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System and method for auditing loan portfolios and loan servicing portfolios

  • US 6,643,625 B1
  • Filed: 12/17/1999
  • Issued: 11/04/2003
  • Est. Priority Date: 12/17/1999
  • Status: Expired due to Term
First Claim
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1. A computer-assisted method of auditing loan portfolios and loan servicing portfolios wherein loans are of a plurality of types comprising the steps ofstoring on a server a computer record for each loan in a portfolio;

  • storing on the server rules which comprise each current and historical legal regulation and any investor-specific parameter applicable to each type of loan;

    storing on the server a set of selectable audit types;

    storing on the server a set of questions to determine compliance with each rule, each question keyed to one or more audit types;

    periodically adding questions to the set of questions as new rules are promulgated;

    storing on the server a set of sampling criteria comprising historical error rates, confidence intervals, and precision;

    selecting one or more selected audit types and sampling criteria by inputting appropriate selection data with an input device;

    automatically selecting an audit sample subset of loan records in response to said selection of one or more selected audit types and sampling criteria;

    automatically generating the audit sample subset of loan records and a checklist of questions appropriately customized for the one or more selected audit types by automatically forming the checklist of questions from those keyed to the one or more selected audit types;

    storing auditor'"'"'s answers to the checklist questions, including any exceptions, in an audit trail database on a server, storing any auditor recommendations pertaining to any of the exceptions in the audit trail database; and

    automatically generating management reports comprising the sampling criteria, an exception rate pertaining to the subset, a list of any loans in the subset which have exceptions and the exceptions pertaining to each such loan, and any recommendations for cure of each type of exception found in sample subset.

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