System and method for processing data pertaining to financial assets

• US 8,423,450 B2
• Filed: 12/17/2003
• Issued: 04/16/2013
• Est. Priority Date: 12/30/2002
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Oppenheimer, Dror, Bastnagel, Maryann, Nixon, William P. Jr.
• Primary Examiner(s): Vezeris, James
• Assistant Examiner(s): BAIRD, EDWARD J
• Application Number:
  US10/738,873
• Publication Number:
  US 20040225597A1
• Time in Patent Office: 3,408 Days
• Field of Search: 705 35- 40, 705/36.R
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• 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 method of processing data in connection with a security is provided. The security is collateralized by a plurality of home mortgage loans or by portions of the plurality of home mortgage loans. The method comprises generating payment projections regarding principal and interest payment projections for the plurality of home mortgage loans; determining that the payment projections have errors; and modifying loan characteristic data to eliminate errors in the loan characteristic data that cause errors in the payment projections. According to another embodiment, a method comprises receiving payment data regarding the plurality of loans a plurality of times separated by a plurality of days during the reporting cycle. Each time the payment data is received, the payment data is processed and the opportunity to make corrections is provided.

Claims

1. A method of processing data in connection with a security, the method comprising:

(A) generating, by a first computer system, first payment projections regarding principal and interest payments for a plurality of home mortgage loans associated with the security, wherein each payment projection relates to a payment amount due to investors in the security, the security having a reporting cycle, the first payment projections being based on first loan characteristic data including one or more loan attributes associated with each of the loans, at least one of the attributes concerning interest rates charged to a borrower, the interest rates being subject to interest rate change;

(B) receiving second payment projections, each corresponding to each of the first payment projections, the second payment projections being based on second loan characteristic data including one or more loan attributes associated with each of the loans, at least one of the attributes concerning interest rates charged to the borrower, the second payment projections being received from a loan servicer by way of a tool and a communication network;

(C) determining that discrepancies exist between the first payment projections and the second payment projections based on the first loan characteristic data relative to the second loan characteristic data, the discrepancies relating to changes in interest rates charged to the borrower;

(D) providing, for the loan servicer, data regarding the at least one mortgage loan in which discrepancies exist between the first payment projections generated during the generating step and the second payment projections from the loan servicer;

(E) eliminating at least some of the errors in the first loan characteristic data by modifying the first loan characteristic data in a data storage; and

(F) repeating steps (A)-(E) a plurality of times separated by a plurality of days during the reporting cycle, including at least one time more than one week prior to the reports being generated for the investors and at least one time less than one week prior to the reports being generated for the investors.

2. The method according to claim 1, wherein the communication network is the Internet.

3. The method according to claim 1, wherein the loan servicer uses the tool for accessing and modifying the first loan characteristic data by way of the Internet.

4. The method according to claim 1, wherein the modifying step is performed based on proposed loan characteristic data corrections provided by the servicer, wherein the proposed loan characteristic data corrections indicate a modification to at least one loan attribute.

5. The method according to claim 1, wherein the communication network is the Internet and wherein the tool is an on-line tool accessible to the servicer by way of the Internet.

6. The method according to claim 1, wherein the reports for the investors are generated at an end of the reporting cycle and wherein the payment projections are provided at a beginning of the reporting cycle or during a prior reporting cycle.

7. The method according to claim 1, wherein the payment amount due to the investors for the at least one mortgage loan associated with the first payment projections is different from the payment amount due to the investors for the at least one mortgage loan associated with the second payment projections.