Systems and methods for facilitating the flow of capital through the housing finance industry

• US 8,046,298 B1
• Filed: 12/15/2003
• Issued: 10/25/2011
• Est. Priority Date: 07/21/2003
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Watson, Michelle Y., Goodman, Sheilah A., McDonald, Laura L., Plotnick, Richard N., Derwin, John A., McGhee, Richard J., Schamber, Elizabeth H., Herron, Caroline R., Voth, David N., Kopperman, Peter G.
• Primary Examiner(s): Kramer; James
• Assistant Examiner(s): See; Carol
• Application Number:
  US10/736,478
• Time in Patent Office: 2,871 Days
• Field of Search: None
• 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

Abstract

A computerized mortgage loan data processing system comprises a loan cost analysis engine which compares data pertaining to loan pricing for a mortgage loan with loan pricing standards to evaluate whether the loan pricing is in compliance with the loan pricing standards. An interface is configured to provide an indication regarding whether the loan pricing is in compliance with the loan pricing standards prior to closing of the loan or prior to sale of the mortgage loan in the secondary mortgage market. The indication may be provided to a mortgage loan advisor or to a secondary mortgage market purchaser.

Claims

1. A computerized mortgage loan data processing system, comprising:

an advisor interface, the advisor interface being configured to receive mortgage loan application data from a user, the mortgage loan application data pertaining to a potential borrower and to a mortgage loan application for a mortgage loan for the potential borrower;

a data storage system, the data storage system having mortgage loan data stored therein for a plurality of mortgage loans, including the mortgage loan application data received by the advisor interface for the mortgage loan;

a loan cost analysis engine, the loan cost analysis engine being configured to compare data pertaining to the loan pricing for the mortgage loan with loan pricing standards after closing of the mortgage loan and prior to sale of the loan to a secondary mortgage market investor to evaluate whether the loan pricing is in compliance with the loan pricing standards; and

an investor user interface, the investor user interface being configured for use by the secondary mortgage market investor, the investor user interface being configured to provide an indication to the secondary mortgage market investor regarding whether the loan pricing for the mortgage loan is in compliance with the loan pricing standards, the indication being provided after closing of the mortgage loan and prior to sale of the mortgage loan to the secondary mortgage market investor;

wherein the loan cost analysis engine is configured to perform a statistical analysis based on at least two factors, the at least two factors comprising different loan parameters associated with the mortgage loan, the loan cost analysis engine configured to determine a correlation between the at least two factors and identify loans that are not in compliance with the loan pricing standards based on the statistical analysis;

wherein the loan cost analysis engine is further configured to (i) trigger an alert if one of a loan fee and interest rate exceeds a threshold value; and

(ii) trigger the alert if one of the loan fee and the interest rate does not exceed the threshold value but is within a tolerance amount of the threshold value, the tolerance amount being adjustable based on a risk tolerance level for the mortgage loan.

2. A system according to claim 1, wherein the loan cost analysis engine includes a rules engine configured with rule sets associated with different secondary mortgage market investors, the rule sets permitting loan pricing comparisons performed by the loan cost analysis engine in connection with the different secondary mortgage market investors to reflect lending guidelines of the different secondary mortgage market investors.

3. A system according to claim 1, wherein the loan pricing standards are configured to prevent discriminatory lending practices.

4. A system according to claim 1, wherein the loan pricing standards are configured to prevent predatory lending practices.

5. A system according to claim 1, wherein the investor user interface is configured to provide a view into the data storage system to access the mortgage loan application data for selected ones of the plurality of mortgage loans.

6. A system according to claim 5, wherein the selected ones of the mortgage loans are selected by a lender for pre-purchase review by the secondary mortgage market investor.

7. A system according to claim 1, wherein the loan cost analysis engine is configured to populate an electronic form to generate a report for a government agency and to electronically file the report with the government agency.

8. A system according to claim 1, wherein the system is configured to generate a message to a lender associated with the mortgage loan that the secondary mortgage market investor refuses to purchase and accept delivery of the mortgage loan because the mortgage loan is not in compliance with the loan pricing standards.

9. A system according to claim 1, wherein the advisor interface and the loan cost analysis engine are accessible to a plurality of different lenders by way of a network.

10. A system according to claim 9, wherein the investor user interface and the loan cost analysis engine are accessible to a plurality of different secondary mortgage market investors by way of the network.

11. A system according to claim 1, wherein the loan cost analysis engine is a first loan cost analysis engine, and wherein the investor user interface is configured to retrieve and display the results of prior evaluations performed by the first loan cost analysis engine and to compare the prior evaluations with corresponding evaluations performed by a second loan cost analysis engine, thereby permitting differences in interpretations of the loan pricing standards by the first and second loan cost engines to be identified.

25. The system of claim 1, wherein the loan cost analysis engine is configured to generate a validation code associated with the mortgage loan, the code being useable to validate that the mortgage loan was submitted for analysis by the loan cost analysis engine and to provide an indication of results of the analysis by the loan cost analysis engine.

26. The system of claim 25, wherein the loan cost analysis engine is configured to evaluate whether the loan pricing is in compliance with predatory lending guidelines.

12. A computer system configured for use by different lenders to facilitate the flow of capital through the housing finance industry, the computer system being configured to receive and process mortgage loan application data pertaining to mortgage loan applications, and the system being accessible to each of the different lenders by way of a network, the system comprising:

a consumer-direct interface, the consumer-direct interface being configured to receive mortgage loan application data from consumers, the consumer-direct interface comprising a series of linked web pages, wherein at least some of the series of linked web pages include lender-configurable regions which are configurable by a lender to include a logo associated with the lender, textual information provided by the lender, and loan pricing information provided by the lender;

an advisor interface, the advisor interface being configured to receive mortgage loan application data from advisors;

a call center interface, the call center interface being configured to receive mortgage loan application data from users at a call center;

a platform administrator interface, the platform administrator interface being configured to be useable by different lenders to configure the lender-configurable regions of the consumer-direct interface according to lender preferences, the platform administrator interface configured to permit the different lenders to configure hedge costs associated with different mortgage products according to lender preferences, and the platform administrator interface being configured to permit the different lenders to configure pricing information provided by way of the consumer-direct interface, the call center interface and the advisor interface according to lender preferences;

an underwriting engine, the underwriting engine being configured to generate underwriting determinations based on the mortgage loan application data;

a data storage system, the data storage system being configured to store the mortgage loan application data received by the consumer-direct interface, the advisor interface, and the call center interface;

a loan cost analysis engine, the loan cost analysis engine being configured to receive the mortgage loan application data, wherein, for each mortgage loan application, the loan cost analysis engine is configured to compare data pertaining to loan pricing for a corresponding mortgage loan with loan pricing standards to evaluate whether the loan pricing is in compliance with the loan pricing standards, and the loan cost analysis engine being configured to generate a validation code associated with the mortgage loan, the code being useable to validate that the mortgage loan was submitted for analysis by the loan cost analysis engine and to provide an indication of results of the analysis by the loan cost analysis engine; and

an investor user interface, the investor user interface being configured to provide secondary mortgage market investors with access to the mortgage loan application data stored in the data storage system, and the investor user interface being configured to provide the secondary mortgage market investors with information pertaining to results of the evaluations by the loan cost analysis engine; and

wherein the mortgage loan application data stored in the data storage system is commonly accessible to the consumer-direct interface, the advisor interface, the call center interface, and the investor user interface;

wherein the loan cost analysis engine is configured to perform a statistical analysis to identify a correlation between a plurality of parameters in mortgage loan application data associated with a plurality of borrowers and identify loans that are not in compliance with the loan pricing standards based on the correlation between the plurality of parameters; and

wherein the loan cost analysis engine is further configured to (i) trigger an alert if one of a loan fee and interest rate exceeds a threshold value; and

(ii) trigger the alert if one of the loan fee and the interest rate does not exceed the threshold value but is within a tolerance amount of the threshold value, the tolerance amount being adjustable based on a risk tolerance level for the mortgage loan.

13. A system according to claim 12, wherein the indication comprises an alert to an advisor indicating that the loan pricing is not in compliance with the loan pricing standards.

14. A system according to claim 12, wherein the loan pricing standards are configured to prevent discriminatory lending practices.

15. A system according to claim 12, wherein the loan pricing standards are configured to prevent predatory lending practices.

16. A system according to claim 12, wherein the advisor interface is further configured to provide an advisor with additional information regarding the loan pricing standards responsive to the loan pricing not being in compliance with the loan pricing standards, the additional information pertaining to a portion of the loan pricing standards with which the mortgage loan is non-compliant.

17. A system according to claim 16, wherein the additional information comprises information about what types of fees are included in calculations used by the loan cost analysis engine.

18. A system according to claim 12, wherein the advisor interface is further configured to provide an advisor with messaging explaining in greater detail why the mortgage loan pricing is not in compliance with the loan pricing standards responsive to the loan pricing not being in compliance with the loan pricing standards.

19. A system according to claim 12, wherein the advisor interface is further configured to provide an advisor with links to additional information regarding the loan pricing standards.

20. A system according to claim 12, wherein the validation code indicates that the mortgage loan is in compliance with the loan pricing standards.

21. A system according to claim 12, wherein the loan cost analysis engine includes a rules engine configured with rule sets associated with the different lenders, the rule sets permitting comparisons of the loan pricing data with the loan pricing standards performed by the loan cost analysis engine in connection with the different lenders to reflect lending guidelines of the different lenders.

22. A system according to claim 12, wherein the loan cost analysis engine is configured to perform a statistical analysis of lending practices of an individual loan officer of one of the different lenders.

23. A system according to claim 12, wherein the advisor interface and the loan cost analysis engine are accessible to the different lenders by way of a network.

24. A system according to claim 23, wherein the advisor interface is configured to receive additional mortgage loan application data associated with additional mortgage loan applications for the different lenders, and wherein the advisor interface is configured to provide indications regarding whether loan pricing for the additional mortgage loan applications is in compliance with the loan pricing standards prior to respective closings of additional mortgage loans associated with the additional mortgage loan applications for the different lenders.