METHOD AND SYSTEM FOR MANAGING A MORTGAGE REBATE TRANSACTION CARD ACCOUNT
A method and system of managing a mortgage rebate transaction card account in which a transaction card provider computes a mortgage rebate amount based on the amount of charges incurred against the account and periodically arranges for application of the mortgage rebate amount against a mortgage loan balance for the cardholder. The account is provided by the transaction card provider in connection with either a pre-existing mortgage loan of the cardholder or a prospective mortgage loan of the cardholder. Further, the account can be provided in connection with a mortgage loan from any mortgage lender regardless of the existence or non-existence of an affiliation or association between the transaction card provider and the mortgage lender.
1 . A computer-implemented method of managing a mortgage rebate transaction card account, comprising:
determining, using a computer, according to pre-defined credit card application score parameters, that a mortgage loan applicant qualifies for the mortgage rebate transaction card account;
offering, using a computer, the mortgage rebate transaction card account to the qualified applicant;
issuing, using a computer, the mortgage rebate transaction card to the qualified applicant with a mortgage rebate transaction card account number;
calculating, using a computer, a rebate amount based on an amount of charges incurred against the mortgage rebate transaction card account; and
applying, using a computer, the rebate amount to a mortgage loan balance for the cardholder.
2 . The method according to claim 1 , further comprising applying mortgage loan application-related costs to a temporary transaction card account with a generic account number upon acceptance of the offer by the qualified applicant.
3 . The method according to claim 2 , further comprising transferring mortgage loan application-related costs to the mortgage rebate transaction card account number.
4 . The method according to claim 1 , wherein applying the rebate further comprises sending, from a computer of a card issuer of the mortgage rebate transaction card, a payment for the rebate amount to a mortgage lender of the mortgage loan balance.
5 . The method according to claim 1 , wherein offering the mortgage rebate transaction card account further comprises offering the mortgage rebate transaction card account to the qualified applicant in connection with a mortgage loan from a mortgage lender that is affiliated or associated with a provider of the mortgage rebate transaction card account.
6 . The method according to claim 1 , wherein offering the mortgage rebate transaction card account further comprises offering the mortgage rebate transaction card account to the qualified applicant in connection with a mortgage loan from a mortgage lender that is not affiliated or associated with a provider of the mortgage rebate transaction card account.
7 . The method according to claim 1 , wherein calculating the rebate amount further comprises computing the mortgage rebate amount without imposing a maximum limit on the mortgage rebate amount.
8 . The method according to claim 1 , wherein the rebate amount is applied on a periodic basis.
9 . The method according to claim 1 , wherein the rebate amount is applied as an annual credit to the cardholder's mortgage loan balance.
10 . A computer-implemented method of managing a mortgage rebate transaction card account, the method comprising:
determining, using a computer, according to pre-defined credit card application score parameters, that a mortgage loan debtor qualifies for the mortgage rebate transaction card account;
offering, using a computer, the mortgage rebate transaction card account to the mortgage loan debtor;
issuing, using a computer, the mortgage rebate transaction card having a mortgage rebate transaction card account number to the mortgage loan debtor;
calculating, using a computer, a rebate amount based on an amount of charges incurred against the mortgage rebate transaction card account number of the mortgage rebate transaction card account; and
applying, using a computer, the rebate amount to a mortgage loan balance for the mortgage loan debtor.
11 . The method according to claim 10 , further comprising applying mortgage loan application-related costs to a temporary transaction card account with a generic account number upon acceptance of the offer by the qualified applicant.
12 . The method according to claim 11 , further comprising transferring mortgage loan application-related costs to the mortgage rebate transaction card account number.
13 . The method according to claim 10 , wherein applying the rebate further comprises sending, from a computer of a card issuer of the mortgage rebate transaction card, a payment for the rebate amount to a mortgage lender of the mortgage loan balance.
14 . The method according to claim 10 , wherein offering the mortgage rebate transaction card account further comprises offering the mortgage rebate transaction card account to the qualified applicant in connection with a mortgage loan from a mortgage lender that is affiliated or associated with a provider of the mortgage rebate transaction card account.
15 . The method according to claim 10 , wherein offering the mortgage rebate transaction card account further comprises offering the mortgage rebate transaction card account to the qualified applicant in connection with a mortgage loan from a mortgage lender that is not affiliated or associated with a provider of the mortgage rebate transaction card account.
16 . The method according to claim 10 , wherein calculating the rebate amount further comprises computing the mortgage rebate amount without imposing a maximum limit on the mortgage rebate amount.
17 . The method according to claim 10 , wherein the rebate amount is applied on a periodic basis.
18 . The method according to claim 10 , wherein the rebate amount is applied as an annual credit to the cardholder's mortgage loan balance.
19 . A computer-implemented method of managing a mortgage loan debt, the method comprising:
issuing, using a computer, a credit account having an account number to a mortgage loan debtor;
calculating, using a computer, a rebate amount based on an amount of charges incurred against the account number of the credit account; and
applying, using a computer, the rebate amount to a mortgage loan balance for the mortgage loan debtor.
20 . The method according to claim 19 , further comprising transferring mortgage loan application-related costs to the account number.
21 . The method according to claim 19 , wherein applying the rebate further comprises sending, from a computer of a credit issuer, a payment for the rebate amount to a mortgage lender of the mortgage loan balance.
22 . The method according to claim 19 , wherein calculating the rebate amount further comprises computing the mortgage rebate amount without imposing a maximum limit on the mortgage rebate amount.