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System and method for verifying loan data at delivery

  • US 7,747,519 B2
  • Filed: 12/16/2003
  • Issued: 06/29/2010
  • Est. Priority Date: 12/30/2002
  • Status: Active Grant
First Claim
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1. A method for verifying loan data for a mortgage loan being delivered by a seller to a purchaser of the mortgage loan in the secondary mortgage market, the method comprising:

  • receiving a first set of loan data, the first set of loan data being received at computer-implemented underwriting logic, the first set of loan data being data for a mortgage loan application for a borrower associated with the mortgage loan, the first set of loan data being received prior to underwriting and closing of the mortgage loan;

    storing the first set of loan data in a computer database;

    generating an underwriting recommendation for the mortgage loan application at the underwriting logic, the underwriting recommendation being generated based on the first set of loan data, the underwriting recommendation being generated prior to closing of the mortgage loan;

    receiving a second set of loan data for the loan from the seller, the second set of loan data being received at computer-implemented delivery logic, the second set of loan data being associated with a delivery process in which the mortgage loan is delivered by the seller to the purchaser of the mortgage loan;

    comparing the first set of loan data and the second set of loan data at computer-implemented comparison logic to determine any differences, the comparison logic using a set of computer-implemented business rules to identify at least one difference between the first set of data and the second set of data in a group of material terms, wherein the business rules define the group of material terms, and wherein the material terms include at least a loan term, an amortization type, a property type, and a loan purpose;

    processing the second set of loan data using the underwriting logic responsive to identifying the at least one difference between the first set of loan data and the second set of loan data;

    determining a yield adjustment for the loan based on the at least one difference; and

    determining a fee to be charged to the seller based on the at least one difference.

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