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A computerized mortgage loan system and process to enable borrowers
to design mortgage loans that meet their particular individual needs
and financial goals, and that can be adapted to fit changing needs
and goals is provided. The loan requirements of the borrower are
obtained and applied to a set of rules for combining loan product
features. One or more loan recommendations are determined and presented
to the borrower. The loan recommendations include customized combinations
of loan features based on the loan requirements of the borrower
and the rules.
A method for mortgage and closed end loan portfolio management
in the form of an analytic tool designed to improve analysis of
past and future performance of loan portfolios. In accordance with
one aspect thereof, the invention aggregates loan units into loan
vintages, wherein the loans in each vintage originate within a predetermined
time interval of one another. The invention compares different vintages
to one another in a manner such that the ages of the loans in the
different vintages are comparable to one another. An early warning
component of the system predicts delinquency rates expected for
a portfolio of loans during a forward looking time window.
The automated system of the present invention uses the Federal,
State, local and professional regulations and requirements and implementing
instructions to generate a plurality of tasks which can be used
to control and drive the process of handling a mortgage loan application
to completion and settlement in accordance with these regulations.
Loan requestors may specify that the system will generate the plurality
of required tasks, including tasks required by applicable federal
and/or state law, provide the plurality of required tasks to the
requester for his execution, and monitor the completion of all required
tasks so as to provide a completion certificate to the requestor.
Alternatively, loan requestors may specify that the automated system
will generate the plurality of required tasks, including tasks required
by applicable federal and/or state law, will manage and control
the execution of the required tasks, and monitor the completion
of all required tasks so as to provide a completion certificate
to the requestor.
A system and method for implementing a mortgage plan. Data is input
to a computer system regarding the mortgage terms, and the computer
system is used to prepare a mortgage document which creates an equity
participation mortgage obligation in which the lender shares in
a predetermined percentage of realized appreciation on the subsequent
sale of the asset which is the subject of the mortgage. In a particularly
preferred embodiment, this mortgage plan can provide the borrower
with an interest-free loan, a faster amortization schedule, and
a larger, yet more affordable mortgage. The lender also receives
substantial benefits, including the potential for a return which
exceeds conventional mortgage rate returns, insulation from risk
against interest rate fluctuation, and preferred tax treatment in
the form of capital gains tax rates paid only upon the subsequent
sale of the mortgaged asset. No maturity date need be specified
for the mortgage; rather, it may be tied to the ultimate sale of
the asset subject to the mortgage.
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