System and method for modifying attribute data pertaining to financial assets in a data processing system

• US 7,860,787 B2
• Filed: 01/24/2008
• Issued: 12/28/2010
• Est. Priority Date: 12/30/2002
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Bastnagel, Maryann, Oppenheimer, Dror
• Primary Examiner(s): PATEL, JAGDISH
• Application Number:
  US12/019,528
• Publication Number:
  US 20080120211A1
• Time in Patent Office: 1,069 Days
• Field of Search: 705/35, 705/39
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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 40/12 Accounting

Abstract

A processing system for modifying attributes of a plurality of loans is described. The processing system includes an attribute change processor for receiving and implementing a proposed change to an attribute of at least one of the plurality of loans and a loan pricing processor for generating a pricing value associated with the proposed change to the attribute of the at least one loan.

Claims

1. A method comprising:

maintaining, by a first computer system having a computer-implemented data storage system, attributes associated with an executed mortgage loan in the computer implemented data storage system, the first computer system being associated with a first entity that purchased rights the executed mortgage loan in a secondary mortgage market as at least one of a mortgage purchaser, a mortgage investor, a mortgage guarantor, and a mortgage securitizer, including

generating, by the first computer system, a computer implemented record containing attributes related to an executed mortgage loan;

receiving, by the first computer system, information representative of payments made in connection with the executed mortgage loan;

receiving, the first computer system, a search request based on the received information representative of payments to retrieve a computer implemented record from the computer-implemented data storage system that satisfies the search request, wherein the record contains the attributes related to the executed mortgage loan, the search request being received from a second computer system associated with a second entity operating as a loan servicer of the executed mortgage loan, the first computer system and the second computer system being connected to each other by way of a computer network;

retrieving, by the first computer system, the record from the computer-implemented data storage system identified by the search request;

generating, at the first computer system, a display of at least one attribute associated with the retrieved record;

receiving, by the first computer system, a non-periodic attribute modification request to modify at least one attribute associated with the retrieved record, the attribute modification request being received from the second computer system, the modification request being made based on a discrepancy between attribute data stored in the retrieved record and attribute data maintained by the loan servicer;

validating the non-periodic attribute modification request, including applying, by the first computer system, at least one computer implemented business rule to the non-periodic attribute modification request;

modifying, by the first computer system, the at least one attribute of the retrieved record in the computer-implemented data storage system based on the validation of the non-periodic attribute modification request; and

performing, by the first computer system, loan accounting operations for the mortgage loan based on the information representative of payments made in connection with the mortgage loan and the modification of the at least one attribute of the retrieved record in the computer implemented data storage system.

2. The method of claim 1, further including identifying the discrepancy as being based on an activation of an attribute associated with the attribute data maintained by the loan servicer that is not contained in the computer implemented record.

3. The method of claim 1, further including identifying the discrepancy as being based on an unscheduled activation of an attribute associated with the attribute data maintained by the loan servicer that is contained in the computer implemented record.

4. The method of claim 1, further including identifying the non-periodic attribute modification request as being based on an unexpected change based on at least one new feature associated with the executed mortgage loan.

5. The method of claim 1, further including identifying the non-periodic attribute modification request as being based on an unscheduled change.

6. The method of claim 1, wherein generating a display of the at least one attribute associated with the at least one retrieved record includes generating a display of a plurality of retrieved records in a list.

7. The method of claim 1, wherein the request to modify the at least one attribute for the at least one record retrieved from the database includes an option to provide a user with information about the effect of the proposed change without changing the at least one attribute.

8. The method of claim 7 wherein the request including an option to determine the effect of the proposed change without changing the at least one attribute further includes an option to request implementation of the proposed change following providing a user with information about the effect of the proposed change.

9. The method of claim 1, wherein the at least one attribute associated with the at least one retrieved record is modified based on the request to modify the at least one attribute and the at least one modified record is stored in the computer-implemented data storage system.

10. The method of claim 1, wherein the request to modify the at least one attribute is accepted or rejected based on the application of the at least one business rule.

11. The method of claim 1, wherein a rejection of the request to modify the at least one attribute can be overridden.

12. The method of claim 1, wherein an acceptance of the request to modify the at least one attribute includes modifying the attribute within the record and storing the record containing the modified attribute in the computer-implemented data storage system.

13. The method of claim 1, further including updating a pricing value associate with the least one executed mortgage loan based on the attribute modification request.

14. A method according to claim 1, wherein the attributes associated with the executed mortgage loan include information related to the loan including information pertaining to loan term, interest rate, principal owed, and other attributes for a loan.

15. A method according to claim 1, further including receiving a confirmation request based on the generation of pricing information based on the modification request.

16. A method comprising:

maintaining, by a first computer system having a computer-implemented data storage system, attributes associated with an executed mortgage loan in the computer implemented data storage system, the first computer system being associated with a first entity that purchased rights the executed mortgage loan in a secondary mortgage market as at least one of a mortgage purchaser, a mortgage guarantor, and a mortgage securitizer, including

generating, by the first computer system, a computer implemented record containing the attributes related to the executed mortgage loan;

receiving, by the first computer system, information representative of payments made in connection with the executed mortgage loan;

receiving the first computer system, a search request based on the received information representative of payments to retrieve a computer implemented record from the computer-implemented data storage system that satisfies the search request, wherein the record contains the attributes related to the executed mortgage loan, the search request being received from a second computer system associated with a second entity operating as a loan servicer of the executed mortgage loan, the first computer system and the second computer system being connected to each other by way of a computer network;

retrieving, the first computer system, the record from the computer-implemented data storage system identified by the search request;

generating, at the first computer system, a display of displaying at least one attribute associated with the retrieved record;

providing, by the first computer system, a computer-implemented graphical user interface to a loan servicer to allow the loan servicer to submit a non-periodic attribute modification request based on a change in loan attribute data maintained by the servicer;

receiving, by the first computer system, the non-periodic attribute modification request from the loan servicer including a request to modify at least one attribute associated with the record based on the change in the attribute data maintained by the loan servicer, the attribute modification request being received from the second computer system;

validating the non-periodic attribute modification request, including applying, by the first computer system, at least one computer implemented business rule to the non-periodic attribute modification request;

modifying, by the first computer system, the at least one attribute of the retrieved record in the computer-implemented data storage system based on the validation of the non-periodic attribute modification request;

performing, by the first computer system, loan accounting operations for the mortgage loan based on the information representative of payments made in connection with the mortgage loan and the modification of the at least one attribute of the retrieved record in the computer implemented data storage system; and

determining, by the first computer system, distributions to one or more investors based on the modified attribute and the information representative of mortgage loan payments.

17. The method of claim 16, further including identifying the discrepancy as being based on an activation of an attribute associated with the attribute data maintained by the loan servicer that is not contained in the computer implemented record.

18. The method of claim 16, further including identifying the discrepancy as being based on an unscheduled activation of an attribute associated with the attribute data maintained by the loan servicer that is contained in the computer implemented record.

19. The method of claim 16, further including identifying the non-periodic attribute modification request as being based on an unexpected change based on at least one new feature associated with the executed mortgage loan.

20. The method of claim 16, further including identifying the non-periodic attribute modification request as being based on an unscheduled change.

21. The method of claim 16, wherein generating a display of the at least one attribute associated with the at least one retrieved record includes generating a display of a plurality of retrieved records in a list.

22. The method of claim 16, wherein the request to modify the at least one attribute for the at least one record retrieved from the database includes an option to provide a user with information about the effect of the proposed change without changing the at least one attribute.

23. The method of claim 22 wherein the request including an option to determine the effect of the proposed change without changing the at least one attribute further includes an option to request implementation of the proposed change following providing a user with information about the effect of the proposed change.

24. The method of claim 16, wherein the at least one attribute associated with the at least one retrieved record is modified based on the request to modify the at least one attribute and the at least one modified record is stored in the computer-implemented data storage system.

25. The method of claim 16, wherein the request to modify the at least one attribute is accepted or rejected based on the application of the at least one business rule.

26. The method of claim 16, wherein a rejection of the request to modify the at least one attribute can be overridden.

27. The method of claim 16, wherein an acceptance of the request to modify the at least one attribute includes modifying the attribute within the record and storing the record containing the modified attribute in the computer-implemented data storage system.

28. The method of claim 16, further including updating a pricing value associate with the least one executed mortgage loan based on the attribute modification request.

29. A method according to claim 16, wherein the attributes associated with the executed mortgage loan include information related to the loan including information pertaining to loan term, interest rate, principal owed, and other attributes for a loan.

30. A method according to claim 16, further including receiving a confirmation request based on the generation of pricing information based on the modification request.

31. A method, comprising:

defining a type of loan product for the executed mortgage using a plurality of attributes of the executed mortgage, wherein different types of loan products are defined using different combinations of the plurality of attributes and/or different values for selected ones of the plurality of attributes; and

maintaining, by a first computer system having a computer-implemented data storage system, attributes associated with an executed mortgage loan in the computer implemented data storage system, the first computer system being associated with a first entity that purchased rights the executed mortgage loan in a secondary mortgage market as at least one of a mortgage purchaser, a mortgage investor, a mortgage guarantor, and a mortgage securitizer, including

generating, by the first computer system, a computer implemented record containing the attributes related to the executed mortgage loan, the record including the type loan;

receiving, by the first computer system, information representative of payments made in connection with the executed mortgage loan;

receiving the first computer system, a search request based on the received information representative of payments to retrieve a computer implemented record from the computer-implemented data storage system that satisfies the search request, wherein the record contains the attributes related to the executed mortgage loan, the search request being received from a second computer system associated with a second entity operating as a loan servicer of the executed mortgage loan, the first computer system and the second computer system being connected to each other by way of a computer network;

retrieving the first computer system, the record from the computer-implemented data storage system identified by the search request;

generating, by the first computer system, a display of displaying at least one attribute associated with the retrieved record;

receiving, by the first computer system, a non-periodic attribute modification request to modify at least one attribute associated with the computer-implemented record, the attribute modification request being received from the second computer system;

validating the non-periodic attribute modification request, including applying, by the first computer system, at least one computer implemented business rule to the non-periodic attribute modification request;

modifying, by the first computer system, the at least one attribute of the retrieved record in the computer-implemented data storage system based on the validation of the non-periodic attribute modification request;

performing, by the first computer system, loan accounting operations for the mortgage loan based on the information representative of payments made in connection with the mortgage loan and the modification of the at least one attribute of the retrieved record in the computer implemented data storage system.

32. The method of claim 31, further including identifying the discrepancy as being based on an activation of an attribute associated with the attribute data maintained by the loan servicer that is not contained in the computer implemented record.

33. The method of claim 31, further including identifying the discrepancy as being based on an unscheduled activation of an attribute associated with the attribute data maintained by the loan servicer that is contained in the computer implemented record.

34. The method of claim 31, further including identifying non-periodic attribute modification request as being based on an unexpected change based on at least one new feature associated with the executed mortgage loan.

35. The method of claim 31, further including identifying non-periodic attribute modification request as being based on an unscheduled change.

36. The method of claim 31, wherein generating a display of the at least one attribute associated with the at least one retrieved computer implemented record includes generating a display of a plurality of retrieved computer implemented records in a list.

37. The method of claim 31, wherein the request to modify the at least one attribute for the at least one record retrieved from the database includes an option to provide a user with information about the effect of the proposed change without changing the at least one attribute.

38. The method of claim 37, wherein the request including an option to determine the effect of the proposed change without changing the at least one attribute further includes an option to request implementation of the proposed change following providing a user with information about the effect of the proposed change.

39. The method of claim 31, wherein the at least one attribute associated with the at least one retrieved computer-implemented record is modified based on the request to modify the at least one attribute and the at least one modified computer-implemented record is stored in the data storage system.

40. The method of claim 31, wherein the request to modify the at least one attribute is accepted or rejected based on the application of the at least one business rule.

41. The method of claim 40, wherein a rejection of the request to modify the at least one attribute can be overridden.

42. The method of claim 40, wherein an acceptance of the request to modify the at least one attribute includes modifying the attribute within the computer-implemented record and storing the computer implemented record containing the modified attribute in the computer-implemented data storage system.

43. The method of claim 31, further including updating a pricing value associated with the executed mortgage loan based on the attribute modification request.

44. A method according to claim 43, further including receiving a confirmation request based on the generation of pricing value based on the modification request.

45. A method according to claim 31, wherein the attributes associated with the executed mortgage loan include information related to the loan including information pertaining to loan term, interest rate, principal owed, and other attributes for a loan.