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(12) Ulllted States Patent
(54) SYSTEM AND METHOD FOR TRACKING AND FACILITATING ANALYSIS OF VARIANCE AND RECOURSE TRANSACTIONS
(10) Patent N0.:
(45) Date of Patent:
5,732,400 5,765,144 5,797,133 5,870,721 A A A A 3/ 1998 6/1998 8/1998 2/1999
US 7,756,778 B1
Jul. 13, 2010
Mandler et al. Larche et a1. Jones @181. Norris
3/l999 DeFrancesco et al.
Christopher T. DoWney, Urbandale, IA (US)
5,878,404 A 5,930,775 A
3/1999 Stout et al‘ 7/1999 McCauley et a1.
(73) Assignee: Fannie Mae, Washington, DC (US)
(*) Notice: Subject to any disclaimer, the term of this patent is extended or adjusted under 35 C t~ d ( on mue )
U.S.C. 154(b) by 802 days.
(21) Appl. No.: 11/015,341 JP
FOREIGN PATENT DOCUMENTS
Dec. 16, 2004
Related US. Application Data
AssetiBacked Alert, p. 2 “Firm Touts CBO Model for ABS Pools”
Provisional application No. 60/530,570, ?led on Dec. 18, 2003.
, Nov. 27, 2000, Trade JournaliAMALiBanking and Insurance; R
US. Cl. .............................. .. 705/38; 705/35; 705/1
Field of Classi?cation Search ................. ..
705/39, 35, 44, 1, 7, 28, 37, 40, 2; 235/380;
707/104’ 102; 702/195 See application ?le for complete search history.
3,316,395 4,876,648 5,239,462 5,262,941
5323315 5,361,201 5 A 14521 5 ’6ll’052
Prlmary ExammeriMary Che/11118
Assistant Examinerilohn H Holly (74) A110""6% Agent) 0" F17’mipoley & Lardner LLP
U.S. PATENT DOCUMENTS
A A A A
A A A A
4/ 1967 10/1989 8/1993 11/1993
6/1994 11/1994 5/1995 3/1997
Lavin Lloyd J°I1e$_eta1~ séfladln et a1~
Hlghbloom 10st et a1‘ Hough Dykstra et a1‘
A system for facilitating the analysis of a transaction request. The system includes an interface. The interface is con?gured to receive input data related to the transaction request. The input data includes at least a selection of a variance transac
tion or a recourse transaction. The system further includes a transaction request processor con?gured to generate a trans action assessment based on at least the input data and a re ortin en ine con? ured to rovide the transaction assess
3/l997 Bisbee et al.
ll/l997 Altman et a1.
8 Claims, 7 Drawing Sheets
TRANSACTION ANALYSIS SYSTEM 102
112 COMPUTING SYSTEM
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US.778 B1 INPUT DEVICE 110 OUTPUT DEVICE 112 APPLICATION 104 COMPUTING SYSTEM 108 INPUT DEVICE 110 OUTPUT DEVICE 112 DATABASE SYSTEM 106 TRANSACTION ANALYSIS SYSTEM 102 COMPUTING SYSTEM 108 FIG.756. Patent Jul. 2010 Sheet 1 0f 7 US 7. 13. 1 .
756. 13.US.778 B1 VARIANCE OR RECOURSE TRANSACTION REQUEST REPORTING 20b PROCESSOR 204 REQUEST LINK 203 REPORTING LINK 205 WEB PAGE 200 RULES PROCESSOR 202 SECURITY 105 TRANSACTION PROCESSOR 104 SYSTEM 102 FIG. 2A . Patent Jul. 2010 Sheet 2 of7 US 7.
:5l"-' g DeltveryLlmit Ellective Date 24 RequestDescrlptton‘ : Deal lD Selected Skeleton’ Expi'y Dam Files Attached CATTeam' (-5 r‘ - Urgency Level’ G-Hlgh r SuperHigh LPW Medium Additional Comments mm Assign To Internal Comments 227 Date External Comments 1 DC Team Response’ (For Repum . Patent Jul. 2010 Sheet 3 of7 US 7.US.756.778 B1 Reguest-Oetailg- N Z2‘ 0 225 221 222 ' \ RsquestTrackerlD’ Datefl'rme ' I Status : Sub Status I Requester 223 \Location Contact Person’ :] serlerservlcelounder' I: Variance Description’ I: Variance Detail’ RequestType ' ___. 13.
Patent Jul.756.US. 13. 2010 Sheet 4 of7 US 7. Amout UPB’ Credit Enhancement Tyne lselect Produzt Type Average FICO Average LTV Stop Loss Amount Type Stress Loss C: OtherTransaction Detail Exposure Approved By SFCT Notes SFCTg Action’ .778 B1 Re uest Details lDILender“ J’ 230 Requester Name Transamon Type I I Location Contact Person’ Deal lTransactiun information RequestType El.
778 B1 gsélezitijfikite?a242 R’ mar: 244 246 f 240 r 248 . Patent Jul. 13.US.756. 2010 Sheet 5 of7 US 7.
778 B1 300 310 RECEIVE I INPUT DATA 7 GEN ERATE 320 TRANSACTION ASSESSMENT I PERFORM ROUTING FUNCTION f 330 I SEND TRANSACTION REQUEST TO TRANSACTION REVIEWER 340 RECEIVE DECISION f 350 REPORTING FUNCTION 360 FIG.US. Patent Jul. 13. 2010 Sheet 6 0f 7 US 7. 3 .756.
778 B1 Acquisition Logic Cash 28 Committing Management Lender Deal _) Eligibility Pricing Delivery Certi?cation Custody PG. 13. 2010 Sheet 7 of7 US 7.756. 4 .US. Patent Jul.
and a reporting engine con?gured to provide the variance transaction assessment. and so on.” When a mortgage is made in the primary mortgage market.570. for cash or in Another embodiment of the invention relates to a method for facilitating analysis of a transaction request. according to an exemplary embodiment. mortgage agreement. thereby delaying funding of the loan by the purchaser. By choosing to sell its mortgage loans to the secondary mort gage market for cash. securities dealers. insurance companies. hereby incorporated in its entirety.756. ?led Dec. the analysis and approval process involves numerous communications betWeen parties both Within the purchaser and With the seller. 18. a seller having a loW credit rating or highly leveraged assets. The method includes receiving input data related to a transaction request including a selection of a recourse transaction or a variance exchange for mortgage backed securities Which provide lend ers With a liquid asset to hold or sell to the secondary market. For example. 2A is a block diagram of the transaction analysis system including a transaction request processing application . a variance transac tion requester. credit unions. The lend ers Who make (originate and fund) mortgage loans directly to home buyers comprise the “primary mortgage market. 60 is delivered to the purchaser since it varies from What the purchase Was expecting Would be delivered. Further. Such an agreement may be referred to as a recourse transaction. the lender can: (i) hold the loan as an investment in its port input data related to the transaction request. These lenders One embodiment of the invention relates to a system for facilitating the analysis of a transaction request. FIELD OF THE INVENTION During the approval process. a transac tion request database con?gured to store a record of variance agreements that de?ne the types of loans the seller may sell to the purchaser. FIG. the purchaser has a transactions. Such vari ance transactions may have an impact on the delivery and/or grantor. and a variance transaction grantor. Provisional Application No. including the variance. The interface is con?gured to receive offer mortgage products to potential home buyers. a rules processor con?gured to provide a variance transaction assessment based on at least the record of variance pricing of a loan. A recourse BRIEF DESCRIPTION OF THE DRAWINGS FIG. The system includes an interface con?gured to receive input data related to the variance transaction request including at least a request for a variance. Entering into a variance or recourse transaction can increase the risk to the purchaser. a seller and a purchaser enter into an agreement or 50 tem for facilitating the analysis of a variance transaction request. SUMMARY OF THE INVENTION 30 companies. The system further includes a transac tion request processor con?gured to generate a transaction assessment based on at least the input data and a reporting folio. This application claims the bene?t of US. 60/530. Further. there is such a need Where the system or method is performed as a step in a system or method for generating a recourse or variance In addition. pension funds. most home buyers do not have suf?cient assets to purchase a home outright on a cash basis. and providing the transaction assessment. The present invention relates generally to the ?eld of sys tems and methods for providing ?nancial services. there exists such a need Wherein the system and The purchase of a home is typically the largest investment that a person makes. Often. 20 for tracking and facilitating analysis of variance and recourse transactions. Traditionally.778 B1 1 SYSTEM AND METHOD FOR TRACKING AND FACILITATING ANALYSIS OF VARIANCE AND RECOURSE TRANSACTIONS CROSS-REFERENCE TO RELATED PATENT APPLICATIONS 2 recourse to collect against the assets of the seller. a larger loan than previously discussed. the purchaser may analyZe the transaction and/ or the seller to determine Whether to accept the additional risk. g. Accordingly. Further. The system includes an interface. the processing of the loan may be unduly delayed. thereby assuring home buyers a con tinual supply of mortgage credit. potential homebuy ers consult lenders such as banks. to obtain the ?nds nec essary to purchase or re?nance their homes.. savings and loan institutions. in the event of a default of a loan. 45 transaction.US 7. generating a transaction assessment based at least in part on the input data. An agreement may include terms that permit a seller to provide loans according to terms that differ from the transactions previously granted by the variance transaction 55 standard/default terms by Which the purchaser typically pur chases loans. there exists a need for a system and method for facilitating the approval of a variance or recourse transac tion. the consistency in approv ing variances and recourses is highly variable because of the number of parties involved. Therefore. or (ii) sell the loan to investors in the “secondary mort engine con?gured to provide the transaction assessment. Because of the amount of money method is con?gured to facilitate consistency in the approval 25 required to purchase a home. Examples of risk can include a borroWer With a loWer credit score. an agreed upon variance may otherWise cause an error When a loan. 2003. Yet further. lenders get a neW supply of funds to make more Yet another embodiment of the invention relates to a sys home mortgage loans. BACKGROUND OF THE INVENTION Accordingly. referred to as a variance transaction. The loan may be sold alone. a seller and purchaser may enter into an agreement Where a seller seeks to negotiate a higher selling price for a loan by offering assets of the seller as a recourse. Accord ingly. buyers Who have already purchased a home may Wish to re?nance their home. 40 gage market” (e. of variance and recourse transactions. More spe ci?cally. state and local housing ?nance agencies. or in packages of other similar loans. The input data 35 includes at least a selection of a variance transaction or a recourse transaction. transactions previously granted by the variance transaction grantor. a purchaser may require an approval process to analyZe the transaction prior to entering the variance or recourse transaction. etc. ?nancial institutions and various other investors) to replenish its supply of funds. the present invention relates to a system and method Based on the numerous communications. or by selling the mortgage backed securities. 1 is a diagram illustrating a transaction analysis sys tem con?gured to facilitate analysis of variance or recourse 65 is the right to demand payment from the endorser of a com mercial paper When the ?rst party liable fails to pay.
NetWork 114 may further be con?gured such that data can be transferred over netWork 114 using a secure Web connection. as Will be further discussed beloW With reference to FIG. The types of data and uses of the data in database system 106 are further discussed beloW With reference to FIGS. 3. According to an exemplary embodiment. and an output device. 1. an approval or disapproval of the variance or recourse transaction. according to an exemplary embodiment. a is a transaction involving risk to the buyer. according to an exemplary embodiment. FIG. according to an exemplary embodiment.778 B1 3 con?gured to implement variance and recourse analysis func tions. Computing system 108 further includes an output device 112 such as a display monitor. 3. netWork connection. discussed beloW With reference to FIG. by a client computing system 108. according to an exemplary embodiment. netWork 114 can be a Wireless netWork using for example. satellite. the transaction requests may alternatively be any other type of ?nancial transaction request requiring approval as described herein. system 102 is con?gured to facilitate analysis of the variance or recourse transaction. as Will be further discussed beloW With reference to FIG.. etc. a risk analysis. Input device 110 is con?gured to alloW a user or a computing system to provide input data to computing system 108 for transmittal in 35 a variance or recourse transaction request to system 102. according to an exemplary embodiment. a risk pro?le. a back end mortgage loan data processing system. a processor for performing actions on the received data and/or stored data. cellular. Transaction request processing application 104 is a softWare . NetWork 114 may be further con?gured to enable commu nication With additional systems. the buyer may require approval of the transaction prior to acceptance. The variance or recourse transaction betWeen a buyer and a seller such as a Fair. System 102 includes a recourse and variance database ured to facilitate tracking and analysis of transaction requests. sys tem 102 is con?gured to enable a user of a computing system computing system. 45 With transaction analysis system 102. 2A-4. netWork 114 is the Internet. Output data may include an approval/rej ection recommendation. According to an exemplary embodiment. may seek to have the variance or recourse transaction approved by the buyer of the loan. NetWork 114 is a netWork con?gured to enable communi Upon receiving valid input data. and provide output data. 4 is a block diagram of an acquisition system for managing acquisitions of loans. an independent system not coupled to netWork 114. Network environment 100 includes transaction tion gathered during processing of the request. The user data received from system 102 based on the transmittal of a variance or recourse transaction request. hereinafter referred to as the transaction request originator. Exemplary additional sys 60 System 102 is a computing system con?gured to manage and facilitate the analysis and tracking of variance or recourse transactions. Recourse and variance database system 106 stores and manages data associated With system 102. and FIG. etc.). Although the transaction requests are described herein as variance or recourse transac Referring noW to FIG. a mouse. Computing systems 108 are con?gured to enable access to 30 transaction analysis system 102. computer systems 108 submit the variance or recourse transactions to system 102 as transaction tems may include a system con?gured to provide a credit score (eg a FICO score). Database system 106 Referring noW to FIG. record the dispensation of the variance or recourse transaction cation betWeen transaction analysis system 102 and comput ing systems 108. the functions described herein as being performed by system 1 02 may alternatively be performed. at least one client computing system 108 and a netWork 114 enabling communication betWeen system 102 and computing systems 108 on netWork 114. Isaac and Company (FICO) credit score. Each computing system 108 includes an input device 110 such as a keyboard. a secure Web connection Will increase the security of trans mitted ?nancial information. or any other device con?gured to provide output data to a user or human operator or a system that Will analyZe the transaction for approval or rejection. Database system 106 may further store independently generated data 25 analysis system 102. etc.. 3 is a ?owchart illustrating a method for facilitating analysis of a variance or recourse transaction request is shoWn.US 7. FIG. informa plary embodiment. or RF netWorks to com municate. a current rates repository. The transaction revieWer may be a data upload device (disk drive. according to an exemplary embodiment. System 102 may also be con?gured as a component in a larger 55 system con?gured to facilitate management of ?nancial transactions. FIG. in operation.756. etc. 2. FIG. according to an exemplary embodiment. System 102 is con?g ured to facilitate analysis of the transaction by providing the transaction request to a transaction revieWer along With any related information such as historical data. a 50 reporting message containing information and analysis to facilitate approval/rej ection by a revieWer. current market rates. Additionally. 2A. system 102 may be imple mented using a plurality of computing systems in a distrib uted environment. FIG. a storage Web page. a seller of a loan. etc. Output device 112 is con?gured to display 40 108 to log in to system 102 through netWork 114.g. In operation. because of the additional risk. Accordingly. According to yet another exem plary embodiment. For example. Data base system 106 may be con?gured to store a record of variance and recourse transaction requests that have previ ously been processed by system 102. System 102 may be implemented as a stand-alone tool or may be integrated as Web page. etc. 2D is an illustration of a reporting Web page con?g part of a larger system. NetWork 114 can further be a Wide area netWork for tracking and/ or analysis. Advantageously. in Whole or in part. 1 is a diagram illustrating a 20 transaction analysis system 102 con?gured to facilitate analy sis of variance or recourse transactions according to an exem may also be con?gured to store additional information related to the processed requests such as the dispensation. System 102 is shoWn in a netWork envi ronment 100. In general. cation 104 con?gured to implement variance and recourse analysis functions. a printer. or any other device con?gured receive input data. a risk pro?ling system. 2A is a block diagram of system 102 including a transaction request processing appli 65 tion requests. a netWork connection. etc. FIG. as Will be discussed beloW With refer ence to FIG. requests to be approved or rejected. a device coupled to netWork 114. 2B is an illustration of a variance transaction request 4 System 102 is any type of computing system having an input device for receiving data. 4 (WAN) or a local area netWork (LAN). DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS system 106. 2C is an illustration of a recourse transaction request device for storing data. e.. Computing system 108 is connected to netWork 114 to enable communication provides a transaction request including input data to be used in the analysis of the variance or recourse transaction request.
Rules processor 202 provides a mechanism for de?ning hoW different variances or recourse transaction should be handled. further discussed beloW With reference to FIG. help links. links to other services. a speci?c output should be produced. FIG. a deal ID ?eld 225. This information and all other information related to the transaction request can be automatically store in database system 106 to facilitate 45 According to an exemplary embodiment. a pass key function. secured access can help prevent unauthorized access to the ?nancial information transmitted over network environment input ?eld to provide guidance and instruction for populating the input ?eld. For example. Although shoWn as selectable links. This ID can be used to auto matically populate requester ID ?eld 222 to determine the identity of the person revieWing the request. and provide an output. but updated periodically as the transaction request is processed by application 104. For example.756. a requester ID ?eld 222. that given a speci?c set of inputs. a ?rst Web page may include informational links. and a reporting func tion 206. security func implemented as text entry boxes. or different ?elds as necessary to facilitate analysis of the 25 tion 105. a region. After populating the input ?elds. For example. a priority. The input ?elds may further be implemented as dynamic input ?elds. Further the rules processor can be used to automate a decision making process to the extent variance request: Also. Application 104 may include a security function 105 con ?gured to provide secured access to information and func tions offered through application 104. When that type of vari 60 Web page 200 may be implemented through application 104 on system 102 and accessed using a Web broWsing pro gram on any one of computer systems 108. application 104 includes a rules processor 202. described beloW. etc. Different types of users may be granted different levels and/or types of access to system 102 (e. managing of the routing function described beloW With reference to FIG. local economy. apply at least one rule to the input data. AnsWer due date section 226 may be used to indicate a variance transaction request Web page 220. or any other method. Secured access can include access secured by any of a variety of security mea sures such as a log-in function. or based on any other criteria. ance transaction is selected in ?eld 224. Further. the rules applied by rules processor 202 may be stored in database system 106. a transaction revieWer section 227. The variance description may be used in performing a routing function. 3. For example. the requests should be processed Without human intervention as described beloW. encrypted information and a plurality of input ?elds to initiate a request for analysis of a variance or recourse transaction request. Variance description ?eld 224 is used to determine the type of variance requested. etc. upon selection of a variance trans action as a transaction type. described beloW With ref erence to FIG. Application 104 is con?gured to utiliZe a Web-based appli cation to enable a Web page 200 to provide access to variance tracking. Automation can tion for a variance transaction request. When the trans action request is submitted. Variance or recourse information ?elds 221-225 may be used to receive information related to the variance or recourse include automatic population of input ?elds based on other input ?elds. Web page 220 may further include information related to each data ?elds. Advantageously. as Well as links 203 and 205. for different employees Within an organization having different levels of authority to approve transaction requests or having different job func computer systems 108 or system 102 to populate the input ?elds. a variance or recourse trans 20 action request processing function 204. Variance or recourse Web page 220 is a Web page including computer systems 108. 50 55 constraints. a location ID ?eld 223. etc. 2B is an illustration of a to “PENDING” to re?ect the neW status of the request. The degree to Which rules processor 202 automates the operation of application 104 may be con?gured by an individual user. Status ?eld 225 may be blank originally during submis sion.g. In operation. Location ID ?eld 223 may be used to track regional differ ence and/or process transaction requests based on regional and recourse transaction request analysis functions. Each Web page may include different input ?elds based on the content of the Web page. an ansWer due date section 226. a user seeking approval of a variance or recourse transaction may use a computing system 108 to access Web page 200 and select any one oflinks 203 or 205. Request tracker ID ?eld 221 includes the identi?cation number of the person seeking the information. Alternatively. links 203 and 205 may alternatively be accessed through drop-doWn menus. selection buttons. Rules processor 202 is a processor or application con?g ured to receive input data. Web page 220 may be accessed by clicking variance or recourse request links 203 on Web page 200. drop doWn menus. may specialiZe in revieWing a speci?c type of variance transactions. 3. Web page 220 may alternatively be implemented as sepa rate Web pages based on different content such as a transac 30 tion type. For example. for all variance transaction requests Within a certain tolerance. a separate variance request link and recourse request link may be provided. status ?eld 225 may be changed 65 Referring noW to FIG. etc. 2B. secured access may be used to verify the identity of the user and alloWs the user to gain access to system 102. Application 104 may further include additional functions such as an administrative function. feWer. Further. the user can submit the input data to begin transaction request revieW process. the transaction request should be routed to that transaction revieWer. links 203 and 205 may alternatively be implemented as a plurality of links. etc. 40 transaction request being submitted for approval. dependent on the capabilities of system 102. local practices. a status ?eld 225. Web page 200 may include a variance or recourse request links 203 and a reporting link 205. ?elds 221-228 may further be com bined or divided into separate ?elds. Web page 220 may be utiliZed by application 104 to implement transaction request processing function 204 for variance transaction requests. Web page 200 may include a single Web page and/or a ?rst Web page and Web pages linked to the ?rst Web page. For example. according to an preferred response date for the transaction request.US 7. a variance description ?eld 224. Fields 221-228 may be tions). Accordingly.. the input ?elds include on Web page 220 may be con?gured to receive appropriate informa 35 Rules processor 202 is con?gured to automate operation of application 104 to a greater or lesser degree. According to an exemplary embodiment. the user may use any one of 1 00. and a submission button 228. described above. Web page 220 may further include more. for example. Section . For example.778 B1 5 application implemented on system 102. a transaction revieWer. a buyer may generally have stricter standards for granting variance transaction requests in one region compared to another based on. 3. Web page 220 includes a request tracker ID ?eld 221. etc. For example. encrypted data transmission. etc. appli cation 104 may be implemented on any one of or a plurality of 6 exemplary embodiment.
according to an exemplary embodiment. 2B. such as a transaction-ID ?eld. The method described may be utiliZed When ever a neW transaction request is submitted. an though reporting link 205. For example. the regions may include a county region. Accord ing to an alternative embodiment. According to an exemplary embodiment. Web page 240 includes input ?elds con?gured to receive search criteria and/ or parameters used in generating a report for facilitating analysis using system 102. According to an exemplary embodiment. 2D. According to an exemplary embodi ment. This infor mation may be used in analyZing the recourse transaction request to determine the amount of risk involved in the trans action. the submission date may be used to prioritize applications to prevent undue delay in the processing of requests. Web page 230 contains similar ?elds as described above 40 With reference to FIG. described above With reference to FIG. sort based on various criteria. a ?owchart 300 illustrating a method for facilitating analysis of a variance or recourse transaction request is shoWn. Upon entry of the submit request. According to an alterna tive embodiment. a submission button. the transaction revieWer may be rules processor 202. an average FICO score for the borroW ers 234. FIG. a state region. For example. 3. 8 240 or during the process of analyZing a tracking a variance or recourse transaction request. a borroWer credit score. The data may be received based on population of the input ?eld in Web page 220. a report generated using reporting function 206. a city region. FIG. etc. the submission date may be automatically supplied by application 104 based on the date the request is submitted. Advantageously. Web page 230 includes a location ?eld 242. The report may further be used by the transaction revieWer to revieWing transactions to promote consistency and increase ef?ciency. etc. reporting function 206 may be uti liZed both in the process or approving a transaction request Alternatively. These ?elds may be con?gured to receive similar information to that described above. For example. export the report to another program. Further. Web page 230 may be utiliZed by Report display section 248 may be used to display the application 104 to implement transaction request processing function 204 for recourse transaction requests. input data is received by system 102. etc. the data may be received based on a batch entry of received transaction requests.756. and a status ?eld 246. For example. etc. Generating reports based on a spe ci?c region alloWs a user to determine the standards for the request. a current status ?eld. variance or recourse information ?eld 222 may have been completed. and average loan to value ratio 235. Web page 23 0 may further include more. Web page 230 may include a transaction revieWer ?eld con?gured to receive the identity of a transaction revieWer for Which a report is to be generated. the date that the variance or recourse transaction request Was ?rst entered may also be entered. further discussed beloW With reference to FIG. Loan information ?eld 232 may be con?gured to receive input data representative of the underlying loan for Which the recourse is being sought. Status ?eld 246 is an input ?eld con?gured to receive a selection of the status for transactions requests to be dis played. Web page 230 further includes a loan information section 232. a contact person. The information may further include additional informa tion that may be of interest to a transaction revieWer such as a particular region. Transaction revieWer section 227 may be used to receive a designation of a transaction revieWer. according to an exemplary embodiment. Reporting function 206 may be accessed through Web page . additional com ments. an expiration due date. from another system. Reporting function 206 is utiliZed in tracking and analysis of variance and/or recourse transaction requests that are cur 65 automated procedure. 55 Referring noW to FIG. described beloW With reference to FIG. etc. this ?eld may also be automatically popu lated using rules processor 202 based upon the input data in ?elds 221-225. etc. Upon receipt of the input data in step 310. 3. Web page 230 further includes a report display section 248 con?gured to display the generated report. the recourse may be for a 50 all transaction requests that are currently pending or that have plurality of underlying loans. Section 248 may include functions alloWing a user to drill doWn through the data. For example. 2. The information may include a borroWer name.778 B1 7 226 may be further con?gured to receive additional informa tion such as the urgency level of the request. Referring noW to FIG. Further the search criteria may be combined such that a user can use location decide Whether to approve or reject the transaction request. comparing regions to determine compatibility. and loan information ?eld 232 may include ?elds con?gured to receive an average unpaid principal balance 233. Reporting Web page 240 provides access to reporting function 206. 35 exemplary embodiment. a date submitted ?eld. feWer. a transaction revieWer. store or print the report. 2C. a transaction revieWer may Wish to enter their oWn name to obtain a reporting listing requester ID ?eld. The standards may be useful in determining 20 Whether to approve a transaction request from that region. a user may Wish to display all transac include su?icient information regarding the variance or recourse transaction request to alloW a transaction revieWer to 30 tion requests that are currently pending. Accordingly. 60 reporting Web page con?gured to facilitate tracking and analysis of transaction requests. 2D is an illustration of a been previously handled. a property address. credit 25 information. Submission button 228 may be con?gured to receive a request for submission of the variance or recourse transaction and in revieWing previous and/ or current transaction request for informational purposes. Reporting Web page 240 is accessed In a step 310.US 7. Web page 230 may be accessed through variance or recourse request link 203 on Web page 200. etc. or different input ?elds con?gured to optimiZe the reporting function. Further. Submission date ?elds 244 is an input ?eld con?gured to receive a date or range of dates for Which a report is to be generated. 2C is an illustration of a recourse transaction request Web page 230. system 102 may be con?gured to gather additional data relevant to the trans action request and generate a transaction assessment in a step rently pending or have been previously entered in system 102. con?gured to approve and/or disapprove the transaction request Without human intervention. Location ?eld 242 is an input ?eld con?gured to receive a location or region for Which the report is to be generated. 3. Web page 230 may include a sorting criteria ?eld that is used to con?gure hoW the generated report is sorted. an assessed value. a submission dates ?eld 244. the generated report may have a location ?eld. and information related to the original agreement. Referring noW to FIG. lender information. a user may Wish to determine Whether all transaction requests submitted on a certain date submission time. a location ID ?eld. etc. etc. For example. according to an ?eld 242 and status ?eld 246 to obtain a report of all transac tion requests that are currently pending in Chicago for example. The transaction revieWer may be a person Who typically revieWs and/or approves the same type of transactions as the current type.
l0/324. the terms “deal. A cash commitment is an agreement 40 modi?cation and step 320 may be bypassed. creation of the transaction assessment may be an interactive process. Typically. System 102 may utiliZe the database information in creating the transaction assessment. loan level details FolloWing generation of the transaction assessment. No. System 102 may be con?gured to gather additional data based on the input data to generate the transaction assess ment.US 7. system 102 may compare the input data to an original agreement to determine a deviation from the original agreement.756. and. and US.366. using the augmented transaction request as an input for automated analysis. the transaction request or the party initiating the transaction. the transaction revieWer may desire to customiZe the transaction assessment to include information particularly relevant to the transaction request and/or the transaction revieWer..According to an exemplary embodiment. fall outside of the purchaser’s standard terms for the 60 purchase of loans or that represent a neW product. utiliZing past transaction requests can increase consistency and ef?ciency in approving current transaction exemplary embodiment. According to an exemplary embodiment. When a transaction revieWer receives a transaction 30 request as described beloW. 45 (typically. and reporting the over-all risk exposure of a corporation to determine the risk associated With the party seeking the recourse. a master agreement/contract may be in requests. The above described method for facilitating the analysis of a transaction request may further include request tracking. A variance may be necessary When a seller and pur chaser agree that the seller may deliver loans that. . Acquisition system 28 is preferably usable to perform such operations as receiving information such as loan term. reporting function 206 may be con?gured to add information related to the transaction request and its dispen sation to database system 106. The routing function may be based on at least some of the data in the augmented transac pertaining to the mortgage. While higher risk transaction requests should be revieWed by a human transaction revieWer. Where the input data indicates that the transaction request is a variance transaction request. For example. Where the transaction request is a recourse transaction request. the price the mortgage purchaser Will pay the seller for the loan(s). governed by the overall master agreement) in Which the mortgage purchaser agrees to buy mortgages from mortgage sellers (e. 4. 4 illustrates an acquisition system 28 for managing acquisitions of loans according to an facilitate analysis of the current transaction request. system 102 may be con?gured to access a system for compiling. as stated above. the transaction assessment may system is described in US. Accordingly. upon completion of the method. in some cases. The transaction revieWer may receive the basic transaction request and a transaction assessment and either approve the request based on the input data or independent research. The approval or rejection may be communicated to the requester in a step 360 to complete the process. send ing a link to a Web page containing the augmented transaction request.” and “agreement” are used interchange ably. According to an alternative embodiment. the transaction request may be provided to a transaction revieWer Without 35 place betWeen the purchaser and the lender Which de?nes overall terms of loan sales to the purchaser pursuant to par ticular commitments. MBS pool contract and all the associated variances. The additional data may include any data that may be of interest to a transaction reviewer that Will be approving the After routing. Advan tageously.l0l. Acquisition system 28 may be an inde pendent system or a component in a larger system con?gured for processing data pertaining to ?nancial assets. other pertinent loan terms. the augmented transaction request is pro vided to the transaction revieWer in a step 340. Reporting func 20 Further. For example. an authoriZed employee or other representative of the purchaser uses the deal manage ment system 82 to create a master agreement. The routing function may include a plurality of assessments to determine the transaction revieWer. 27. ?led Dec. the amount of time the seller has to make delivery. The acquisition system 28 includes a deal management system 82. such as a small loan amount. system 102 may be con?gured such that trans action requests that have criteria indicative of loW risk trans action requests. The transaction revieWer approves or rejects the transac tion request in a step 350 based on the augmented transaction request. etc. For example.. Providing transaction request. a transaction revieWer may be questioned in step 320 to determine What information the transaction revieWer needs to analyZe the transaction. ?led Dec. calculating. the variance transaction may need to be approved prior to submittal to deal management system 82.778 B1 10 320. one criteria for selecting a transaction revieWer is that the transaction 55 The deal management system 82 is used to store and track terms of the deals/contracts made betWeen sellers of loans and the purchaser. etc. 20. Such a augmented transaction request may include sending the aug mented transaction request to the revieWer in an email. System 102 may further perform the routing function to determine Whether the transaction request should be revieWed by a human transaction revieWer orusing rules processor 202. When a seller contacts the purchaser to initiate negotiation of a neW deal. both incorporated herein by reference. 2001 . a credit rating example. interest rate. For example.” “contract. implemented by the reporting function 206. For example. lenders) in exchange for a speci?ed price in cash. for revieWer revieWs variance transaction requests. a cash commitment agreement speci ?es the type of mortgage(s) the seller plans to deliver. FIG. 50 tion request. patent application Ser. System 102 may further be con?gured to access database system 106 or other sources to obtain information related to be modi?ed to include the approval or rejection and provided in step 360.g. HoWever. sys tem 102 may be con?gured to perform a routing function to select a transaction revieWer to process the augmented trans action request in a step 330. Accordingly. Referring noW to FIG. Accordingly. such as loans and securities. This infor mation may be provided in the transaction assessment to 25 tion 206 may be con?gured to update a transaction request status at each stage of the method for facilitating the analysis of a transaction request. principal oWed and other parameters regarding loans When loans are ?rst purchased or otherWise acquired. 2002. Typically. Further. system 102 may be con?gured to utiliZe reporting function 206 to determine hoW transaction requests similar to the current transaction request have been handled. system 102 may be used to provide an input to deal management system 82 indicating Whether a proposed variance transaction should be approved or Within a prescribed range from an original agreement. should be processed using rules processor 202. 60/342. Herein. a variance increases the risk to the purchaser. 65 rejected. Provisional Appli cation No.
The method of claim 2. receiving at least one of loan term information. The method of claim 1. storing at a transaction request database a record of vari ance transactions previously granted by the purchaser. each of the features described above may also be implemented in systems or a system that are con?gured transactions previously granted by the purchaser and the deviation from the preexisting master agreement. 7. The method of claim 6. The scope of these and other changes Will become appar ent from the appended claims. . 30 transaction request being received for approval by a purchaser of the loan. generating at the computer-implemented transaction analysis system an assessment of the variance transac tion based on at least one of the record of variance display the status (including payment status) of such price adjustments and fees in a consolidated manner. Wherein the assessment of the variance transaction indi cates one of an approval or a disapproval of the variance differently than system 102 and/or that include different. the preex isting master agreement being an agreement betWeen the 35 loan input data and incorporating the retrieved information in the assessment of the variance transaction. further comprising generating a variance transaction report including variance transactions 25 previously granted by the grantor. the variance transaction request being a request for a variance transaction in Which the 5. Wherein generating the assess ment of the variance transaction includes determining a vari ance transaction request revieWer. A method for facilitating a variance transaction. 45 8. and additional data regarding the loan for Which the variance transac 50 transaction request originator.756. the variance transaction request being received from a seller of the loan by Way of a communication netWork. the loan input data and variance transaction request being received after closing of a loan. seller and the purchaser that de?nes the prede?ned types of loans the seller may sell to the purchaser. interest rate request originator includes generating the assessment of the variance transaction based on a value of assets held by the information. computing system. Wherein generating the assess ment of the variance transaction based on the transaction system. and purchasing the loan from the seller in the secondary mort gage market after the loan has closed if the assessment of 20 prising: receiving at a computer-implemented transaction analysis system loan input data and a variance transaction request related to the loan input data. feWer or more functions than the functions included in system 102. What is claimed is: 1. the variance transaction request being for the sale of the loan in a secondary mortgage market. 4. Wherein generating the assess ment of the variance transaction includes providing a histori cal pro?le. The method of claim 1.778 B1 11 Acquisition system 28 may also include other systems in addition to the system described above. the variance 3. and Wherein an approval of the variance transaction request is needed prior to submittal of the deal to the deal management request originator includes generating the assessment of the variance transaction based on a FICO score of the transaction request originator. com transaction. Wherein generating the assess ment of the variance transaction based on the transaction and the purchaser regarding an agreement in Which the purchaser agrees to buy an underlying loan subject to the variance transaction request from the seller. Wherein the loan input data further includes a transaction request originator and Wherein generating the assessment of the variance transaction includes generating the transaction assessment of the vari ance transaction based on the transaction request originator. The payable/receivable manager system may also be used to agreement by comparing the loan input data to the pre de?ned types of loans de?ned in the preexisting master agreement. For example. The method of claim 1. Wherein generating the assess ment of the variance transaction further includes retrieving information from a transaction request database based on the loan sold by the seller to the purchaser varies from prede?ned types of loans the seller may sell to the pur chaser under a preexisting master agreement. acqui sition system 28 may further include payable/receivable man 12 determining at the computer-implemented transaction analysis system a deviation from the preexisting master ager system to track the billing of price adjustments and fees. the loan input data and variance transaction request being received from a client the variance transaction indicates approval. The method of claim 5. The method of claim 6. providing the assessment of the variance transaction to the seller of the loan. Many other changes and modi?cations may be made to the present invention Without departing from the spirit thereof. principal oWed information. tion is requested. For example. 2. storing at a computer-implemented deal management sys tem terms associated With a deal made betWeen the seller 40 6.US 7.