SYSTEM AND METHOD FOR COMMITTING TO PURCHASE OR SELL LOANS
First Claim
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1. A computer readable medium having stored therein a set of instructions that when executed cause a computer to implement a process of generating a price for a mortgage loan of a first type committed for sale on a future date, which comprises the steps of:
- receiving, by acquisition logic, an indication of a first commitment date on which the mortgage loan is committed for sale, the first commitment date being any day between 1 and N days from the current day, N being an integer greater than 2, wherein N is an arbitrary number selectable by the seller, and wherein N is selectable by the seller in increments of five or less; and
generating, by pricing logic, a price for the mortgage loan on the first commitment date based on the first commitment date.
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Abstract
A method for generating a price for a loan comprises providing a seller of one or more loans with an ability to make an N-day forward commitment, wherein N is an arbitrary number selectable by the seller. The method further comprises receiving a commitment from the seller for the one or more loans and generating a market-based price for the one or more loans based on the N-day forward commitment.
14 Citations
18 Claims
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1. A computer readable medium having stored therein a set of instructions that when executed cause a computer to implement a process of generating a price for a mortgage loan of a first type committed for sale on a future date, which comprises the steps of:
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receiving, by acquisition logic, an indication of a first commitment date on which the mortgage loan is committed for sale, the first commitment date being any day between 1 and N days from the current day, N being an integer greater than 2, wherein N is an arbitrary number selectable by the seller, and wherein N is selectable by the seller in increments of five or less; and generating, by pricing logic, a price for the mortgage loan on the first commitment date based on the first commitment date. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer-implemented method for generating a price for a mortgage loan of a first type committed for sale on a future date, comprising:
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receiving, by acquisition logic, an indication of a first day in the future on which the mortgage loan is committed for sale, the first day in the future being N days from a current day, wherein N is an arbitrary number selectable by the seller, and wherein N is selectable by the seller in increments of five or less; identifying, by pricing logic, a market price for the mortgage loan of the first type on a second day in the future and on a third day in the future, the second and third days being different; generating a price for the mortgage loan on the first day in the future, the price determined by the pricing logic based on the market price for the second day and the market price for the third day; and wherein the acquisition logic and the pricing logic are implemented in a machine that comprises instructions stored in a machine-readable medium and a processor that executed the instructions. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18)
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Specification