Computer support for mortgage lock option
US7882022B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Jun 13, 2004 |
| Grant date | Feb 1, 2011 |
| Priority date | — |
| Expiry date | Oct 28, 2028 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/06
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.