System and method for verifying loan data at delivery
First Claim
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1. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the method comprising:
- receiving a first set of loan data at computer-implemented underwriting logic, the first set of loan data being for a mortgage loan application for a borrower associated with the mortgage loan, the first set of loan data being used to generate an underwriting recommendation for the mortgage loan application;
storing the first set of loan data in a computer-implemented database;
receiving a second set of loan data for the mortgage loan from the seller at computer-implemented delivery logic, the second set of loan data being associated with a delivery process;
retrieving the first set of loan data;
comparing the first set of loan data and the second set of loan data at computer-implemented comparison logic to determine any differences; and
determining a fee to be charged the seller based on identifying at least one difference between the first set of loan data and the second set of loan data.
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Abstract
A system for verifying loan data for a loan being delivered by a seller to a purchaser includes underwriting logic that generates a set of underwriting data for a loan and delivery logic that receives a set of delivery data for the loan from the seller and processes the delivery data. The delivery logic includes comparison logic that compares the underwriting data for the loan and the delivery data for the loan to determine any differences. If there are differences between the underwriting data and the delivery data for the loan, yield adjustments and fees may be determined for the loan based on the differences.
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Citations
18 Claims
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1. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the method comprising:
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receiving a first set of loan data at computer-implemented underwriting logic, the first set of loan data being for a mortgage loan application for a borrower associated with the mortgage loan, the first set of loan data being used to generate an underwriting recommendation for the mortgage loan application; storing the first set of loan data in a computer-implemented database; receiving a second set of loan data for the mortgage loan from the seller at computer-implemented delivery logic, the second set of loan data being associated with a delivery process; retrieving the first set of loan data; comparing the first set of loan data and the second set of loan data at computer-implemented comparison logic to determine any differences; and determining a fee to be charged the seller based on identifying at least one difference between the first set of loan data and the second set of loan data. - View Dependent Claims (2, 3, 4, 5)
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6. A system for verifying loan data for a loan being delivered by a seller to a purchaser the system comprising:
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means for receiving a first set of loan data, the first set of loan data being for a mortgage loan application for a borrower associated with the mortgage loan, the first set of loan data being used to generate an underwriting recommendation for the mortgage loan application; means for storing the first set of loan data; means for receiving a second set of loan data for the loan from the seller, the second set of loan data associated with a delivery process; means for retrieving the first set of loan data; means for comparing the first set of loan data and the second set of loan data to determine any differences; and means for determining a fee to be charged the seller based on determining at least one difference between the first set of loan data and the second set of loan data. - View Dependent Claims (7, 8, 9, 10)
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11. A method for generating a price for a loan being delivered to a purchaser, the method comprising:
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receiving a set of underwriting data at computer-implemented underwriting logic, the underwriting data being for a mortgage loan application for a borrower associated with the mortgage loan; storing the set of underwriting data in a computer-implemented database; receiving a set of delivery data from a seller at computer-implemented delivery logic; comparing the set of underwriting data to the set of delivery data at computer-implemented comparison logic to identify any differences; determining at least one difference between the delivery data and the underwriting data using the comparison logic; and upon identifying the at least one difference between the set of underwriting data and the set of delivery data, determining a price change and a fee to be charged the seller at computer-implemented pricing logic based upon the at least one difference. - View Dependent Claims (12, 13)
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14. A system for generating a price for a loan being delivered to a purchaser, the loan having a set of underwriting data having an identifier, the system comprising:
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means for receiving a set of underwriting data, the underwriting data being for a mortgage loan application for a borrower associated with the mortgage loan; means for storing the set of underwriting data; means for receiving a set of delivery data from a seller; means for comparing the set of underwriting data to the set of delivery data to identify any differences; means for determining at least one difference between the delivery data and the underwriting data; and means for determining a price change and a fee to be charged the seller based upon at least one difference identified between the set of underwriting data and the set of delivery data. - View Dependent Claims (15, 16)
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17. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the method comprising:
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receiving a set of underwriting data at computer-implemented underwriting logic, the underwriting data having an identifier and being for a mortgage loan application for a borrower associated with the mortgage loan; receiving a set of delivery data from the seller using computer-implemented delivery logic; storing the underwriting data in a computer-implemented database; accessing the set of underwriting data using the identifier; comparing the set of underwriting data to the set of delivery data at computer-implemented comparison logic to determine any differences; and determining a fee to be charged the seller at computer-implemented pricing logic based on identifying at least one difference between the set of underwriting data and the set of delivery data. - View Dependent Claims (18)
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Specification