Generic Data Model for Mortgage Pricing Grids
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Solution Overview
Problem
Current systems for determining the price of mortgage assets in the secondary mortgage market are inflexible and time-consuming to modify, leading to inconsistent pricing and difficulties in quickly adapting to new information or attributes, as they require cumbersome modifications to software applications and database structures.
Innovation Solution
A generic data/object model is introduced to represent information grids, allowing for a common software representation of logically different attributes, which fosters consistency and reusability, and enables the use of tree and flat data structures to reduce redundancy and facilitate quick modifications, along with a user interface for creating and managing pricing information in a tabular format.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If current systems for determining mortgage asset prices are used, then pricing can be performed, but the systems are inflexible and time-consuming to modify, leading to inconsistent pricing
Solution Approach 1:
The pricing information is segmented into discrete cells within an information grid structure, where each cell represents a specific attribute-value pair. This segmentation allows individual cells to be modified independently without affecting the entire pricing system, enabling flexible updates to pricing parameters while maintaining overall system consistency.
Solution Approach 2:
The patent creates a universal information grid data structure that can represent multiple different pricing scenarios and attributes through a common framework. This multi-functional structure allows the same system to handle various pricing policies, attributes, and calculation methods without requiring separate customizations, thereby reducing modification time while maintaining adaptability.
2Ease of operation
If current systems are used, then pricing is performed, but modifications to software applications and database structures are cumbersome, leading to operational inefficiencies
Solution Approach 1:
The patent creates a simplified copy or representation of pricing information in an information grid data structure that mirrors the essential attributes without requiring modifications to the underlying complex software applications or database structures. This copying approach allows easy modification of pricing parameters through the grid interface while the complex system remains unchanged, reducing operational complexity.
Solution Approach 2:
The information grid serves as an intermediary layer between the user and the complex pricing system. Users interact with the simplified grid structure to modify pricing information, which then translates to the appropriate format for the underlying system. This intermediary approach simplifies operations while managing the complexity of the underlying software and database structures.
3Adaptability or versatility
If traditional pricing systems are used, then pricing calculations can be performed, but data inconsistencies arise due to inability to quickly adapt to new attributes
Solution Approach 1:
The information grid is designed as a dynamic structure where cells can be added, removed, or modified to accommodate new attributes and pricing parameters. This dynamic nature allows the system to adapt to changing requirements while maintaining data consistency through structured validation and relationships between grid cells, ensuring reliability during transitions.
Data Source
AI summary
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. The common model allows a common software representation for logically different attributes.