The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Jan. 22, 2013
Filed:
Dec. 05, 2008
Pamela M. Howard, Gresham, OR (US);
Kim T. Barbour, Lighthouse Point, FL (US);
Pamela M. Howard, Gresham, OR (US);
Kim T. Barbour, Lighthouse Point, FL (US);
Bank of America Corporation, Charlotte, NC (US);
Abstract
Apparatus and methods for converting a scheduled loan payment between a composite amount and an interest-only amount. A scheduled loan payment may be converted between a composite amount and an interest-only amount. The composite amount may have a first component that includes outstanding principle and a second component that includes interest based on the outstanding principle. Loan payments in the composite amount may be received for a period of time. Upon request by the customer for activation of a payment schedule conversion feature, subsequent scheduled loan payments may be converted from composite payments to interest-only payments. After the payment schedule conversion feature is deactivated, the apparatus and methods may convert subsequent loan payments from interest-only back to a composite amount. Conversion to interest-only payments may be subject to satisfaction of lending risk attenuation criteria.