1. A method for providing an equity protection agreement to a borrower, comprising:
(a) receiving loan information corresponding to a loan of the borrower, the loan information comprising a unique identifier of a property corresponding to the loan, the borrower’s equity in the property, and a payoff amount of the loan;
(b) evaluating the property using predetermined criteria to estimate the property’s initial market value;
(c) determining terms of the equity protection agreement, the terms including the property’s initial market value and a fee;
(d) receiving acceptance from the borrower of the equity protection agreement associated with the borrower’s loan; and
(e) recording terms of the equity protection agreement in a computerized system, the computerized system configured to receive the property’s market value as an input and to adjust the loan information based on at least the input.
2. The method of claim 1, the property comprising real property, the loan including a mortgage on the real property, and the unique identifier of the real property comprising a street address.
3. The method of claim 2, where the evaluating the property includes using an automated valuation model.
4. The method of claim 2, where the predetermined criteria for evaluating the property is based on at least a value of a housing index associated with a region containing the real property.
5. The method of claim 2, comprising:
sending the borrower a report at a predetermined interval, the report comprising the property’s market value at a particular time.
6. The method of claim 1, the borrower entering into the loan and accepting the equity protection agreement on a same day.
7. The method of claim 1, the fee of the equity protection agreement is due at closing.
8. The method of claim 1, the fee of the equity protection agreement is divided and a portion of the fee is due monthly with loan payments, and where the fee is returned to the borrower if the borrower does not receive a payoff amount reduction within a predetermined time after accepting the equity protection agreement.
9. The method of claim 1, the fee of the equity protection agreement is paid through a predetermined increase in an annual percentage rate of the loan.
10. The method of claim 2, the fee of the equity protection agreement being calculated based on a multivariate model using internal data and external data.
11. The method of claim 1, the terms of the equity protection agreement including an exclusionary period, the computerized system configured to not adjust the loan information based on a change in the property’s market value during the exclusionary period.
12. The method of claim 1, the terms of the equity protection agreement including a plurality of events, the computerized system configured to not adjust the loan information based on change in the property’s market value if the change is substantially caused by an event of the plurality of events.
13. The method of claim 12, the plurality of events comprising acts of God, the acts of God including a hurricane, an earthquake, a flood, a typhoon, a tornado, and a storm.
14. The method of claim 5, the report including a payoff amount output from the computerized system, the computerized system configured to adjust the payoff amount based on a change in the property’s market value.
15. The method of claim 14, the payoff amount being adjusted to zero if the property’s market value has decreased by more than the payoff amount.
16. The method of claim 1, the property comprising real property to be used for commercial purposes, and where the predetermined criteria for evaluating the property is based on at least one of a sales comparison approach, cost approach, and income approach.
17. The method of claim 2, comprising:
trading an option on a housing index associated with a region containing the real property to hedge against risk associated with the equity protection agreement.
18. A system for providing an equity protection agreement to a borrower, comprising:
a borrower of a loan including a mortgage on real property;
an appraiser to provide a market value of the real property using predetermined criteria;
a banking center offering the borrower an equity protection agreement associated with the loan, the equity protection agreement guaranteeing the borrower’s equity in the real property in exchange for a fee, and where a payoff amount of the loan is reduced to maintain the borrower’s equity if the appraiser determines the market value of the real property has decreased; and
a trading desk to hedge against risk associated with the equity protection agreement, the trading desk comprising a trading terminal configured to trade a derivative based on a housing index associated with a region containing the real property.
19. The system of claim 18, the appraiser comprises a computing device including an automated valuation model.
20. The system of claim 18, the banking center comprising a computing device configured to receive the property’s market value as an input and to adjust the loan information based on at least the input.
21. The system of claim 18, the computing device of the banking center being accessible to a borrower through the Internet and outputting a payoff amount for display to the borrower, the payoff amount adjusted based on a change in the real property’s market value.
22. A computing device, comprising:
a memory storing computer-executable instructions;
a processor configured to execute the computer-executable instructions to perform a method comprising:
(a) receiving information corresponding to a loan of a borrower, the loan including a mortgage of property;
(b) receiving the property’s market value, the property’s market value obtained using an automated valuation model;
(c) determining a fee for an equity protection agreement associated with the loan;
(e) recording the information corresponding to the loan and terms of the equity protection agreement in memory, the terms of the equity protection agreement including the property’s market value and the fee;
(f) in response to the borrower’s request, adjusting the payoff amount of the loan according to a decrease in the property’s market value; and
(g) outputting the payoff amount of the loan for display to a user.
The claims below are in addition to those above.
All refrences to claim(s) which appear below refer to the numbering after this setence.
1. A policy management apparatus comprising:
a role information storing unit that stores role information including information indicative of subject sets to which policies are to be applied, and information capable of specifying inclusion relationships between subject sets contained in said role information;
a policy description storing unit that stores policy descriptions including information indicative of policies and information for identifying subject sets to which said policies are to be applied;
a policy stratifying unit that, for two or more policies stored in said policy description storing unit, generates a policy hierarchy in which two or more policies are stratified based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node; and
a policy ordering unit that totally orders policy sets made of said two or more policies to be totally ordered based on information indicating a policy hierarchy generated by said policy stratifying unit while maintaining a higherlower relationship in a hierarchy.
2. The policy management apparatus according to claim 1, comprising a policy list displaying unit that arranges elements in a policy set to be totally ordered in one line according to a policy order decided as a total order by said policy ordering unit and lists up the same.
3. The policy management apparatus according to claim 1, comprising an ACL generating unit that converts each policy description contained in a policy set to be totally ordered into an ACL description according to a policy order decided as the total order by said policy ordering unit.
4. The policy management apparatus according to claim 1, wherein said policy stratifying unit generates policy hierarchy data with directed links added between policy nodes in inclusion relationships between subject sets, thereby generating a policy hierarchy.
5. The policy management apparatus according to claim 4, wherein said policy ordering unit performs phase sorting on policy hierarchy data according to depth-first search with each element in a node set having no input link as the origin, thereby totally ordering policy sets to be totally ordered.
6. A policy management system comprising:
a role storing device comprising a role information storing unit that stores role information including information indicative of subject sets to which policies are to be applied, and information capable of specifying inclusion relationships between subject sets contained in said role information;
a policy description storing device comprising a policy description storing unit that stores policy descriptions including information indicative of policies and information for specifying subject sets to which said policies are to be applied; and
a policy totally-ordering device comprising:
a policy stratifying unit that, for two or more policies stored in said policy description storing unit, generates a policy hierarchy including a layer made of a policy applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node; and
a policy ordering unit that totally orders policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated by said policy stratifying unit.
7. The policy management system according to claim 6, wherein said policy totally-ordering device further comprises a policy list displaying unit that arranges elements in a policy set to be totally ordered according to a policy order decided as a total order by said policy ordering unit and lists up the same.
8. The policy management system according to claim 6, wherein said policy totally-ordering device further comprises an ACL generating unit that converts each policy description contained in a policy set to be totally ordered into an ACL description according to a policy order decided as a total order by said policy ordering unit.
9. A policy ordering method, for given subject sets for which inclusion relationships between subject sets can be specified, and policy sets in which subject sets to be applied are indicated, comprising:
a policy stratifying step for two or more policies contained in said policy sets, for generating a policy hierarchy including a layer made of a policy to be applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node; and
a policy ordering step for totally ordering policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated in said policy stratifying step.
10. A policy list displaying method, for given subject sets for which inclusion relationships between subject sets can be specified, and policy sets in which subject sets to be applied are indicated, comprising:
a policy stratifying step for two or more policies contained in said policy sets, for generating a policy hierarchy including a layer made of a policy to be applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node;
a policy ordering step for totally ordering policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated in said policy stratifying step; and
a list displaying step for arranging elements in a policy set to be totally ordered according to a policy order decided as a total order in said policy ordering step and listing up the same.
11. An ACL generating method, for given subject sets for which inclusion relationships between subject sets can be specified, and policy sets in which subject sets to be applied are indicated, comprising:
a policy stratifying step for two or more policies contained in said policy sets, for generating a policy hierarchy including a layer made of a policy to be applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node;
a policy ordering step for totally ordering policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated in said policy stratifying step; and
an ACL generating step for converting each policy description contained in a policy set to be totally ordered into an ACL description according to a policy order decided as a total order in said policy ordering step.
12. An information storage medium storing a policy ordering program, for given subject sets for which inclusion relationships between subject sets can be specified, and policy sets in which subject sets to be applied are indicated, which causes a computer to perform:
policy stratifying processing that, for two or more policies contained in said policy sets, generates a policy hierarchy including a layer made of a policy to be applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node; and
policy ordering processing that totally orders policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated in said policy stratifying processing.
13. An information storage medium storing a policy list displaying program, for given subject sets for which inclusion relationships between subject sets can be specified, and policy sets in which subject sets to be applied are indicated, which causes a computer to perform:
policy stratifying processing that, for two or more policies contained in said policy sets, generates a policy hierarchy including a layer made of a policy to be applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node;
policy ordering processing that totally orders policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated in said policy stratifying processing; and
list displaying processing that arranges elements in a policy set to be totally ordered according to a policy order decided as total order in said policy ordering processing and listing up the same.
14. An information storage medium storing an ACL generating program, for given subject sets for which inclusion relationship between subject sets can be specified, and policy sets in which subject sets to be applied are indicated, which causes a computer to perform:
policy stratifying processing that, for two or more policies contained in said policy sets, generates a policy hierarchy including a layer made of a policy to be applied to a subject set not in an inclusion relationship based on inclusion relationships between subject sets to which each policy is applied by assuming that each policy is a node;
policy ordering processing that totally orders policy sets made of said two or more policies to be totally ordered while maintaining a hierarchy relationship between policies in different layers based on information indicative of a policy hierarchy generated in said policy stratifying processing; and
ACL generating processing that converts each policy description contained in a policy set to be totally ordered into an ACL description according to a policy order decided as total order in said policy ordering step.