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US 2015/0310546 A1Published application
Providing a loan discount on property in connection with the purchase of an insurance product
OwnerLeif A. Roll, Jun Wuinventors
Life of this patent
Estimating the term…
Abstract
Providing a discount for an interest rate on a loan in connection with the purchase of an insurance product. The insurance product may protect property purchased by the loan from loss. The loan applicant may be a new customer of the provider of the insurance product and the interest rate discount is an incentive for the customer to purchase a loan product.
Claims21
A computer network-based method for automatically providing a discounted interest rate for a loan from a loan provider for acquiring a property, comprising the steps of:
- determining, by a computer of the loan provider, an interest rate discount for the loan based on a loan applicant purchasing an insurance product from an insurance provider covering the property;
- receiving, by the computer of the loan provider, via a computer network, information from a remote computer of a credit entity, credit information of the loan applicant regarding a creditworthiness of the loan applicant;
- determining, by the computer of the loan provider, a discounted interest rate for the loan based on the received credit information of the loan applicant, a baseline interest rate, and the determined interest rate discount;
- making, by the computer of the loan provider, an underwriting decision approving the loan based on the determined discounted interest rate;
- determining, by the computer of the loan provider, a periodic payment amount based on the determined discounted interest rate;
- and
- automatically administering, by the computer of the loan provider, the loan, comprising:
- automatically requesting, collecting, and processing periodic payments of the periodic payment amount during a first portion of a term of the loan, wherein each periodic payment defines a loss to the insurance provider due to the discounted interest rate;
- automatically determining and recording, for each periodic payment, an amount owed by the insurance provider to the loan provider to account for the loss to the insurance provider;
- periodically automatically accessing from a database server, by the computer of the loan provider, a status record indicating a current status of the purchased insurance product, and determining based on the accessed status record, by the computer, that the purchased insurance product is not in force;
- and
- in response to determining that the purchased insurance product is not in force:
- calculating, by the computer of the loan provider, an increased periodic payment amount based on the baseline interest rate and without considering the interest rate discount;
- and
- requesting, collecting, and processing periodic payments of the increased periodic payment amount for a remaining portion of the term of the loan, wherein the increased periodic payment amount is not enforced retroactively.
12 more elements
A computer network-based system for automatically providing a discounted interest rate for a loan from a loan provider for acquiring a property, the system comprising:
- an installment loan application module of the loan provider comprising computer instructions stored in non-transitory computer-readable media and executable by one or more processors to:
- determine an interest rate discount based on a loan applicant purchasing an insurance product from an insurance provider covering the property;
- receive, by the computer, via a computer network, information from a remote computer of a credit entity, credit information of the loan applicant regarding a creditworthiness of the loan applicant;
- determine a discounted interest rate for the loan based on the received credit information of the loan applicant, a baseline interest rate, and the determined interest rate discount;
- make an underwriting decision approving the loan based on the determined discounted interest rate;
- and
- determine a periodic payment amount based on the determined discounted interest rate;
- and
- a loan system module of the loan provider comprising computer instructions stored in non-transitory computer-readable media and executable by one or more processors to
- automatically administer the loan, comprising:
- requesting, collecting, and processing periodic payments of the periodic payment amount during a first portion of a term of the loan, wherein each periodic payment defines a loss to the insurance provider due to the discounted interest rate;
- automatically determining and recording, for each periodic payment, an amount owed by the insurance provider to the loan provider to account for the loss to the insurance provider;
- periodically automatically accessing from a database server a status record indicating a current status of the purchased insurance product, and determining based on the accessed status record, by the computer, that the purchased insurance product is not in force;
- and
- in response to determining that the purchased insurance product is not in force:
- calculating an increased periodic payment amount based on the baseline interest rate and without considering the interest rate discount;
- and
- requesting, collecting, and processing periodic payments of the increased periodic payment amount during a remaining portion of the term of the loan.
15 more elements
A computer network-based method for automatically providing a discounted interest rate for a loan from a loan provider for acquiring a property, comprising the steps of:
- providing, by a computer of the loan provider, a first interface for receiving information from a loan applicant;
- receiving, at the computer of the loan provider, via a computer network, data comprising information for a loan application for the loan provided by the loan applicant;
- determining, by the computer, an interest rate discount based on the loan applicant purchasing an insurance product from an insurance provider covering the property;
- receiving, at the computer, via the computer network, from a remote computer of a credit entity, credit information of the loan applicant regarding a creditworthiness of the loan applicant;
- determining, by the computer of the loan provider, a discounted interest rate for the loan based on the received credit information of the applicant and the determined interest rate discount;
- making, by the computer of the loan provider, an underwriting decision approving the loan based on the determined discounted interest rate;
- determining, by the computer of the loan provider, a periodic payment amount based on the determined discounted interest rate;
- providing, by the computer of the loan provider, a second interface for informing the loan applicant about the status of the loan;
- and
- automatically administering, by the computer of the loan provider, the loan, comprising:
- requesting, collecting, and processing periodic payments of the periodic payment amount during a first portion of a term of the loan, wherein each periodic payment defines a loss to the insurance provider due to the discounted interest rate;
- automatically determining and recording, for each periodic payment, an amount owed by the insurance provider to the loan provider to account for the loss to the insurance provider;
- periodically automatically accessing from a database server, by the computer of the loan provider, a status record indicating a current status of the purchased insurance product, and determining based on the accessed status record, by the computer of the loan provider, that the purchased insurance product is not in force;
- in response to determining that the purchased insurance product is not in force:
- calculating, by the computer of the loan provider, an increased periodic payment amount based on the baseline interest rate and without considering the interest rate discount;
- and
- requesting, collecting, and processing periodic payments of the increased periodic payment amount during a remaining portion of the term of the loan.
14 more elements
A computer network-based system for automatically providing a discounted interest rate for a loan from a loan provider for acquiring a property, the system comprising:
- means for determining an interest rate discount based on a loan applicant purchasing an insurance product from an insurance provider covering the property;
- means for collecting, via a computer network, credit information of the loan applicant regarding a creditworthiness of the loan applicant;
- means for determining a discounted interest rate for the loan based on the received credit information of the loan applicant, a baseline interest rate, and the determined interest rate discount;
- means for making an underwriting decision approving the loan based on the determined discounted interest rate;
- means for determining a periodic payment amount based on the determined discounted interest rate;
- and
- means for automatically requesting, collecting, and processing periodic payments of the periodic payment amount during a term of the loan, wherein each periodic payment defines a loss to the insurance provider due to the discounted interest rate;
- means for automatically determining and recording, for each periodic payment, an amount owed by the insurance provider to the loan provider to account for the loss to the insurance provider;
- means for, during the term of the loan, periodically automatically accessing from a database server a status record indicating a current status of the purchased insurance product, and determining based on the accessed status record, that the purchased insurance product is not in force;
- means for calculating, in response to determining that the purchased insurance product is not in force, an increased periodic payment amount based on the baseline interest rate and without considering the interest rate discount;
- and
- means for requesting, collecting, and processing periodic payments of the increased periodic payment amount during a remaining portion of the term of the loan.
9 more elements
Dependencies are inferred from the claim text.