Computer support for mortgage lock option

• US 7,882,022 B2
• Filed: 06/13/2004
• Issued: 02/01/2011
• Est. Priority Date: 06/13/2003
• Status: Active Grant

• Current Assignee: Peter K. Trzyna
• Original Assignee: Peter K. Trzyna
• Inventors: Crocker, Greg H.
• Primary Examiner(s): CAMPEN, KELLY SCAGGS
• Application Number:
  US10/867,520
• Publication Number:
  US 20050240516A1
• Time in Patent Office: 2,424 Days
• Field of Search: 705/35, 705/36.R, 705/38, 705/39, 705/37
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A computer-aided method for carrying out an option on a loan, for example a residential mortgage loan, the method including the steps of: receiving information into a memory, the specifications defining the option on the loan, the specifications including a trigger for executing the option, the specifications such as an interest rate; evaluating the trigger with a computer accessing further data; and if the trigger is detected, signaling execution of the option. The option can be, for example, an interest rate floor, ceiling, or both. Computer cooperation can facilitates closing of the loan and downstream processing, if so desired.

Claims

1. Apparatus to control a loan option, the apparatus comprising:

a computer system which comprises a programmed processor and which is controlled to carry out the steps of;

receiving specifications for an option on a loan, the specifications including a trigger to execute the option;

receiving other data; and

evaluating the trigger with respect to the other data, and if the trigger occurs, signaling to execute the option.

2. The apparatus of claim 1, wherein the computer is programmed to receive a borrower communication in an application completed over the Internet.

3. The apparatus of claim 1, wherein the option for the loan comprises an option for a mortgage loan;

and further including;

a database of data relating to mortgage loan applications, the database including an indicator of an application status other than a lock status and a float status; and

wherein

said computer is programmed to access the database to analyze the status information in carrying out closings of some of the loans.

4. The apparatus of claim 1, wherein the trigger is an interest rate for a lock for a mortgage according to the option.

5. The apparatus of claim 4, wherein the interest rate trigger is a floor.

6. The apparatus of claim 4, wherein the interest rate trigger is a ceiling.

7. The apparatus of claim 3, wherein the interest rate trigger is comprised of a floor and a ceiling.

8. A computer-readable media tangibly embodying a program of instructions which when run on a computer causes the computer to perform the steps of:

receiving specifications for an option on a loan, the specifications including a trigger to execute the option;

receiving other data; and

evaluating the trigger with respect to the other data, and if the trigger occurs, signaling for execution of the option.

9. Apparatus including:

a plurality of computers programmed to on a loan, wherein one of the computers is programmed to carry out the steps of;

receiving specifications for an option on a loan, the specifications including a trigger to execute the option;

receiving other data; and

evaluating the trigger with respect to the other data, and if the trigger occurs, transmitting a communication corresponding to execution of the option to another of the plurality of computers which facilitates closing of the loan.

10. A computer-readable media tangibly embodying a program of instructions executable by a computer to perform the steps of:

receiving specifications for an option on a loan, the specifications including a trigger to execute the option;

receiving other data; and

evaluating the trigger with respect to the other data, and if the trigger occurs, transmitting a communication corresponding to effectuation of the option to another computer which facilitates closing of the loan.

11. A computer-aided method of carrying out an option on a loan, the method including the steps of:

receiving, with a computer system, specifications defining an option on a loan, the specifications including a trigger to execute the option;

evaluating the trigger with the computer by accessing further data; and

if the trigger is detected, signaling execution of the option.

12. The method of claim 11, wherein the step of receiving is carried out with the trigger being an interest rate for a lock for a mortgage.

13. The method of claim 12, wherein the step of receiving is carried out with the interest rate trigger being a floor.

14. The method of claim 12, wherein the step of receiving is carried out with the interest rate trigger being a ceiling.

15. The method of claim 12, wherein the step of receiving is carried out with the interest rate trigger being comprised of a floor and a ceiling.

16. Apparatus comprising:

a plurality of computers controlled by respective programs, the computers arranged to communicate data structured to identify an option on a loan; and

means for effectuating the option, corresponding to an evaluated option execution trigger signal, to control closing of the loan.

17. The apparatus of claim 16, further including means for computing a secondary market characteristic related to the option.

18. The apparatus of claim 16, wherein the option for the loan comprises an option for a mortgage loan;

and further including;

a database of data relating to mortgage loan applications, the database including an indicator of an application status other than a lock status and a float status; and

wherein

one of said computers is programmed to access the database to analyze the status information in carrying out closings of some of the loans.

19. A computer apparatus to implement a loan, the apparatus including:

a database of data relating to mortgage loan applications, the database including an indicator of an application status other than a lock status and a float status, the indicator corresponding to an evaluated trigger which signaled to execute the option; and

a computer accessing the database to for the status information in carrying out a closing of a loan.

20. The computer apparatus of claim 19, wherein the indicator indicates an option status.

21. The computer apparatus of claim 20, wherein said database includes at least one of a floor, a ceiling, and both, in association with said option status.

22. The computer apparatus of claim 19, wherein the computer uses shock analysis on said application status loan applications.

23. The apparatus of claim 19, further comprising a plurality of computers controlled by respective programs, the computers arranged to communicate data structured to identify an option on a loan corresponding to one of said mortgage applications, one of said computers effectuating the option in facilitating closing of the loan.

24. The apparatus of claim 19, further comprising a computer programmed to carry out the steps of receiving specifications for an option on the loan, said loan corresponding to one of said mortgage applications, the specifications including a trigger to execute the option, evaluating the trigger with respect to other data, and if the trigger occurs, signaling execution of the option.