System and method for processing data pertaining to financial assets

• US 20050102225A1
• Filed: 12/16/2004
• Published: 05/12/2005
• Est. Priority Date: 12/30/2002
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Singh, Navdeep, Bastnagel, Maryann, Simonds, John A. Jr., Oppenheimer, Dror, Mathewson, Mark D., Kemper, John L.
• Granted Patent: US 7,885,889 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A data processing system for processing loan data for a plurality of loans including a data storage system configured to store loan data for the plurality of loans and a user interface including one or more web pages configured to enable a servicer using a remote computing system to transfer loan data over the Internet to and from the data processing system. The user interface includes a loan activity processing function configured to receive servicer loan data including loan activity data from the servicer, a trial balance processing function configured to enable the servicer to submit servicer loan data for comparison with the stored loan data, and a loan level browsing function configured to allow the servicer to view stored loan data. The data processing system further includes loan process and compare logic which includes an amortization/calculation processor configured to perform validation calculations on servicer loan data based on stored loan data, a loan activity processor configured to process the loan activity data, validate the loan activity data based on the stored loan data, and update the stored loan data based on the loan activity data. The loan process and compare logic further includes a trial balance processor configured to compare servicer loan data with stored loan data.

Claims

1. A data processing system for processing loan data for a plurality of loans, the data processing system comprising:

a data storage system configured to store loan data for the plurality of loans;

a user interface including one or more web pages configured to enable a servicer using a remote computing system to transfer loan data over the Internet to and from the data processing system, the user interface including

a loan activity processing function configured to receive servicer loan data including loan activity data from the servicer,

a trial balance processing function configured to enable the servicer to submit servicer loan data for comparison with the stored loan data, and

a loan level browsing function configured to allow the servicer to view stored loan data; and

loan process and compare logic, including

an amortization/calculation processor configured to perform validation calculations on servicer loan data based on stored loan data,

a loan activity processor configured to

process the loan activity data,

validate the loan activity data based on the stored loan data, and

update the stored loan data based on the loan activity data, and

a trial balance processor configured to compare servicer loan data with stored loan data.

2. A system according to claim 1, wherein the amortization/calculation processor is configured to derive expected principal and interest amounts based on the stored loan data.

3. A system according to claim 1, wherein the amortization/calculation processor is configured to calculate disbursements due under a reverse mortgage or a home equity line of credit.

4. A system according to claim 1, wherein the amortization/calculation processor is configured to calculate servicing fees due based on the stored loan data.

5. A system according to claim 1, wherein the loan activity processing function is configured to receive and validate loan activity data from the servicer.

6. A system according to claim 5, wherein validating the loan activity data includes validating a relationship between the servicer and the loan.

7. A system according to claim 5, wherein validating the loan activity data includes validating the timing of the activity based on a reporting period associated with the loan.

8. A system according to claim 1, wherein the trial balance processing function is configured to generate an exception based on a detected inconsistency between the servicer loan data and the stored loan data.

9. A system according to claim 8, wherein the loan activity processor further includes an exception resolution processor configured to process exceptions.

10. A system according to claim 9, wherein the exception resolution processor is configured to notify the servicer through the user interface when the inconsistency is detected.

11. A system according to claim 10, wherein the user interface includes an exception resolution function configured to allow a user to satisfy the exception.

12. A system according to claim 1, wherein the user interface includes input fields configured to receive loan activity data from a servicer.

13. A system according to claim 1, wherein the loan level browsing function is configured to allow a servicer to download the stored loan data.

14. A user interface comprising:

one or more web pages configured to allow a servicer to perform functions implemented by a data processing system for processing loans and storing loan data, the functions including

a loan activity processing function configured to enable a servicer to provide loan data including activity data to be processed by the data processing system,

a trial balance processing function configured to enable the servicer to compare servicer loan data with loan data stored on the data processing system,

an exception handling function configured to enable a servicer to access and respond to exceptions generated by the data processing system, and

a loan level browsing function configured to enable a servicer to browse and download loan data stored on the data processing system and associated with the servicer.

15. An interface according to claim 14, wherein the functions further include a security and access control function configured to receive and validate a servicer ID and servicer password.

16. An interface according to claim 15, wherein the user interface is customized based on the servicer ID.

17. An interface according to claim 15, wherein the functionality of one or more of the functions is customized based on the servicer ID.

18. An interface according to claim 14, wherein the loan activity processing function is configured to display updated loan data based on the processing of the loan activity.

19. An interface according to claim 14, wherein the trial balance processing function is configured to display servicer loan data alongside loan data stored on the data processing system to facilitate comparison.

20. An interface according to claim 14, wherein the loan activity processing function includes a providing a plurality of input fields configured to receive loan identification data and loan activity data.

21. An interface according to claim 14, wherein the loan activity processing screen is configured to display the results of the loan activity processing.

22. An interface according to claim 21, wherein the result of the loan activity processing is generation of an exception.

23. An interface according to claim 21, wherein the result of the loan activity processing is an update of loan data stored on the data processing system based on the loan activity.

24. A data processing system, comprising:

a data storage system configured to store loan data related to the plurality of loans;

acquisition logic, the acquisition logic including logic configured to receive information pertaining to loan term, interest rate, principal owed and other parameters for a plurality of loans;

a user interface configured to receive servicer loan data including loan activity data, the servicer loan data being received from a servicer of one or more of the plurality of loans, the user interface including one or more web pages;

loan process and compare logic, the loan process and compare logic configured to receive and process servicer loan data including loan activity data; and

financial asset generation logic, the financial asset generation logic including logic configured to facilitate creation and maintenance of a plurality of financial assets backed by the plurality of loans,

wherein the acquisition logic, the loan process and compare logic, and the financial asset generation logic are provided on a common integrated data processing platform.

25. A system according to claim 24, wherein the loan process and compare logic includes an amortization/calculation processor configured to perform validation calculations for the plurality of loans and derive expected principal and interest amounts based on the stored loan data.

26. A system according to claim 25, wherein the amortization/calculation processor is further configured to calculate disbursements due under a reverse mortgage or home equity line of credit.

27. A system according to claim 25, wherein the amortization/calculation processor is further configured to calculate servicing fees due based on the loan data and loan attributes.

28. A system according to claim 24, wherein the loan process and compare logic includes a loan activity processor configured to process servicer loan data including loan activity data, validate the loan activity data based on the stored loan data, and update the stored loan data based on the loan activity data.

29. A system according to claim 28, wherein the loan activity processor is configured to receive and validate servicer loan data.

30. A system according to claim 29, wherein validating loan activity data includes validating a relationship between the servicer and the loan.

31. A system according to claim 29, wherein validating the loan activity data includes validating the timing of the loan activity based on a reporting period associated with the loan.

32. A system according to claim 24, wherein the loan process and compare logic includes a trial balance processor configured to compare servicer loan data with the stored loan data and wherein the trial balance processor is configured to generate an exception based on a detected inconsistency between the servicer loan data and the stored loan data.

33. A system according to claim 32, wherein the loan process and compare logic further includes an exception handling processor configured to process exceptions.

34. A system according to claim 33, wherein the exception handling processor is configured to notify a servicer through the user interface when the inconsistency is detected.

35. A system according to claim 34, wherein the user interface includes an exception resolution function configured to allow a user to satisfy the exception.

36. A system according to claim 24, wherein the user interface includes input fields configured to receive the loan activity data from the servicer.

37. A system according to claim 24, wherein the user interface includes an loan level browsing function configured to allow the servicer to search through stored loan data associated with the servicer.

38. A system according to claim 24, wherein the user interface includes an loan level browsing function configured to allow the servicer to download the stored loan data.

39. A system according to claim 24, further including

deal management logic configured to generate the agreement based on information regarding the terms of the agreement provided by a user;

and

a rules processor, coupled to the deal management logic, the rules processor comprising a set of business rules and configured to facilitate adding or editing at least one business rule based on at least one term of the agreement and configured to access the business rules to assess compliance with the terms of the agreement during delivery of the loans.

40. A system according to claim 39, further comprising pricing logic, coupled to the deal management logic, the pricing logic configured to create a set of price data based on the at least one term of the agreement.

41. A system according to claim 40, wherein the pricing logic is further configured to determine selling prices for the loans.

42. A system according to claim 39, wherein the rules processor further includes editing logic configured to add or edit at least one business rule, and wherein the rules processor exchanges data with the deal management logic regarding at least one term of the loan associated with the at least one business rule.

43. A system according to claim 39, wherein the rules processor is further configured to process at least one loan having a set of loan data by applying the set of business rules to the set of loan data.

44. A system according to claim 43, wherein the set of business rules is applied to the set of loan data during a delivery process.

45. A system according to claim 39, further comprising a user interface permitting a user to access the rules processor to add or edit at least one business rule based on at least one term of the agreement.

46. A system according to claim 39, further comprising a user interface permitting a user to access the deal management logic to provide the information regarding the terms of the agreement.