Self service rate lock
AssigneeUnited States Automobile Association (USAA)
InventorsSteve D. Zettner, Kevin Fiedler, Robert K. Dibble
Life of this patent
Estimating the term…
Abstract
Systems and methods are disclosed for enabling a borrower to rate lock a line of credit. An offer to rate lock at least a portion of the borrower's line of credit may be presented to the borrower. The rate lock offer may include converting an advanced amount, and/or an amount that is available to be advanced, from the borrower's line of credit to a fixed rate loan having a fixed interest rate, a fixed loan duration, and/or a fixed payment schedule. After the borrower has accepted the offer, the rate lock may be executed. The disclosed embodiments may enable the borrower to electronically obtain the rate lock without any human intervention.
Claims21
A non-transitory computer-readable medium having stored thereon computer executable instructions for enabling a borrower to rate lock a portion of a line of credit having a variable interest rate, the computer executable instructions comprising instructions for:
- electronically generating a first offer to rate lock a first amount at a first fixed interest rate, the first amount advanced from an approved and used line of credit associated with the borrower, the line of credit having a variable interest rate and the first amount advanced being a portion of the line of credit;
- electronically generating a second offer to rate lock a second amount at a second fixed interest rate that is different than the first interest rate, the second amount available to be advanced from the line of credit associated with the borrower, the second amount being an available portion of the line of credit remaining after the first amount is advanced;
- electronically receiving account information for an account to which the amount available to be advanced is to be transferred;
- electronically presenting the first offer and the second offer to the borrower;
- electronically receiving a response indicating the borrower's acceptance of the first offer and the second offer and an identifier for the amount advanced;
- electronically executing the rate lock on the amount advanced and the amount available to be advanced from the line of credit;
- and
- transmitting information to display the identifier for the amount advanced to the borrower.
A system for enabling a borrower to rate lock a portion of a line of credit having a variable interest rate, the system comprising:
- a computer processor;
- and
- memory in electronic communication with the computer processor and having a set of computer executable instructions stored on the memory that when executed by the computer processor:
- electronically generates a first offer to rate lock a first amount at a first fixed interest rate, the first amount advanced from an approved and used line of credit associated with the borrower, the line of credit having a variable interest rate and the first amount advanced being a portion of the line of credit;
- electronically generates a second offer to rate lock electronically generating a second offer to rate lock a second amount at a second fixed interest rate that is different than the first interest rate, the second amount available to be advanced from the line of credit associated with the borrower, the second amount being an available portion of the line of credit remaining after the first amount is advanced;
- electronically receives account information for an account to which the amount available to be advanced is to be transferred;
- electronically presents the first offer and the second offer to the borrower;
- electronically receives a response indicating the borrower's acceptance of the first offer and the second offer and an identifier for the amount advanced;
- electronically executes the rate lock on the amount advanced and the amount available to be advanced from the line of credit;
- and
- transmitting information to display the identifier for the amount advanced to the borrower.
A method for enabling a borrower to rate lock a portion of a line of credit having a variable interest rate, the method comprising:
- electronically generating, by a computer, a first offer to rate lock a first amount at a first fixed interest rate, the first amount advanced from an approved and used line of credit associated with the borrower, the line of credit having a variable interest rate and the first amount advanced being a portion of the line of credit;
- electronically generating, by a computer, a second offer to rate lock a second amount at a second fixed interest rate that is different than the first interest rate, the second amount available to be advanced from the line of credit associated with the borrower, the second amount being an available portion of the line of credit remaining after the first amount is advanced;
- electronically receiving account information for an account to which the amount available to be advanced is to be transferred;
- electronically presenting the first offer and the second offer to the borrower;
- electronically receiving a response indicating the borrower's acceptance of the first offer and the second offer and an identifier for the amount advanced;
- electronically executing, by a computer, the rate lock on the amount advanced and the amount available to be advanced from the line of credit;
- and
- transmitting information to display the identifier for the amount advanced to the borrower.
Dependencies are inferred from the claim text.