METHOD AND SYSTEM FOR DEBT PROTECTION OR CANCELLATION

• US 20050289044A1
• Filed: 06/25/2004
• Published: 12/29/2005
• Est. Priority Date: 06/25/2004
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Mauldin, Robert, Breslin, Jerome, Curren, David, Pellerin, J. Keith, Mumford, Katharina, Sunris, Robert
• Granted Patent: US 8,229,843 B2
• Time in Patent Office: Days
• 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

Abstract

A method for debt protection or cancellation may include providing an addendum for a debt protection or cancellation product for inclusion in a debt instrument. The method may also include serving the debt protection and cancellation product in response to a borrower purchasing the debt protection and cancellation product.

Claims

1. A method for debt protection or cancellation, comprising:

offering a borrower a debt protection or cancellation product associated with a loan;

collecting a periodic fee in response to the borrower accepting the debt protection or cancellation product; and

canceling the loan and waiving the periodic fee in response to a triggering event.

2. The method of claim 1, wherein offering the debt protection or cancellation product comprises at least one of offering the debt protection or cancellation product through a lending institution extending the loan, and offering the debt protection or cancellation product through a debt cancellation service provider.

3. The method of claim 1, wherein offering the debt protection or cancellation product comprises offering the product via one of a non-integrated point of sale, a semi-integrated point of sale and an integrated point of sale.

4. The method of claim 1, wherein offering the debt protction or cancellation product comprises offering the product comprises via at least one of telemarketing and direct mailing.

5. The method of claim 1, wherein further comprising providing a quote for the debt protection or cancellation product responsive to selected information related to the borrower and the loan.

6. The method of claim 5, wherein providing the quote comprises accessing an interactive web site of a debt cancellation service to enter the selected information related to the borrower and the loan.

7. The method of claim 1, further comprising transferring selected information associated with the borrower and the loan to a debt protection or cancellation service provider.

8. The method of claim 1, further comprising adding an addendum for the debt protection or cancellation product to a debt instrument in response to the borrower wanting to purchase the debt protection or cancellation product.

9. The method of claim 8, further comprising presenting the addendum for printing from a web site of a debt cancellation service provider.

10. The method of claim 1, further comprising adding a waiver for the debt protection or cancellation product in closing documentation in response to the borrower rejecting to purchase the debt protection or cancellation product.

11. The method of claim 1, further comprising loading the debt protection or cancellation product information and associated loan information into a servicing system in response to closing the loan with a debt protection or cancellation addendum.

12. The method of claim 11, wherein the servicing system is maintained by a debt cancellation service provider.

13. The method of claim 1, further comprising completing an application for the debt protection or cancellation product by entering selected borrower and loan information at a web site of a debt protection or cancellation service provider.

14. A method for debt protection or cancellation, comprising:

providing an addendum for a debt protection or cancellation product for inclusion in a debt instrument; and

servicing the debt protection or cancellation product in response to a borrower purchasing the debt protection or cancellation product.

15. The method of claim 14, further comprising providing a quote for the debt protection or cancellation product in response to accessing a web site of a debt cancellation service provider and entering selected borrower and loan information.

16. The method of claim 14, further comprising transferring selected information associated with the borrower and a loan to a debt protection or cancellation service provider.

17. The method of claim 14, further comprising loading the debt protection or cancellation product information and associated loan information into a servicing system.

18. The method of claim 14, further comprising offering the debt protection or cancellation product to the borrower at selected times between applying for a loan and closing.

19. The method of claim 14, further comprising offering the debt protection and cancellation product via one of a non-integrated point of sale, a semi-integrated point of sale and an integrated point of sale.

20. The method of claim 14, wherein providing the addendum for the debt protection or cancellation product comprises presenting the addendum for printing from a web site of a debt protection or cancellation service provider.

21. The method of claim 14, further comprising providing a waiver for the debt protection or cancellation product for inclusion in closing documentation in response to the borrower rejecting the debt protection or cancellation product.

22. The method of claim 14, further comprising transferring a liability to pay a claim on the debt protection or cancellation product to an insurer.

23. The method of claim 14, further comprising integrating a debt protection or cancellation product process with a loan process of a lending institution.

24. A system for debt protection or cancellation, comprising:

a server; and

a debt protection or cancellation program operable on the server to provide a debt protection or cancellation product offerable in association with a loan.

25. The system of claim 24, further comprising actuarial information to establish pricing for the debt protection or cancellation product.

26. The system of claim 24, further comprising means to transfer any liability related to claims associated with the debt protection or cancellation product.

27. The system of claim 24, wherein the debt protection or cancellation program is adapted to create an addendum for the debt protection or cancellation product for inclusion in a debt instrument in response to an indication that a borrower wants to purchase the debt protection or cancellation product.

28. The system of claim 24, further comprising means for providing a quote for the debt protection or cancellation product in response to selected information associated with a borrower and the loan.

29. The system of claim 24, further comprising a debt protection or cancellation service system to service the debt protection or cancellation product.

30. The system of claim 24, further comprising a data source to log debt protection or cancellation product information and associated loan information in response to closing the loan with a debt protection or cancellation addendum.

31. A system for debt protection and cancellation, comprising:

means for providing an addendum for a debt protection or cancellation product for inclusion in a debt instrument; and

means for servicing the debt protection or cancellation product in response to a borrower purchasing the debt protection or cancellation product.

32. The system of claim 31, further comprising means for providing a quote for the debt protection or cancellation product.

33. The system of claim 31, further comprising means for loading debt protection or cancellation product information and associated loan information into a debt protection or cancellation service system.

34. A computer-readable medium having computer-executable instructions for performing a method, comprising:

providing an addendum for a debt protection or cancellation product for inclusion in a debt instrument; and

servicing the debt protection or cancellation product in response to a borrower purchasing the debt protection or cancellation product.

35. The computer-readable medium having computer executable instructions for performing the method of claim 34, further comprising providing a quote for the debt protection or cancellation product in response to accessing a web site of a debt cancellation service provider and entering selected borrower and loan information.

36. The computer-readable medium having computer executable instructions for performing the method of claim 34, further comprising storing the debt protection or cancellation product information and associated loan information for serving the debt protection or cancellation product.

37. The computer-readable medium having computer executable instructions for performing the method of claim 34, further comprising storing selected information associated with the borrower and a loan to facilitate providing the addendum for the debt protection and cancellation product.