of an automatic line increase to said equity LOC. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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Specification