Claims
- 1. A method of processing data in connection with a security, the security being collateralized by a plurality of home mortgage loans or by portions of the plurality of home mortgage loans, the method comprising:
generating payment projections regarding principal and interest payments for the plurality of home mortgage loans; determining that the payment projections have errors, the errors in the payment projections being caused by errors in loan characteristic data, the loan characteristic data describing characteristics of the plurality of home mortgage loans; and modifying the loan characteristic data to eliminate at least some of the errors in the loan characteristic data.
- 2. A method according to claim 1, further comprising providing information regarding the payment projections to a loan servicer; and wherein the determining step further comprises receiving information from the loan servicer indicating that the loan characteristic data has errors.
- 3. A method according to claim 1, further comprising
receiving payment projections from a servicer corresponding to the payment projections generated during the generating step; and identifying for the servicer individual loans in which discrepancies exist between the payment projections from the servicer and the payment projections generated during the generating step.
- 4. A method according to claim 1, further identifying for a servicer of the plurality of loans individual loans in which discrepancies exist between payment data of the servicer and the payment projections generated during the generating step.
- 5. A method according to claim 1, further comprising
providing the payment projections to a loan servicer; and providing a tool usable by the loan servicer to access the loan characteristic data and provide information regarding proposed corrections; and wherein the modifying step is performed based on the information regarding the proposed corrections provided by the servicer.
- 6. A method according to claim 5, wherein the tool is an on-line tool accessible to the servicer by way of the Internet.
- 7. A method according to claim 1, further comprising providing a tool usable by the loan servicer to access the loan characteristic data.
- 8. A method according to claim 1,
wherein the security has a reporting cycle in which reports relating to the principal and interest payments for the plurality of home mortgage loans are generated for investors in the security; and wherein the method further comprises providing the payment projections to a loan servicer more than one week prior to the reports being generated for the investors.
- 9. A method according to claim 8, wherein the reports for the investors are generated at an end of the reporting cycle and wherein the payment projections are provided approximately at a beginning of the reporting cycle or during a prior reporting cycle.
- 10. A method according to claim 1,
wherein the security has a reporting cycle in which reports relating to the principal and interest payments for the plurality of home mortgage loans are generated for investors in the security; and wherein the method further comprises receiving principal and interest payment data for the plurality of loans, the receiving step being performed less than one week prior to the reports being generated for the investors.
- 11. A method according to claim 1, further comprising receiving payment data regarding the plurality of loans, and wherein only loan level data is received and security-level data is not received from the servicer.
- 12. A method of processing data in connection with a security, the security being collateralized by a plurality of home mortgage loans or by portions of the plurality of home mortgage loans, the security having a reporting cycle in which reports are generated for investors in the security, the method comprising:
transmitting payment data regarding the plurality of loans a plurality of times separated by a plurality of days during the reporting cycle, the payment data being transmitted to a servicer of the plurality of loans; and each time the payment data is transmitted, receiving and processing proposed corrections to loan characteristic data, the proposed corrections being responsive to discrepancies detected by the servicer in the transmitted payment data and payment data maintained by the servicer, the loan characteristic data describing characteristics of the plurality of loans.
- 13. A method of processing data in connection with a security, the security being collateralized by a plurality of home mortgage loans or by portions of the plurality of home mortgage loans, the method comprising:
receiving a first set of payment data from a servicer for the plurality of loans, the first set of payment data being pertinent to a payment cycle; performing a first error correction in connection with the plurality of loans based on the first set of payment data; receiving a second first set of payment data from a servicer for the plurality of loans, the second set of payment data being pertinent to the same payment cycle as the first set of payment data, the second set of data being received on a day which is one or more days closer to a security reporting deadline than the first set of payment data; and performing a second error correction in connection with the plurality of loans based on the second set of payment data.
- 14. A method of processing data in connection with a security, the security being collateralized by a plurality of home mortgage loans or by portions of the plurality of home mortgage loans, the security having a reporting cycle in which reports are generated for investors in the security, the method comprising:
receiving payment data regarding the plurality of loans a plurality of times separated by a plurality of days during the reporting cycle, the payment data being received from a servicer of the plurality of loans; and each time the payment data is received, processing the payment data to produce processed data and making information regarding the processed data available to the servicer.
- 15. A method according to claim 14, further comprising implementing corrections to loan characteristic data responsive to errors detected by the servicer in the processed data, the loan characteristic data describing characteristics of the plurality of loans.
- 16. A method according to claim 14, further comprising providing a tool usable by the loan servicer to access the loan characteristic data and provide information regarding proposed corrections; and
modifying the loan characteristic data to eliminate errors in the loan characteristic data based on the proposed corrections.
- 17. A method according to claim 16, wherein the tool is an on-line tool accessible to the servicer by way of the Internet.
- 18. A method according to claim 16, further comprising generating data regarding expected payments and identifying for the servicer individual loans in which discrepancies exist between the payment data received from the servicer and the generated data regarding expected payments.
- 19. A method according to claim 14, wherein the receiving step is performed less than one week prior to the reports being generated for the investors.
- 20. A method according to claim 14 wherein, during the receiving step, only loan level data is received from the servicer, and wherein security-level data is not received from the servicer.
- 21. A data processing system for processing loan information, comprising:
acquisition logic, the acquisition logic including logic configured to receive acquisition information pertaining to loan term, interest rate, principal owed and other parameters for a plurality of loans; reporting logic, the reporting logic including logic configured to correct errors between projected reporting information and payment reporting information regarding borrower payments in connection with the plurality of loans, and calculate pool information using the payment reporting information for each of the plurality of loans, the reporting information being received on an ongoing basis throughout at least a portion of a term of each the plurality of loans; financial asset generation logic, the financial asset generation logic including logic configured to facilitate creation and maintenance of a plurality of financial assets backed by the plurality of loans, the creation and maintenance of the plurality of financial assets resulting in the generation of investment information; and a rules engine, the rules engine comprising a series of business rules; and wherein the loan information includes the acquisition information, the reporting information, and the investment information, and wherein the rules engine processes the loan information by applying the business rules to the loan information.
- 22. A data processing system according to claim 21, wherein the projected reporting information is determined based on historical principal and interest information.
- 23. A data processing system according to claim 21, wherein pool information comprises information relating to a plurality of loans comprising a mortgage backed security (MBS).
- 24. A data processing system according to claim 21, wherein logic configured to correct errors includes information regarding multiple reporting days.
- 25. A data processing system according to claim 21, wherein the reporting logic further comprises logic to determine if loans corresponding to the plurality of loans are in the correct pools of loans.
- 26. A data processing system comprising:
acquisition logic, the acquisition logic including logic configured to receive information pertaining to loan term, interest rate, principal owed and other parameters for a plurality of loans; reporting logic, the reporting logic including logic configured to correct errors between projected reporting information and payment reporting information regarding borrower payments in connection with the plurality of loans, and calculate pool information using the payment reporting information for each of the plurality of loans, the reporting information being received on an ongoing basis throughout at least a portion of a term of each the plurality of loans; financial asset generation logic, the financial asset generation logic including logic configured to facilitate creation and maintenance of a plurality of financial assets backed by the plurality of loans; and wherein the acquisition logic, the reporting logic, and the financial asset generation logic are provided on a common integrated data processing platform.
- 27. A data processing system according to claim 26, wherein pool information comprises information relating to a plurality of loans comprising a mortgage backed security (MBS).
- 28. A data processing system according to claim 26, wherein logic configured to correct errors includes information regarding multiple reporting days.
- 29. A data processing system according to claim 26, wherein the reporting logic further comprises logic to determine if loans corresponding to the plurality of loans are in the correct pools of loans.
- 30. A data processing system according to claim 26, further comprising an Internet-enabled user interface, the Internet-enabled user interface permitting a user to access the data processing system by way of the Internet and make corrections to payment reporting information.
- 31. A data processing system comprising:
(A) acquisition logic, the acquisition logic including logic configured to receive acquisition information pertaining to loan term, interest rate, principal owed and other parameters for a plurality of loans, the acquisition logic including
(1) committing logic configured to permit a seller of the plurality of loans to enter into a commitment to sell the loans, (2) pricing logic configured to determine selling prices from the plurality of loans, and (3) deal management logic configured to track terms of deals entered into with the seller of the plurality of loans; (B) reporting logic, the reporting logic including logic configured to receive payment reporting information regarding borrower payments in connection with the plurality of loans, the reporting information being received on an ongoing basis throughout at least a portion of a term of each the plurality of loans, the reporting logic including
(1) comparison logic configured to calculate expected payment reporting information pertaining to the plurality of loans and to compare the expected payment reporting information with the received payment information, (2) accounting logic configured to generate accounting records reflecting the received payment information, and (3) aggregation logic configured to aggregate cashflows from the plurality of loans to generate payment information for the plurality of financial assets; (C) financial asset generation logic, the financial asset generation logic including logic configured to facilitate creation and maintenance of a plurality of financial assets backed by the plurality of loans, the creation and maintenance of the plurality of financial assets resulting in the generation of investment information; and (D) a rules engine, the rules engine comprising a series of business rules; (E) a common data storage system, the data storage system being commonly accessible to the acquisition logic, the reporting logic, and the financial asset generation logic; wherein the loan information includes the acquisition information, the payment reporting information, and the investment information, and wherein the rules engine processes the loan information by applying the business rules to the loan information; and wherein the acquisition logic, the reporting logic, and the financial asset generation logic are provided on a common integrated data processing platform.
- 32. A data processing system according to claim 31, wherein the reporting logic is configured to receive the information regarding borrower payments in approximately real time.
CROSS-REFERENCE TO RELATED PATENT APPLICATIONS
[0001] This application claims the benefit of U.S. Provisional Application 60/437,126, filed Dec. 30, 2002, hereby incorporated by reference in its entirety.
Provisional Applications (1)
|
Number |
Date |
Country |
|
60437126 |
Dec 2002 |
US |