System and method for processing a loan

• US 8,423,451 B1
• Filed: 12/30/2005
• Issued: 04/16/2013
• Est. Priority Date: 12/01/2003
• Status: Active Grant

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mai
• Inventors: Flaxman, David R., Tantoco-Hobbs, Minerva L., Kobus, Anne M. Murphy, Koch, Michael W., Packer, Daniel, Plofchan, Peter G., Pomeroy, Richard C.
• Primary Examiner(s): Kalinowski, Alexander
• Assistant Examiner(s): CAMPBELL, KELLIE L
• Application Number:
  US11/322,838
• Time in Patent Office: 2,664 Days
• Field of Search: 705 35- 40
• 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 computer-implemented data processing system for managing processing of mortgage loan applications comprises task manager logic configured to generate a first list representing a first plurality of tasks to be performed in connection with a mortgage loan application. The task manager logic is also configured to generate a second list representing a second plurality of tasks to be performed in connection with the mortgage loan application. The second list is generated after work has been performed in connection with processing the first list. The task manager logic comprises reconciliation logic configured to reconcile the first and second lists so that the work performed during processing of the first list is reflected in the second list.

Claims

1. A computer-implemented data processing system for managing processing of mortgage loan applications, comprising:

a computer memory; and

a processor coupled to the memory and having instructions stored therein that when executed cause the processor to

generate, via task manager logic, a first list representing a first plurality of tasks to be performed in connection with a mortgage loan application, and a second list representing a second plurality of tasks to be performed in connection with the mortgage loan application, the second list being generated after work has been performed in connection with processing the first list, and reconcile, via reconciliation logic, the first and second lists so that the work performed during processing of the first list is reflected in the second list; and

analyze results, via the resubmission logic, returned during the completion of the first plurality of tasks, the resubmission logic monitoring results of the completion of the first plurality of tasks, identifying discrepancies between information received during completion of the first plurality of tasks and information received from the borrower, and resubmitting the mortgage loan application for underwriting based on identifying a discrepancy between the information received during completion of the first plurality of tasks and the information received from the borrower;

wherein the information received during completion of the first plurality of tasks includes at least one of income and debt of the borrower as indicated by a third party source in the form of trusted documents received from a service provider responsive to a service request generated by the task manager logic; and

wherein the information received from the borrower includes at least one of income and debt of the borrower as self-reported indicated by the borrower in the mortgage loan application, the income of the borrower associated with actual past earnings of the borrower;

wherein identifying the discrepancy includes at least one of (1) a discrepancy determining a difference between the income of the borrower as indicated by the third party and the income of the borrower as self-reported indicated by the borrower, and (2) a discrepancy determining a difference between the debt of the borrower as indicated by the third party and the debt of the borrower as self-reported indicated by the borrower, and wherein the resubmission logic is configured to resubmit the mortgage loan application for underwriting only upon determining that the difference discrepancy exceeds a predetermined threshold.

2. A system as defined in claim 1, wherein the processor is further configured to provide a user interface which displays the first and second plurality of tasks to a user, and wherein the user interface presents the user with information indicating that a task not present in the first plurality of tasks is a new task in the second plurality of tasks.

3. A system as defined in claim 1, wherein the processor is further configured to provide a user interface which displays the first and second plurality of tasks to a user, and wherein the user interface logic presents the user with status information in connection with the second plurality of tasks, the status information reflecting the work performed during processing of the first list for the tasks also included the second list.

4. A system as defined in claim 1, wherein the processor is further configured to provide a user interface which displays the first and second plurality of tasks to a user, and wherein the user interface logic presents the user with information indicating that a task present in the first plurality of tasks is not one of the tasks to be performed in the second plurality of tasks.

5. A system as defined in claim 3, wherein the task relates to ordering a service, and wherein the list is updated to reflect that the service has been ordered and the results of the service have not yet been received.

6. A system as defined in claim 1, wherein the processor is further configured to implement a service ordering engine, wherein the service ordering engine is connected to a plurality of different service providers by way of the Internet, wherein the service providers are entities that perform services in connection with mortgage loan applications, wherein the service ordering engine transmits a service request to order services from the service providers in connection with the mortgage loan application.

7. A system as defined in claim 6, wherein the service ordering engine transmits an updated service request to change orders for services from the service providers based on the reconciliation of the first and second lists.

8. A system as defined in claim 7, wherein the updated service request is transmitted automatically and not in response to user inputs.

9. A system as defined in claim 6, wherein the service ordering engine transmits a service request cancellation to cancel orders for the services from the service providers based on the reconciliation of the first and second lists.

10. A system as defined in claim 9, wherein the updated service request is transmitted automatically and not in response to user inputs.

11. A system as defined in claim 1, wherein the task manager logic performs the reconciliation automatically and not in response to user inputs.

12. A system as defined in claim 1, wherein the processor is further configured to review a status of completed tasks and associated documents to determine whether any documents are expired in view of a later closing date.

13. A system as defined in claim 1, wherein the processor is further configured to transmit a notification to the borrower indicating that new documents are required pursuant to the second list and indicating the reason for the change as compared to the first list.

14. A system as defined in claim 1, wherein the first list is generated based on first automated underwriting findings and the second list being generated based on second automated underwriting findings, and wherein the second automated underwriting findings are generated responsive to the mortgage loan application being resubmitted for underwriting.

15. A system as defined in claim 1, further comprising a loan origination system, wherein the loan origination system receives mortgage loan application data for the mortgage loan application from a user, and wherein the loan origination system being configured to generate closing documents for execution by the borrower in connection with closing a mortgage loan based on the mortgage loan application data;

and

wherein the processor is further configured to update the mortgage loan application data, via update logic, based on the information received during the completion of the plurality of tasks.

16. A system as defined in claim 15, wherein the processor is further configured to implement a service ordering engine, the service ordering engine being connected to a plurality of different service providers by way of the Internet, the service providers being entities that perform services in connection with mortgage loan applications, the service ordering engine being configured to transmit a service request to order services from the service providers in connection with the mortgage loan application, and the service ordering engine being configured to transmit an updated or canceled service request to change or cancel orders for services from the service providers based on the reconciliation of the first and second lists.

17. A system as defined in claim 16, wherein the information received during completion of the first plurality of tasks is received from one or more of the service providers.

18. A system as defined in claim 17, wherein the processor is further configured to provide, via user interface logic, a plurality of user interfaces including a processor user interface coupled to the workflow engine to cooperate with the workflow engine to prompt the user to perform the plurality of tasks, the processor user interface accessing the service ordering engine to order a service in connection with the mortgage loan application, the processor user interface comprising screen displays which prompt the user to perform the plurality of tasks, the screen displays prompting the user to perform the plurality of tasks by displaying the tasks and displaying status information for the plurality of tasks.

19. A system as defined in claim 18, wherein the processor user interface comprises screen displays that transcribes information contained in documents received from the service provider and enters the information in data entry fields provided by the processor user interface, and wherein the information contained in the documents is the information received during the completion of the first plurality of tasks, such that the resubmission logic analyzes the information contained in the documents received from the service provider and identifies discrepancies between the information in the documents and the information received from the borrower.

20. A system as defined in claim 18, wherein information received from the service provider responsive to the service request is automatically associated with the mortgage loan application without assistance from a human processor, wherein the information from the service provider is associated with the mortgage loan application based on information contained in an electronic message from the service provider which transmits the information, and wherein the information received from the service provider and automatically associated with the mortgage loan application is the information received during the completion of the first plurality of tasks, such that the resubmission logic analyzes the information received from the service provider and identifies discrepancies between the information received from the service provider and the information received from the borrower.

21. A system as defined in claim 1, wherein the reconciliation logic reconciles lists generated based on automated underwriting findings from a plurality of different automated underwriting engines, the plurality of different automated underwriting engines being respectively associated with a plurality of different entities that purchase mortgage loans from lenders.

22. A system as defined in claim 1, wherein the processor is further configured to provide a display, via a user interface, and to provide status information concerning a status of the tasks that need to be performed in connection with the mortgage loan application, wherein the list is accessible to users from different institutions including a lender and a service provider, and the user interface dynamically updates the status information such that the users from the different institutions are provided with dynamically updated status information concerning the status of the tasks that need to be performed, the dynamically updated status information reflecting the work performed during processing of the first list for the tasks also included the second list.