System and method for verifying loan data at delivery

• US 20040215554A1
• Filed: 12/16/2003
• Published: 10/28/2004
• Est. Priority Date: 12/30/2002
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Kemper, John L., Coleman, David A.
• Granted Patent: US 7,747,519 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system for verifying loan data for a loan being delivered by a seller to a purchaser includes underwriting logic that generates a set of underwriting data for a loan and delivery logic that receives a set of delivery data for the loan from the seller and processes the delivery data. The delivery logic includes comparison logic that compares the underwriting data for the loan and the delivery data for the loan to determine any differences. If there are differences between the underwriting data and the delivery data for the loan, yield adjustments and fees may be determined for the loan based on the differences.

Claims

1. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the loan having a first set of loan data associated with an underwriting process, the method comprising:

receiving a second set of loan data for the loan from the seller, the second set of loan data associated with a delivery process;

retrieving the first set of loan data; and

comparing the first set of loan data and the second set of loan data to determine any differences.

2. A method according to claim 1, further comprising:

determining at least one difference between the first set of loan data and the second set of loan data; and

editing the second set of loan data.

3. A method according to claim 1, further comprising:

determining at least one difference between the first set of loan data and the second set of loan data; and

notifying the seller of the at least one difference.

4. A method according to claim 1, further comprising:

determining at least one difference between the first set of loan data and the second set of loan data; and

processing the second set of loan data using the underwriting process.

5. A method according to claim 1, further comprising:

determining at least one difference between the first set of loan data and the second set of loan data; and

determining a yield adjustment for the loan based on the at least one difference.

6. A method according to claim 1, further comprising:

determining at least one difference between the first set of loan data and the second set of loan data; and

determining a fee to be charged to the seller based on the at least one difference.

7. A system for verifying loan data for a loan being delivered by a seller to a purchaser, the loan having a first set of loan data associated with an underwriting process, the system comprising:

means for receiving a second set of loan data for the loan from the seller, the second set of loan data associated with a delivery process;

means for retrieving the first set of loan data; and

means for comparing the first set of loan data and the second set of loan data to determine any differences.

8. A system according to claim 7, further comprising means for editing the second set of loan data upon determining at least one difference between the first set of loan data and the second set of loan data.

9. A system according to claim 7, further comprising means for notifying the seller of the at least one difference upon determining at least one difference between the first set of loan data and the second set of loan data.

10. A system according to claim 7, further comprising means for processing the second set of loan data using the underwriting process upon determining at least one difference between the first set of loan data and the second set of loan data.

11. A system according to claim 7, further comprising:

means for determining a yield adjustment for the loan based on at least one difference determined by the comparison of the first set of loan data and the second set of loan data.

12. A system according to claim 7, further comprising

means for determining a fee to be charged to the seller based on at least one difference determined by the comparison of the first set of loan data and the second set of loan data.

13. A method for generating a price for a loan being delivered to a purchaser, the loan having a set of underwriting data having an identifier, the method comprising:

receiving a set of delivery data from a seller;

comparing the set of underwriting data to the set of delivery data to identify any differences;

determining a price for the loan based on at least one of the delivery data and the underwriting data; and

upon identifying at least one difference between the set of underwriting data and the set of delivery data, determining a price change based upon the at least one difference.

14. A method according to claim 13, wherein comparing the set of underwriting data and the set of delivery data includes comparing a predetermined set of information in the set of underwriting data and the set of delivery data.

15. A method according to claim 13, further comprising:

generating an updated set of underwriting data based on the at least one difference; and

determining a price based on the updated set of underwriting data.

16. A system for generating a price for a loan being delivered to a purchaser, the loan having a set of underwriting data having an identifier, the system comprising:

means for receiving a set of delivery data from a seller;

means for comparing the set of underwriting data to the set of delivery data to identify any differences;

means for determining a price for the loan based on at least one of the delivery data and the underwriting data; and

means for determining a price change based upon at least one difference identified between the set of underwriting data and the set of delivery data.

17. A system according to claim 16, wherein comparing the set of underwriting data and the set of delivery data includes comparing a predetermined set of information in the set of underwriting data and the set of delivery data.

18. A system according to claim 16, further comprising:

means for generating an updated set of underwriting data based on the at least one difference; and

means for determining a price based on the updated set of underwriting data.

19. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the loan having a set of underwriting data generated by underwriting logic, the underwriting data having an identifier, the method comprising:

receiving a set of delivery data from the seller using delivery logic;

accessing the set of underwriting data using the identifier; and

comparing the set of underwriting data to the set of delivery data to determine any differences.

20. A method according to claim 19, further comprising:

determining at least one difference between the set of underwriting data and the set of delivery data; and

editing the set of delivery data.

21. A method according to claim 19, further comprising:

determining at least one difference between the set of underwriting data and the set of delivery data; and

notifying the seller of the at least one difference.

22. A method according to claim 19, further comprising:

determining at least one difference between the set of underwriting data and the set of delivery data;

providing the delivery data to the underwriting logic; and

generating a second set of underwriting data based on the set of delivery data.

23. A method according to claim 19, further comprising:

determining at least one difference between the set of underwriting data and the set of delivery data; and

determining a yield adjustment for the loan based on the at least one difference.

24. A method according to claim 19, further comprising:

determining at least one difference between the set of underwriting data and the set of delivery data; and

determining a fee to be charged to the seller based on the at least one difference.

25. A method according to claim 19, wherein accessing the set of underwriting data includes sending a request from the delivery logic to the underwriting logic to retrieve the set of underwriting data.

26. A system for verifying loan data for a loan being delivered by a seller to a purchaser, the loan having a set of underwriting data generated by underwriting logic, the underwriting data having an identifier, the system comprising:

delivery logic, coupled to the underwriting logic, for receiving a set of delivery data from a seller and processing the set of delivery data, the delivery logic further including

comparison logic for comparing the set of underwriting data to the set of delivery data to determine any differences.

27. A system according to claim 26, wherein the comparison logic sends a request including the identifier to the underwriting logic to retrieve the set underwriting data associated with the identifier.

28. A system according to claim 26, further comprising pricing logic coupled to the delivery logic for determining a price for the loan based on at least the delivery data.

29. A system according to claim 26, further including pricing logic, coupled to the comparison logic, for determining a yield adjustment based on at least one difference determined by the comparison logic.

30. A system according to claim 26, wherein upon determining at least on difference between the set of underwriting logic and the set of delivery logic, the set of delivery data is sent to the underwriting logic to generate a second set of underwriting data based on the set of delivery data.

31. A system according to claim 26, further including pricing logic, coupled to the comparison logic, for determining a fee to be charged to the seller based on at least one difference determined by the comparison logic.

32. A system according to claim 26, further comprising notification logic, coupled to the delivery logic, for notifying the seller of at least one difference determined by the comparison logic.

33. A system according to claim 26, wherein the delivery logic further includes editing logic for editing the set of delivery data

34. A method for verifying loan data for a loan being delivered by a loan originator to a lender, the loan having a first set of loan data associated with a underwriting process, the method comprising:

receiving a second set of loan data for the loan from the loan originator, the second set of loan data associated with a loan origination process;

retrieving the first set of loan data; and

comparing the first set of loan data and the second set of loan data to determine any differences.

35. A method according to claim 34, further comprising:

determining at least one difference between the first set of loan data and the second set of loan data; and

notifying the loan originator of the at least one difference.

36. A method for verifying loan data for a loan, the loan having a first set of loan data associated with an underwriting process, the method comprising:

receiving a second set of loan data for the loan;

retrieving the first set of loan data;

comparing the first set of loan data and the second set of loan data to determine any differences; and

reporting any differences.

37. A method for verifying loan data for a loan to be delivered by a seller to a purchaser, the loan having a first set of loan data associated with an underwriting process, the method comprising:

receiving a second set of loan data for the loan from the seller, the second set of loan data associated with a delivery process;

retrieving the first set of loan data;

comparing the first set of loan data and the second set of loan data to determine any differences; and

determining a yield adjustment for the loan based on at least one difference;

wherein the seller determines not to deliver the loan to the purchaser based on the yield adjustment.

38. A system for verifying loan data for a loan, the loan having a set of underwriting data provided by underwriting logic, the set of underwriting data having an identifier, the system comprising:

a data source configured to receive a set of loan data for the loan; and

comparison logic coupled to the data source and the underwriting logic, the comparison logic configured to compare the set of