Systems and methods for determining the likelihood that a loan closes

• US 8,108,302 B1
• Filed: 08/13/2009
• Issued: 01/31/2012
• Est. Priority Date: 11/04/2003
• Status: Active Grant

• Current Assignee: Federal Home Loan Mortgage Corporation
• Original Assignee: Federal Home Loan Mortgage Corporation
• Inventors: Bradley, Michael G., Gordon, J. Douglas, Klena, Matthew J., Sims, Pamela W.
• Primary Examiner(s): Subramanian, Narayanswamy
• Assistant Examiner(s): Robinson, Kito R
• Application Number:
  US12/540,988
• Time in Patent Office: 901 Days
• Field of Search: 705/38, 705/35
• 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 40/06 Asset management; Financial planning or analysis

Abstract

Systems and methods are provided for determining an indication that an application for a mortgage loan to secure a property may result in closing of the loan transaction. In one embodiment, a method includes receiving application information, such that the application information includes at least borrower information, property information, and a first interest rate; receiving home value information, such that the home value information represents an estimated value of the property; receiving a second interest rate; and determining the indication based on the received application information, received home value information, and received second interest rate, such that the indication represents a likelihood that the mortgage loan may result in closing.

Claims

1. A computer-implemented method for determining an order for processing a plurality of mortgage loan applications, comprising:

receiving, by a data processor from one or more databases, information representative of two or more mortgage loan applications, each of the mortgage loan applications being associated with a different borrower;

determining, by the data processor for each of the two or more mortgage loan applications, a score based on the received information, the score representing a likelihood that the mortgage loan application will close; and

comparing, using the data processor, the scores and determining, based on the comparison, an order for executing a workflow associated with preparing each of the mortgage loan applications for closing.

2. The method of claim 1, further comprising:

executing the workflow for each of the mortgage loan applications based on the order, such that at least one of the mortgage loan applications is processed before another mortgage loan application based on the determined scores.

3. The method of claim 1, wherein determining an order comprises:

prioritizing the two or more mortgage loan applications based on the determined scores.

4. The method of claim 1, wherein said receiving information representative of at least one of the mortgage loan applications further comprises:

receiving a date corresponding to when the at least one mortgage loan application may be closed with a first interest rate.

5. A system for determining an order for processing a plurality of mortgage loan applications, comprising:

means for receiving information representative of two or more mortgage loan applications, each of the mortgage loan application being associated with a different borrower;

means for determining, for each of the two or more mortgage loan applications, a score based on the received information, the score representing a likelihood that the mortgage loan application will close; and

means for comparing the scores and determining, based on the comparison, an order for executing a workflow associated with preparing each of the mortgage loan applications for closing.

6. The system of claim 5, further including:

means for receiving a date corresponding to when at least one of the mortgage loan applications may be closed with a first interest rate.

7. A system comprising:

at least one memory, comprising;

code that receives application information for a first application, the application information including at least borrower information, property information, and a first interest rate;

code that receives home value information representing an estimated value of the property;

code that receives a second interest rate;

code that determines a first indication based on the received application information, received home value information, and received second interest rate, the first indication representing a likelihood that the mortgage loan will close;

code that compares the first indication to a second indication determined for a second application;

code that determines, based on the comparison, an order for processing a first workflow associated with preparing the first application for closing and a second workflow associated with preparing the second application for closing; and

at least one processor that executes said code in said memory.

8. The system of claim 7, further including:

code that receives a date corresponding to when at least one of the applications may be closed.

9. A system, comprising:

at least one memory, comprising;

code that receives information representative of a mortgage loan application for a property;

code that determines a score based on the received information, the score representing a likelihood that the mortgage loan application will close;

code that determines, based on the score, an order for executing a workflow associated with preparing the mortgage loan application for closing; and

at least one processor that executes said code in said memory.