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

• US 7,765,151 B1
• Filed: 07/21/2006
• Issued: 07/27/2010
• Est. Priority Date: 06/13/2000
• Status: Expired due to Fees

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Koch, Michael W., Williams, Michael J., Schulz, Martin T., Thurow, Kimberly J., Voth, David N., Kopperman, Peter G., Simon, Peter A., Plotnick, Richard N.
• Primary Examiner(s): Havan; Thu-Thao
• Assistant Examiner(s): Hammond, III; Thomas M.
• Application Number:
  US11/490,614
• Time in Patent Office: 1,467 Days
• Field of Search: 705 35- 40
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A computer implemented data processing system comprises a pricing engine and user interface program logic. The pricing engine is configured to calculate a price for an individual mortgage loan for a sale of the individual mortgage loan from a loan originator to a secondary mortgage market purchaser. The price is calculated prior to closing of the mortgage loan based on mortgage loan application data for a borrower associated with the mortgage loan. The user interface logic is configured to generate one or more screen displays configured to present the price to the loan originator prior to closing of the loan. The one or more screen displays are also configured to receive a commitment from the loan originator for the sale of the individual mortgage loan to the secondary mortgage market purchaser.

Claims

1. A computer implemented data processing method comprising:

identifying, at a computer server, a single mortgage loan for a sale of the single mortgage loan from a loan originator to a secondary mortgage market purchaser;

calculating, at a computer server, a price for the identified single mortgage loan for the sale of the identified single mortgage loan from the loan originator to the secondary mortgage market purchaser, the price being for the identified single mortgage loan individually and not as part of an aggregation of loans, wherein the price is calculated prior to closing of the identified single mortgage loan based on mortgage loan application data for a borrower associated with the identified single mortgage loan, the mortgage loan application data including at least one of credit characteristics of the borrower and a loan-to-value ratio;

generating, at the computer server, screen displays for presentation to an operator of a remote computer, the screen displays being transmitted from the computer server to the remote computer via a global computing network;

causing, using the computer server, the price to be presented to the loan originator via the screen displays prior to closing the identified single mortgage loan; and

receiving, at the computer server, operator input from the operator of the remote computer via the global computing network, the operator input including a commitment from the loan originator, based at least in part on the presented price, for the sale of the identified single mortgage loan to the secondary mortgage market purchaser.

2. A method according to claim 1, wherein the screen displays include one or more screen displays configured to display the mortgage loan application data to the operator.

3. A method according to claim 1, wherein the screen displays include one or more screen displays configured to receive the mortgage loan application data from the operator.

4. A method according to claim 3, wherein the screen displays include one or more screen displays configured to receive an on-line rate lock of an interest rate for the identified single mortgage loan for the borrower.

5. A method according to claim 4, further comprising building, at the computer server, credit enhancement fees into the interest rate.

6. A method according to claim 5, further comprising adjusting, at the computer server, the interest rate for an approved mortgage loan where a loan-to-value (LTV) percentage associated with the borrower exceeds a predetermined limit, wherein the adjustment to the interest rate corresponds to a credit enhancement fee that compensates for increased potential default associated with a lower down payment.

7. A method according to claim 1, further comprising evaluating, at the computer server, the mortgage loan application data based on a set of underwriting guidelines of the secondary mortgage market purchaser.

8. A method according to claim 7, further comprising generating, at the computer server, recommendations for the identified single mortgage loan based on the evaluation.

9. A method according to claim 8, further comprising identifying, at the computer server, problems with a loan application associated with the identified single mortgage loan.

10. A method according to claim 7, wherein the mortgage loan application data is evaluated based on a set of underwriting guidelines of the loan originator.

11. A method according to claim 1, wherein the price is further calculated based on a product type of the identified single mortgage loan.

12. A method according to claim 1, wherein the global communication network is the Internet, and wherein the one or more screen displays are one or more web pages.

13. A method according to claim 1, further comprising aggregating, at the computer server, lender closing costs into a loan principal associated with the identified single mortgage loan.

14. A method according to claim 1, further comprising determining, at the computer server, a likelihood that the borrower will qualify for a mortgage loan product.

15. A method according to claim 1, further comprising obtaining, at the computer server, a credit report concerning the borrower.

16. A method according to claim 15, wherein the screen displays include one or more screen displays configured to present real estate tradelines associated with the borrower from the credit report for review, wherein the operator input includes confirmation or correction information associated with the presented real estate tradelines for the borrower.

17. A method according to claim 16, wherein the tradelines comprise outstanding mortgages.

18. A method according to claim 17, wherein the outstanding mortgages comprise home equity loans.

19. A method according to claim 16, wherein the screen displays include one or more screen displays configured to provide tradelines information to the loan originator.

20. A computer implemented data processing method comprising:

identifying, at a computer server, a single mortgage loan for a sale of the single mortgage loan from a loan originator to a secondary mortgage market purchaser;

generating, at a computer server, a price for the identified single mortgage loan for the sale of the identified single mortgage loan from the loan originator to the secondary mortgage market purchaser, the price being for the identified single mortgage loan individually and not as part of an aggregation of loans, wherein the price is calculated prior to closing of the identified single mortgage loan based on mortgage loan application data for a borrower associated with the identified single mortgage loan, the mortgage loan application data including at least one of credit characteristics of the borrower and a loan-to-value ratio;

generating, at the computer server, screen displays for presentation to an operator of a remote computer, the screen displays being transmitted from the computer server to the remote computer via a global computing network;

causing, using the computer server, the price to be presented to the loan originator via the screen displays prior to closing the identified single mortgage loan;

receiving, at the computer server, operator input from the operator of the remote computer via the global computing network, the operator input including a commitment from the loan originator, based at least in part on the presented price, for the sale of the identified single mortgage loan to the secondary mortgage market purchaser;

receiving, at the computer server, an additional operator input from the operator of the remote computer via the global computing network, the additional operator input including an indication that the loan originator has closed the identified single mortgage loan, the indication that the loan originator has closed the identified single mortgage loan being received after the price is presented to the loan originator; and

using the computer server to purchase the identified single mortgage loan from the loan originator at the price generated prior to closing of the identified single mortgage loan.

21. A method according to claim 20, further comprising evaluating, at the computer server, the mortgage loan application data based on a set of underwriting guidelines of the secondary mortgage market purchaser.

22. A method according to claim 20, wherein the price is further calculated based on a product type of the identified single mortgage loan.

23. A method according to claim 20, wherein the global communication network is the Internet, and wherein the one or more screen displays are one or more web pages.

24. A method according to claim 20, wherein the screen displays include one or more screen displays configured to receive an on-line rate lock of an interest rate for the identified single mortgage loan for the borrower.

25. A computer implemented data processing method comprising:

identifying, at a computer server, a single mortgage loan for a sale of the single mortgage loan from a loan originator to a secondary mortgage market purchaser;

calculating, at a computer server, a price for the identified single mortgage loan for the sale of the identified single mortgage loan from the loan originator to the secondary mortgage market purchaser, the price being for the identified single mortgage loan individually and not as part of an aggregation of loans, wherein the price is calculated prior to closing of the identified single mortgage loan based on mortgage loan application data for a borrower associated with the identified single mortgage loan, the mortgage loan application data including at least one of credit characteristics of the borrower and a loan-to-value ratio;

generating, at the computer server, screen displays for presentation to an operator of a remote computer, the screen displays being transmitted from the computer server to the remote computer via a global computing network;

causing, using the computer server, the mortgage loan application data to be presented to the operator via the screen displays prior to closing the identified single mortgage loan;

causing, using the computer server, the price to be presented to the loan originator via the screen displays prior to closing the identified single mortgage loan; and

receiving, at the computer server, operator input from the operator of the remote computer via the global computing network, the operator input including mortgage loan application data from the operator, the operator input further including a commitment from the loan originator, based at least in part on the presented price, for the sale of the identified single mortgage loan to the secondary mortgage market purchaser.