System and method for processing a loan

• US 8,489,498 B1
• Filed: 12/30/2005
• Issued: 07/16/2013
• Est. Priority Date: 12/01/2003
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Flaxman, David R., Tantoco-Hobbs, Minerva L., Kobus, Anne M. Murphy, Koch, Michael W., Packer, Daniel, Plofchan, Peter G., Pomeroy, Richard C.
• Primary Examiner(s): Campen, Kelly
• Assistant Examiner(s): PRESTON, JOHN O
• Application Number:
  US11/322,934
• Time in Patent Office: 2,755 Days
• Field of Search: 705 35- 39, 705/53, 235/380
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computer-implemented mortgage loan application data processing system comprises a workflow engine and workflow analysis logic. The workflow engine has stored therein a list representing tasks that need to be performed in connection with a mortgage loan application associated with a lender. The workflow engine is configured to prompt users to perform the tasks and to track performance of the tasks. The workflow analysis logic includes fallout prediction logic configured to receive status information from the workflow engine concerning status of the tasks that need to be performed in connection with the mortgage loan application. The workflow analysis logic is configured to predict a probability of fallout for the mortgage loan application based on the status information.

Claims

1. A computer-implemented mortgage loan application data processing system comprising:

a computer memory; and

a processor coupled to the memory and configured to implement a workflow engine, the workflow engine having stored therein a list representing tasks that need to be performed in connection with a mortgage loan application associated with a lender, the workflow engine being configured to prompt users to perform the tasks and to track performance of the tasks; and

workflow analysis logic including fallout prediction logic, the workflow analysis logic being configured to receive status information from the workflow engine concerning status of the tasks that need to be performed in connection with the mortgage loan application, and the workflow analysis logic being configured to predict a probability of fallout for the mortgage loan application based on the status information;

wherein the probability of fallout includes a percent likelihood that the mortgage loan application will fall out of a loan pipeline; and

wherein the processor is further configured to generate a report including the percent likelihood that the mortgage loan application will fall out of the loan pipeline.

2. A system as defined in claim 1, wherein the processor is configured to implement user interface logic, the user interface logic being coupled to the workflow engine and being configured to provide information to a user concerning the probability of fallout of the mortgage loan application, and wherein the workflow engine cooperates with the user interface logic to prompt users to perform the tasks.

3. A system as defined in claim 2, wherein the user interface logic is configured to present the tasks that need to be performed in an order based on the probability of fallout of the mortgage loan application.

4. A system as defined in claim 3, wherein the tasks are presented such that the tasks are prioritized relative to other tasks that need to be performed in connection with other mortgage loan applications, and wherein the tasks are prioritized in accordance with the probability of fallout of the mortgage loan application.

5. A system as defined in claim 1, wherein the processor is configured to implement prioritization logic, the prioritization logic being configured to prioritize the tasks to be performed based on the probability of fallout for the mortgage loan application.

6. A system as defined in claim 1, wherein the processor is configured to implement user interface logic, the user interface logic being configured to provide an alert indicating that a mortgage loan application is in danger of falling out of a mortgage pipeline of the lender;

and wherein the workflow analysis logic is configured to track and update the probability of fallout for the mortgage loan application.

7. A system as defined in claim 6, wherein the alert is provided in association with the loan in a list of loans displayed to a user.

8. A system as defined in claim 7, wherein the alert is provided adjacent the loan.

9. A system as defined in claim 6, wherein the alert is provided based on the probability of fallout exceeding a predetermined threshold.

10. A system as defined in claim 6, wherein the user interface logic provides a user with links to obtain additional information concerning the alert.

11. A system as defined in claim 10, wherein the additional information comprises information concerning a reason why the mortgage loan application is considered to be in danger of falling out of the mortgage pipeline.

12. A system as defined in claim 11, wherein the reason why the mortgage loan application is considered to be in danger of falling out as described to the user relates to a task status having remained unchanged for a period of time.

13. A system as defined in claim 1, wherein the processor is configured to implement task manager logic configured to receive underwriting findings from an automated underwriting engine, the underwriting findings being associated with the mortgage loan application, the task manager logic being configured to provide a list representing the tasks to the workflow engine to permit the workflow engine to track the completion of the tasks.

14. A system as defined in claim 1, wherein the tasks that need to be performed include tasks related to obtaining documents, and wherein the status information relates to status of the documents that need to be obtained.

15. A system as defined in claim 1, wherein the workflow analysis logic is configured to predict the probability of fallout as a function of processing delay in connection with processing of the tasks that need to be performed.

16. A system as defined in claim 1, wherein the workflow analysis logic is configured to predict fallout based on missed deadlines in connection with the mortgage loan application.

17. A system as defined in claim 1, wherein the workflow analysis logic is configured to predict the probability of fallout based on periods of inactivity in connection with documents required in connection with the mortgage loan application.

18. A system as defined in claim 1, wherein the workflow analysis logic is configured to predict the probability of fallout as a function of the current location of the mortgage loan in a loan pipeline of the lender and the historical performance of other similarly situated loans that have reached the same point in the same loan pipeline.

19. A mortgage loan application processing method comprising:

generating a list representing tasks that need to be performed in connection with a mortgage loan application for a mortgage loan to be made by a lender, the list being generated based on underwriting findings provided by an automated underwriting engine;

storing the list in a computer memory;

processing the list, the list being processed by a computer processor responsive to user inputs received from a user by way of user interface logic, the processing including prompting the user to perform the tasks that need to be performed using user interface logic and maintaining status information concerning status of the tasks that need to be performed;

determining a probability of fallout for the mortgage loan application, including determining a percent likelihood that the mortgage loan will fall out of a mortgage pipeline of a lender;

determining that the mortgage loan application has fallen out of the mortgage loan pipeline of the lender; and

then analyzing the status of the tasks that needed to be performed to determine a likely cause of fallout, the status being analyzed by workflow analysis logic using the status information maintained by the computer processor;

presenting the borrower with a revised offer for a different mortgage loan, the offer being revised to address the likely cause of fallout.

20. A computer-implemented mortgage loan application data processing system comprising:

a computer memory; and

a processor coupled to the memory and configured to implement a workflow engine, the workflow engine having stored therein a list representing tasks that need to be performed in connection with mortgage loan applications associated with a lender, the workflow engine being configured to prompt users to perform the tasks and to track performance of the tasks;

workflow analysis logic, the workflow analysis logic being configured to receive status information from the workflow engine, the status information concerning status of the tasks that need to be performed in connection with the mortgage loan applications, the workflow analysis logic being configured to assess a likelihood of fallout for each of the mortgage loan applications based on the status information;

prioritization logic, the prioritization logic being configured to prioritize the tasks to be performed based on the likelihood of fallout for the mortgage loan applications; and

user interface logic, the user interface logic being coupled to the workflow engine and being configured to cooperate with the workflow engine to prompt the users to perform the tasks, the user interface logic being configured to present the tasks that need to be performed in a manner which reflects the likelihood of fallout of the mortgage loan applications;

wherein the probability of fallout includes a percent likelihood that the mortgage loan application will fall out of a loan pipeline; and

wherein the processor is further configured to generate a report including the percent likelihood that the mortgage loan application will fall out of the loan pipeline.

21. A system as defined in claim 20, wherein the workflow analysis logic is configured to assess the likelihood of fallout based on processing delay in connection with processing of the tasks that need to be performed.

22. A system as defined in claim 20, wherein the workflow analysis logic is configured to assess the likelihood of fallout based on missed deadlines in connection with the mortgage loan application.

23. A system as defined in claim 20, wherein the workflow analysis logic is configured to assess the likelihood of fallout based on periods of inactivity in connection with documents required in connection with the mortgage loan application.

24. A system as defined in claim 20, wherein the workflow analysis logic is configured to assess the likelihood of fallout based on the current location of the mortgage loan in a loan pipeline of the lender and the historical performance of other similarly situated loans that have reached the same point in the same loan pipeline.

25. A system as defined in claim 20, wherein the user interface logic being further configured to provide an alert indicating that a mortgage loan application is in danger of falling out of a mortgage pipeline of the lender and to provide the user with links to obtain additional information concerning the alert.

26. A computer-implemented method, comprising:

receiving mortgage loan application data pertaining to a plurality of mortgage loan applications for a plurality of mortgage loans for a plurality of borrowers;

storing the mortgage loan application data in a computer memory;

generating underwriting findings for the plurality of mortgage loan applications using a computer-implemented processor, the processor being configured to generate the underwriting findings including underwriting conditions based on the mortgage loan application data;

generating a plurality of lists for the plurality of mortgage loan applications, the plurality of lists representing tasks that need to be performed to fulfill the underwriting conditions in connection with the plurality of mortgage loan applications;

maintaining status information relating to status of the tasks represented in the plurality of lists, the status information being maintained by a computer-implemented workflow engine;

determining a probability of fallout for each of the plurality of mortgage loan applications, the probability of fallout being determined by fallout prediction logic based on the status information maintained by the workflow engine;

prioritizing the tasks to be performed based on the probability of fallout for each of the mortgage loan applications;

prompting users to perform the tasks using user interface logic, the prompting including presenting the tasks that need to be performed in a manner which reflects the probability of fallout of each of the mortgage loan applications; and

providing alerts indicating that particular ones of the mortgage loan applications are in danger of falling out of a mortgage pipeline of the lender, including providing the users with links to obtain additional information concerning the alerts;

wherein the probability of fallout for each mortgage loan application includes a percent likelihood that the mortgage loan application will fall out of a loan pipeline; and

wherein the processor is further configured to generate a report including, for each mortgage loan application, the percent likelihood that the mortgage loan application will fall out of the loan pipeline.

27. A computer-implemented data processing system for managing processing of mortgage loan applications, comprising:

a computer memory; and

a processor coupled to the memory and configured to implement (A) an underwriting engine, the underwriting engine being configured to receive mortgage loan application data pertaining to mortgage loan applications for mortgage loans for borrowers, the underwriting engine being configured to generate underwriting findings including underwriting conditions for the mortgage loan applications;

(B) task manager logic, the task manager logic being configured to receive the underwriting findings from the automated underwriting engine, the task manager logic comprising rules logic including (1) underwriting rules, the underwriting rules being useable to process the underwriting findings to generate lists representing tasks that need to be performed in connection with the mortgage loan applications, and (2) lender rules, the lender rules comprising lender-specific rules for processing the underwriting findings to configure which tasks are represented in the lists in accordance with lender preferences;

(C) a workflow engine, the workflow engine being configured to receive the lists from the task manager logic, the workflow engine being configured to prompt users to perform the task represented in the lists and to track completion of the tasks represented in the lists;

(D) a service ordering engine, the service ordering engine being connected to a plurality of different service providers by way of the Internet, the service providers being entities that perform services in connection with mortgage loan applications, the service ordering engine being configured to order services from the service providers in connection with the mortgage loan applications;

(E) data capture services logic, the data capture services logic comprising logic for capturing data associated with documents received in connection with the mortgage loan applications, the documents being received responsive to the tasks, the data capture services logic being configured to associate documents received from the service providers with the mortgage loan applications;

(F) integration logic, the integration logic being configured to receive additional tasks from other sources such that the additional tasks may be integrated with the lists generated based on the underwriting findings;

(G) workflow analysis logic, the workflow analysis logic being configured to receive status information from the workflow engine, the status information concerning status of the tasks that need to be performed in connection with the mortgage loan applications, the workflow analysis logic being configured to predict a probability of fallout for each of the mortgage loan applications based on the status information;

the probability of fallout for each of the mortgage loan applications including a percent likelihood that the mortgage loan will fall out of a loan pipeline. (H) prioritization logic, the prioritization logic being configured to prioritize the tasks to be performed based on the probability of fallout for the mortgage loan applications; and

(I) user interface logic, the user interface logic including web-to-workflow engine middle tier logic, the middle tier logic being configured to provide a plurality of web-based user interfaces accessible to users by way of the Internet, the plurality of user interfaces including (1) a processor user interface, the processor user interface being accessible to human processors that processes the mortgage loan applications by performing the tasks represented in the lists, the processor user interface being configured to access the service ordering engine to order services in connection with the mortgage loan applications, the processor user interface comprising screen displays which prompt the human processors to perform the tasks represented in the lists, the screen displays prompting the human processors to perform the tasks by displaying the tasks and displaying status information for the tasks, the processor user interface being configured to present the tasks that need to be performed in an order based on the probability of fallout of the mortgage loan applications, the processor user interface being configured to provide alerts indicating that particular ones of the mortgage loan applications are in danger of falling out of a mortgage pipeline of the lender, and the processor user interface being configured to provide the human processors with links to obtain additional information concerning the alerts, (2) a service provider user interface, the service provider user interface being accessible by a service provider in connection with providing the service, the service provider user interface being useable by the service provider to transmit a document to be received and processed using the data capture services logic, (3) an administrator interface, the administrator interface being accessible by the lender to configure the lender rules according to the lender preferences, and (4) a borrower user interface, the borrower user interface being accessible by the borrower to provide the borrower with information concerning documents needed from the borrower to fulfill the underwriting conditions for the mortgage loan application.