System and method for facilitating sale of a loan to a secondary market purchaser
First Claim
1. A computer implemented method for facilitating sale of a mortgage loan by a seller to a purchaser over a computer network, the mortgage loan having a set of loan data and the seller and the purchaser having an agreement regarding the sale of mortgage loans including terms, the method comprising:
- receiving the terms for the agreement, the terms including pricing data for the mortgage loan;
receiving the set of loan data for the mortgage loan from the seller using delivery logic;
storing the terms for the agreement and the set of loan data in a computer-implemented database;
receiving a pre-submission request from the seller via a user interface to process the loan data prior to selling the mortgage loan to the purchaser; and
in response to the pre-submission request, processing the set of loan data received from the seller at a computer processor by applying a set of business rules to the set of loan data to determine whether the set of loan data is in compliance with the terms of the agreement between the seller and the purchaser and to identify any errors in the set of loan data, and updating the pricing data for the mortgage loan using pricing logic associated with the purchaser prior to selling the mortgage loan to the purchaser, the pricing data being updated by the pricing logic based on at least the set of loan data and the terms for the agreement, the pricing data indicating a price for the mortgage loan;
wherein the pricing logic is associated with the purchaser and configured to determine a price for the sale of the mortgage loan based at least on the set of loan data and the terms of the agreement.
1 Assignment
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Accused Products
Abstract
A method for facilitating sale of a loan by a seller to a purchaser where the seller and the purchaser have an agreement regarding the sale of loans including terms and the loan has a set of loan data. The method includes determining a price for the loan prior to selling the loan to the purchaser. The price is based on at least the set of loan data and the terms for the agreement. The method also includes applying a set of business rules to the set of loan data prior to selling the loan to the purchaser to identify compliance with terms of the agreement and/or errors in the loan data.
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Citations
28 Claims
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1. A computer implemented method for facilitating sale of a mortgage loan by a seller to a purchaser over a computer network, the mortgage loan having a set of loan data and the seller and the purchaser having an agreement regarding the sale of mortgage loans including terms, the method comprising:
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receiving the terms for the agreement, the terms including pricing data for the mortgage loan; receiving the set of loan data for the mortgage loan from the seller using delivery logic; storing the terms for the agreement and the set of loan data in a computer-implemented database; receiving a pre-submission request from the seller via a user interface to process the loan data prior to selling the mortgage loan to the purchaser; and in response to the pre-submission request, processing the set of loan data received from the seller at a computer processor by applying a set of business rules to the set of loan data to determine whether the set of loan data is in compliance with the terms of the agreement between the seller and the purchaser and to identify any errors in the set of loan data, and updating the pricing data for the mortgage loan using pricing logic associated with the purchaser prior to selling the mortgage loan to the purchaser, the pricing data being updated by the pricing logic based on at least the set of loan data and the terms for the agreement, the pricing data indicating a price for the mortgage loan; wherein the pricing logic is associated with the purchaser and configured to determine a price for the sale of the mortgage loan based at least on the set of loan data and the terms of the agreement. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for facilitating sale of a mortgage loan by a seller to a purchaser, the mortgage loan having a set of loan data, and the seller and purchaser having an agreement regarding the sale of mortgage loans including terms, the system comprising:
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a computer-implemented database; deal management logic for storing the set of loan data and the terms of the agreement in the computer-implemented database; pricing logic associated with the purchaser and configured to determine a price for the sale of a mortgage loan based at least on the set of loan data and the terms of the agreement; and delivery logic, coupled to the pricing logic, the delivery logic configured to process the set of loan data in accordance with a delivery process upon receiving a submission request from the seller, the delivery logic further including pre-submission logic for invoking the pricing logic to determine a price for the mortgage loan in accordance with the terms of the agreement prior to processing the mortgage loan in accordance with the delivery process; and a rules engine, coupled to the delivery logic, the rules engine comprising a set of business rules and configured to process the set of loan data by applying the set of business rules to the set of loan data to determine compliance with the terms of the agreement and to identify errors in the set of loan data; wherein the delivery logic further includes logic for invoking the rules engine to process the set of loan data prior to processing the mortgage loan in accordance with the delivery process. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer implemented method for facilitating sale of a mortgage loan by a seller to a purchaser over a computer network, the seller and the purchaser having an agreement regarding the sale of mortgage loans including terms, the method comprising:
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receiving a set of loan data for the mortgage loan using delivery logic; storing the set of loan data and the terms of the agreement in a computer-implemented database; receiving a request from the seller via a user interface to determine a price for the mortgage loan at a computer processor in accordance with the terms of the agreement prior to submitting the mortgage loan to the purchaser for processing of the set of loan data using a delivery process of the delivery logic; and determining a price for the mortgage loan based at least on the set of loan data and the terms of the agreement using pricing logic associated with the purchaser, and applying a set of business rules to the loan data using the computer processor, wherein application of the business rules to the loan data determines whether the loan data is in compliance with the terms of the agreement and identifies any errors in the loan data. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24)
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25. A computer implemented method for facilitating the sale of a mortgage loan by a mortgage loan originator to a secondary mortgage market participant, the mortgage loan having a set of loan data and the mortgage loan originator and the secondary mortgage market participant having an agreement regarding the sale of mortgage loans including terms, the method comprising:
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receiving the set of loan data for the mortgage loan from the mortgage loan originator using delivery logic; storing the set of loan data and the terms of the agreement in a computer-implemented database; receiving a pre-submission request from the mortgage loan originator via a user interface to process the set of loan data using pre-submission processes prior to delivering the mortgage loan to the secondary mortgage market participant; in response to the pre-submission request, applying a set of business rules to the set of loan data at a computer processor prior to delivering the mortgage loan to the secondary mortgage market participant to determine compliance with the terms of the agreement and identify errors in the set of loan data, and determining a price for the mortgage loan using pricing logic associated with the secondary mortgage market participant prior to delivering the loan to the secondary mortgage market participant using the delivery logic, the price based on at least the set of loan data and the terms for the agreement; displaying the price to the mortgage loan originator; receiving a request from the mortgage loan originator to edit the set of loan data; editing the set of loan data in response to the request to generate a set of edited loan data; upon generating the set of edited loan data, determining a second price for the mortgage loan using the pricing logic prior to delivering the mortgage loan to the secondary mortgage market participant based on at least the set of edited loan data; and displaying the second price to the mortgage loan originator. - View Dependent Claims (26, 27, 28)
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Specification