Internet-enabled interface for a loan commitment system

• US 20050102229A1
• 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: Kemper, John L., Nolan, William R. III
• Granted Patent: US 7,742,981 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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

Abstract

An Internet-enabled interface for receiving commitments to sell mortgage loans. The interface includes a plurality of loan commitment input fields configured to receive loan commitment data. The data input fields include at least a loan type input field, a commitment amount input field, and a commitment period input field. The interface further includes at least one loan commitment output field including loan commitment price information; and a loan commitment transaction button configured to initiate automatic processing of the loan commitment data to create a loan commitment.

Claims

1. An Internet-enabled interface for receiving commitments to sell mortgage loans, comprising

a first web page, the first web page including

a plurality of loan commitment input fields configured to receive loan commitment data, the data input fields including

a loan type input field,

a commitment amount input field, and

a commitment period input field, and

a loan commitment transaction button configured to initiate automatic processing of the loan commitment data to create a commitment;

and

a second web page including a loan commitment output field including loan commitment price information.

2. The interface of claim 1, further including an access and security web page configured to receive a user identification and a user password to provide secured access to the interface.

3. The interface of claim 2, wherein the interface is configured to be customized based on the user identification received by the secure access function.

4. The interface of claim 3, wherein the loan type input field is a drop-down menu.

5. The interface of claim 4, wherein the drop down menu is populated with loan types based on the user identification.

6. The interface of claim 5, wherein the commitment period input field is a drop down menu and is configured based upon the loan type.

7. The interface of claim 3, wherein the loan commitment price information is customized based on the user identification.

8. The interface of claim 7, wherein the loan commitment price information is further customized based on the loan commitment data received in the loan commitment input fields.

9. The interface of claim 8, wherein the loan commitment price information is configured to display intra-day pricing information based on the loan commitment data received in the loan commitment input fields.

10. The interface of claim 3, further including a web page including a listing of existing commitments.

11. The interface of claim 10, wherein the listing of existing commitments is populated based on the user identification.

12. The interface of claim 11, further including an existing commitment processing function listing associated with the existing commitment listing.

13. The interface of claim 12, wherein the existing commitment processing function listing allows the user to select a processing function from a drop down menu and wherein the selected processing function is performed for an existing commitment.

14. The interface of claim 13, wherein the existing commitment processing function listing includes at least one of a forward commitment function, an over-delivery function, a pair-off function, and an extension function.

15. The interface of claim 1, wherein the loan type input field is a drop-down menu.

16. The interface of claim 1, wherein the loan commitment price information is further configured to be customized based on the loan commitment data received in the loan commitment input fields.

17. The interface of claim 16, wherein the loan commitment price information is configured to display intra-day pricing information based on the loan commitment data received in the loan commitment input fields.

18. A data processing system comprising:

committing logic configured to permit a seller of a plurality of loans to enter into a commitment to sell loans;

pricing logic configured to determine selling prices for the plurality of loans, and

an Internet-enabled interface, the Internet enabled interface including

a plurality of loan commitment input fields configured to receive loan commitment data related to the plurality of loans,

a loan pricing output field configured to display loan commitment price information received from the pricing logic including an amount to be paid to the seller for the plurality of loans, and

a commitment transaction initiation input field configured to initiate processing of the loan commitment data by the committing logic to create a commitment.

19. The system of claim 18, wherein the plurality of loan commitment input fields includes at least a loan type input field, a commitment amount input field, and a commitment period input field.

20. The system of claim 19, further including access and security logic configured to provide secured access to the interface based on receipt and verification of a user identification and a user password.

21. The system of claim 20, wherein the interface is customized based on the user identification received by the access and security logic.

22. The system of claim 21, wherein the loan type input field is a loan type drop-down menu.

23. The system of claim 22, wherein the loan type drop down menu is populated with loan types based on the user identification.

24. The system of claim 23, wherein the commitment period input field is a commitment period drop down menu and is configured based upon the loan type.

25. The system of claim 21, wherein the loan commitment price information is customized based on the user identification.

26. The system of claim 25, wherein the loan commitment price information is further customized based on the loan commitment data received in the loan commitment input fields.

27. The system of claim 26, wherein the loan commitment price information is configured to display intra-day pricing information based on the loan commitment data received in the loan commitment input fields.

28. The system of claim 21, wherein the interface is further configured to include a listing of existing commitments based on the user identification.

29. The system of claim 28, wherein the interface is further configured to include a listing of existing commitment processing functions associated with the existing commitment listing.

30. The system of claim 29, wherein the existing commitment processing function listing allows a user to select a processing function to be performed for an existing commitment from a drop down menu.

31. The system of claim 30, wherein the existing commitment processing function listing includes at least one of a forward commitment function, an over-delivery function, a pair-off function, and an extension function.

32. The system of claim 19, wherein the loan type input field is a loan type drop-down menu.

33. The system of claim 19, wherein the loan commitment price information is customized based on the loan commitment data received in the loan commitment input fields.

34. The system of claim 33, wherein the loan commitment price information is configured to display intra-day pricing information based on the loan commitment data received in the loan commitment input fields.

35. A method of processing data in connection with a plurality of loans, the method comprising:

providing an Internet-enabled interface configured to receive loan commitment data;

receiving loan commitment data from a seller regarding a plurality of loans to be sold to a purchaser, the loan commitment data including at least a loan type, a loan commitment amount, and a loan commitment period;

displaying pricing information based on the received loan commitment data, the pricing information indicating a price that the purchaser will pay for the plurality of loans; and

providing a commitment button that allows the seller to accept the displayed pricing information and form a commitment.

36. The method of claim 35, further including providing an interactive tool accessible to the seller by way of a network that allows the seller to obtain access to information regarding the existing commitments.

37. A method according to claim 36, wherein the interactive tool is accessible to the seller by way of the Internet.

38. A data processing system for processing loan information, comprising:

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

committing logic configured to permit a seller of the plurality of loans to enter into a commitment to sell the mortgage loans,

pricing logic configured to determine selling prices from the plurality of mortgage loans, and

deal management logic configured to track terms of deals entered into with the seller of the plurality of mortgage loans;

reporting logic, the reporting logic including logic configured to receive payment reporting information regarding borrower payments in connection with the plurality of mortgage loans, perform loan accounting in connection with the borrower payments, and generate accounting output, the reporting information being received on an ongoing basis throughout at least a portion of a term of each the plurality of mortgage loans;

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 mortgage loans, the creation and maintenance of the plurality of financial assets resulting in the generation of investment information; and

a rules engine, the rules engine comprising a series of business rules,

wherein the loan information includes the acquisition information, the reporting information, and the investment information, and wherein the rules engine processes the loan information by applying the business rules to the loan information; and

an Internet-enabled interface for creating the commitment to sell the mortgage loans, including

a plurality of loan commitment input fields configured to receive loan commitment data, the data input fields including

a loan type input field,

a commitment amount input field, and

a commitment period input field,

a loan commitment output field including loan commitment price information, and

a loan commitment transaction button configured to initiate automatic processing of the loan commitment data to create a commitment.

39. A data processing system according to claim 38, wherein the acquisition logic, the reporting logic, the financial asset generation logic, and the rules engine are provided on a common integrated data processing platform.

40. A data processing system according to claim 38, further comprising a common data storage system, the data storage system being commonly accessible to the acquisition logic, the reporting logic, and the financial asset generation logic.

41. A data processing system according to claim 38, wherein the rules engine comprises a plurality of rules engines separately provided with the acquisition logic, the reporting logic, and the financial asset generation logic.

42. A data processing system according to claim 38, wherein each of the plurality of loans is described using a series of attributes, and wherein the data processing system is capable of being modified to process loan information for new types of loans by modifying the composition of the series of attributes.