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Computerized systems and methods for facilitating the flow of capital through the housing finance industry

  • US 7,593,893 B1
  • Filed: 12/30/2005
  • Issued: 09/22/2009
  • Est. Priority Date: 06/13/2000
  • Status: Expired due to Term
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Assignment
First Claim
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1. Computer hardware system comprising:

  • a processor; and

    a storage unit accessible by the processor and having physically-embodied computer program elements, the computer program elements being executed by the processor to implement a process for identifying and pricing a mortgage loan that meets a predetermined business objective of a mortgage market participant, the process comprising;

    storing a set of loan characteristics for at least one business objective of the mortgage market participant in a database, includingstoring a business objective pricing table and a set of business objective pricing rules for the mortgage market participant, andstoring median income data in the database, the median income data relating to median incomes in designated geographic areas, the median income data including a median income of an area where a property to be purchased with the mortgage loan is located and a median income of a metropolitan area where the property to be purchased with the mortgage loan is located;

    receiving loan application data for the mortgage loan via a user interface of the online computer network, the user interface being implemented by the computer program elements executed by the processor, the loan application data including financial information regarding a borrower including an income of the borrower;

    storing the loan application data in the database, including storing the financial information regarding the borrower and the income of the borrower in the database;

    determining a market-based interest rate for the mortgage loan using a pricing engine, the pricing engine being implemented by the computer program elements executed by the processor;

    determining whether the mortgage loan is a business objective mortgage loan by comparing the loan application data stored in the database to the set of loan characteristics for the at least one business objective, includingcomparing the income of the borrower to the median income of the area where the property to be purchased with the mortgage loan is located, andcomparing a median income of a neighborhood area where the property to be purchased with the mortgage loan is located with the median income of the metropolitan area where the property to be purchased with the mortgage loan is located;

    wherein the process is performed in connection with a plurality of mortgage loans, including a first plurality of mortgage loans which are determined to be business objective mortgage loans and a second plurality of mortgage loans which are determined not to be business objective mortgage loans;

    for each of the first plurality of mortgage loans, responsive to determining that the mortgage loan is a business objective mortgage loan, (i) determining a business objective pricing component based on the business objective pricing table, (ii) allocating the business objective pricing component to at least one of a lender, a broker or a borrower based on the set of business objective pricing rules, (iii) adjusting the interest rate based on the business objective pricing component, and (iv) purchasing the mortgage loan at a price determined based on the adjusted interest rate;

    for each of the first plurality of mortgage loans, responsive to determining that the mortgage loan is not a business objective mortgage loan, purchasing the mortgage loan at a price determined based on the market-based interest rate;

    wherein the mortgage market participant is one of a lender or a secondary mortgage market participant; and

    wherein the business objective is at least one of a HUD housing goals business objective and a Community Redevelopment Act (CRA) business objective.

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