Loan Option Customization

Abstract

In a loan option system having a loan server accessible through a network to an external borrower computer and a loan processor for providing loan parameters to the loan server, systems and methods are provided for determining and adjusting a loan balance, via (1) receiving a principal value for a loan through the network from the borrower computer, the principal value corresponding to the loan balance, wherein the loan has an interest rate and a loan term corresponding to a specified number of payments throughout the loan, (2) upon a permissible omitted payment, increasing the interest rate, determining accrued interest, setting predetermined fees due to the missed payment, and applying the predetermined fees and accrued interest to the loan balance to produce a new balance, (3) retrieving the new balance from the loan processor to the loan server, and (4) providing the new balance to the borrower computer.

What is claimed is: 
     
         1 . A loan option system for determining and adjusting loan parameters, the loan option system comprising:
 a loan processor configured to determine loan parameters based upon a combination of received loan information and available loan options, wherein the loan options include:
 at least one missed payment per specified period; 
 increased loan term; and 
 adjustable interest rate due to exercise of a missed payment privilege; and 
   a loan server accessible through a network, the loan server configured to:
 receive the loan information from a borrower computer external to the loan server; 
 provide the loan information to the loan processor; 
 retrieve processed loan information from the loan processor; and 
 provide the processed loan information to the borrower computer, wherein the processed loan information includes the loan parameters and loan option information. 
   
     
     
         2 . The loan option system of  claim 1  further comprising a loan option module for adjusting the loan parameters based upon loan option type. 
     
     
         3 . The loan option system of  claim 2 , wherein loan option type is one of the following: fixed option loan, variable option loan, conventional loan. 
     
     
         4 . The loan option system of  claim 1  further comprising a fees module for calculation and adjustment of loan fees. 
     
     
         5 . The loan option system of  claim 1  further comprising an interest module for calculation and adjustment of interest rates. 
     
     
         6 . The loan option system of  claim 1  further comprising data storage accessible by the loan processor. 
     
     
         7 . The loan option system of  claim 1 , wherein the loan server further comprises a web server operable to serve at least one web page providing access to services provided by the loan processor, wherein the at least one web page is accessible through a web browser executed on the borrower computer external to the loan option system.