Patent ID: 8799127

Claim:
A data processing system having a processor coupled to a computer readable storage medium for reporting loan payoff information, comprising: payoff calculation logic comprising the processor that is in communication with the computer readable storage medium that stores a program that when executed by the processor causes the processor to accept loan information and generate a payoff quote for a plurality of loans, at least one of the plurality of loans having different prepayment terms than another one of the plurality of loans, the payoff quotes including: (i) a prepayment premium for premature satisfaction of a loan, wherein the prepayment premium for the at least one of the plurality of loans is generated using a different algorithm than a prepayment premium algorithm used for the another one of the plurality of loans based on the different prepayment terms; (ii) a total payoff amount that includes the prepayment premium for the premature satisfaction of the loan; user interface logic configured to communicate the payoff quote via a network; and wherein the payoff processor is configured to determine the prepayment premium based on a reason the total payoff amount was requested.