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

• US 20070016520A1
• Filed: 09/22/2006
• Published: 01/18/2007
• Est. Priority Date: 12/30/2002
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Kemper, John, Gang, John, Nolan, William, Kopperman, Peter, Voth, David
• Granted Patent: US 8,515,861 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 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 set of loan data for the mortgage loan from the seller using delivery logic;

storing the set of loan data;

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, determining a price for the mortgage loan using pricing logic associated with the purchaser prior to selling the mortgage loan to the purchaser, the price based on at least the set of loan data and the terms for the agreement.

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

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

4. A computer implemented method according to claim 1, further comprising:

receiving a request to process the set of loan data prior to selling the mortgage loan to the purchaser including a request to determine compliance of the mortgage loan with the terms of the agreement and to identify errors in the set of loan data; and

applying a set of business rules to the set of loan data prior to selling the mortgage loan to the purchaser to determine compliance with the terms of the agreement and identify errors in the set of loan data.

5. A computer implemented method according to claim 1, further comprising:

applying a set of data format rules to the set of loan data to identify any data format errors in the set of loan data; and

displaying any identified data format errors to the seller.

6. A computer implemented method according to claim 5, further comprising editing the set of loan data responsive to inputs received from the seller to correct any data format errors.

7. A computer implemented method according to claim 1, wherein the user interface is an Internet-enabled user interface permitting the seller to access the computer network.

8. 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:

deal management logic for storing the terms of the agreement;

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

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.

9. A system according to claim 8, wherein the pricing logic is invoked based upon a pricing request received from the seller.

10. A system according to claim 8, further comprising a user interface configured to permit the seller to access the system.

11. A system according to claim 10, wherein the user interface is an Internet-enabled user interface permitting the seller to access the system.

12. A system according to claim 10, wherein the price is displayed to the seller.

13. A system according to claim 8, the delivery logic further including editing logic configured to permit editing of the set of loan data.

14. A system according to claim 8, 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 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.

15. A system according to claim 8, further comprising:

a rules engine, coupled to the delivery logic, the rules engine comprising a set of data format rules and configured to process the set of loan data by applying the data format rules to the set of loan data to identify any data format 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.

16. A system according to claim 15, further wherein the data format errors are displayed to the seller.

17. A system according to claim 16, wherein the delivery logic further includes editing logic for editing the set of loan data to correct the data format errors.

18. 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:

receiving a set of loan data for the mortgage loan using delivery logic;

storing the set of loan data;

receiving a request from the seller via a user interface to determine a price for the mortgage loan 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 using pricing logic associated with the purchaser.

19. A computer implemented method according to claim 18, further comprising displaying the price to the seller.

20. A computer implemented method according to claim 19, 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.

21. A computer implemented method according to claim 18, further comprising editing the set of loan data to generate a set of edited loan data.

22. A computer implemented method according to claim 21, further comprising determining a price for the mortgage loan based at least on the set of edited loan data using the pricing logic associated with the purchaser.

23. A computer implemented method according to claim 21, 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.

24. A computer implemented method according to claim 18, 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 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.

25. A computer implemented method according to claim 24, further comprising generating a set of results from the application of the set of business rules.

26. A computer implemented method according to claim 18, further comprising applying a set of data format rules to the set of loan data to identify any data format errors in the set of loan data.

27. A computer implemented method according to claim 26, further comprising:

displaying the data format errors to the seller; and

editing the set of loan data to correct the data format errors.

28. 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:

receiving the set of loan data for the mortgage loan from the mortgage loan originator using delivery logic;

storing the set of loan data;

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, 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.

29. A computer implemented method according to claim 28, further comprising applying a set of data format rules to identify any data format errors in the set of loan data.

30. A computer implemented method according to claim 29, further comprising:

displaying the data format errors to the mortgage loan originator; and

editing the set of loan data to correct the data format errors.

31. A computer implemented method according to claim 28, further comprising:

receiving a request to process the set of loan data prior to delivering the mortgage loan to the secondary mortgage market participant including a request to determine compliance of the mortgage loan with the terms of the agreement and to identify errors in the set of loan data; and

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

32. A computer implemented method according to claim 28, wherein the user interface is an Internet-enabled user interface that permits the mortgage loan originator to access the set of loan data via the Internet.