Loan commitment system and method
First Claim
1. A computer-implemented data processing system, comprising:
- a processor;
a machine readable storage media;
committing logic configured to permit a seller of a plurality of mortgage loans to enter into and update commitments to sell the plurality of mortgage loans in secondary mortgage market, the committing logic stored in the machine readable storage media and executed by the processor;
user interface logic configured to provide an Internet-enabled interface to permit the seller to access the committing logic and to receive the commitments to sell the plurality of mortgage loans by way of the Internet, the Internet-enabled interface including a plurality of web pages configured to prompt the seller through entering into and updating the commitments, the user interface logic stored in the machine readable storage media and executed by the processor, includinga plurality of loan commitment input fields configured to receive loan commitment data, the data input fields includinga loan type input field,a commitment amount input field, anda commitment period input field, anda loan commitment output field including loan commitment price information, andan interactive tool accessible to the seller by way of the Internet that allows the seller to obtain access to information regarding the commitments, the commitments including forward commitments, and the forward commitments including open forward commitments, the forward commitments being commitments in which the seller has committed to deliver a specific quantity of loans to a secondary market participant on a specific future date and in which at the time of entering into commitments the seller has not identified the specific loans to be delivered and has not identified the specific properties to be purchased with the loans and, in which on the specific future date the loans delivered by the seller have already been made to borrowers, and the open forward commitments being unfulfilled forward commitments in which the specific future date has yet to occur,wherein the loan commitment price information is further configured to be customized based on the loan commitment data received in the loan commitment input fields, andwherein the loan commitment price information is configured to display intra-day pricing information based on the loan commitment data received in the loan commitment input fields.
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Accused Products
Abstract
The processing of loans techniques includes a system, and a method. In some embodiments, the system includes a processor, a machine readable storage media, a committing logic, and a user interface. The committing logic is configured to permit a seller of a plurality of mortgage loans to enter into and update commitments to sell the plurality of mortgage loans in secondary mortgage market. The user interface logic is configured to provide an Internet-enabled interface to permit the seller to access the committing logic and to receive the commitments to sell the plurality of mortgage loans by way of the Internet. This Abstract is provided for the sole purpose of complying with the Abstract requirement rules. This Abstract is submitted with the explicit understanding that it will not be used to interpret or to limit the scope or the meaning of the claims.
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Citations
16 Claims
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1. A computer-implemented data processing system, comprising:
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a processor; a machine readable storage media; committing logic configured to permit a seller of a plurality of mortgage loans to enter into and update commitments to sell the plurality of mortgage loans in secondary mortgage market, the committing logic stored in the machine readable storage media and executed by the processor; user interface logic configured to provide an Internet-enabled interface to permit the seller to access the committing logic and to receive the commitments to sell the plurality of mortgage loans by way of the Internet, the Internet-enabled interface including a plurality of web pages configured to prompt the seller through entering into and updating the commitments, the user interface logic stored in the machine readable storage media and executed by the processor, including a plurality of loan commitment input fields configured to receive loan commitment data, the data input fields including a loan type input field, a commitment amount input field, and a commitment period input field, and a loan commitment output field including loan commitment price information, and an interactive tool accessible to the seller by way of the Internet that allows the seller to obtain access to information regarding the commitments, the commitments including forward commitments, and the forward commitments including open forward commitments, the forward commitments being commitments in which the seller has committed to deliver a specific quantity of loans to a secondary market participant on a specific future date and in which at the time of entering into commitments the seller has not identified the specific loans to be delivered and has not identified the specific properties to be purchased with the loans and, in which on the specific future date the loans delivered by the seller have already been made to borrowers, and the open forward commitments being unfulfilled forward commitments in which the specific future date has yet to occur, wherein the loan commitment price information is further configured to be customized based on the loan commitment data received in the loan commitment input fields, and wherein the loan commitment price information is configured to display intra-day pricing information based on the loan commitment data received in the loan commitment input fields. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method of processing data in connection with a plurality of loans, the method comprising:
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receiving, via an Internet-enabled interface, loan commitment data from a seller regarding a plurality of loans to be sold to a purchaser, the loan commitment data including at least a loan type, a loan commitment amount, and a loan commitment period; displaying pricing information based on the received loan commitment data, the pricing information indicating a price that the purchaser will pay for the plurality of loans; receiving an acceptance of the displayed pricing information from the seller, wherein the acceptance is provided by the seller via a computing device, wherein receiving the acceptance comprises providing a commitment button that allows the seller to accept the displayed pricing information and form a commitment, the commitment being a forward commitment, and the forward commitment being an open forward commitment, the forward commitment being a commitment in which the seller has committed to deliver a specific quantity of loans to a secondary market participant on a specific future date and in which at the time of entering into commitments the seller has not identified the specific loans to be delivered and has not identified the specific properties to be purchased with the loans, and in which on the specific future date the loans delivered by the seller have already been made to borrowers, and the open forward commitment being unfulfilled forward commitment in which the specific future date has yet to occur; and transmitting information regarding the existing commitments to the computing device of the seller, wherein transmitting the information comprises providing an interactive tool accessible to the seller by way of a network that allows the seller to obtain access to the information regarding the existing commitments, wherein the interactive tool is accessible to the seller by way of the Internet.
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Specification