Method and apparatus for determining loan prepayment scores
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United States of America Patent
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Feb 6, 2001
Grant Date -
N/A
app pub date -
May 15, 1998
filing date -
May 15, 1998
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A method and apparatus for determining the prepayment propensity of borrowers. Earlier payment of loans and particularly mortgage loans can lead to losses being suffered by lenders. The present invention analyzes the demographics associated with a particular borrower to determine both the individual and group based prepayment propensity. The history of the borrower, the history of the demographic group to which the borrower belongs, interest rate trends and other factors are then used to calculate a prepayment score that can be used by the lender to determine the propensity of a given borrower to prepay the loan in question. Where prepayment is a significant risk, inducements to the borrower to leave the loan in force can be made or the loan product can be adjusted to reflect the prepayment risk involved. Loan brokers can also be rated based upon the prepayment propensity of those borrowers who are clients of the broker. As with borrowers, a prepayment score can be attributed to a loan broker based upon the prepayment behavior of the brokers clients. This will help lenders assess the success of brokers with whom the lender deals.
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