Systems and methods of a mortgage pricing service
Inventors
Seal, Mark E. • Quartey, Janes • Kalkavery, Suresh S.
Assignees
Andrei Iancu Under Secretary Of Commerce For Intellectual Property And Director Of United States Patent And Trademark Office And Successors Thereto • Ashley Moody Florida Office Of Attorney General And Successors Thereto • Heuer Joan D • Jeanette Nunez Lieutenant Governor Of Florida And Successors Thereto • Laurel M Lee Florida Secretary Of State And Successors Thereto • Steven Mnuchin United States Secretary Of Treasury And Successors Thereto • Bureau of the Fiscal Service
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Publication Number
US-8209258-B1
Publication Date
2012-06-26
Expiration Date
2026-11-17
Abstract
Systems, methods, and computer program products are provided for creating and using a common, generic, data/object model to represent information grids or lookup tables, such as a mortgage asset pricing information grid, mortgage asset re-pricing grid, and credit risk pricing grid. The common model allows a common software representation for logically different attributes.
Core Innovation
The invention provides systems, methods, and computer program products for creating and using a common, generic data/object model to represent information grids or lookup tables. These grids include mortgage asset pricing information grids, mortgage asset re-pricing grids, and credit risk pricing grids. The generic model facilitates a common software representation for logically different attributes, enabling consistency, reuse of application components, and flexible maintenance.
The invention addresses the problem in current systems where multiple custom-built applications and data models are used for each pricing grid. Modifications to include new attributes or changes in pricing policies require extensive, time-consuming, and error-prone changes to software, database schemas, and user interfaces. This results in inconsistent pricing, poor flexibility, and inefficiency in updating or maintaining mortgage asset pricing data.
Claims Coverage
The patent contains one independent claim detailing a comprehensive method for facilitating pricing of a financial product using a generic data model.
Generic representation of price components in tree node structure
- Identifying multiple price components contributing to a net price of a financial product. - Representing these price components in multiple pricing grids. - Creating information grids with cells containing values representing data from these pricing grids. - Creating a tree node structure including nodes that represent each of the values. - Storing the value of each cell in the corresponding tree node.
Unified data model for representing grid data
- Creating a data model representing each tree node. - Storing, in the data model, a grid definition identifying the information grid. - Storing a grid node containing the cell value and a reference to a parent node. - Storing a grid schema specifying the location of the grid node within the tree structure.
Common interface for data retrieval and usage
- Creating a common interface to access the plurality of data structures. - Invoking the common interface to retrieve multiple price components from these data structures. - Utilizing the retrieved price components to determine the net price of the financial product.
The independent claim covers a method for representing multiple price components of financial products using a tree-based generic data model and a common interface, enabling flexible access, modification, and pricing computation within a unified framework.
Stated Advantages
Provides a flexible, generic data model that allows representation of logically different attributes, reducing the need for customized modifications.
Enables easier and faster modification of pricing mechanisms compared to current static, custom-built systems.
Fosters consistency in the interpretation of pricing data and reuse of application components, persistence logic, and user interface constructs.
Supports rapid pricing of large batches of mortgage loans, meeting operational demands for speed and scalability.
Documented Applications
Representing and managing mortgage asset pricing information grids for determining prices of mortgage loans or mortgage-backed securities.
Representing mortgage asset re-pricing grids for re-pricing currently owned mortgage assets and mortgage-backed securities.
Representing credit risk pricing grids to assess and price the credit risk associated with mortgage assets.
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