WO2001091010A1 - Online system and method for calculating the actual costs of a mortgage loan to a mortgage consumer - Google Patents
Online system and method for calculating the actual costs of a mortgage loan to a mortgage consumer Download PDFInfo
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- WO2001091010A1 WO2001091010A1 PCT/US2001/016669 US0116669W WO0191010A1 WO 2001091010 A1 WO2001091010 A1 WO 2001091010A1 US 0116669 W US0116669 W US 0116669W WO 0191010 A1 WO0191010 A1 WO 0191010A1
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/02—Banking, e.g. interest calculation or account maintenance
Definitions
- Typical online tools also known as mortgage calculators, allow a mortgage consumer to determine the monthly payments a mortgage consumer will
- the interest rate applicable to the purchase and the term or type of mortgage being considered e.g., ARM, 30 year fixed.
- a mortgage calculator system and method for calculating actual or real mortgage costs and providing appropriate comparable analyses between various mortgage products.
- the mortgage calculator of the present invention will provide an analysis that includes four key measures: (i) the actual cost rate of the mortgage including all expenses associated with financing the loan, expressed as an annual percentage rate based on the time the borrower plans to hold the loan; (ii) the actual cost rate of the mortgage rate after taking into account the tax savings derived by a borrower based on a tax deduction for the mortgage interest; (iii) the monthly mortgage payment that takes into account the expenses associated with financing the loan; and (iv) the estimated equity that the borrower can expect to accumulate during the time that the borrower plans to hold the loan.
- a method for providing a client with mortgage loan costs over a computer network, the method steps including receiving over a computer network an electronic request from the client machine for information concerning the costs of a mortgage; providing, in response to the request, an input interface including one or more mortgage data fields to be populated by values; populating the mortgage data fields with at least one of values input by said client and default values; sending a request to calculate an actual cost rate of a mortgage; and calculating the actual cost rate of a mortgage based on the at least one of values input by said client and default values, including values for closing costs and settlement fees.
- the actual mortgage costs are preferably expressed as an annual percentage rate based on the expected time period that the mortgage will be held by a mortgage consumer.
- such method further comprises the step of using a default value or a client input value for a mortgage consumer' s tax bracket and calculating the actual cost rate of the mortgage to reflect a potential tax savings that would result from a mortgage consumer's tax deduction of the mortgage interest.
- such method further comprises the step of recalculating the actual mortgage costs based on values for the closing and settlement costs input by the mortgage consumer using the client machine.
- such method further comprises the step of providing a mortgage consumer the option of initiating a calculation of the actual cost rate for a single mortgage loan or initiating a calculation of the actual cost rate for two mortgage loans, the results displayed on the client machine in a side by side comparison.
- a method for making electronically available from a remote system mortgage cost data to a mortgage consumer having access to a client terminal electronically connectable to the Internet including the steps of establishing a link between the client terminal and the remote system over the Internet; rendering in the client terminal a graphical user interface including a plurality of mortgage data fields to be populated by values; populating the mortgage data fields with at least one of values input by the mortgage consumer and default values; sending a request over the Internet to the remote system to calculate an actual cost rate of a mortgage loan; calculating an actual cost rate of a mortgage loan based on the at least one of values input by mortgage consumer and default values including values for closing costs and settlement fees; and rendering on the client terminal a results graphical user interface including the plurality of mortgage data fields and the at least one of values input by the mortgage consumer and default values.
- the results interface displays the actual cost rate as an annual percentage rate over an expected time period that the mortgage will be held by the mortgage consumer.
- a web based system for delivering to a mortgage consumer mortgage cost data over the Internet which includes a client machine having a web browser associated with the mortgage consumer for inputting values for mortgage data including a purchase price of a home, an intended down payment and a mortgage interest rate; a remote sub-system having at least one server, means associated with the at least one server for rendering a web page in the web browser, including a graphical user interface having a plurality of data fields for receiving the mortgage data inputs from said client machine; a database of default values associated with the at least one server for populating at least one of the plurality of data fields; and means for calculating an actual cost rate for the mortgage based on the mortgage consumer input values and at least one default mortgage data values for closing and settlement costs and holding period. Accordingly, it is an object of the present invention to provide an improved mortgage calculator which overcomes the deficiencies and inadequacies of the prior art.
- Another object of the present invention is to provide a mortgage calculator system and method which allows mortgage consumers to consider and compare various mortgage options.
- a further object of the present invention is to provide a mortgage calculator system and method which allows consumers to calculate all costs of obtaining a mortgage to provide a more useful and realistic cost assessment.
- a still further object of the present invention is to provide a mortgage calculator system and method which allows a mortgage consumer to perform a side by side comparison of two mortgages based on the actual cost rate of each of the mortgages.
- FIG. 1 is a screen display of an introductory interface for prompting a selection of one of the available options in accordance with an exemplary embodiment of the invention
- FIG. 2 is a screen display of a single loan input interface for a new purchase according to an exemplary embodiment of the present invention
- FIG. 3 is a screen display of a single loan input interface for a refinance of an existing mortgage according to an exemplary embodiment of the present invention
- FIG. 4 is a screen display of a single loan results interface for a new purchase according to an exemplary embodiment of the present invention
- FIG. 5 is a screen display of a single loan results interface for a refinance of an existing mortgage according to an exemplary embodiment of the present invention
- FIG. 6 is a screen display of a single loan results interface for a refinance of an existing mortgage where the loan type and term has been identified as a 5 year ARM loan according to an exemplary embodiment of the present invention
- FIG. 7 is a screen display of a single loan results interface for a refinance of an existing mortgage where the loan type and term has been identified as a Balloon loan according to an exemplary embodiment of the present invention
- FIG. 8 is a screen display of a two loan input interface for a new purchase according to an exemplary embodiment of the present invention
- FIG. 9 is a screen display of a two loan input interface for a refinance of an existing mortgage according to an exemplary embodiment of the present invention
- FIG. 10 is a screen display a screen display of a two loan results interface for a new purchase according to an exemplary embodiment of the present invention.
- FIG. 11 A- 1 IE are screen displays of a closing costs and other fees itemizer interface according to an exemplary embodiment of the present invention.
- FIG. 12 is a screen display of a closing costs and other fees itemizer results interface according to an exemplary embodiment of the present invention
- an online mortgage calculator that calculates: (i) the actual cost of the mortgage including all expenses, expressed as an annual percentage rate based on the time the borrower actually plans to hold the loan; (ii) the actual cost rate after taking into account the borrower's potential tax savings, based on a deduction of the mortgage interest at an assumed or mortgage consumer provided tax bracket; (iii) the monthly mortgage payment; and (iv) the estimated equity that the borrower can expect to accumulate during the time that the borrower plans to hold the loan.
- the online mortgage calculator provides these calculations for a single loan or as a comparison of two loans. Overall the online mortgage calculator provides a mortgage consumer a way to calculate and compare all the built in costs associated with a mortgage loan including interest rate, points, mortgage insurance costs, appraisal fees, title and home insurance fees, closing or settlement costs and miscellaneous mortgage related expenses.
- the online mortgage calculator of the present invention is preferably implemented as a web based feature of a home and mortgage related products web site that is accessible by a mortgage consumer over a network connection (e.g., over the World Wide Web).
- the functionality of the mortgage calculator is implemented by one or more programs running on a web server or application server associated with such home and mortgage related product web site.
- the mortgage consumer accesses the home and mortgage product web site through the World Wide Web or Internet network using a client machine.
- the client machine may be located at a user's home or office and is connectable to the Internet through an Internet Service Provider (ISP), an online service provider (e.g., America Online) or other available connection means.
- ISP Internet Service Provider
- the client system is preferably a personal computer such as, a desktop, notebook or palmtop device running one of many operating systems (e.g., Windows 98) and equipped with Internet browsing capabilities (e.g., Microsoft Internet Explorer, Netscape Navigator).
- the client system preferably includes a central processing unit, one or more storage mediums, a display having a graphical user interface (GUI) and a keyboard and pointing device for inputting data and navigating.
- GUI graphical user interface
- a client machine makes a request to a web server identified by a uniform resource locator (URL) and receives in return a web page formatted according to a Hyper Text Markup Language (“HTML”) or similar markup language, such as SGML or XML.
- HTTP Hyper Text Markup Language
- SGML SGML
- XML XML
- a mortgage consumer accesses the mortgage calculator by clicking on a link causing the web server to transmit a web page or GUI interface to the mortgage consumer's web browser for display on the mortgage consumer's client machine.
- a web based GUI interface may include virtual buttons (i.e., radio buttons) that are activated when clicked by a user using a mouse or keyboard.
- the mortgage consumer navigates or initiates different features or functions of the mortgage calculator by selecting (i.e., clicking) a radio button that corresponds to a particular feature or functionality of the mortgage calculator.
- the mortgage consumer is presented with a first screen (not shown) that asks the mortgage consumer to indicate the purpose of the mortgage loan (i.e., new purchase or refinancing an existing loan).
- a second screen is rendered in the mortgage consumer's web browser, as shown in FIG. 1, that requests the mortgage consumer to choose a single loan option, two loan comparison option or closing cost itemizer option.
- This screen shown in FIG. 1 appears whether the mortgage consumer has identified the mortgage as being used for a new purchase or to refinance and existing mortgage.
- a mortgage consumer may select one of three types of user interfaces — a Single Loan Input Interface, a Two Loans Input Interface or a Closing Costs and Other Fees Itemizer Interface that is rendered in the mortgage consumer's web browser.
- a Single Loan Input Interface a Single Loan Input Interface
- Two Loans Input Interface a Closing Costs and Other Fees Itemizer Interface that is rendered in the mortgage consumer's web browser.
- a Single Loan Input Interface includes a plurality of mortgage data fields (text boxes or drop down menus) for the mortgage consumer to enter a value or select a type.
- the value entered by the mortgage consumer for the first two data fields will depend on the mortgage consumer's selected purpose for the loan (i.e., purchase or refinance).
- the mortgage consumer is prompted to enter in the first two data fields the Home Purchase Price and Down Payment, respectively.
- the potential buyer is prompted to enter an Estimated Home Value and the Refinance Amount, in the first two data fields.
- the third input data field is a combination of Loan Type and Term and is common to the Single Loan Input Interfaces of both FIGS. 2 and 3.
- the most widely used values of loan type and term are combined to create a user- friendly drop down menu of the most common loan products in the market.
- the drop down menu assists the mortgage consumer in quickly selecting a loan type and term (e.g., 15 year fixed, 20 year fixed, 25 year fixed, 30 year fixed, 40 year fixed, 30 year Balloon, 1 year ARM, 3 year ARM, 5 year ARM, 7 year ARM, 10 year ARM).
- the Single Loan Interfaces of FIGS. 2 and 3 also includes separate data fields for Mortgage Interest Rate and Points.
- the Mortgage Interest Rate data field displays a default value of 8% and the Points data field displays a default value of 1 point.
- the mortgage consumer may change these default values to enter actual values for Interest Rate and Points.
- the mortgage consumer clicks the "Continue" button that calls a server side script or application (e.g., Java Bean application) that processes the values present in the mortgage data fields shown in FIGS. 2 and 3 and returns the results for the single loan option to the mortgage consumer's web browser for display as a Single Loan Results Interface rendered in the mortgage consumer's browser.
- a server side script or application e.g., Java Bean application
- the Single Loan Results Interfaces repeat the data fields and values from the Single Loan Input Interfaces of FIGS. 2 and 3, respectively.
- the Single Loan Results Interfaces include additional data fields that are populated by default or assumed values.
- the assumed values or default values are preferably stored and retrieved from a database (e.g., xBase, relational, hierarchical) associated with the web server or application server.
- the default values that are retrieved to populate these additional fields will depend on the loan type and term and whether the mortgage is for a new purchase or to refinance an existing loan. For example, when a mortgage consumer selects an ARM loan, a server side application automatically accesses the database and retrieves the default values that correspond to an ARM loan and transfers the values to the mortgage consumer's web browser for display in the appropriate data fields.
- the Single Loan Results Interfaces include additional data fields for Estimated (Est.) Closing Costs and Other Fees; Holding Period (number of years mortgage will be held by consumer); Tax Bracket; and estimated Mortgage Insurance (MI) Premium.
- Estimated (Est.) Closing Costs and Other Fees are assumed to be approximately 3.0 % of the specified loan amount; the Holding Period is assumed to be seven (7) years, the Tax Bracket is assumed to be 15% and the MI Premium is calculated based on the loan to value ratio and the loan type.
- the default or assumed value for the MI Premium is only provided if the down payment, as indicated by the mortgage consumer, is less than 20% of the total purchase price.
- the 3.0% estimate is a conservative estimate based on industry wide averages of closing costs that typically run between 1.5% and 3.0%.
- the estimated 3.0% is represented as an aggregate dollar value in the Est. Closing Cost and Other Fees Fields of FIGS. 4 and 5.
- the mortgage consumer may replace the assumed values (including the assumed 3.0%) with actual values to calculate a more accurate value of the costs of financing the mortgage loan. As shown in FIGS.
- the actual or real costs of the mortgage are displayed as an Actual or True Cost Rate (based on the estimated 7 year holding period); a Monthly Payment, an Actual or True Cost Rate After Tax (based on the estimated 15% tax bracket and estimated 7 year holding period) and Equity Build Up (also taken over the estimated 7 year holding period).
- the Single Loan Results Interface of FIGS. 4 and 5 preferably include the following mortgage dated fields and their corresponding input or assumed values: (1) Purpose of loan (Purchase or Refinance); (2) Home Purchase Price Estimated Home Value ($); (3) Down payment (S and %) /Refinance Amount ($); (4) Loan Type and Term (from drop down menu); (5) Interest Rate; (6) Points; (7) Est. Closing Costs and Other Fees (expressed as an aggregate dollar value); (8) Holding Period; (9) Tax Bracket; and (10) Estimated Mortgage Insurance Payment
- additional data fields are included in the Single Loan Results Interface. More particularly, as shown in FIG. 6, if the mortgage consumer selected an ARM product, data fields for the following additional ARM data inputs are included: (1) ARM Index Value; (2) ARM Margin; (3) ARM Years Until First Adjustment; (4) ARM Years from First to Second Adjustment; (5) Period Rate Cap; and (6) Lifetime Rate Cap. Alternatively, if the user indicated a Balloon loan, the Results Interface includes the assumption for the number of years to the Balloon Date, as shown in FIG. 7. These additional data fields are preferably populated using server side values.
- the mortgage consumer may enter new values for one or more of the assumed values and recalculate the Monthly Payment, True Cost Rate, True Cost Rate After Tax and Equity Build Up. That is, the mortgage consumer may elect to change any of the assumed values with real data, if available, including replacing the default or assumed value for the Total Closing Costs and Other Fees.
- the mortgage consumer may input a new value for all the data fields, except for the tax bracket data field and loan type and term data field. These fields are drop down menus that require the mortgage consumer to select one of a predefined number of choices. For example, a mortgage consumer may edit the Est.
- Closing Costs and Other Fees by simply entering a new aggregate dollar value that replaces the initial aggregate dollar value that is derived from the 3% default value. With this new aggregate value entered, a mortgage consumer may calculate a new Monthly Payment, True Cost Rate, True Cost Rate After Tax and Equity Build Up. As before, once the new values have been entered a calculation is initiated by clicking on the "Calculate" button, as shown in FIGS. 4 through 7. Alternatively, a mortgage consumer may edit the Est. Closing Costs and Other Fees, previously assumed as 3% of the specified loan amount, by clicking on a link to a separate web page or interface (i.e., Closing Costs Input Itemizer Interface) where the mortgage consumer can enter specific values for the different components that comprise the Est. Closing Costs and Other Fees. This aspect of the present invention will be discussed in detail hereinafter.
- the data input by the mortgage consumer or that has been assumed is processed by a server side application that calculates certain prerequisite or interim values that are used to derive Monthly Payment, Actual or True Cost Rate, Actual or True Cost Rate After Tax and Equity Build Up.
- interim values are calculated when a mortgage consumer has identified the mortgage loan as being used for either a purchase or refinance: Current Balance; Base Mortgage Payment; Closing Costs Payment; Interest Payment; MI Payment; and Total Payment. If a user has identified the loan as being used for a purchase, the following additional values are derived: Discount Points Payment Purchase; and Total Payment After Tax
- noteRate is calculated, as shown below in paragraph 11. 1. CurrentBalance is the outstanding value of the loan at the end of any month in the holding period.
- loanAmount [(l + noteRate month /i2) mort ⁇ T - (1 + noteRate month /12) ⁇ ⁇ th ]
- BaseMortgagePayment is the required monthly payment for a given loan amount, note rate (interest rate) and mortgage term. This is the amount the borrower will actually remit to the lender every month. For adjustable rate loans the note rate will vary by month according to the specified arm repricing rules.
- DiscountPointsPaymentPurchase represents the monthly payment required to amortize the discount points over the holding period (the amount of time the borrower expects to hold the loan).
- DiscountPo mt sPaymentPurchase start , , . I . . ⁇ !_2 .
- DiscountPointsPaymentRefi represents the monthly payment required to amortize the discount points over the mortgage term (the amount of time required to amortize the loan balance to zero).
- DiscountPo mt sPayment Re fi sla "ford » '- y (1 + noteRate sta ⁇ / 12) " »« w ⁇ TM _ i
- ClosingCostsPayment represents the monthly payment required to amortize the total closing costs over the holding period.
- InterestPayment is the portion of the BaseMortgagePayment that is allocated to cover interest on the outstanding loan amount. In a fully amortizing mortgage, the interest payment declines over the mortgage's life.
- MlPayment is the monthly mortgage insurance premium payment. This payment will be a function of a specific MI premium schedule and cancellation assumptions.
- MIpayment month loanAmount * MIpremium month /12
- TotalPayment is the sum of the monthly payments for the loan and closing cost components described above. It represents all the costs related to obtaining a mortgage converted to a monthly payment basis. This value will serve as the basis for computing the True Cost Interest Rate.
- TotalPayment month BaseMortgagePayment month + DiscountPo int sPayment + Clo sin gCostPayment + MlPayment month 9.
- TotalPaymentAfterT ax-Purchase is the sum of the after tax monthly payments for the loan and closing cost components described above. It represents all the costs related to obtaining a mortgage converted to a monthly payment basis and adjusted to reflect the tax deductibility of mortgage interest payments. This value will serve as the basis for computing the True Cost After Tax Interest Rate.
- TotalPaymentAfterT ax-Refinance is the sum of the after tax monthly payments for the loan and closing cost components described above. It represents all the costs related to obtaining a mortgage converted to a monthly payment basis and adjusted to reflect the tax deductibility of mortgage interest payments. This value will serve as the basis for computing the True Cost After Tax Interest Rate.
- Adjustable Rate Mortgage (ARM) interest rate is a function of the ARM repricing rules, which are governed by data entered by the user. These rules require the following user-entered data elements:
- the ARM interest rate is then calculated using the following sequence of equations:
- ARMInterestRate raonth middlevalue(LowestPossible, IndexAndMargin, HighestPossible
- Actual or True Cost Rate This will be the primary metric of the mortgage calculator of the exemplary embodiment of the present invention.
- the actual or true cost rate reflects all the disparate costs of the mortgage origination process and the mortgage loan itself as a single rate which represents the total cost associated with a particular offering.
- the Actual or True Cost Rate will satisfy the following equation:
- Equation 1 must be solved in an iterative manner using a numerical technique designed to compute the roots of multidimensional nonlinear equations.
- the above calculation uses a variant of the Newton-Raphson method.
- the actual or true cost rate after tax reflects all the disparate costs of the mortgage origination process and the mortgage loan itself as a single after tax rate which represents the total cost associated with a particular offering.
- the actual or true cost after tax rate is the actual or true cost rate adjusted to reflect the tax savings based on a borrower's marginal federal tax rate.
- the Actual or True Cost After Tax Rate will satisfy the following equation:
- Equation 2 must be solved in an iterative manner using a numerical technique designed to compute the roots of multidimensional nonlinear equations.
- the above calculation uses a variant of the Newton-Raphson method.
- the equity calculator computes how much equity is built up in the loan's associated property after given number of months
- the equity calculator computes how much equity is built up in the loan's associated property after given number of months.
- Monthly Payment is the sum of the results of BaseMortgagePayment and MlPayment calculations.
- the Single Loan Results Interface also preferably includes at least four buttons that allow mortgage consumers to navigate and implement the mortgage calculator functions. As discussed, first the interface includes a "Calculate” button to generate new results based on new data. The interface also includes a "Print” button to allow the mortgage consumer to print the current page. A "Save” button is also provided to allow the mortgage consumer to save the results and last inputs to the data fields.
- a mortgage consumer selects this button, the screen is changed to a screen having a "cookie disclaimer" and an "OK" and "Cancel” button. If the mortgage consumer clicks the "OK” button , the loan information is written as a cookie to the mortgage consumer's machine. If the mortgage consumer clicks the "Cancel” button, the mortgage consumer is returned to the results of the calculations without saving. Additionally, a "Compare Two Loans” button is provided that transfers the mortgage consumer to a Two Loans Interface to compare options for two loans, as described below. 2. Two Loans Input Interface
- a mortgage consumer may enter the Two Loans Input Interface from either the interface shown in FIG. 1, by clicking on the radio button that corresponds to the two loan option or from any of the Single Loan Results Interfaces, shown in FIGS. 4 through 7.
- a Two Loans Input Interface as depicted in FIGS. 8 and 9 is rendered in the mortgage consumer's web browser.
- FIG. 8 a Two Loan Input Interface is shown for a new purchase
- FIG. 9 a Two Loan Input Interface is shown for a refinancing.
- the functionality of the Two Loan Input Interfaces of FIGS. 8 and 9 is the same as for the Single Loan Interfaces of FIGS. 2 and 3, respectively, except that the mortgage consumer is presented with a screen display having two sets of identical mortgage data fields.
- the Two Loan Input Interface includes a plurality of data fields (text boxes and drop down menus) for the mortgage consumer to enter a value or select a type.
- the mortgage consumer can enter data for two loans and compare the results.
- the values for these data fields are entered by the mortgage consumer and filled in by values extracted from a database associated with the web server or application server (i.e., assumed values).
- the mortgage consumer is prompted to enter for each of the two loans the Purchase Price and Down Payment, as shown in FIG. 8, and, if the mortgage consumer indicated that the mortgage loan was to be used to refinance an existing loan, the potential buyer is prompted to enter an Estimated Home Value and Refinance Amount, as shown in FIG. 9.
- the third variable input data fields in the Two Loan Input Interfaces of FIGS. 8 and 9 are the same user-friendly drop down menu of the most common loan products in the market.
- the drop down menu assists the mortgage consumer in quickly selecting a loan type and term (e.g., 15 year fixed, 20 year fixed, 25 year fixed, 30 year fixed, 40 year fixed, 30 year Balloon, 1 year ARM, 3 year ARM, 5 year ARM, 7 year ARM, 10 year ARM).
- the mortgage consumer can accept default values for Interest Rate and Points or enter actual values, if available for each of the two loans.
- the Two Loans Input Interfaces include a "Continue" button that calculates the input and assumed data for both loans and transfers the mortgage consumer to a Two Loans Results Interface.
- the Two Loans Results Interface repeats all data fields and their values from the Two Loans Input Interface, and displays them in two columns for a side by side comparison.
- FIG. 10 is a screen shot of a Two Loan Results Interface for a new home purchase and is representative of the screens displayed in accordance with an exemplary embodiment of the present invention.
- the data fields of the Two Loans Results Interface are also identical to the data fields for the Single Loan Results interface, as shown in FIG. 4, except that these fields are repeated in a neighboring column.
- the Monthly Payment, Actual or True Cost Rate, Actual or True Cost Rate After Tax and Equity Build Up are displayed in a side by side manner, thereby allowing the mortgage consumer to make a realistic assessment of the pros and cons of the mortgage loans.
- the mortgage consumer can change all input data fields at anytime, recalculate, and see the updated results instantly.
- To recalculate a loan the mortgagee consumer clicks on the "Calculate" button shown in FIG. 10.
- the mortgage consumer can recalculate with the single button the results for both loans based on new user defined data.
- the mortgage consumer is given an option to select one of the loans from the Two Loan Results Interface to compare against a third loan.
- the mortgage consumer can click on the "Compare this loan to another" button that corresponds to one of the two original loans. For example, by clicking the "Compare this loan to another" button under the loan in the left column of FIG. 10, the data in the right column is automatically cleared and the mortgage consumer may enter a new set of data in the right column for another loan for purposes of comparison. By clicking the "Compare this loan to another” button under the loan in the right column, data is shifted from the right column to the left column and the data in the right column is cleared allowing the mortgage consumer to enter data for another loan. As further shown in FIG. 10, a "Print” button and a "Save” button are also provided.
- the mortgage consumer may also enter a Two Loan Results Interface from the Single Loan Results Interfaces of FIGS. 4 through 7, by clicking on the "Compare Two Loans" button.
- the displayed Two Loans Results Interface displays all data inputs and outputs that were formerly present in the Single Loan Results Interface in a column on the left, and a column on the right will contain open data fields for all the corresponding data inputs of the loan to be compared. 3.
- a mortgage consumer is given the option to input values for the individual components that comprise the Closing Costs and Other Fees.
- a Closing Costs Input Itemizer is provided that may be accessed from the Interface shown in FIG. 1. or from either the Single Loan Results Interface or the Two Loans Results Interface.
- the Single Loan and Two Loans Interfaces include a link, depicted as the letter "i," that may be clicked by the mortgage consumer to access the Closing Costs Input Itemizer Interface.
- the Closing Costs Itemizer Interface includes five costs and fees headings and a running total. Each of the headings may include one or more data fields. More specifically, as shown in FIGS. 11 A through 1 IE, an Origination Heading is provided that includes loan origination fee, broker fee and other origination fee data fields. Next, an Appraisal Heading is provided that includes appraisal fee and other appraisal fee data fields. A Processing Heading is also provided that includes credit report fee, underwriting fee and other fee data fields. A Settlement Heading is provided that includes settlement fee, document preparation fee, attorney fee and other fee data fields. Finally, a Title Heading is provided that includes title search fee, title insurance, title exam fee and other fee data fields. It should be appreciated that still other subject headings including related data fields may be provided.
- each of the above identified data fields accepts a value input by the mortgage consumer. More specifically, a mortgage consumer is prompted to enter values for each of the data fields for a heading, one heading at a time. As shown in FIG. 11 A, the mortgage consumer is first prompted to enter the values that correspond to the data fields of the Origination heading. Values are entered on right side of the display of FIG. 11 A. When the mortgage consumer clicks on the "Continue" button, the values are automatically entered on the left side under the corresponding heading and the next heading and its data fields are displayed on the right side of the screen for data entry. Accordingly, as shown in FIG. 1 IB, the Appraisal heading and its related data fields are next displayed on the right side. The mortgage consumer enters the values for these fields and again clicks on the "Continue" button. This process continues until all the values for all the headings have been entered as shown in FIGS. 11C through 1 IE.
- the Closing Costs Itemizer Interfaces shown in FIGS. 11A through 1 IE preferably include four buttons: a "Back” button to take the user to the previous page; a "Continue” button to drive the mortgage consumer to the next screen in the Itemizer Input Interface; a "Save” button (that operates in a manner identical to the earlier described "Save” button); and a "Finished” button to take the mortgage consumer to an Itemizer Results Interface, as shown in FIG. 12.
- the Closing Costs Results Interface displays all the mortgage consumers data entries together with a running total.
- An "Apply total” button is provided which may be clicked to transfer the mortgage consumer to a Results Interface, either a Single Loan Results Interface or a Two Loan Results Interface and to apply the itemized total to the Est.
- Closing Costs and Other Fees data field as shown in FIGS. 4 through 7 and 10. More specifically, if the mortgage consumer entered the Closing Costs Itemizer interface from the first screen, as shown in FIG. 1 , a Single Loan Results Interface is rendered in the mortgage consumer's web browser including the itemized total displayed in the Est. Closing Costs and Other Fees data field.
- the Closing Costs Results Interface also preferably includes a "Recalculate” button; a "Back” button that returns the mortgage consumer to the previous closing cost itemizer screen; a "Print” button; and a "Save” button.
Abstract
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AU2001264854A AU2001264854A1 (en) | 2000-05-23 | 2001-05-23 | Online system and method for calculating the actual costs of a mortgage loan to a mortgage consumer |
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US57668300A | 2000-05-23 | 2000-05-23 | |
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Cited By (7)
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WO2002082206A2 (en) * | 2001-04-05 | 2002-10-17 | Ipn Holdings Pty Ltd. | Business system for defaulting mortgages |
US20110047449A1 (en) * | 2009-08-23 | 2011-02-24 | Bank Of America Corporation | Widget Framework |
US20140207655A1 (en) * | 2007-09-25 | 2014-07-24 | Wells Fargo Bank, N.A. | Multiple loan payment option sales tool |
US9032368B2 (en) | 2009-08-23 | 2015-05-12 | Bank Of America Corporation | Dynamic configuration system |
US9201665B2 (en) | 2009-08-23 | 2015-12-01 | Bank Of America Corporation | Outputting presentation code updated for a particular user in response to receiving a page identifier |
US10319031B2 (en) | 2003-11-25 | 2019-06-11 | Autoalert, Llc | Generating customer-specific vehicle proposals for potential vehicle customers |
US10430848B2 (en) | 2016-10-18 | 2019-10-01 | Autoalert, Llc. | Visual discovery tool for automotive manufacturers, with network encryption, data conditioning, and prediction engine |
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US5025138A (en) * | 1984-02-27 | 1991-06-18 | Vincent Cuervo | Method and system for providing verifiable line of credit information |
US5239462A (en) * | 1992-02-25 | 1993-08-24 | Creative Solutions Groups, Inc. | Method and apparatus for automatically determining the approval status of a potential borrower |
US5774882A (en) * | 1992-03-12 | 1998-06-30 | Keen; Regina D. | Credit approval system |
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2001
- 2001-05-23 AU AU2001264854A patent/AU2001264854A1/en not_active Abandoned
- 2001-05-23 WO PCT/US2001/016669 patent/WO2001091010A1/en active Application Filing
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US5025138A (en) * | 1984-02-27 | 1991-06-18 | Vincent Cuervo | Method and system for providing verifiable line of credit information |
US5239462A (en) * | 1992-02-25 | 1993-08-24 | Creative Solutions Groups, Inc. | Method and apparatus for automatically determining the approval status of a potential borrower |
US5774882A (en) * | 1992-03-12 | 1998-06-30 | Keen; Regina D. | Credit approval system |
Cited By (11)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
WO2002082206A2 (en) * | 2001-04-05 | 2002-10-17 | Ipn Holdings Pty Ltd. | Business system for defaulting mortgages |
WO2002082206A3 (en) * | 2001-04-11 | 2003-01-03 | Ipn Holdings Pty Ltd | Business system for defaulting mortgages |
US10319031B2 (en) | 2003-11-25 | 2019-06-11 | Autoalert, Llc | Generating customer-specific vehicle proposals for potential vehicle customers |
US11151645B2 (en) | 2003-11-25 | 2021-10-19 | Autoalert, Llc | Generating customer-specific vehicle proposals for potential vehicle customers |
US20140207655A1 (en) * | 2007-09-25 | 2014-07-24 | Wells Fargo Bank, N.A. | Multiple loan payment option sales tool |
US20110047449A1 (en) * | 2009-08-23 | 2011-02-24 | Bank Of America Corporation | Widget Framework |
US9032368B2 (en) | 2009-08-23 | 2015-05-12 | Bank Of America Corporation | Dynamic configuration system |
US9201665B2 (en) | 2009-08-23 | 2015-12-01 | Bank Of America Corporation | Outputting presentation code updated for a particular user in response to receiving a page identifier |
US10430848B2 (en) | 2016-10-18 | 2019-10-01 | Autoalert, Llc. | Visual discovery tool for automotive manufacturers, with network encryption, data conditioning, and prediction engine |
US10885562B2 (en) | 2016-10-18 | 2021-01-05 | Autoalert, Llc | Visual discovery tool for automotive manufacturers with network encryption, data conditioning, and prediction engine |
US11790420B2 (en) | 2016-10-18 | 2023-10-17 | Autoalert, Llc | Visual discovery tool for automotive manufacturers with network encryption, data conditioning, and prediction engine |
Also Published As
Publication number | Publication date |
---|---|
WO2001091010A9 (en) | 2002-08-08 |
AU2001264854A1 (en) | 2001-12-03 |
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