System and method for managing the amortization of a loan

Details System and method for managing the amortization of a loan System and method for managing the amortization of a loan

1996-10-08

1999-03-02

Voeltz, Emanuel Todd

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

235379, 235380, G06F 1760

Patent

active

058784047

ABSTRACT:
A system for managing the amortization of a loan to a debtor includes memory, a data input module, a module for tracking principal reduction and a rate adjustment option module. The memory stores data identifying a debtor, the amount of a loan to the debtor, the principal balance of the loan, a rate of interest payable on the principal balance of the loan and the term of the loan. The data input module inputs the identifying data into the memory and records information identifying the time payments received from the debtor toward payment of principal and interest on the loan. The module for tracking the reduction in the principal balance of the loan also stores in memory the principal balance in response to the time payments. The rate adjustment option module resets the rate of interest on the principal balance in response to the debtor's election and within certain qualifying conditions. The rate of interest in the absence of the debtor's election and resetting is held fixed in the memory for the remaining term of the loan.

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Howard Schneider, For better or for worse, Mortgage Banking, pp. 110-117, Oct. 1995.
Business Editors, Federated Bank earnings increase, Business Wire, pp. 1-2, Apr. 1992.

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