System and method for verifying loan data at delivery

• US 8,024,265 B2
• Filed: 06/28/2010
• Issued: 09/20/2011
• Est. Priority Date: 12/30/2002
• Status: Expired due to Term

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Coleman, David A., Kemper, John L.
• Primary Examiner(s): Hamilton; Lalita M
• Application Number:
  US12/825,169
• Publication Number:
  US 20100268641A1
• Time in Patent Office: 449 Days
• Field of Search: 705/35, 705/38, 705/36.R, 705/37
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• 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

Abstract

A system for verifying loan data for a loan being delivered by a seller to a purchaser includes underwriting logic that generates a set of underwriting data for a loan and delivery logic that receives a set of delivery data for the loan from the seller and processes the delivery data. The delivery logic includes comparison logic that compares the underwriting data for the loan and the delivery data for the loan to determine any differences. If there are differences between the underwriting data and the delivery data for the loan, yield adjustments and fees may be determined for the loan based on the differences.

Claims

1. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the method comprising:

receiving a first set of loan data at computer-implemented underwriting logic, the first set of loan data being for a mortgage loan application for a borrower associated with the mortgage loan, the first set of loan data being used to generate an underwriting recommendation for the mortgage loan application;

storing the first set of loan data in a computer-implemented database;

receiving a second set of loan data for the mortgage loan from the seller at computer-implemented delivery logic, the second set of loan data being associated with a delivery process;

retrieving the first set of loan data;

comparing the first set of loan data and the second set of loan data at computer-implemented comparison logic to determine any differences; and

determining a fee to be charged the seller based on identifying at least one difference between the first set of loan data and the second set of loan data.

2. A method according to claim 1, further comprising:

editing the second set of loan data.

3. A method according to claim 1, further comprising:

notifying the seller of the at least one difference.

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

processing the second set of loan data using an underwriting process.

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

determining a yield adjustment for the loan based on the at least one difference.

6. A system for verifying loan data for a loan being delivered by a seller to a purchaser the system comprising:

means for receiving a first set of loan data, the first set of loan data being for a mortgage loan application for a borrower associated with the mortgage loan, the first set of loan data being used to generate an underwriting recommendation for the mortgage loan application;

means for storing the first set of loan data;

means for receiving a second set of loan data for the loan from the seller, the second set of loan data associated with a delivery process;

means for retrieving the first set of loan data;

means for comparing the first set of loan data and the second set of loan data to determine any differences; and

means for determining a fee to be charged the seller based on determining at least one difference between the first set of loan data and the second set of loan data.

7. A system according to claim 6, further comprising means for editing the second set of loan data upon determining the at least one difference between the first set of loan data and the second set of loan data.

8. A system according to claim 6, further comprising means for notifying the seller of the at least one difference upon determining the at least one difference between the first set of loan data and the second set of loan data.

9. A system according to claim 6, further comprising means for processing the second set of loan data using an underwriting process upon determining the at least one difference between the first set of loan data and the second set of loan data.

10. A system according to claim 6, further comprising:

means for determining a yield adjustment for the loan based on the at least one difference determined by the comparison of the first set of loan data and the second set of loan data.

11. A method for generating a price for a loan being delivered to a purchaser, the method comprising:

receiving a set of underwriting data at computer-implemented underwriting logic, the underwriting data being for a mortgage loan application for a borrower associated with the mortgage loan;

storing the set of underwriting data in a computer-implemented database;

receiving a set of delivery data from a seller at computer-implemented delivery logic;

comparing the set of underwriting data to the set of delivery data at computer-implemented comparison logic to identify any differences;

determining at least one difference between the delivery data and the underwriting data using the comparison logic; and

upon identifying the at least one difference between the set of underwriting data and the set of delivery data, determining a price change and a fee to be charged the seller at computer-implemented pricing logic based upon the at least one difference.

12. A method according to claim 11, wherein comparing the set of underwriting data and the set of delivery data includes comparing a predetermined set of information in the set of underwriting data and the set of delivery data.

13. A method according to claim 11, further comprising:

generating an updated set of underwriting data based on the at least one difference; and

determining a price based on the updated set of underwriting data.

14. A system for generating a price for a loan being delivered to a purchaser, the loan having a set of underwriting data having an identifier, the system comprising:

means for receiving a set of underwriting data, the underwriting data being for a mortgage loan application for a borrower associated with the mortgage loan;

means for storing the set of underwriting data;

means for receiving a set of delivery data from a seller;

means for comparing the set of underwriting data to the set of delivery data to identify any differences;

means for determining at least one difference between the delivery data and the underwriting data; and

means for determining a price change and a fee to be charged the seller based upon at least one difference identified between the set of underwriting data and the set of delivery data.

15. A system according to claim 14, wherein comparing the set of underwriting data and the set of delivery data includes comparing a predetermined set of information in the set of underwriting data and the set of delivery data.

16. A system according to claim 14, further comprising:

means for generating an updated set of underwriting data based on the at least one difference; and

means for determining a price based on the updated set of underwriting data.

17. A method for verifying loan data for a loan being delivered by a seller to a purchaser, the method comprising:

receiving a set of underwriting data at computer-implemented underwriting logic, the underwriting data having an identifier and being for a mortgage loan application for a borrower associated with the mortgage loan;

receiving a set of delivery data from the seller using computer-implemented delivery logic;

storing the underwriting data in a computer-implemented database;

accessing the set of underwriting data using the identifier;

comparing the set of underwriting data to the set of delivery data at computer-implemented comparison logic to determine any differences; and

determining a fee to be charged the seller at computer-implemented pricing logic based on identifying at least one difference between the set of underwriting data and the set of delivery data.

18. A method according to claim 17, further comprising:

editing the set of delivery data.