Multiple loan payment option sales tool

Abstract

A multiple option loan presentation apparatus and method allows a loan agent to communicate a non-traditional loan product to a customer. Non-traditional mortgage products such as pick-a-payment loans allow a borrower to exchange lower payments during an initial period for higher payments layer in an amortization period. Some borrowers do not want to accept the risk associated with adjustable rate mortgages (ARMs) for increases in interest rates, but are still desirous of options for reduced monthly payments. Combining fixed rate loans with an option for interest-only or minimum payments allows this flexibility, but places a premium on being able to graphically depict the implications of these choices. Thereby, the borrower can make an informed decision and the loan agent may more quickly conclude the transaction. In particular, the minimum payments constraints and changes in amounts can be made more intuitive.

What is claimed is: 
     
         1 . A system for generating multiple loan payment options, comprising one or more components:
 receiving a loan amount, an interest rate, a minimum payment factor, and one or more constraints associated with a loan;   generating one or more distinct loan payment options for the loan; and   presenting one or more of the distinct loan payment options, wherein the presenting includes an amount of deferred interest and one or more changes to a loan balance for one or more of the distinct loan payment options,   wherein one or more of the components is implemented via a processing unit.   
     
     
         2 . The system of  claim 1 , comprising a presenter component determining one or more conventional monthly payments or one or more alternative payments based on data associated with the loan. 
     
     
         3 . The system of  claim 1 , comprising a presenter component providing information associated with one or more conventional monthly payments for the loan. 
     
     
         4 . The system of  claim 1 , comprising a presenter component providing information associated with one or more alternative payments for the loan, a number of alternative payments per year, and one or more constraint amounts for a period of time for one or more of the alternative payments until a final payment amount is obtained. 
     
     
         5 . The system of  claim 1 , wherein one or more of the constraints is a recast period. 
     
     
         6 . The system of  claim 1 , comprising an export component exporting one or more of the distinct loan payment options to an interactive presentation. 
     
     
         7 . The system of  claim 1 , comprising a loan calculation component calculating one or more minimum payment amounts. 
     
     
         8 . The system of  claim 1 , comprising a user interface (UI) graphically depicting one or more of the distinct loan payment options. 
     
     
         9 . The system of  claim 8 , wherein the UI is a web based program. 
     
     
         10 . The system of  claim 1 , comprising a table component generating a table for one or more of the distinct loan payment options. 
     
     
         11 . A method for generating multiple loan payment options, comprising:
 receiving a loan amount, an interest rate, a minimum payment factor, and one or more constraints associated with a loan;   generating one or more distinct loan payment options for the loan based on a constraint period or a recast period; and   presenting one or more of the distinct loan payment options,   wherein the receiving, the generating, or the presenting is implemented via a processing unit.   
     
     
         12 . The method of  claim 11 , comprising calculating one or more minimum payment amounts based on the minimum payment factor. 
     
     
         13 . The method of  claim 12 , comprising graphically depicting a comparison between the minimum payment amount and a conventional payment amount. 
     
     
         14 . The method of  claim 13 , comprising graphically depicting the conventional payment amount. 
     
     
         15 . The method of  claim 13 , comprising graphically depicting one or more of the minimum payment amounts. 
     
     
         16 . The method of  claim 13 , comprising rendering the conventional payment amount or one or more of the minimum payment amounts numerically. 
     
     
         17 . A computer-readable storage medium comprising computer-executable instructions, which when executed via a processing unit on a computer performs acts, comprising:
 receiving a loan amount, an interest rate, a minimum payment factor, and one or more constraints associated with a loan;   generating one or more distinct loan payment options for the loan based on a constraint period or a recast period; and   presenting one or more of the distinct loan payment options, wherein the presenting includes an amount of deferred interest and one or more changes to a loan balance for one or more of the distinct loan payment options.   
     
     
         18 . The computer-readable storage medium of  claim 17 , comprising calculating one or more minimum payment amounts based on the minimum payment factor. 
     
     
         19 . The computer-readable storage medium of  claim 18 , comprising graphically depicting a comparison between the minimum payment amount and a conventional payment amount. 
     
     
         20 . The computer-readable storage medium of  claim 19 , comprising graphically depicting the conventional payment amount or one or more of the minimum payment amounts.