Patent ID: 7089503
Filing Date: 2006-08-08
Classification: G06Q

Abstract:
1. A computer-implemented method for providing a borrower with a mortgage loan that is customized to meet the requirements of the borrower, comprising the steps of: obtaining loan requirements from the borrower by soliciting responses from a user using a computer-implemented user interface comprising at least one input device and at least one output device, determining at least one mortgage loan product having a plurality of loan features, the plurality of loan features including interest rate and loan term, and the plurality of loan features further including a customized combination of loan features, the customized combination of loan features being selected to meet the loan requirements from the borrower, wherein the customized combination of loan features includes a plurality of the loan features selectable from the following: fewer than 12 months of payments, graduated payments, portability, payment coverage for missing a loan payment without adverse credit history consequences, a borrower-selected payment date selectable by the borrower from any day through the end of each month, and a borrower-selected payment frequency selectable by the borrower from a plurality of possible payment frequencies, including bi-weekly and monthly, applying the loan requirements from the borrower to a set of stored rules for combining loan features, the set of stored rules being configured to assess compatibility of the customized combination of loan features with each other, calculating at least one of a price and an interest rate for at least one customized mortgage loan product for presentation to the borrower together with the at least one customized loan product, wherein calculating of the at least one of a price and an interest rate is executed by a data processor, and wherein the computer-implemented user interface solicits the response by providing a pre-fill form/questionnaire comprising a series of questions configured to solicit information concerning how the borrower ranks the importance of various available loan features that may subsequently be selected and included as part of the customized combination of loan features in the customized mortgage loan product.