Claims
- 1. A computer program product, comprising:
a computer storage medium and a computer program code mechanism embedded in the computer storage medium for causing a computer to control the mortgage rate of an Automatic Rate Cut (ARC) mortgage, the computer program code mechanism comprising: a first computer code device configured to determine a prevailing interest rate; a second computer code device configured to determine an interest rate of an ARC mortgage; a third computer code device configured to determine if the interest rate of the ARC mortgage was modified downward within the last InitDayDelta days; a fourth computer code device configured to (1) lower the interest rate of the ARC mortgage to the prevailing interest rate and (2) reset a starting period for calculating the last InitDayDelta days if the prevailing interest rate is less than the rate of the ARC mortgage minus the RateDelta of the ARC mortgage.
- 2. The computer program product as claimed in claim 1, further comprising a fifth computer code device configured to calculate the prevailing rate using a published index rate plus a profit margin.
- 3. The computer program product as claimed in claim 1, wherein the fourth computer code device comprises a fifth computer code device configured to lower the interest rate only after receiving authorization from a corresponding customer.
- 4. The computer program product as claimed in claim 3, wherein the fifth computer code device comprises a sixth computer code device configured to receive authorization on a web server.
- 5. The computer program product as claimed in claim 1, wherein the fourth computer code device comprises a fifth computer code device configured to lower the interest rate automatically without receiving authorization from a corresponding customer.
- 6. The computer program product as claimed in claim 1, wherein the fourth computer code device comprises a fifth computer code device configured to verify secondary conditions before authorizing the interest rate to be lowered.
- 7. The computer program product as claimed in claim 1, wherein the fifth computer code device comprises a sixth computer code device configured to check a payment history of the mortgage.
- 8. The computer program product as claimed in claim 1, wherein the fifth computer code device comprises a sixth computer code device configured to check a maximum interest rate drop of the mortgage.
- 9. A mortgage created according to the computer-implemented steps of:
a) negotiating an interest rate for an initial principal amount to be repaid during a lifetime of the mortgage; b) negotiating an amount by which a prevailing interest rate must be lower than the interest rate of the mortgage before the interest rate of the mortgage can be lowered without ever increasing; c) negotiating a period during which the interest rate cannot be lowered after at least one of an initiation of the mortgage and a day on which the interest rate was last lowered; d) negotiating if any secondary conditions limit an ability to lower the interest rate; and e) issuing a mortgage having the interest rate and conditions negotiated in steps a) through d), wherein the interest rate of the mortgage can be lowered.
- 10. A mortgage created according to the steps of claim 9, wherein the steps a) through d) are performed on a computer.
- 11. The mortgage created according to the steps of claim 9, further comprising the step of specifying the prevailing rate as a function of a published index rate plus a profit margin.
- 12. The mortgage created according to the steps of claim 9, further comprising the step of specifying that the interest rate is lowered only after receiving authorization from a corresponding customer.
- 13. The mortgage created according to the steps of claim 12, further comprising the step of specifying that the authorization is to be received by a web server.
- 14. The mortgage created according to the steps of claim 9, further comprising the step of specifying that the interest rate is lowered automatically without receiving authorization from a corresponding customer.
- 15. The mortgage created according to the steps of claim 9, further comprising the step of specifying that secondary conditions must be verified before authorizing the interest rate to be lowered.
- 16. The mortgage created according to the steps of claim 9, further comprising the step of specifying that a payment history of the mortgage must be checked before authorizing the interest rate to be lowered.
- 17. The mortgage created according to the steps of claim 9, further comprising the step of specifying a maximum interest rate drop of the mortgage.
- 18. A computer-implemented method of generating a mortgage, comprising to the steps of:
a) negotiating an interest rate for an initial principal amount to be repaid during a lifetime of the mortgage; b) negotiating an amount by which a prevailing interest rate must be lower than the interest rate of the mortgage before the interest rate of the mortgage can be lowered without ever increasing; c) negotiating a period during which the interest rate cannot be lowered after at least one of an initiation of the mortgage and a day on which the interest rate was last lowered; d) negotiating if any secondary conditions limit an ability to lower the interest rate; and e) issuing a mortgage having the interest rate and conditions negotiated in steps a) through d), wherein the interest rate of the mortgage can be lowered.
- 19. The method as claimed in claim 18, further comprising the step of specifying the prevailing rate as a function of a published index rate plus a profit margin.
- 20. The method as claimed in claim 18, further comprising the step of specifying that the interest rate is lowered only after receiving authorization from a corresponding customer.
- 21. The method as claimed in claim 20, further comprising the step of specifying that the authorization is to be received by a web server.
- 22. The method as claimed in claim 18, further comprising the step of specifying that the interest rate is lowered automatically without receiving authorization from a corresponding customer.
- 23. The method as claimed in claim 18, further comprising the step of specifying that secondary conditions must be verified before authorizing the interest rate to be lowered.
- 24. The method as claimed in claim 18, further comprising the step of specifying that a payment history of the mortgage must be checked before authorizing the interest rate to be lowered.
- 25. The method as claimed in claim 18, further comprising the step of specifying a maximum interest rate drop of the mortgage.
CROSS REFERENCE TO RELATED APPLICATIONS
[0001] This application is related to and claims priority to application Ser. No. 09/453,231, filed Dec. 3, 1999. The contents of this application are incorporated by reference herein.
Provisional Applications (2)
|
Number |
Date |
Country |
|
60156713 |
Sep 1999 |
US |
|
60162154 |
Oct 1999 |
US |
Continuations (1)
|
Number |
Date |
Country |
Parent |
09453231 |
Dec 1999 |
US |
Child |
09683423 |
Dec 2001 |
US |