System and method for facilitating sale of a loan to a secondary market purchaser
First Claim
1. A system for facilitating the sale of a mortgage 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 mortgage loans including terms, the system comprising:
- deal management logic for receiving the terms of the agreement;
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 to determine compliance of the set of loan data with the terms of the agreement and to identify errors in 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 includingpre-submission 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 and for providing a display of a set of results based on the application of the set of business rules to the set of loan data, the set of results indicating whether there are any errors in the set of loan data.
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.
151 Citations
25 Claims
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1. A system for facilitating the sale of a mortgage 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 mortgage loans including terms, the system comprising:
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deal management logic for receiving the terms of the agreement; 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 to determine compliance of the set of loan data with the terms of the agreement and to identify errors in 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 pre-submission 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 and for providing a display of a set of results based on the application of the set of business rules to the set of loan data, the set of results indicating whether there are any errors in the set of loan data. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer implemented method for facilitating the 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 the terms of the agreement; 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 process the set of loan data by applying a set of business rules to the set of loan data to determine compliance 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 applying the set of business rules to the set of loan data to generate a set of results including an indication of whether the set of loan data is in compliance with the terms of the agreement. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A computer implemented method for facilitating 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 terms of the agreement; 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; and in response to the pre-submission request, applying a set of business rules to the set of loan data using a rules engine prior to delivering the mortgage loan to the secondary mortgage market participant using the delivery logic, the business rules configured to identify compliance with terms of the agreement and errors in the loan data; and providing an indication of whether the set of loan data is in compliance with the terms of the agreement and whether there are any errors in the loan data.
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18. A computer implemented method for facilitating 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; receiving a request from the mortgage loan originator via a user interface to process the set of loan data using pre-submission processes prior to submitting the mortgage loan for delivery to the secondary mortgage market purchaser, the pre-submission processes including determining a price for the mortgage loan and determining compliance of the mortgage loan with the terms of the agreement; determining a price for the mortgage loan using pricing logic associated with the secondary mortgage market purchaser prior to submitting the mortgage loan for delivery to the secondary mortgage market purchaser, the price based on at least the set of loan data and the terms of the agreement; applying a set of business rules to the set of loan data prior to submitting the mortgage loan for delivery to the secondary mortgage market purchaser to identify compliance with terms of the agreement; generating a set of results based on the application of the set of business rules to the set of loan data; and displaying the price and set of results to the mortgage loan originator. - View Dependent Claims (19)
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20. A system for facilitating the sale of a mortgage 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 mortgage loans including terms, the system comprising:
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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 to determine compliance of the set of loan data with the terms of the agreement and to identify errors in the set of loan data; 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 pre-submission 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; and pricing logic associated with the purchaser, coupled to the delivery logic, the pricing logic configured to determine a price for the sale of a mortgage 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 mortgage loan prior to delivering the set of loan data to the purchaser; and wherein the pricing logic is invoked based upon a pricing request received from the seller. - View Dependent Claims (21)
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22. A computer implemented method for facilitating the 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 of the agreement; 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 set of loan data prior to selling the mortgage loan to the purchaser; in response to the pre-submission request, applying a set of business rules to the set of loan data prior to selling the mortgage loan to the purchaser to identify compliance with the terms of the agreement and errors in the set of loan data; and providing a set of results, the set of results being based on the application of the set of business rules to the set of loan data, the set of results indicating whether there are any errors in the set of loan data. - View Dependent Claims (23, 24, 25)
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Specification