System and method for facilitating sale of a loan to a secondary market purchaser

• US 20040215553A1
• Filed: 12/16/2003
• Published: 10/28/2004
• Est. Priority Date: 12/30/2002
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Kemper, John L., Voth, David N., Nolan, William R. III, Kopperman, Peter G., Gang, John E.
• Granted Patent: US 7,340,424 B2
• Time in Patent Office: Days
• 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 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.

Claims

1. A method for facilitating sale of a loan by a seller to a purchaser, the loan having a set of loan data and the seller and the purchaser having an agreement regarding the sale of loans including terms, the method comprising determining a price for the loan prior to selling the loan to the purchaser, the price based on at least the set of loan data and the terms for the agreement.

2. A method according to claim 1, further comprising displaying the price to the seller.

3. A method according to claim 1, further comprising editing the set of loan data.

4. A method according to claim 1, further comprising 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.

5. A method for facilitating sale of a loan by a seller to a purchaser, the loan having a set of loan data and the seller and the purchaser having an agreement regarding the sale of loans including terms, the method comprising 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.

6. A method according to claim 5, further comprising generating a set of results based on the application of the set of business rules to the set of loan data.

7. A method according to claim 6, further comprising displaying the set of results to the seller.

8. A method according to claim 6, further comprising editing the set of loan data based on the set of results.

9. A method according to claim 5, further comprising determining a price for the loan prior to selling the loan to the purchaser, the price based on at least the set of loan data and the terms of the agreement.

10. A system for facilitating sale of a loan by a seller to a purchaser, the loan having a set of loan data, and the seller and purchaser having an agreement regarding the sale of loans including terms, the system comprising:

deal management logic for storing the terms of the agreement;

pricing logic configured to determine a price for the sale of a loan based at least on the set of loan data; 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 and further including

logic for invoking the pricing logic to determine a price for the loan in accordance with the terms of the agreement prior to processing the loan in accordance with the delivery process.

11. A system according to claim 10, wherein the pricing logic is invoked based upon a pricing request received from the seller.

12. A system according to claim 10, further comprising a user interface configured to permit the seller to access the system.

13. A system according to claim 12, wherein the user interface is an Internet-enabled user interface permitting a seller to access the system.

14. A system according to claim 12, wherein the price is displayed to the seller.

15. A system according to claim 10, the delivery logic further including editing logic configured to permit editing of the set of loan data.

16. A system according to claim 10, further comprising:

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;

wherein the delivery logic further includes logic for invoking the rules engine to process the set of loan data prior to processing the loan in accordance with the delivery process.

17. A system for facilitating sale of a loan by a seller to a purchaser, the loan having a set of loan data, the system comprising:

a 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; and

delivery logic, coupled to the rules engine, 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

logic for invoking the rules engine to process the set of loan data prior to processing the loan in accordance with the delivery process.

18. A system according to claim 17, wherein the rules engine generates a set of results.

19. A system according to claim 18, wherein the set of results is provided to the seller.

20. A system according to claim 17, wherein the rules engine is invoked based upon a request received from the seller.

21. A system according to claim 17, further comprising a user interface permitting the seller to access the system.

22. A system according to claim 21, wherein the user interface is an Internet-enabled user interface permitting the seller to access the system by the Internet.

23. A system according to claim 17, wherein the delivery logic further includes editing logic configured to permit editing of the set of loan data

24. A system according to claim 23, wherein the set of edited loan data is processed by the rules engine.

25. A system according to claim 17, further comprising:

a pricing engine, coupled to the delivery logic, the pricing logic configured to determine a price for the sale of a loan based at least on the set of loan data;

wherein the delivery logic further includes logic for invoking the pricing logic to determine a price for the loan prior to processing the loan in accordance with the delivery process

26. A method for facilitating sale of a loan by a seller to a purchaser, the seller and the purchaser having an agreement regarding the sale of loans including terms, the method comprising:

receiving a set of loan data for the loan;

receiving a request from the seller to determine a price for the loan in accordance with the terms of the agreement prior to processing the set of loan data using a delivery process; and

determining a price for the loan based at least on the set of loan data.

27. A method according to claim 26, further comprising displaying the price to the seller.

28. A method according to claim 27, further comprising:

receiving a request from the seller to process the set of loan data using the delivery process; and

processing the set of loan data using the delivery process.

29. A method according to claim 26, further comprising editing the set of loan data to generate a set of edited loan data.

30. A method according to claim 29, further comprising determining a price for the loan based at least on the set of edited loan data.

31. A method according to claim 29, further comprising:

receiving a request from the seller to process the set of edited loan data using the delivery process; and

processing the set of edited loan data using the delivery process.

32. A method according to claim 26, further comprising:

receiving a request from the seller to process the set of loan data by applying a set of business rules to the set of loan data; and

applying a set of business rules to the set of loan data.

33. A method according to claim 32, further including generating a set of results from the application of the set of business rules.

34. A method,for facilitating sale of a loan by a seller to a purchaser, the method comprising:

receiving a set of loan data for the loan;

receiving a request from the seller to process the set of loan data by applying a set of business rules to the set of loan data prior to processing the set of loan data using a delivery process; and

applying the set of business rules to the set of loan data.

35. A method according to claim 34, further comprising generating set of results based on the application of the set of business rules to the set of loan data.

36. A method according to claim 35, further comprising displaying the set of results to the seller.

37. A method according to claim 36, further comprising:

receiving a request from the seller to process the set of loan data using the delivery process; and

processing the set of loan data using the delivery process.

38. A method according to claim 34, further comprising editing the set of loan data in response to the set of results to generate a et of edited loan data.

39. A method according to claim 38, further comprising applying the set of business rules to the set of edited loan data.

40. A method according to claim 38, further comprising:

receiving a request from the seller to process the set of edited loan data using the delivery process; and

processing the set of loan data using the delivery process.

41. A method according to claim 34, further comprising:

receiving a request from the seller to determine a price for the loan prior to processing the set of loan data using a delivery process; and

determining a price for the loan based at least on the set of loan data.

42. A method according to claim 41, further including displaying the price to the seller.

43. A method for facilitating sale of a loan by a seller to a purchaser, the loan having a set of loan data and the seller and the purchaser having an agreement regarding the sale of loans including terms, the method comprising determining a price for the loan prior delivering the loan to the purchaser, the price based on at least the set of loan data and the set of terms for the agreement.

44. A method for facilitating sale of a loan by a seller to a purchaser, the loan having a set of loan data and the seller and the purchaser having an agreement regarding the sale of loans including terms, the method comprising applying a set of business rules to the set of loan data prior to delivering the loan to the purchaser to identify compliance with terms of the agreement and/or errors in the loan data.