US20170323378A1

US20170323378A1 - System for triggering of living option resource allocation

Info

Publication number: US20170323378A1
Application number: US15/223,469
Authority: US
Inventors: Katherine Dintenfass; Vasudevan Nagalingam
Original assignee: Bank of America Corp
Current assignee: Bank of America Corp
Priority date: 2016-05-09
Filing date: 2016-07-29
Publication date: 2017-11-09
Also published as: US20170323272A1; US20170323068A1; US20170323398A1; US10629300B2; US20170323384A1; US10153056B2

Abstract

Embodiments of the invention are directed to a system, method, or computer program product for triggering of living option resource allocation. In some embodiments, the invention provides a system for triggering of living option resource allocation. As such, the system may interconnect with market analysis devices and market distributor devices to determine resource availability and requirement for use property purchase or rent. In this way, the system generates a real-time interactive geographic indication of properties and listings within identified metrics. Furthermore, the system may extract data about the user's property and generate a listing for the rental of the user's property and, upon authentication, post the listing on third party locations.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. Provisional Patent Application Ser. No. 62/333,723, filed May 9, 2016, entitled “System for Optimizing Resource Usage,” the entirety of which is incorporated herein by reference.

BACKGROUND

With advancements in machine and product development, systems and applications for social connection and location identifications are being developed. These interconnections allow for system development and resource deployment avenues. However, there is a need for a unified system for system development for connection to efficiently and conveniently fulfill various requests through sharing of resources deployment.

BRIEF SUMMARY

The following presents a simplified summary of one or more embodiments of the invention in order to provide a basic understanding of such embodiments. This summary is not an extensive overview of all contemplated embodiments, and is intended to neither identify key or critical elements of all embodiments, nor delineate the scope of any or all embodiments. Its sole purpose is to present some concepts of one or more embodiments in a simplified form as a prelude to the more detailed description that is presented later.
Embodiments of the present invention address these and/or other needs by providing an innovative system, method and computer program product for triggering of living option resource allocation. In some embodiments, the invention provides a system for triggering of living option resource allocation. As such, the system may provide calculators for purchasing compared to renting of a home. The system may be interconnected to market analysis devices in the area of the system via a secure network generated by the system device. The system may extract, via the interconnection on the secure network market analysis for an area, home trends, comparison home prices, and the like. The system extracts the data in real-time and runs a comparison of the data to a user's budged and expenditures to present a recommendation of a rental or a purchase of a home. The comparison constantly changes based on the data extracted and data extracted about the user, such as financial data, budged data, expenditures, credit, or the like from third party sources via a secure network connection or hardline connection generated by the system device for expedited data extraction and communication. In some embodiments, upon selection of a home purchase, the system may generate an expected rental price the user can expect to receive for renting out his/her home. The expected rental is based on a systematic review of rental comparable homes in the area. The system may generate the listing for the rental and incorporate the listing onto a third party web site, such as a realtor site, rental site, or the like. The system extends for implementation to aging users and users purchasing a second home. With respect to aging individuals, the system may track the user's budget and expenditures and provide the user with a timeline for retirement and/or downsizing into retirement to ensure financial stability. With respect to users purchasing a second home, the system may track rental trends and options for the times the user is not at the second home and determine total costs for the home. The system may generate rental postings for the second home for the time frames the user is not using the home. The system may manage and predict expenses associated with all various outcomes. Furthermore, the system may also provide a notification system when the user may be able to provide information to the system and the system may track local markets, interest rates, and the like to identify a trigger on when to implement the options. In yet other embodiments, the system may identify potential renovations to a user's home, including the addition of bedrooms or bathrooms, and the system may calculate changes in rent available comparative to the cost of the renovation with an indication of the break even period for the renovation.
Embodiments of the invention relate to systems, methods, and computer program products for triggering of living option resource allocation, the invention comprising: determining a user is interested in a property purchase or property rental; identifying one or more trigger events associated with the user, the one or more trigger events comprising at least determining that the user has made a decision to purchase or rent a property; identifying a candidate house for potential purchase by the user; determining a rental home budget associated with a candidate house, comprising: determining expected rental income for the candidate house; and determining expected expenses for the candidate house; and initiating one or more resource allocation actions in response to the one or more trigger events, the resource allocation actions comprising allocating a portion of resources to an account earmarked for purchasing the candidate house.
In some embodiments, identifying a candidate house for potential purchase by the user further comprises: generating an interconnection via a secure network with market analysis devices and market distributor devices; extracting potential candidate houses from the market distributor devices based on geographic location desired by the user; comparing the potential candidate houses from the market distributor devices to extracted user resource allocation allotment, wherein the user resource allocation allotment is a threshold resource amount that is approved to be allocated to the purchase of the property; and integrating selected potential candidate houses into an interactive mapping display for presentation onto a mobile device of the user for user visualization.
In some embodiments, identifying one or more trigger events associated with the user further comprises receiving a communication from a user device or third party device an indication of a triggering action associated with the user that determines that the user has made a decision to purchase or rent a property, wherein the triggering action comprises contacting a market distributor device or listing of a property associated with the user.
In some embodiments, the invention further comprises determining that the user requests a renting of at least a portion of a property associated with the user. In some embodiments, determining that the user requests a renting of at least a portion of a property associated with the user, further comprises: generating an interconnection via a secure network with market analysis devices and market distributor devices; extracting comparable candidate rental properties from the market distributor devices based on geographic location and comparable statistics to the at least a portion of the property associated with the user; generating a listing of the at least a portion of the property associated with the user for rent, wherein generating the listing further comprises providing a resource amount for renting the at least a portion of the property associated with the user comparable to the comparable candidate rental properties, a description of the at least a portion of the property associated with the user, and photos of the at least a portion of the property associated with the user; and implementing, upon authorization, the listing of the at least a portion of the property associated with the user onto one or more market distributor devices.
In some embodiments, the invention further comprises presenting one or more candidate houses for potential purchase by the user via an overlay on a map on a user device for displaying a geographic location of the one or more candidate houses, wherein the presenting further comprises providing information about the one or more candidate houses to the user for selection.
In some embodiments, upon the trigger event, communicate, via a secure communication linkage, to a resource allocation source associated with the user to determine properties as approved for purchase by the user based on resource availability, wherein the approved properties are included in the candidate houses presented to the user.
The features, functions, and advantages that have been discussed may be achieved independently in various embodiments of the present invention or may be combined with yet other embodiments, further details of which can be seen with reference to the following description and drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

Having thus described embodiments of the invention in general terms, reference will now be made to the accompanying drawings, wherein:

FIG. 1 provides a system environment in which embodiments of the invention operations, in accordance with one embodiment of the present invention;

FIG. 2 provides a high level process flow illustrating a triggering of living option resource allocation method, in accordance with one embodiment of the present invention;

FIG. 3 provides a process flow illustrating a triggering of living option resource allocations and generation of recommendations, in accordance with one embodiment of the present invention; and

FIG. 4 provides a process flow illustrating a triggering of living option resource allocations and generation of listing, in accordance with one embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

Embodiments of the present invention will now be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all, embodiments of the invention are shown. Indeed, the invention may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. Like numbers refer to elements throughout. Where possible, any terms expressed in the singular form herein are meant to also include the plural form and vice versa, unless explicitly stated otherwise. Also, as used herein, the term “a” and/or “an” shall mean “one or more,” even though the phrase “one or more” is also used herein.
An “account” is the relationship that a user has with an entity, such as a financial institution. Examples of accounts include a deposit account, such as a transactional account (e.g., a banking account), a savings account, an investment account, a money market account, a time deposit, a demand deposit, a pre-paid account, a credit account, a non-monetary user profile that includes information associated with the user, or the like. The account is associated with and/or maintained by the entity. “Assets” include accounts of the user and/or other property owned by the user. The assets may be associated with accounts or may be property that is not associated with a specific account. Examples of assets associated with accounts may be accounts that have cash or cash equivalents, or accounts that are funded with or contain property, such as safety despots box account that jewelry, a trust account that is funded with property, or the like. Examples of assets that may not be associated with accounts may be antiques in a user's home, jewelry in a user's home, or the like. “Authentication information” is any information that can be used to identify of a user. For example, a system may prompt a user to enter authentication information such as a username, a password, a personal identification number (PIN), a passcode, biometric information (e.g., voice authentication, a fingerprint, and/or a retina scan), an answer to a security question, a unique intrinsic user activity, such as making a predefined motion with a user device. This authentication information may be used to authenticate the identity of the user (e.g., determine that the authentication information is associated with the account) and determine that the user has authority to access an account or system. An “entity” as used herein may be a financial institution. For the purposes of this invention, a “financial institution” may be defined as any organization, entity, or the like in the business of moving, investing, or lending money, dealing in financial instruments, or providing financial services. This may include commercial banks, thrifts, federal and state savings banks, savings and loan associations, credit unions, investment companies, insurance companies and the like. In some embodiments, the entity may allow a user to establish an account with the entity. A “financial institution” is any organization, entity, or the like in the business of moving, investing, or lending money, dealing in financial instruments, or providing financial services. This may include commercial banks, thrifts, federal and state savings banks, savings and loan associations, credit unions, investment companies, insurance companies and the like. A “financial event” or “life event” may be any immediate or future event that causes a change in a user's financial status. A financial event may be a charge, a transaction, and exchange, or the like that may cause the user to lose or gain money and/or assets. Examples of financial events or life events include a medical expense, buying a house, college tuition, rent, and the like. To “monitor” is to watch, observe, or check something for a special purpose over a period of time. The “monitoring” may occur periodically over the period of time, or the monitoring may occur continuously over the period of time. In some embodiments, a system may actively monitor a database, wherein the system reaches out to the database and watches, observes, or checks the database for changes, updates, and the like. In other embodiments, a system may passively monitor a database, wherein the database provides information to the system and the system then watches, observes, or checks the provided information. A “transaction” refers to any communication between a user and the financial institution or other entity monitoring the user's activities. For example, a transaction may refer to a purchase of goods or services, a return of goods or services, a payment transaction, a credit transaction, or other interaction involving a user's account. In the context of a financial institution, a transaction may refer to one or more of: a sale of goods and/or services, initiating an automated teller machine (ATM) or online banking session, an account balance inquiry, a rewards transfer, an account money transfer or withdrawal, opening a bank application on a user's computer or mobile device, a user accessing their e-wallet, or any other interaction involving the user and/or the user's device that is detectable by the financial institution. A transaction may include one or more of the following: renting, selling, and/or leasing goods and/or services (e.g., groceries, stamps, tickets, DVDs, vending machine items, and the like); making payments to creditors (e.g., paying monthly bills; paying federal, state, and/or local taxes; and the like); sending remittances; loading money onto stored value cards (SVCs) and/or prepaid cards; donating to charities; and/or the like. A “user” may be a financial institution customer (e.g., an account holder or a person who have an account (e.g., banking account, credit account, or the like)). In one aspect, a user may be any financial institution customer involved in retirement planning with the financial institution or any other affiliate entities associated with the financial institution. In some embodiments, the user may be an individual who may be interested in opening an account with the financial institution. In some other embodiments, a user may be any individual who may be interested in enrolling in the retirement plan offered by the financial institution. In some embodiments, a “user” may be a financial institution employee (e.g., an underwriter, a project manager, an IT specialist, a manager, an administrator, an internal operations analyst, bank teller or the like) capable of operating the system described herein. For purposes of this invention, the term “user” and “customer” may be used interchangeably. A “user interface” is any device or software that allows a user to input information, such as commands or data, into a device, or that allows the device to output information to the user. For example, the user interface include a graphical user interface (GUI) or an interface to input computer-executable instructions that direct a processing device to carry out specific functions. The user interface typically employs certain input and output devices to input data received from a user second user or output data to a user. These input and output devices may include a display, mouse, keyboard, button, touchpad, touch screen, microphone, speaker, LED, light, joystick, switch, buzzer, bell, and/or other user input/output device for communicating with one or more users. Finally, the terms house, home, or property may refer to one or more real-estate or parcels of land.
Embodiments of the present invention address these and/or other needs by providing an innovative system, method and computer program product for triggering of living option resource allocation. In this way, the system extracts market analysis for an area, home trends, and the like. The system may then run a comparison of this data to a user's budget and expenditures to present a recommendation of a rental or a purchase of a home. Along with this, upon selection of a home purchase, the system may generate an expected rental price the user can expect to receive for renting out his/her home. This is based on a review of rentals in the area. The system may generate a listing and incorporate the listing onto travel or rental internet sites. The system extends for implementation to pre-retirees and user's thinking of purchasing a second home. With respect to the pre-retirees, the system may track the user's budget and expenditures and provide the user with a timeline for retirement and/or downsizing into retirement to ensure financial stability. With respect to the user purchasing the second home, the system may track rental trends and options for times the user isn't at the second home and determine total costs for the home. The system may generate rental postings for the second home for the time frames the user is not there. The system may manage and predict expenses associated with all various outcomes. Furthermore, the system may also provide a notification system where the user may be able to provide information to the system and the system may track local markets, interest rates, and the like to identify a trigger on when to implement the options.
Referring now to FIG. 1, the figure illustrates a processing system environment 100, in accordance with some embodiments of the invention. The environment 100 includes a user device 111 associated or used with authorization of a user 110 (e.g., an account holder, a mobile application user, a bank customer, and the like), a third party system 160, and a financial institution system 140. In some embodiments, the third party system 160 corresponds to a third party financial institution. The environment 100 further includes one or more third party systems 192 (e.g., a partner, agent, or contractor associated with a financial institution), one or more other financial institution systems 194 (e.g., a credit bureau, third party banks, and so forth), and one or more external systems 196.
The systems and devices communicate with one another over the network 130 and perform one or more of the various steps and/or methods according to embodiments of the disclosure discussed herein. The network 130 may include a local area network (LAN), a wide area network (WAN), and/or a global area network (GAN). The network 230 may provide for wireline, wireless, or a combination of wireline and wireless communication between devices in the network. In one embodiment, the network 130 includes the Internet.
The user device 111, the third party system 160, and the financial institution system 140 each includes a computer system, server, multiple computer systems and/or servers or the like. The financial institution system 140, in the embodiments shown has a communication device 142 communicably coupled with a processing device 144, which is also communicably coupled with a memory device 146. The processing device 144 is configured to control the communication device 142 such that the financial institution system 140 communicates across the network 130 with one or more other systems. The processing device 144 is also configured to access the memory device 146 in order to read the computer readable instructions 148, which in some embodiments includes one or more applications such as applications 150 and 151. The memory device 146 also includes a datastore 154 or database for storing pieces of data that can be accessed by the processing device 144.
As used herein, a “processing device,” generally refers to a device or combination of devices having circuitry used for implementing the communication and/or logic functions of a particular system. For example, a processing device may include a digital signal processor device, a microprocessor device, and various analog-to-digital converters, digital-to-analog converters, and other support circuits and/or combinations of the foregoing. Control and signal processing functions of the system are allocated between these processing devices according to their respective capabilities. The processing device 114, 144, or 164 may further include functionality to operate one or more software programs based on computer-executable program code thereof, which may be stored in a memory. As the phrase is used herein, a processing device 114, 144, or 164 may be “configured to” perform a certain function in a variety of ways, including, for example, by having one or more general-purpose circuits perform the function by executing particular computer-executable program code embodied in computer-readable medium, and/or by having one or more application-specific circuits perform the function.
Furthermore, as used herein, a “memory device” generally refers to a device or combination of devices that store one or more forms of computer-readable media and/or computer-executable program code/instructions. Computer-readable media is defined in greater detail below. For example, in one embodiment, the memory device 146 includes any computer memory that provides an actual or virtual space to temporarily or permanently store data and/or commands provided to the processing device 144 when it carries out its functions described herein.
The user device 111 includes a communication device 112 communicably coupled with a processing device 114, which is also communicably coupled with a memory device 116. The processing device 114 is configured to control the communication device 112 such that the user device 111 communicates across the network 130 with one or more other systems. The processing device 114 is also configured to access the memory device 116 in order to read the computer readable instructions 118, which in some embodiments includes application 120 and online banking application 121. The memory device 116 also includes a datastore 122 or database for storing pieces of data that can be accessed by the processing device 114. The user device 111 may be a mobile device of the user 110, a bank teller device, a third party device, an automated teller machine, a video teller machine, or another device capable of capturing a check image.
The third party system 160 includes a communication device 162 communicably coupled with a processing device 164, which is also communicably coupled with a memory device 166. The processing device 164 is configured to control the communication device 162 such that the third party system 160 communicates across the network 130 with one or more other systems. The processing device 164 is also configured to access the memory device 166 in order to read the computer readable instructions 168, which in some embodiments includes an application 170. The memory device 166 also includes a datastore 172 or database for storing pieces of data that can be accessed by the processing device 164.
In some embodiments, the application 120, the online banking application 121, and the application 170 interact with the application 150 or 151 to receive or provide financial data, analyze financial record data, and implement business strategies, transactions, and processes. The applications 150 and 151 may be a suite of applications for performing these functions.
In some embodiments, the application 120, the online banking application 121, and the application 170 interact with the applications 150 and 151 to utilize metadata to determine decisions for processing.
The applications 120, 121, 150, 151, and 170 are for instructing the processing devices 114, 144 and 164 to perform various steps of the methods discussed herein, and/or other steps and/or similar steps. In various embodiments, one or more of the applications 120, 121, 150, 151, and 170 are included in the computer readable instructions stored in a memory device of one or more systems or devices other than the systems 160 and 140 and the user device 111. For example, in some embodiments, the application 120 is stored and configured for being accessed by a processing device of one or more third party systems 192 connected to the network 130. In various embodiments, the applications 120, 121, 150, 151, and 170 stored and executed by different systems/devices are different. In some embodiments, the applications 120, 121, 150, 151, and 170 stored and executed by different systems may be similar and may be configured to communicate with one another, and in some embodiments, the applications 120, 121, 150, 151, and 170 may be considered to be working together as a singular application despite being stored and executed on different systems.
In various embodiments, one of the systems discussed above, such as the financial institution system 140, is more than one system and the various components of the system are not collocated, and in various embodiments, there are multiple components performing the functions indicated herein as a single device. For example, in one embodiment, multiple processing devices perform the functions of the processing device 144 of the financial institution system 140 described herein. In various embodiments, the financial institution system 140 includes one or more of the external systems 196 and/or any other system or component used in conjunction with or to perform any of the method steps discussed herein. For example, the financial institution system 140 may include a financial institution system, a credit agency system, and the like.
In various embodiments, the financial institution system 140, the third party system 160, and the user device 111 and/or other systems may perform all or part of a one or more method steps discussed above and/or other method steps in association with the method steps discussed above. Furthermore, some or all the systems/devices discussed here, in association with other systems or without association with other systems, in association with steps being performed manually or without steps being performed manually, may perform one or more of the steps of one or more of the method discussed herein, or other methods, processes or steps discussed herein or not discussed herein.
Embodiments of the invention provide calculators to assist customers in making home buying versus home renting decisions. The system, in some embodiments, extracts market analysis data for a particular geographic area, home market trends and other data and runs a comparison of the data to a user's budget and expenditures. Then, the system presents a recommendation of whether the customer should purchase or rent a home. In addition, once a customer has chosen to purchase a home rather than rent a home, the system may generate an expected rental price the user can expect to receive for renting out the home. Such a determination may be based on a review of rental prices within a geographic area of the home. The system may generate a rental listing and make the listing available through a third party website or otherwise.
In some embodiments, the system provides benefits for pre-retirees and those considering the purchase of a second home. Regarding pre-retirees, the system, in some embodiments, tracks the user's budget and expenditures and provides the customer with a timeline for retirement and/or downsizing into retirement to ensure financial stability. The system may also adjust the timeline and the information it provides to the user given changes in the user's spending and/or saving habits or other changes in the user's financial situation.
Regarding those customers considering purchasing a second home, the system may track rental trends and options for times the user does not plan to be residing at the second home. The system may then determine the total costs for the second home, and generate rental postings for the second home for the timeframes the customer is not planning to be residing there. In some cases, the system may apply an expected occupancy factor to the net rental cash flow in order to more accurately represent the cash flow for the rental home over a long term period. In short, the system may manage and predict expenses associated with all possible outcomes.
Additionally, the system may provide a notification system where the user may be able to provide information to the system and the system may track local markets, interest rates, and the like to identify a trigger on when to implement the various options.
FIG. 2 illustrates a high level process flow for triggering of living option resource allocation according to some embodiments of the invention. The first step, as represented by block 202, is to determine a user is interested in a home purchase or a home rental. This may be done by analyzing financial data available to a financial institution that manages one or more of the user's accounts. The system may determine market analysis for an area, home trends and the like and run a comparison of the expected user budgets between the home purchase and the home rental. The user may input various information in order to hone the compared budgets for two or more a prospective home purchase budget(s) and/or prospective home rental budget(s). In some cases, purchase/rental specific information is applied to the varying budgets, such as retrieving and applying an average rental insurance policy premium for rental home budgets and an average homeowners insurance policy premium and property tax information for homeownership budgets.
In some cases, the user decides to proceed with a home purchase. The next step, as represented by block 204, is to identify one or more trigger events associated with the user, which includes determining that the user has decided to move forward with a home purchase as opposed to a home rental. This decision, in some embodiments, may be confirmed by the user inputting confirmation to a user device or otherwise. The triggering events may also include one or more other triggers, such as the user indicating that the user wants to proceed with one or more actions or features provided by the system, the user saving a threshold amount of money, the user spending a threshold amount of money, the user opening a new account, the user closing an account, or others. The next step, in some embodiments, is to identify a candidate house for purchase. This may be done by receiving input from the user or may be performed by the system based on the information available to the system regarding desired geographic area and a price point the system estimates is feasible for the user. In other embodiments, the user inputs some criteria (e.g., square footage, bedrooms, bathrooms, style, location, etc.) and the system finds one or more houses that meet the user's criteria. In cases where multiple houses are identified, the system may proceed with more than one candidate house and present results to the user for consideration or may ask the user to narrow the field of candidate houses before proceeding.
The next step, as represented by block 206, is to determine a rental home budget associated with the candidate house. This may be done, in part, by determining the expected rental income for the candidate hour and determining the expected expenses for the candidate house. These numbers may be combined in order to determine a net cash flow for the candidate house during months when the user does not plan to occupy the house. In some cases, the expected occupancy of the house (e.g., in the form of a percentage estimate of occupancy versus vacancy) is applied to the income in order to provide a more accurate long term expectation for potential net cash flow for the rental house.
In some embodiments, the system may identify potential renovations to a user's home, including the addition of bedrooms or bathrooms, and the system may calculate changes in rent available comparative to the cost of the renovation with an indication of the break even period for the renovation.
The next step, as represented by block 208, is to initiate one or more resource allocation actions. This may be done in response to the one or more triggering events discussed with reference to step 204 and/or one or more additional or different triggering events. For example, prior to initiating a resource allocation action, the system may receive user input indicating a desire to perform a resource allocation action. A resource allocation action may include automatic transfers of funds into a savings account earmarked (or having the intended purpose for) providing a down payment on the candidate house. In this regard, the system may estimate how long it will be until the user has saved enough funds to purchase the house. Also, the system may provide estimates of how much sooner the user may purchase the house if the user changes certain habits or saves additional money for the purchase.
In some embodiments, the system may track local markets, interest rates and other information in order to identify a trigger for when the user should implement an action or option. For example, the system may track interest rates and provide information to a user interested in purchasing a home so that the user may make an educated decision regarding when to move forward with a mortgage application and home purchase. Similarly, the system may provide information intended to assist the user in an optimal rental price and time for a rental listing to be posted so that the user may maximize rental income, expedite finding a renter and/or achieve other goals or some combination of goals.
FIG. 3 provides a process flow illustrating a triggering of living option resource allocations and generation of recommendations 300, in accordance with one embodiment of the present invention. The user may desire to purchase a home. The user may select one or more geographic locations for the home, sizes of the home, and other filters for the home purchase. As illustrated in block 302, the process 300 is initiated by the system generating an interconnection, via a generated secure network, with market analysis devices and market distributor devices. In this way, the system may connect with market analysis devices that analyze the market, such as a housing market, including available homes, amenities, square footage, prices, locations, and the like. Furthermore the market distributor devices may provide listings of homes or property for sale in an area and distribute those listings to external third party websites for public dissemination.
Next, once the secure interconnection with market analysis devices and market distributor devices is made, the process 300 continues by extracting, via the generated interconnection, geographic location based market analysis as illustrated in block 304. In this way, the system may tailor the market analysis devices and market distributor devices that are in the same geographic location that the user is looking to purchase a home. As such, the system may narrow down the extracted market analysis into a specific geographic location where the user is looking to purchase a home. The location may be a city, neighborhood, county, road, radius, or the like. As such, the system may extract and compile the market analysis data for a specific geographic location desired by the user.
As illustrated in block 306, the system may integrate and compare the extracted data to user resource availability for allocation. In this way, the system may integrate the extracted market data about homes in the user's area into the user's financial data. The integration may occur via the system and be generated into an integrated overlay map onto a user system. The integrated overlay map may illustrate a location of homes in the user's desired area via a map that the user is eligible to purchase, based on the user's financial data. The system may further secure a pre-approval that will satisfy each of the homes overlaid on the map, such that the user knows that each home is one he/she is approved for purchasing.
Next, as illustrated in block 308, the process continues by presenting the recommendations of houses within the area via a securely generated interconnection based on the integration. In this way, the system may generate the overlay map with the houses that are identified as ones within the area selected by the user and identified as available for the user based on review of the extracted user resource availability for allocation to the house. Furthermore, the generated interactive map may constantly change based on user selections and reviews of houses, user financial changes, or the like. As such, if a user is changing a geographical location, a style of home, a type of home, or a size of home based on a review of user houses selected and third party sources, the system may adapt the presentation of the recommended houses.
As such, the system may extract, via the interconnection on the secure network market analysis for an area, home trends, comparison home prices, and the like. The system extracts the data in real-time and runs a comparison of the data to a user's budged and expenditures to present a recommendation of a purchase of a home. The comparison constantly changes based on the data extracted and data extracted about the user, such as financial data, budged data, expenditures, credit, or the like from third party sources via a secure network connection or hardline connection generated by the system device for expedited data extraction and communication.
In some embodiments, the process 300 may be utilized for a primary home purchase. In other embodiments, the process 300 may be utilized for a vacation or rental home purchase. In this way, the system may generate and present recommendations for the user for home purchases via an interactive overlay map and further integrate a rental calculation for renting out the home for a period of time each year. As such, the system may provide additional homes the user may qualify for based on the generation of rental income the home may provide. With respect to users purchasing a second home, the system may track rental trends and options for the times the user is not at the second home and determine total costs for the home. The system may generate rental postings for the second home for the time frames the user is not using the home. The system may manage and predict expenses associated with all various outcomes. Furthermore, the system may also provide a notification system when the user may be able to provide information to the system and the system may track local markets, interest rates, and the like to identify a trigger on when to implement the options. In yet other embodiments, the system may identify potential renovations to a user's home, including the addition of bedrooms or bathrooms, and the system may calculate changes in rent available comparative to the cost of the renovation with an indication of the break even period for the renovation.
FIG. 4 provides a process flow illustrating a triggering of living option resource allocations and generation of listing 400, in accordance with one embodiment of the present invention. FIG. 4 illustrates the system connectivity for determination of a rental value for a property already owned by the user. In other embodiments, FIG. 4 illustrates a determination of a rental value for property potentially purchased by the user.
The process 400 is initiated by interconnecting using a generated secure network to market analysis devices and market distributor devices, as illustrated in block 402. In some embodiments market analysis devices may be servers or systems that run real-estate websites that include house listings, house prices, and the like. In other embodiments, market analysis devices may be servers or systems associated with property tax, rental evaluations, sold homes, or the like for a given area. In some embodiments, market distributor devices include devices associated with real-estate brokers or the like that include information about one or more properties for sale, potential sale, sold properties, prices, comparable properties, home statistics, property statistics, and the like.
Next, as illustrated in block 404, the process 400 continues by extracting, via the interconnection, geographic location based market analysis. In this way, the system may identify where the user's property is located and/or where the user desires to purchase property. Subsequently, the system may identify one or more market analysis devices associated with that area and extract market analysis data from the area. The market analysis data in this instance includes prices of purchases in the area, rental prices in the area, and the like.
Next, as illustrated in block 406, the process 400 continues by comparing comparable properties within the geographic area of the user's property. As such, the system may generate comparable properties similar to the user's property. The similarities may be in size, quality, number of rooms, location, amenities, or the like. Using these comparable properties, the system may push information about the user's property to market distributor devices in order to determine a potential rental opportunity for the user's property or part of the user's property. Using the comparable and communicating with the market distributor devices, the system may determine and generate a rental amount for the user's property relative to the comparable properties and approved by the market distributor devices.
As illustrated in block 408, the process continues by presenting the possible rental opportunities for one or more areas within the user's property to the user via a user mobile device application. In some embodiments, the system may provide a possible rental opportunity for the user's entire property. In other embodiments, the system may provide a possible rental opportunity for a part of the user's property. The use may select and/or approve the possible rental opportunity.
Upon selection of the rental opportunity, the system may generate a listing for at least a portion of the user's property for a rental opportunity and request authorization for transmission of the listing, as illustrated in block 410. In this way, the system may generate a listing, input photos, generate the pricing, generate the description, and generate the requirements for renting the property. In some embodiments, the system may extract photos from the user device, user social media, or the like to populate the listing. The system generates this as a listing and provides it to the user for review and revisions. Upon approval, the listing is pushed to third party websites for posting the property for rent.
In some embodiments of the invention one or more of the systems described herein may be combined with each other, or otherwise perform the functions of the other systems described herein. In other embodiments of the invention one or more of the applications described herein may be combined with each other, or otherwise perform the functions of the other applications described herein. Furthermore, the applications may be any type of application, such as an application stored on a desktop, server, or other device, a mobile application stored on a mobile device, a cloud application, or other like application. As such, the applications described herein, or portions of the applications described herein may be stored and operated on any of the systems or devices described herein. For example, a portion of one or more applications may be stored on the user device, or may be included as a portion of financial institution applications, such as an online banking application, in order to achieve embodiments of the inventions described herein.
It should be understood, that the systems and devices described in FIG. 1, or other devices not specifically described herein, may be configured to establish a communication link with each other in order to accomplish the steps of the processes described herein. The link may be an internal link within the same entity (e.g., within the same financial institution or device provider) or a link with the other systems of entities (e.g., social networking systems, third-party systems, or the like). In some embodiments, the systems may be configured for monitoring the applications and devices that the system(s) utilize as data sources. The information received from monitoring may be provided via wireless network path portions through the Internet. When the systems or devices are not monitoring a source or are not being monitoring, the information need not be transmitted from the source through the Internet to the destination, although it could be. The sources of information may be made continuously available, however, continuously available does not necessarily mean that the sources actually continuously generates data, but that a source is continuously available to generate and send data real-time (e.g., instantaneously and/or within a few seconds, or the like) of receiving a request for it. In any case, the sources may be continuously available to receive and/or generate information, in some cases in digitized data in Internet Protocol (IP) packet format. In response to continuously monitoring the real-time data feeds from the various systems or devices, the system may be configured to provide target information to the user and/or allow the user to make changes to or control the applications and/or devices.
Moreover, it should be understood that the process flows described herein include transforming the information sent and/or received from the applications of the different systems (e.g., internally or externally) and/or the devices from one or more data formats into a data format associated with an application for display to the user on the user device. There are many ways in which information is converted within the system environment. This may be seamless, as in the case of upgrading to a newer version of a computer program. Alternatively, the conversion may require processing by the use of a special conversion program, or it may involve a complex process of going through intermediary stages, or involving complex “exporting” and “importing” procedures, which may converting to and from a tab-delimited or comma-separated text file. In some cases, a program may recognize several data file formats at the data input stage and then is also capable of storing the output data in a number of different formats. Such a program may be used to convert a file format. If the source format or target format is not recognized, then at times a third program may be available which permits the conversion to an intermediate format, which can then be reformatted.
As will be appreciated by one of skill in the art, the present invention may be embodied as a method (including, for example, a computer-implemented process, a business process, and/or any other process), apparatus (including, for example, a system, machine, device, computer program product, and/or the like), or a combination of the foregoing. Accordingly, embodiments of the present invention may take the form of an entirely hardware embodiment, an entirely software embodiment (including firmware, resident software, micro-code, etc.), or an embodiment combining software and hardware aspects that may generally be referred to herein as a “system.” Furthermore, embodiments of the present invention may take the form of a computer program product on a computer-readable medium having computer-executable program code embodied in the medium.
Any suitable transitory or non-transitory computer readable medium may be utilized. The computer readable medium may be, for example but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device. More specific examples of the computer readable medium include, but are not limited to, the following: an electrical connection having one or more wires; a tangible storage medium such as a portable computer diskette, a hard disk, a random access memory (RAM), a read-only memory (ROM), an erasable programmable read-only memory (EPROM or Flash memory), a compact disc read-only memory (CD-ROM), or other optical or magnetic storage device.
In the context of this document, a computer readable medium may be any medium that can contain, store, communicate, or transport the program for use by or in connection with the instruction execution system, apparatus, or device. The computer usable program code may be transmitted using any appropriate medium, including but not limited to the Internet, wireline, optical fiber cable, radio frequency (RF) signals, or other mediums.
Computer-executable program code for carrying out operations of embodiments of the present invention may be written in an object oriented, scripted or unscripted programming language such as Java, Perl, Smalltalk, C++, or the like. However, the computer program code for carrying out operations of embodiments of the present invention may also be written in conventional procedural programming languages, such as the “C” programming language or similar programming languages.
Embodiments of the present invention are described above with reference to flowchart illustrations and/or block diagrams of methods, apparatus (systems), and computer program products. It will be understood that each block of the flowchart illustrations and/or block diagrams, and/or combinations of blocks in the flowchart illustrations and/or block diagrams, can be implemented by computer-executable program code portions. These computer-executable program code portions may be provided to a processor of a general purpose computer, special purpose computer, or other programmable data processing apparatus to produce a particular machine, such that the code portions, which execute via the processor of the computer or other programmable data processing apparatus, create mechanisms for implementing the functions/acts specified in the flowchart and/or block diagram block or blocks.
These computer-executable program code portions may also be stored in a computer-readable memory that can direct a computer or other programmable data processing apparatus to function in a particular manner, such that the code portions stored in the computer readable memory produce an article of manufacture including instruction mechanisms which implement the function/act specified in the flowchart and/or block diagram block(s).
The computer-executable program code may also be loaded onto a computer or other programmable data processing apparatus to cause a series of operational steps to be performed on the computer or other programmable apparatus to produce a computer-implemented process such that the code portions which execute on the computer or other programmable apparatus provide steps for implementing the functions/acts specified in the flowchart and/or block diagram block(s). Alternatively, computer program implemented steps or acts may be combined with operator or human implemented steps or acts in order to carry out an embodiment of the invention.
As the phrase is used herein, a processor may be “configured to” perform a certain function in a variety of ways, including, for example, by having one or more general-purpose circuits perform the function by executing particular computer-executable program code embodied in computer-readable medium, and/or by having one or more application-specific circuits perform the function.
Embodiments of the present invention are described above with reference to flowcharts and/or block diagrams. It will be understood that steps of the processes described herein may be performed in orders different than those illustrated in the flowcharts. In other words, the processes represented by the blocks of a flowchart may, in some embodiments, be in performed in an order other that the order illustrated, may be combined or divided, or may be performed simultaneously. It will also be understood that the blocks of the block diagrams illustrated, in some embodiments, merely conceptual delineations between systems and one or more of the systems illustrated by a block in the block diagrams may be combined or share hardware and/or software with another one or more of the systems illustrated by a block in the block diagrams. Likewise, a device, system, apparatus, and/or the like may be made up of one or more devices, systems, apparatuses, and/or the like. For example, where a processor is illustrated or described herein, the processor may be made up of a plurality of microprocessors or other processing devices which may or may not be coupled to one another. Likewise, where a memory is illustrated or described herein, the memory may be made up of a plurality of memory devices which may or may not be coupled to one another.
While certain exemplary embodiments have been described and shown in the accompanying drawings, it is to be understood that such embodiments are merely illustrative of, and not restrictive on, the broad invention, and that this invention not be limited to the specific constructions and arrangements shown and described, since various other changes, combinations, omissions, modifications and substitutions, in addition to those set forth in the above paragraphs, are possible. Those skilled in the art will appreciate that various adaptations and modifications of the just described embodiments can be configured without departing from the scope and spirit of the invention. Therefore, it is to be understood that, within the scope of the appended claims, the invention may be practiced other than as specifically described herein.

INCORPORATION BY REFERENCE

To supplement the present disclosure, this application further incorporates entirely by reference the following commonly assigned patent applications:


	U.S. Patent Application
Docket Number	Ser. No.	Title	Filed On

7300US1.014033.2849	To be assigned	GEOGRAPHIC SELECTION	Concurrently
		SYSTEM BASED ON RESOURCE	herewith
		ALLOCATION AND
		DISTRIBUTION
7301US1.014033.2857	To be assigned	SYSTEM FOR A GEOGRAPHIC	Concurrently
		LOCATION BASED SHARING	herewith
		REQUEST NETWORK
7302US1.014033.2858	To be assigned	WEARABLE DEVICE FOR REAL-	Concurrently
		TIME MONITORING OF	herewith
		PARAMETERS AND
		TRIGGERING ACTIONS
7303US1.014033.2859	To be assigned	SYSTEM ENVIRONMENT FOR	Concurrently
		USER-SPECIFIC PROGRAM	herewith
		AGGREGATION AND NON-
		COLLOCATED THIRD PARTY
		SYSTEM EXTRACTION AND
		DEPLOYMENT

Claims

What is claimed is:

1. A system for triggering of living option resource allocation, the system comprising:

at least one memory device;

at least one communication device connected to a distributed network;

at least one processing device operatively coupled to the at least one memory device and the at least one communication device; and

a module stored in the at least one memory device comprising executable instructions that when executed by the at least one processing device, cause the at least one processing device to:

determine a user is interested in a property purchase or property rental;

identify one or more trigger events associated with the user, the one or more trigger events comprising at least determining that the user has made a decision to purchase or rent a property;

identify a candidate house for potential purchase by the user;

determine a rental home budget associated with a candidate house, comprising:

determining expected rental income for the candidate house; and

determining expected expenses for the candidate house; and

initiate one or more resource allocation actions in response to the one or more trigger events, the resource allocation actions comprising allocating a portion of resources to an account earmarked for purchasing the candidate house.

2. The system of claim 1, wherein identifying a candidate house for potential purchase by the user further comprises:

generating an interconnection via a secure network with market analysis devices and market distributor devices;

extracting potential candidate houses from the market distributor devices based on geographic location desired by the user;

comparing the potential candidate houses from the market distributor devices to extracted user resource allocation allotment, wherein the user resource allocation allotment is a threshold resource amount that is approved to be allocated to the purchase of the property; and

integrating selected potential candidate houses into an interactive mapping display for presentation onto a mobile device of the user for user visualization.

3. The system of claim 1, wherein identifying one or more trigger events associated with the user further comprises receiving a communication from a user device or third party device an indication of a triggering action associated with the user that determines that the user has made a decision to purchase or rent a property, wherein the triggering action comprises contacting a market distributor device or listing of a property associated with the user.

4. The system of claim 1, further comprising determining that the user requests a renting of at least a portion of a property associated with the user.

5. The system of claim 4, wherein determining that the user requests a renting of at least a portion of a property associated with the user, further comprises:

extracting comparable candidate rental properties from the market distributor devices based on geographic location and comparable statistics to the at least a portion of the property associated with the user;

generating a listing of the at least a portion of the property associated with the user for rent, wherein generating the listing further comprises providing a resource amount for renting the at least a portion of the property associated with the user comparable to the comparable candidate rental properties, a description of the at least a portion of the property associated with the user, and photos of the at least a portion of the property associated with the user; and

implementing, upon authorization, the listing of the at least a portion of the property associated with the user onto one or more market distributor devices.

6. The system of claim 1, further comprising presenting one or more candidate houses for potential purchase by the user via an overlay on a map on a user device for displaying a geographic location of the one or more candidate houses, wherein the presenting further comprises providing information about the one or more candidate houses to the user for selection.

7. The system of claim 1, wherein upon the trigger event, communicate, via a secure communication linkage, to a resource allocation source associated with the user to determine properties as approved for purchase by the user based on resource availability, wherein the approved properties are included in the candidate houses presented to the user.

8. A computer program product for triggering of living option resource allocation, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for determining a user is interested in a property purchase or property rental;

an executable portion configured for identifying one or more trigger events associated with the user, the one or more trigger events comprising at least determining that the user has made a decision to purchase or rent a property;

an executable portion configured for identifying a candidate house for potential purchase by the user;

an executable portion configured for determining a rental home budget associated with a candidate house, comprising:

determining expected rental income for the candidate house; and

determining expected expenses for the candidate house; and

an executable portion configured for initiating one or more resource allocation actions in response to the one or more trigger events, the resource allocation actions comprising allocating a portion of resources to an account earmarked for purchasing the candidate house.

9. The computer program product of claim 8, wherein identifying a candidate house for potential purchase by the user further comprises:

an executable portion configured for generating an interconnection via a secure network with market analysis devices and market distributor devices;

an executable portion configured for extracting potential candidate houses from the market distributor devices based on geographic location desired by the user;

an executable portion configured for comparing the potential candidate houses from the market distributor devices to extracted user resource allocation allotment, wherein the user resource allocation allotment is a threshold resource amount that is approved to be allocated to the purchase of the property; and

an executable portion configured for integrating selected potential candidate houses into an interactive mapping display for presentation onto a mobile device of the user for user visualization.

10. The computer program product of claim 8, wherein identifying one or more trigger events associated with the user further comprises receiving a communication from a user device or third party device an indication of a triggering action associated with the user that determines that the user has made a decision to purchase or rent a property, wherein the triggering action comprises contacting a market distributor device or listing of a property associated with the user.

11. The computer program product of claim 8, further comprising an executable portion configured for determining that the user requests a renting of at least a portion of a property associated with the user.

12. The computer program product of claim 11, wherein determining that the user requests a renting of at least a portion of a property associated with the user, further comprises:

13. The computer program product of claim 8, further comprising an executable portion configured for presenting one or more candidate houses for potential purchase by the user via an overlay on a map on a user device for displaying a geographic location of the one or more candidate houses, wherein the presenting further comprises providing information about the one or more candidate houses to the user for selection.

14. The computer program product of claim 8, wherein upon the trigger event, communicate, via a secure communication linkage, to a resource allocation source associated with the user to determine properties as approved for purchase by the user based on resource availability, wherein the approved properties are included in the candidate houses presented to the user.

15. A computer-implemented method for triggering of living option resource allocation, the method comprising:

providing a computing system comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction code is operated by said computer processing device, said computer processing device performs the following operations:

determining a user is interested in a property purchase or property rental;

identifying one or more trigger events associated with the user, the one or more trigger events comprising at least determining that the user has made a decision to purchase or rent a property;

identifying a candidate house for potential purchase by the user;

determining a rental home budget associated with a candidate house, comprising:

determining expected rental income for the candidate house; and

determining expected expenses for the candidate house; and

initiating one or more resource allocation actions in response to the one or more trigger events, the resource allocation actions comprising allocating a portion of resources to an account earmarked for purchasing the candidate house.

16. The computer-implemented method of claim 15, wherein identifying a candidate house for potential purchase by the user further comprises:

17. The computer-implemented method of claim 15, wherein identifying one or more trigger events associated with the user further comprises receiving a communication from a user device or third party device an indication of a triggering action associated with the user that determines that the user has made a decision to purchase or rent a property, wherein the triggering action comprises contacting a market distributor device or listing of a property associated with the user.

18. The computer-implemented method of claim 15, further comprising determining that the user requests a renting of at least a portion of a property associated with the user, wherein determining that the user requests a renting of at least a portion of a property associated with the user, further comprises:

19. The computer-implemented method of claim 15, further comprising presenting one or more candidate houses for potential purchase by the user via an overlay on a map on a user device for displaying a geographic location of the one or more candidate houses, wherein the presenting further comprises providing information about the one or more candidate houses to the user for selection.

20. The computer-implemented method of claim 15, wherein upon the trigger event, communicate, via a secure communication linkage, to a resource allocation source associated with the user to determine properties as approved for purchase by the user based on resource availability, wherein the approved properties are included in the candidate houses presented to the user.