Bank of America Corporation

Lisa D Curry

Cherie A Arruda

Shane Anthony Johnson

Edna Marshall

Ashley C Hardy

David H Rupp

Colin D McCormick

Michael Teichman

Carrie Anne Hanson

Susan Smith Thomas

Michael J Kelly

Johnny David Phillips

Erin McCullen

Christopher Nicholas King

Pamela Marguerite Howard

James D Heisterkamp, Jr

Donna L Nicholson

Ryan Gene Ritz

Todd Michael Ferrara

Lauren Marie Bavis

Anthony Charles Tremble

Michael P Toner

James Eugene Illing

Lauren Leigh Dearth

Philip Alan Cravitz

Embodiments of the invention are directed to a system, method, or computer program product for a real-time interaction based assistance interface. The real-time interaction based assistance interface including software that allow the user to input commands on the artificial intelligence questionnaire to direct to a processing device to execute instructions for a real-time resource aspiration deployment and aspiration assistance. The system aggregates user data pertaining to resource history and interaction history. Using this data and the artificial intelligence questionnaire, the system provides a real-time interaction based assistance interface with resource aspiration prediction and fulfilling assistance.

Real-time interaction based assistance interface

According to some embodiments, a system comprises an interface and one or more processors. The interface receives a search request indicating that a buyer requests to search for properties to evaluate. The one or more processors determine one or more buyer preferences that describe preferred characteristics for the properties according to the buyer. The one or more processors also determine whether an available property located proximate to a device associated with the buyer satisfies at least a threshold amount of the buyer preferences. If the available property satisfies at least a threshold amount of buyer preferences, the interface communicates a notification recommending that the buyer evaluate the available property.

Self-service home buying

Embodiments of the present invention relate to methods and apparatuses for providing, processing, and/or servicing a mortgage loan having one or more exercisable options. For example, in some embodiments, a method is provided that includes storing, in a non-transitory computer-readable medium, one or more terms of an exercisable option, where the option is incorporated into a mortgage loan, where exercising the option results in one or more terms of the mortgage loan being modified, and where one or more terms of the option are based at least partially on a non-mortgage relationship between a borrower associated with the mortgage loan and a lender associated with the mortgage loan.

Modifiable mortgage

A line of credit with pre-agreed line increases is described. In example embodiments, the line of credit is secured by a residence, and the borrower can agree at initial closing to periodic line increases, so that additional closings and re-recording are not necessary. Modeling can be used by the financial institution to determine if and when to offer increases in the LOC. An automated servicing routine is then used to produce a recommendation with respect to increasing the LOC loan amount. This automated servicing routine includes at least one model to produce the recommendation. The line of credit can be increased if and when recommended by the servicing platform.

Line of credit with pre-agreed line increases

Embodiments of the present invention relate to methods and apparatuses for implementing, in connection with a HELOC account, a loan management tool. In some embodiments, the method includes: storing information relating to a loan account associated with a borrower, segmenting the loan account into one or more spend categories, and allocating purchases and payments, or portions thereof, made by the borrower to at least one of the one or more spend categories. In addition, the method may further include receiving from the borrower an input and calculating, based on the input, an output, wherein the output comprises at least one of the anticipated payoff date, the monthly payment amount, and the total saved interest.

Loan management tool

Embodiments of the present invention relate to methods and apparatuses for implementing, in connection with a loan account, a loan management tool. In some embodiments, the method includes: storing information relating to a loan account associated with a borrower in a storage device, wherein a first interest rate is associated with the loan account, segmenting the loan account into at least a first spend category, and associating a second interest rate with the first spend category, wherein the second interest rate is different from the first interest rate. The method may also include receiving a payment comprising a first portion based on the first interest rate and a second portion based on the second interest rate, and applying a first portion of the payment to reducing a balance of the first spend category. The systems and methods of the present invention are used in connection with a HELOC account.

Multiple rate loan

A predictive model for use in providing an equity release (reverse mortgage) financial product is disclosed. In at least some embodiments, a plurality of representative loans are created, wherein each loan can be characterized by a borrower type and a mortality table. A plurality of joint interest rate and house price scenarios are also created. Each of the representative loans can be run through each of the joint interest rate and house price scenarios to measure profitability metrics. The model can also be used to determine loan-to-value (LTV) ratios based on considerations including borrower age, loan volume sensitivity, a determined profit-maximizing LTV ratio, and geographic market considerations.

Predictive model for use in providing an equity release financial product

A convertible, home-equity based financial product is disclosed. Example embodiments of the invention provide a home loan that can be converted into a reverse mortgage, also known as an 'equity release' product. In example embodiments, the product can be set up so that there is a low or no-documentation requirement upon conversion. Conversion can be triggered upon a request from the borrower, or upon some other event. The proceeds from the conversion can be provided in many different ways, for example, as a lump sum, an investment, a line of credit, or a scheduled pay-out. The proceeds from the equity release can also be distributed so as to be used in purchasing a residence, for example, a second or vacation home.

Convertible home-equity based financial product

Growing community of inventors

Warwick, RI, United States of America

Lisa D Curry