Systems And Methods For Loan Option Customization

In a loan option system having a loan server accessible through a network to a borrower computer external to the loan option system and a loan processor for providing loan parameters to the loan server, a computer implemented method for determining and adjusting a loan balance, the method comprising:

• receiving a principal value for a loan through the network from the borrower computer, the principal value corresponding to the loan balance, wherein the loan has an interest rate and a loan term corresponding to a specified number of payments throughout the loan;
• upon a permissible omitted payment:
• increasing the interest rate;
• determining accrued interest;
• setting predetermined fees due to the missed payment;
• and
• applying the predetermined fees and accrued interest to the loan balance to produce a new balance;
• retrieving the new balance from the loan processor to the loan server;
• and
• providing the new balance to the borrower computer.

In a loan option system having a loan server accessible through a network to a borrower computer external to the loan option system and a loan processor for providing loan parameters to the loan server, a computer implemented method for determining and adjusting a loan balance, the method comprising:

• receiving a principal value for a loan through the network from the borrower computer, the principal value corresponding to the loan balance, wherein the loan has an interest rate and a loan term corresponding to a specified number of payments throughout the loan;
• upon an omitted payment:
• increasing the loan term upon determination that a predetermined number of omitted payments has been exceeded;
• and
• adjusting the interest rate upon determination that the interest rate is a floating rate;
• determining a new balance based upon the loan term and the adjusted interest rate;
• retrieving the new balance from the loan processor to the loan server;
• and
• providing the new balance to the borrower computer.