Method and system for mortgage exchange

Abstract

A method and system for electronically facilitating real estate transactions by providing accurate representations of the loans a borrower is qualified to receive, which are based on actual data, rather than estimates. All actions required for completing the real estate transaction, from entry of the borrower information to the closing and funding of the loan, are seamlessly integrated. An automated underwriting engine is provided for generating a decision matrix based on user input and/or existing data. An appropriate loan is selected based on the decision matrix, and is communicated to a potential borrower. After a loan is selected, fulfillment processing is performed, and the loan is funded and closed.

1 . A method for electronically facilitating a mortgage loan transaction via at least one processor and memory operatively coupled to the at least one processor, the method comprising:
 receiving data associated with a plurality of loan products;   receiving data associated with a borrower;   generating, via the at least one processor, a decision matrix for the borrower comprising an extrapolation of a combination of the borrower data and the plurality of loan product data to provide an accurate description of the borrower's qualification for specific loan products from the received plurality of loan products;   generating, via the at least one processor, a list of loans the borrower is approved for based on the extrapolated information from the decision matrix;   receiving, via the at least one processor, a selection of an approved loan product from the generated list of loans; and   automatically, via the at least one processor, ordering sub-transactions associated with the selected approved loan product that are necessary to facilitate the closing of the selected approved loan product.   
     
     
         2 . The method of  claim 1 , wherein the generated decision matrix extrapolated information contains at least one of:
 a likelihood of loan default;   a comparison of a set of strengths and weaknesses of the loan application; or   an interpolation of probable loan success information based on at least one of performance of similar loans, the goals and strategies of financial institutions funding the loan, current market factors or a strategy of a financial institution that may purchase the loan in a secondary market.   
     
     
         3 . The method of  claim 1 , wherein the step of automatically ordering sub-transactions further comprises:
 identifying, via the at least one processor, sub-transactions associated with the selected loan product;   automatically, via the at least one processor, ordering each identified sub-transaction;   receiving, via the at least one processor, a result for each ordered sub-transaction; and   updating, via the at least one processor, a loan transaction virtual file with the received result.   
     
     
         4 . The method of  claim 1 , further comprising, prior to the step of receiving a selection of an approved loan product, the steps of:
 automatically performing credit management, via the at least one processor, to determine whether the borrower by changing certain borrower data would cause the decision matrix to change resulting in the borrower's approval of different loan products from the received plurality of loan products, the different loan products being more advantageous to the borrower than the loan products in the generated list of loans;   identifying, via the at least one processor, a set of changeable borrower data, the set of changeable borrower data comprising the certain borrower data determined to result in the borrower's approval of the different loan products;   generating, via the at least one processor, an updated decision matrix based on the set of changeable borrower data; and   determining, via the at least one processor, based on the updated decision matrix a list of new loan products.   
     
     
         5 . The method of  claim 4  further comprising the step of
 outputting, via the at least one processor, the set of changeable borrower data and the list of new loan products that would be approved if the borrower selects one or more changes to the borrower data. 
 
     
     
         6 . The method of  claim 5  further comprising the step of receiving, via the at least one processor, a selection by the borrower of one of the new loan products. 
     
     
         7 . The method of  claim 5  further comprising the step of receiving, via the at least one processor, a selection by the borrower of changeable borrower data that the borrower has agreed to modify. 
     
     
         8 . The method of  claim 6  further comprising the step of receiving, via the at least one processor, a selection by the borrower of changeable borrower data that the borrower has agreed to modify. 
     
     
         9 . A method for electronically facilitating a transaction between a provider and a consumer via at least one processor, the method comprising:
 receiving product data associated with a plurality of products associated with the provider, each of the products having an associated set of product qualifications for consumers to satisfy to be eligible for the product;   receiving consumer data associated with the consumer;   generating, via the at least one processor, a decision matrix for the consumer comprising an extrapolation of a combination of the consumer data and the plurality of product data to provide an accurate description of the consumer's qualification for specific products from the received plurality of products;   generating, via the at least one processor, a list of products the consumer is qualified for based on the extrapolated information from the decision matrix; and   receiving, via the at least one processor, a selection of a product from the generated list of products the consumer is qualified for.   
     
     
         10 . The method of  claim 9 , further comprising automatically, via the at least one processor, ordering sub-transactions associated with the selected product that are necessary to finalize providing the selected product to the consumer. 
     
     
         11 . The method of  claim 10 , wherein the step of automatically ordering sub-transactions further comprises:
 identifying, via the at least one processor, each sub-transaction associated with the selected product;   automatically, via the at least one processor, ordering each identified sub-transaction;   receiving, via the at least one processor, a result for each ordered sub-transaction; and   updating, via the at least one processor, a transaction virtual file with the received result.   
     
     
         12 . The method of  claim 9 , further comprising, prior to the step of receiving a selection of a product, the steps of:
 automatically analyzing, via the at least one processor, the product data, the product qualifications, and the consumer data to identify consumer changeable data, the consumer changeable data comprising consumer data that when changed to a new value would cause the decision matrix to change, resulting in the consumer's qualification for different products from the received plurality of products, the different products being more advantageous to the consumer than the products in the generated list of products;   identifying, via the at least one processor, a set of consumer changeable data, the set of consumer changeable data comprising the consumer changeable data determined to result in the consumer's qualification for the different products;   generating, via the at least one processor, an updated decision matrix based on the set of consumer changeable data; and   determining, via the at least one processor, based on the updated decision matrix a list of new products.   
     
     
         13 . The method of  claim 12 , wherein the consumer changeable data comprises at least one of paying off a credit card balance, saving an additional sum of money, or closing a line of credit. 
     
     
         14 . The method of  claim 12 , further comprising outputting, via the at least one processor, the set of consumer changeable data and the list of new products. 
     
     
         15 . The method of  claim 14 , further comprising the step of receiving, via the at least one processor, a selection by the consumer of one of the new products from the list of new products. 
     
     
         16 . The method of  claim 14  further comprising the step of receiving, via the at least one processor, a selection by the consumer of consumer changeable data that the consumer has agreed to modify. 
     
     
         17 . The method of  claim 9 , wherein the product is a loan. 
     
     
         18 . The method of  claim 9 , wherein the generated decision matrix contains information based on at least one of a likelihood that the consumer will pay for the product. 
     
     
         19 . A system for electronically facilitating a transaction between a first party and a second party via a computer comprising:
 at least one processor;   memory in communication with the at least one processor;   at least one user interface in communication with to the at least one processor; and   a data repository stored in the memory and accessible by the at least one processor, wherein the at least one processor is configured to:   receive a first set of data, via the at least one user interface, associated with the first party;   receive a second set of data, via the at least one user interface, associated with the second party;   retrieve a third set of data associated with a plurality of potential transactions from the data repository, each of the potential transactions having a set of qualifications;   generate a decision matrix for the first party comprising a combination of the first set of data, the second set of data, and the third set of data to provide an accurate description of the first party's qualification for specific transactions from the retrieved plurality of potential transactions;   automatically analyzing the first set of data, the second set of data, the third set of data, and the set of qualifications associated with the potential transactions to identify changeable data, the changeable data comprising data in the first set of data that when changed to a new value would cause the decision matrix to change, resulting in the first party's qualification for at least one better transaction than the first party would be qualified for without changing the data;   generate a first list of transactions the first party is qualified for based on information from the decision matrix and the at least one better transaction that the first party would be approved for if the first party agreed to change at least one element of the changeable data;   presenting, on the at least one user interface: one of the first list of transactions; the at least one element of the changeable data; and the at least one more better transaction with the at least one element of changeable data.   
     
     
         20 . The system of  claim 19 , wherein the transaction is a loan,
 wherein the first party is a borrower, and   wherein the second party is a lender.