Portal tool and method for securitizing excess servicing fees

• US 7,885,891 B1
• Filed: 02/05/2008
• Issued: 02/08/2011
• Est. Priority Date: 03/22/2006
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Washington, Juoaquina L., Brown, Robert L., Johnson, Arthur A., Dacy, Theodore N., Tock, Kevin J., Wright, Robert A., Abbasi, Azfar S., Jackson, Matthew Q., Beatey, Leslie G.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US12/026,422
• Time in Patent Office: 1,099 Days
• Field of Search: 705/38
• US Class Current: 705/38
• 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

Abstract

A communication portal configured to provide information regarding mortgage backed securities that have incoming cash flows backed by the excess servicing fees of the plurality of adjustable rate mortgages is described. The communication portal may be configured to display a user prompt to receive information regarding the excess servicing fees and reports regarding the mortgage backed securities that have incoming cash flows backed by the excess servicing fees of the plurality of adjustable rate mortgages. The communication portal can be accessible online.

Claims

1. A computer-implemented system for processing information regarding mortgage backed securities that have incoming cash flows backed only by the excess servicing fees of the plurality of adjustable rate mortgages, the computer-implemented system comprising:

a computer processor; and

a computer-readable storage medium having instructions stored therein, the instructions being executable by the computer processor to generate a user interface, wherein user interface is configured to;

receive a plurality of information regarding the plurality of adjustable rate mortgages, the plurality of adjustable rate mortgages pooled into mortgage backed securities having income cash flows only from excess servicing fees associated with the plurality of adjustable rate mortgages, wherein each adjustable rate mortgage in the plurality of adjustable rate mortgages contributes equal number of basis points of excess service fee;

receive reconciliation information regarding the plurality of adjustable rate mortgage loans, wherein the reconciliation information includes comparisons of loan data with respect to predetermined criteria, the loan data including loan type, interest rate, loan margin, guarantee fee, servicing fee, MBS margin and other loan characteristics, the reconciliation information including one or more discrepancies in loan data;

provide a data connection between a number of users, the users including an issuer, lender and loan servicer; and

generate a graphical user interface configured to provide a display of information regarding the plurality of adjustable rate mortgage loans, wherein the information may include reconciliation information, loan activity, and income received from the excess servicing fees associated with the plurality of adjustable rate mortgages.

2. The system of claim 1, wherein the user interface further configured to provide information regarding income from the excess servicing fees of the plurality of adjustable rate mortgages.

3. The system of claim 2, wherein the reports include a report of the income received from the excess servicing fees from the plurality of adjustable rate mortgages based on basis points.

4. The system of claim 1, wherein the reconciliation includes applying business rules to loan information for plurality of adjustable rate mortgages, the business rules comparing a first set of loan data received from a lender to a second set of loan data received from an issuer, the first loan data and the second loan data associated with the plurality of adjustable rate mortgages.

5. The computer system of claim 1, wherein the computer system is configured to communicate with a servicer system that provides information regarding the excess servicing fees of the plurality of adjustable rate mortgages.

6. The computer system of claim 1, wherein the adjustable rate mortgage loans are pooled according to loan characteristics and the computer system is configured to provide information with respect to the income of the pooled adjustable rate mortgage loans.

7. The computer system of claim 6, wherein at least one loan characteristic is loan basis points and the computer system is configured to report the income received from the plurality of adjustable rate mortgages based on basis points.

8. The computer system of claim 1, wherein the graphical user interface is configured to display information regarding reconciliation of the plurality of adjustable rate mortgages.

9. The computer system of claim 8, wherein the instructions are executable by the computer processor to implement a rules engine that applies business rules, and wherein the reconciliation includes applying business rules to loan information for the plurality of adjustable rate mortgages.

10. The computer system of claim 1, wherein the graphical user interface is configured to generate user prompts in which loan and/or user information may be entered, the loan information including loan identification, loan type, interest rate, and servicing fees.

11. The computer system of claim 1, wherein the graphical user interface includes web pages available through a website.

12. The computer system of claim 11, wherein the computer system is configured to keep an inventory of websites visited by a user.

13. The computer system of claim 11, wherein the instructions are executable by the computer processor to implement a workflow engine that manages a workflow processes associated with reconciliation of data in connection with the mortgage backed securities, and wherein the website is configured to display information with respect to the workflow process, the information including reconciliation status.

14. The computer system of claim 11, wherein the website is configured to provide information on the status of the plurality of adjustable rate mortgages, the information including loan activity, pendency of loan deals and newly created loan files.

15. The system of claim 1, wherein the user interface further configured to

check the status of the plurality of adjustable rate mortgages with respect to sub servicing;

and

display information with respect to loan sub servicing.

16. An online system for facilitating communication regarding securitizing excess servicing fees associated with a plurality of adjustable rate mortgages, wherein the online system is accessible by a plurality of lenders, the online system comprising:

a computer processor that executes instructions;

machine-readable storage medium having the instructions stored therein, the instructions when executed causing a computer to implement;

reconciliation logic configured to compare a first set of loan data received from a lender to a second set of loan data received from an issuer and detect one or more discrepancies between the first set of loan data and the second set of loan data, wherein the first and second sets of loan data include loan type, interest rate, loan margin, guarantee fee, servicing fee, MBS margin and other loan characteristics, and the first loan data and the second loan data associated with the plurality of adjustable rate mortgages;

pooling logic configured to pool the plurality of adjustable rate mortgages into mortgage backed securities, wherein the mortgage backed securities have cash flows backed only by excess servicing fees of the plurality of adjustable rate mortgages;

wherein the online system is configured to receive information regarding the excess servicing fees of the plurality of adjustable rate mortgages, and to process inquiries and generate reports regarding the mortgage backed securities that have cash flows backed only by excess servicing fees of the plurality of adjustable rate mortgages.

17. The online system of claim 16, wherein the online system is configured to provide a display of information regarding the excess servicing fees of the plurality of adjustable rate mortgages.

18. The online system of claim 17, wherein the online system is configured to provide a display of information regarding the income from excess servicing fees.

19. The online system of claim 16, wherein the online system is configured to provide a report of the income received from the plurality of adjustable rate mortgages based on basis points.

20. The online system of claim 16, wherein the online system is configured to provide a display of information regarding reconciliation of the plurality of adjustable rate mortgages from loan servicers, wherein the reconciliation includes applying business rules to loan information for the plurality of adjustable rate mortgages.