Patent Publication Number: US-7899679-B2

Title: Workflow management system and method

Description:
CROSS-REFERENCE TO RELATED APPLICATION(S) 
     This patent application is a divisional of U.S. patent application Ser. No. 09/631,810, entitled “WORKFLOW MANAGEMENT SYSTEM AND METHOD,” filed Aug. 3, 2000, which claimed priority to U.S. Provisional Patent Application No. 60/196,003, filed Apr. 7, 2000, each of which is hereby incorporated by reference herein in its entirety. 
    
    
     BACKGROUND OF THE INVENTION 
     1. Field of Technology 
     The present invention relates to computerized workflow management and operational support for persons engaged in complex business or other processes. It has particular utility in supporting operations by financial organizations serving as trustees for securitizations, i.e., financial instruments such as Mortgage-Backed Securities (MBS), and other Asset-Backed Securities (ABS) or other financing arrangements involving debt instruments for which periodic valuation and distribution computations, disbursements and reporting must be set up and executed. 
     Securitization is commonly defined as a pooling of assets and issuance of securities to finance the carrying of the pooled assets. This process allows understanding of the behavior of a class of assets as a whole to be employed in creating a financial structure to finance such assets without the need to be concerned about the behavior of the specific asset within the class. (See Kravitt, Securitization,  The Financier , Vol. 4, No. 5, December 1997.) The actual securitization process involves issuance of bonds which are backed, not by capital assets of the issuer, but rather by the cash flow from the pooled assets. These may be residential or commercial mortgages, credit card receivables, equipment leasing or even student loans, etc. 
     For a securitization to be an attractive investment vehicle, it must be carefully structured, for example, to take into account factors such early payoff of loans by mortgage holders. This often results in a very complex financial instrument, and correspondingly complex processing is required to manage the transaction. 
     Each of the participants in a securitization transaction serves a different role. For example, in the case of a residential MBS, the participants might include the originating mortgage lender, the issuer of the MBS (which could be the lender or a third party which aggregates mortgages from several lenders, the underwriter which provides the initial financing for the issue, the public investors and the trustee. The latter is usually a financial institution which is responsible for receiving payments collected by the servicer at the collateral (i.e., loan) level, for computing and distributing payments to the investors and for computing the taxes due on such distributions, for maintaining records of ownership and transfer of the securities and for producing and disseminating reports to investors and other interested members of the public. 
     Disbursements (commonly called “waterfall” payments) are usually made on a monthly basis, so the trustee must perform monthly waterfall calculations based on funds collected, and must generate monthly reports for the investors. Monthly, quarterly and annually tax computations must also be performed and reported to the investors. The trustee might be handling hundreds of securitizations, each of which may involve a different deal structure and different computations. It will be appreciated that fulfillment of the trustee&#39;s responsibilities may require the effort of many individuals to perform the many complex calculations and other tasks. 
     2. Prior Art 
     Task management and scheduling, and repetitive, complex computations obviously lend themselves well to computerization, but this has both positive and negative implications. Among the obvious benefits of computerization are improved speed and accuracy of computation. Indeed, it is difficult to imagine the trustee&#39;s role in securitization transactions without the availability of powerful computers and software. Similarly, computerization has expanded reporting capabilities, both in terms of data presentation and ease of delivery of information to a large number of users. 
     On the less positive side, computerization does not always take place in an environment of comprehensive planning and systems engineering, and securitization management software is not an off-the-shelf item. To accomplish the many processing, reporting, supervisory and quality assurance activities required of the trustee, it has proven easier to do the work using pre-existing functional sub-systems designed to perform the same or similar functions in other applications. Inevitably, though, when this is done, integration is virtually non-existent due to interoperability problems, and remedying such problems completely is usually not possible. 
     Another problem is that the transactions themselves often have longer lifetimes than the software on which the processing and reporting tasks were originally implemented. Software used for transactions created, for example, in the early 1990&#39;s may be quite different from what is currently used, yet the trustee must efficiently and accurately handle old as well as new transactions. Having to work with a collection of software platforms, some of which might be obsolete, and at the very least, do not interface well with each other, has also been a source of inefficiency and reduced functionality. 
     An additional problem in the prior art has been difficultly in implementing changes in existing data structures to accommodate evolutionary changes in the underlying financial structures. Database management software and database designs themselves can be quite resistant to these kind of changes. To add the capability for handling even a single piece of additional data has sometimes proven to be a major undertaking. 
     Up to now, there has not been available an integrated system which permits convenient and reliable performance of all of the tasks required of the trustee. 
     SUMMARY OF THE INVENTION 
     The present invention achieves an effective solution to the problems described above. In particular, it is among the objects of the present invention:
         to create a standard operating platform which facilitates economies of scale and processing efficiency, elimination of multiple outdated applications previously employed, and reduction of the number of platforms (and consequent need for maintenance) required for the universe of processing and reporting tasks;   to unify the required operations and processing tasks thereby improving efficiency, and insuring consistency of results for these various participants in the transactions;   to improve quality control environment for periodic processing and auditing integrity;   to provide a scalable system which allows growth of the number of projects which can be handled without addition to the cost structure, alone with improved reporting (e.g., via the Internet, E-mail, etc.), and provision of technical links (e.g. interfacing between pre-existing sub-system) to reduce manual work;   to provide the capability for handling presently existing securitization structures and the flexibility to handle new types of structures and new collateral (securities) types, both nationally and globally, through convenient modification of data structures;   to allow effective use of the Internet and the World Wide Web for deal reporting;   to provide improved workflow management capabilities for the performance of the complex analytical and other activities which are characteristic of securitization transactions;   to provide for graphical representation of the performance of the securities and underlying collateral;   to permit online updates of deal performance projections based on “what if” scenarios; and   to allow creation of dynamic customized reporting formats based on user inputs.       

     The above-stated objectives are achieved in accordance with this invention on a computer network organized on a client-server model. Broadly stated, the software is implemented on a relational database management system (“RDBMS”), and is comprised of a command processor, workflow management software and a Workflow Database. The actual data-processing is carried out by several independent subsystems each implemented on an RDBMS, and which interface with, and are controlled by, the workflow management system. 
     Utilizing the programming capabilities of the RDBMS, forms are made available to the users for manually entering data, for generating data search queries, and for displaying data returned by the queries or created as a result of the various processing functions. The system also makes available to the user, a listing of the active deals for which he or she is responsible. The listing displays the status of each deal and thus serves both as a to-do list, and as a menu from which tasks to be performed may be initiated. 
     The system is designed to permit convenient editing of data by the users, as well as updating of the underlying database structures by a database administrator. The system also permits dissemination of reports both in print and electronically. Further, the system permits development and utilization of a wide range of verification or quality control tests by which the integrity of incoming data and computational output may be evaluated. 
     Another important aspect of the invention resides in the method of workflow management which may be performed using the above described system. Briefly, the method involves creating an underlying database structure for recording the processing steps and other information required for each deal, entering the necessary setup information by selection from lists of pre-stored information about processing functions, the associated workflow events (referred to herein as “queues”) and status milestones for the queues, mapping the data structures of the subsystem databases and the workflow management database to provide transparent interfacing and convenient manual entry of data were necessary, displaying for the user the queue and milestones status of all the deals for which he or she is responsible, permitting menu driven initiation of the tasks required in each queue each the deals and automatically updating the database records for the universe of deals being managed by the system. 
     Another feature of the method according to this invention involves development by the user of verification tests from pre-existing lists of variables and parameters, from manually selected parameter values and a listing of mathematical operators, and the association of the verification tests with the deals to which they are applicable. 
     Other features and advantages of the present invention will become apparent from the following description of the invention which refers to the accompanying drawings, in which like functional units, processing steps, etc. bear like reference numerals. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         FIG. 1  is a conceptual overview of the life cycle of a new securitization or “deal”. 
         FIG. 2  illustrates the processing and reporting infrastructure according to the prior art. 
         FIG. 3  illustrates the processing and reporting infrastructure according to the present invention. 
         FIG. 4  illustrates in block diagram form, the architecture of the workflow management system according to the present invention. 
         FIG. 5A  is a schematic illustration of the functional features of certain of the life-cycle stages illustrated in  FIG. 1 . 
         FIG. 5B  broadly illustrates the workflow sequences for the functions managed in accordance with the present invention. 
         FIGS. 5C and 5D  respectively illustrate the queue structures for waterfall and tax processing. 
         FIGS. 5E through 5K  illustrates the database structure by which the present invention is implemented. 
         FIG. 6  shows an example of a Main Menu in accordance with the invention. 
         FIGS. 7A  though  7 H illustrate examples of data input screens for deal setup 
         FIG. 8  illustrates an example of a data entry screen for index Rate information. 
         FIG. 9  illustrates an example of a data entry screen for making changes to staff assignments for more than one deal had time. 
         FIG. 10  is an example of a entry screen for assigning privilege levels to system users. 
         FIG. 11  illustrates an example of a workflow screen according to the invention which provides task prompting and selection capability for users of the system. 
         FIGS. 12A through 12D  illustrate examples of user screens associated with various processing operations. 
         FIGS. 13A through 13D  illustrate examples of user screens specifically associated with the processing of periodic investor distribution payments. 
         FIG. 14  illustrates an example of the user screen for selecting specific tax reports to be generated. 
         FIGS. 15A through 15D  illustrate examples of user screens for development of automated verification tests, parameter value selection, and association of the verifications developed with specific deals. 
         FIG. 16  illustrates an example of a screen from which the user may initiate automated verifications. 
         FIG. 17  illustrates an example of a verification report. 
         FIGS. 18A through 18B  illustrate examples of screens from which the user can initiate and manage the restatement process for a particular waterfall distribution. 
         FIGS. 19A through 19B  illustrate examples of screens including a sub-menu and pop-up option list. 
     
    
    
     Throughout the drawings, like functional units, processing steps, etc. bear like reference numerals. 
     DETAILED DESCRIPTION OF A PREFERRED EMBODIMENT OF THE INVENTION 
     To provide an understanding of a particular environment in which the present invention may be used,  FIG. 1  illustrates the life cycle of a typical securitization from the viewpoint of the trustee. The life cycle begins with an Identification phase  100 , in which a new deal first comes to the attention of the trustee. Then follows Proposal phase  105 , in which a written proposal is prepared and submitted to the underwriter, a Deal Modeling phase  110 , in which the underlying contract for the transaction is analyzed by the trustee to set up a deal model for the required monthly waterfall and tax calculations and reporting, and for the associated workflow, the Setup phase  115 , in which the monthly processing steps for computations related to the waterfall and tax processing are specified and implemented in the software by the analyst, the Waterfall Processing phase  120 , in which the monthly waterfall calculations are performed, the Monthly Payment and Reporting phase  125 , in which the monthly investor payments are made and the investor reports are generated and disseminated, the Tax Processing phase  130 , the Tax Reporting phase  135  and the Payoff phase  140 , in which the bonds are redeemed. It should be understood that life cycle phases  100 ,  105 ,  110 ,  115  and  140  illustrated in  FIG. 1  are one-time events, while phases  120 ,  125 ,  130  and  135  are repetitive events which may be thought of as part of a larger Processing, Disbursement and Reporting phase  145  shown in broken lines in  FIG. 1 . 
       FIG. 2  illustrates the infrastructure for processing a typical mortgage backed security deal according to the prior art. For simplicity, it is assumed that a single loan servicer  150 , such as a mortgagee or a successor to which a portfolio of mortgages has been assigned, is responsible for monthly collection of mortgage payments, and transmittal to the trustee of funds and loan level data, i.e., information concerning principal, interest payments and balances on the individual loans, payment and delinquency history for the individual loans, loan payoffs, etc. However, it is possible for more than one servicer  150  may be involved in a particular deal. 
     Funds and loan level data are transmitted at step  155  to the trustee for loan remittance processing at step  160 . This involves tabulation and summarization of the loan level information on an aggregate basis for further processing. This is commonly done using software designed for that specific purpose. 
     Referring still to  FIG. 2 , the next phase of the operation according to prior practices was monthly waterfall and tax processing. To support this, the aggregated loan remittance data and any other required data from the loan servicer was manually entered (steps  165  and  170 ) into computers running the applications by which the necessary calculations were performed (step  175 ). These applications often did not run under a single operating system and were of a broad range of vintages with correspondingly diverse capabilities. There was little or no interoperability or interfacing between these applications. 
     In the absence of effective integration, the resulting computations were printed out (step  180 ) and delivered by hand for review by the deal administrator (step  185 ). Again, because of interoperability problems, after approval, the printed computations were hand delivered (step  190 ) and manually entered into a separate payment system (step  195 ). After further processing, the payments and backup data were sent by mail and facsimile to the individual investors (step  200 ). Finally, the payment data were manually entered into the tax model (step  205 ). 
     In contrast, as illustrated in  FIG. 3 , according to the present invention, loan level data transmitted from the loan servicer(s)  150  at step  155  is aggregated at step  160 ′ by a Loan Remittance Processing System (“LRPS”), and transmitted electronically at step  165 ′ to Workflow Manager  210 . This performs the required waterfall and tax processing, review, approval and verification (quality control) functions, and report generation and performs all the required work flow management functions. 
     Waterfall data produced by Workflow Manager  210  is transmitted electronically at step  215  to a Registration, Transfer and Payment (“RTP”) module  220 . This is a stand-alone sub-system which performs the payment functions, and also manages the registration and transfer of ownership of the security certificates. Upon completion of the payment process, investor reports and other data compilations are disseminated at step  225  to the World Wide Web and other outlets. 
     It should be understood that Workflow Manager  210  represents the present invention per se and an embedded processing module  212  which performs the waterfall and tax calculations. The specific software preferably used as processing module  212  is Asset Securitization Analysis Pro (“ASAP)” developed by Price Waterhouse/Coopers. of Arlington, Va., but it should be understood that other software capable of performing the necessary calculations based on the deal structure, and operable under the control of workflow manager  210  may be used instead. 
     The ASAP module  212  also has the capability for so-called “reverse engineering”. Typically, securitization transactions involve a number of different classes of securities (called “tranches”) having different effective interest rates, principal repayment schedules, etc. The intended monthly cash flows for the tranches are stated in the prospectus for the deal. Reverse engineering involves analyzing the cash flow data to create the algorithms for waterfall and tax processing. This function is usually performed at the underwriting level but it may readily be performed in accordance with a present invention at the trustee level by use of the ASAP module under control of Workflow Manager  210 . 
     Workflow Manager  210  provides an interface through which deal set up and daily operations may be performed. It also provides task prompting for system users, controls data flow from LRPS module  160 ′ and to RTP module  215 , manages the operations performed by ASAP subsystem  212  and coordinates of the administrative, quality control and reporting functions.  FIG. 4  illustrates the architecture of a system for performing these functions according to the present invention. It should be understood that  FIG. 4  is a hybrid representing information flow, processing, and storage, and is simplified to highlight the functional relationships. 
     As illustrated, the functions are preferably implemented on one or more suitably programmed general-purpose computers networked together. The system is based on a client-server model, with a server side generally denoted  230 , and a client side generally denoted  232  connected together through a suitable network  234 . In the embodiment illustrated, there are two separate installations  236 A and  236 B connected to network  234  by respective interfaces  238 A and  238 B, but additional installations and interfaces may be employed. Having two separate server installations  236 A and  236 B provides redundancy and allows geographic distribution of the various functions to accommodate the trustee&#39;s organizational structure. 
     On the client side  232 , it is assumed that there are a several Analysts  262   a  through  262   n , and Supervisors  264   a  through  264   m , performing their assigned duties on separate personal computers connected to network  234 . In addition, there is an administrator responsible for database maintenance and other similar functions performing his or her duties at an additional personal computer  266 . Also connected to network  234  is a servicer installation  268  corresponding, for example to Loan Servicer  150  shown in  FIG. 3 . The system illustrated in  FIG. 4  is designed to afford the greatest flexibility for distributed processing and redundancy to minimize down time due to system problems. In this regard, it may be understood that the various installations on both server side  230  and client side  232  may be located remotely from each other. This may be the case, for example, if the trustee has installations in several geographic locations. 
     Returning now to server side  230 , server installation  236   a  may be comprised of a large capacity personal computer, mini computer, or main frame installation. This is comprised of a suitably programmed command processor  240 , a work low program  242 , and a Workflow Database  244 . As will be understood, the software is stored on a suitable storage medium such as a hard drive (not shown). 
     Server installation  236 A also includes conventional input and output devices such as a keyboard, a monitor, a printer, a mouse, etc., which also have been omitted from the drawing in the interest of clarity. Two-way information flow for command and data transfer is provided between command processor  240 , work low program  242  and Workflow Database  244  by respective signaling paths  240   a  and  240   b.    
     Command processor  240  is also connected by signaling paths  240   c  and  240   d  to LRPS unit  160 ′ and RTP  220  previously described in connection with  FIG. 3 , and by signaling path  240   c  to ASAP subsystem  212 . This includes a command processor  246 , stored ASAP software  248  and ASAP database  250 . In will be appreciated that the functional units  240  through  250  together correspond to the functions associated with workflow management system  210  (see  FIG. 3 ). 
     Also as discussed in connection with  FIG. 3 , a data signaling path  240 A is provided between command processor  240  and World Wide Web server  252  by which reports may be distributed to investors and other interested members of the public. Other Internet connections may also be provided, e.g., to an FTP site or an E-Mail server (not shown). 
     Server installation  236 B may be similar in construction and architecture to server installation  236 A. It will be understood, however, that one of the servers will exercise master control and the respective command processors will be programmed accordingly. 
     The functions performed by Workflow Manager  210  are preferably implemented using standard database management programming. In the embodiment illustrated, the underlying database management software is Oracle 8, provided by Oracle Corp. of Redwood Shores, Calif. The Oracle software and the implementation of the present invention are designed to run on a Unix operating system. However, it should be understood that other RDBMS and any other operating system having comparable capabilities may be employed instead. 
       FIGS. 5A through 5E  illustrate the universe of tasks which are performed and managed by the present invention. These may be grouped in eight broad categories: (1) deal set-up, (2) monthly data input, (3) waterfall processing (4) waterfall approval, (5) waterfall payment (6) report distribution, (7) tax processing and (8) tax approval. 
     Referring particularly to  FIG. 5A , deal setup involves providing deal structure information, step  270  and staff/contact information, step  272 , in Workflow Database  244 . Monthly data input, mainly aggregated loan level information, is provided by LRPS  160 ′. 
     Waterfall processing is a monthly activity, performed by a portion of ASAP subsystem denoted  212   a  in  FIG. 5A . This comprises a Waterfall Processing module  272  and a Bond Analytics module  274 . The former performs the actual calculations, while the latter provides command processor functions for Waterfall Processing module  272 , and organizes the waterfall data for use in subsequent processing steps. 
     Waterfall Approval, denoted at step  276  in  FIG. 5A , involves performance of verification or quality control functions which are designed to ensure that the loan level data is accurate and complete, and that the waterfall computations have been properly performed. 
     Upon completion of the waterfall approval process, approval outputs are generated at step  278 . These provide the necessary data for payment processing by RTP system  220  and for generating the investor and other reports (see steps  215 ,  220  and  225  in  FIG. 3 ). 
     After a monthly waterfall computation and payment cycle has been completed, the tax processing function may be performed. This is done by a part of the ASAP subsystem denoted  212   b  in  FIG. 5A . This is comprised of a Tax Processing module  280 , which performs the required tax computations, and a Tax Management module  282  which provides command processor functions for Tax Processing module  280 , and organizes the tax computation data for use in generating the investors&#39; tax reports. 
     The final functional categories are tax approval and tax reporting. As in the case of waterfall processing, various quality control or verification steps, generally denoted at  284 , are performed to assure that the tax computations were performed in compliance with applicable law and regulations. When this has been completed, the tax reports, e.g., IRS Schedule forms  1066  and  1099 , and schedule Q&#39;s are generated at step  286 . Balance sheets and income statements may also be generated. 
       FIG. 5B  illustrates the workflow processing order. At the waterfall level  290 , the monthly investor distributions are computed. The computation labeled February (step  292   a ) is for a February distribution of income earned in January of that year. Similarly, step  292   b , labeled March, represents a March distribution of February earnings. 
     At the Tax-Monthly level  294 , tax liability computations are performed, but the monthly waterfall processing at level  290  for a particular month must be completed before the tax processing for that month can begin. In other words, January tax processing at step  296   a , for income earned in January, is performed after the February waterfall processing at step  296   a , and February tax processing, step  296   b , is performed after the March waterfall processing at step  292   a.    
     The Tax-Quarterly level  298  represents four quarterly tax aggregation/approval steps  300   a  through  300   d . As illustrated in  FIG. 5B , the February, March, and April waterfall processing steps  292   a  through  292   c , and the January, February and March tax processing steps  296   a  through  296   c , must be completed and before the tax processing for the first quarter can be performed. Similarly, the waterfall processing for May, June and July, and the tax processing for April, May and June must be completed before the second-quarter tax processing at step  300 B can be performed. 
     Finally, at the Tax Annual level  302 , the annual taxes processing is performed and approved. As will be understood, this can not be done until the monthly waterfall and tax computations and the quarterly tax approvals have been completed. 
     Waterfall processing is preferably performed on a monthly basis so that income earned in a particular month can be distributed the next month. However, as tax reporting is required only on a quarterly basis, the monthly tax processing is performed quarterly, so tax processing generally lags behind Waterfall processing. 
     Comparing  FIGS. 5A and 5B , it will be understood that  FIG. 5A  represents a single monthly cycle for a single deal. In general, there may be hundreds of active deals, each with its own deal structure, and, at a given time, in a different processing stage. Thus, a workflow management system which can reliably track the processing status of multiple deals, and prompt the analyst through the steps which need to be done in connection with each of the deals on which he or she is working, is virtually essential for a successful high-volume operation. 
     According to the present invention, to permit the analysts and supervisory staff to keep track of the status of all active deals, and to perform their tasks in a timely and efficient manner, the workflow for the major functions, i.e., waterfall and tax processing, is organized in a series of steps or queues each of which is characterized by one or more intermediate status milestones. 
       FIG. 5C  illustrates the workflow organization for the waterfall processing function. The queues are shown in the normal processing order. 
     The queues for waterfall processing are LRPS queue  304 , Data Prep queue  306 , Ready for ASAP Processing queue  308 , Waterfall Approval queue  312  and Payment queue  314 . The Run ASAP queue  310 , i.e., the actual waterfall processing, is performed between Ready for ASAP step  308  and Waterfall Approval queue  312 . 
     Also shown in  FIG. 5C  are the Tax Processing Function  316  and Reporting  318 . Tax output refers to the ASAP tax processing function previously referred to. Reporting represents the distribution of reports in various formats and access locations. These may include the World Wide Web, printed reports, Internet bulletin boards and FTP sites, etc. 
     As will be understood, the tasks to be performed will vary from queue to queue and will depend on the current status milestone. The preferred milestone structure and the tasks associated with each milestone are discussed below. 
     Generally, the user performs a task by selecting the task name from an Actions List on an Active Deals Screen described in connection with  FIG. 11 . For some actions, e.g., approval, nothing further is required; the workflow management software updates the status records for the deal in Workflow Database  244  (see  FIG. 4 ), moves the deal to the next queue and/or milestone, and updates the listing for the deal on the user&#39;s Active Deals Screen. For tasks requiring data input, selecting the task brings up a data entry screen. For tasks involving review and/or editing of data, the reviewer can bring up the appropriate screen to ensure that all data are correct and process the approval or the editor can bring up the appropriate screen in order to edit the data. For yet other actions, e.g., Deny, Un-Approve (withdraw an approval) or Restate (i.e. to correct errors after a payment has been made), supporting comments are required. In those instances, after the task is selected, a comment entry screen appears. The actions available to the user for each queue and milestone, and the associated workflow program actions will now be described. 
     LRPS Queue 
     The milestones for the LRPS queue are Not Ready, Data Received, and Denied. 
     Not Ready (Default): 
     A deal is automatically placed in the LRPS queue and the Not Ready status as part of the end of cycle processing under control of command processor  240  when a previous payment cycle has been completed. When data for a new monthly cycle is received from servicer  150  (see  FIG. 3 ), the status is updated to Data Received, but the deal remains in the LRPS queue. This may be done manually, or automatically by the workflow management software when the data is received. 
     Data Received: 
     At this milestone, the available actions are “Approve” and “Deny”. The analyst checks the received data, e.g., by reviewing a summary report from the LRPS subsystem  160 ′, and if it is incorrect, incomplete, or otherwise not ready for further processing, the Deny action is selected from the Actions List on the Active Deals Screen. After supporting comments are entered, the deal is moved to the Data Denied status. 
     If the received data is ready for further processing, the Approve action is selected, and the deal moves to the Data Prep queue and the Tape Run status. 
     Data Denied: 
     At this milestone, the available actions are New Data Received and Approval. If new or corrected data is received, the deal remains in the LRPS queue but its status returns to “Data Received”. If new or corrected data is approved, as previously described, the deals moves to the Data Prep queue and its status is changed to Tape Run. 
     Data Prep Queue 
     The status milestones for the Data Prep queue are Not Ready, Tape Run, Loan Level Processed and Denied. 
     Not Ready: 
     At this milestone, the available actions are “Data Entry” and “Approve”. If information, e.g. concerning loan losses, liquidations, foreclosures, etc. must be entered, Data Entry is selected, and an appropriate data entry screen appears. If Approve is selected, the deal goes to the Ready for ASAP queue and the Ready status. 
     Tape Run: 
     At this milestone, the available actions are “Deny” and “Approve”. If, e.g., it is discovered bad data has been loaded, the system permits correction. To do this, Deny is selected, and the deal returns to the LRPS queue and the Data Denied status. If approve is selected, workflow command processor  240  runs LRPS Sub-system  160 ′. When that function is completed, the deal is moved to the Loan Level Processed status, but remains in the Data Prep queue. 
     Loan Level Processed: 
     At this milestone, the available actions are “Deny”, “Approve”, and “Copy”. If the data is disapproved, e.g., if the beginning balance of a loan does not equal the ending balance for the previous month, the Deny action is selected, and the deal remains in the Data Prep queue but is placed in the Data Denied status. If the data is approved, the deal moves to the Ready For ASAP Processing queue and the Ready status. If the Copy action is selected, the LRPS processed data is transferred to the main Workflow Database  244  (see  FIGS. 4 and 5A ). 
     Denied: 
     At this milestone, the available actions are “Deny to LRPS,” “Enter Data,” “Run LRPS,” “Copy” “and Approve”. If Deny to LRPS is selected (e.g. if an error is discovered in the loan-level data), the deal is returned to the LRPS queue and the Denied status. To enter losses, liquidations, real estate owned (REO&#39;s), for example, Enter Data is selected, and an appropriate data entry screen appears. If Run LRPS is selected, the LRPS functions are performed and the deal is moved to the Loan Level Processed status within the Data Prep queue. The Copy and Approve actions are the same as described in connection with the Loan Level Processed milestone above. 
     Ready for ASAP Processing Queue 
     The associated milestones are Ready and Denied. 
     Ready: 
     At this milestone, the available actions are denied, “Run ASAP”, “Enter Data”, “Add Special Headers/Footers” and “Add Loan Level Information”. If Deny is selected, the deal is returned to the Data Ready Queue and the Data Denied milestone. If Run ASAP is selected, command processor  240  initiates the ASAP Waterfall Processing function. When this is completed, the deal is moved to the Waterfall Approval queue and Ready status. If Enter Data is selected, an appropriate screen appears. When the data entry is complete, the deal remains in the same queue and milestone. Similarly, if the Add Special Headers/Footers or Add Loan Level Information tasks are selected, appropriate input screens appear. Upon completion of the required data input, the deal remains in the ready for ASAP Processing queue and Ready status. 
     Denied: 
     At this milestone, the available actions are “Deny or” “Run ASAP”. If Deny is selected, the deal is returned to the Data Ready queue and the Data Denied status. The Run ASAP task results in the same actions described in connection with the Ready milestone above. 
     Waterfall Approval Queue 
     There is only one milestone for the Waterfall Approval queue, Ready. At this milestone, the available actions are “Deny” and “Approve”. As previously noted, the approval process may involve several verification steps, in which different tests are applied. If any one of these indicates a problem, the Deny action is selected, and the deal moves to the Previous Deny Point with Denied Status. If a particular test is successful, the Approve action is selected, and the deal moves to the next approval queue, i.e. ready for performance of the next verification test. When the last required approval has been given, the deal moves to the Payment queue and Final Approval status. 
     Payment Queue 
     The milestones for the Payment queue are Final Approval, Received by Payment Systems, and Payment Made. 
     Final Approval: 
     At this milestone, the Waterfall data goes automatically to the RTP subsystem for processing. When this has been done, the status is changed to Received by Payment Systems. 
     Received by Payment Systems: 
     There are no specific tasks associated with this milestone. When the payment processing is complete, however, the status of the deal changes to Payment Made. 
     Payment Made: 
     At this milestone, there are no specific tasks, but the end of cycle processing is automatically performed, and the deal is returned to the LRPS queue and the Not Ready status. Also, the date for the next distribution is selected. 
     Common Tasks 
     In addition to the tasks described above which are associated with specific queues and milestones there are tasks or actions which may be performed at all queues and milestone levels. These are Comments, Go To Deal History, Cancel, Modify Deal Contacts, View Rules File, Change Distribution Date, Print Reports and Un-Approve (the last two, however, are not available for a deal in the Not Ready status). 
     The Comments action is used to record descriptive information at any stage of processing, and also to support Deny Un-Approve, or Restate actions. If Comments is selected, a comment entry screen described in detail below appears. When the comment has been stored, the comment entry screen closes. The queue and/or status changes as necessary for Deny Un-Approve or Restate actions. There is no change in queue or status if a comment is recorded for other reasons. 
     If the user selects Go To Deal History, an on-screen listing described below appears. No change of queue or status results from this action. 
     Selecting the Cancel action terminates work in progress and returns the user to a Main Menu as described below. 
     If the Modify Deal Contacts task is selected, the user is presented with a staff/contact details screen described below. This may be used to add or modify external contacts. (Changes in internal staffing are not permitted). No change in queue or status is associated with this task. 
     The rules file contains information which defines the computation processes for a particular deal and the required parameters. Selecting the View Rules File action brings up a read only display of this information. 
     If an upcoming distribution date needs to be changed for some reason, the Change Distribution Date action is selected. This brings up a data entry screen in which appropriate information is entered. The Print Reports task permits the printing of available reports. 
     The Un-Approve task is used when approval in a particular queue must be withdrawn. For those users authorized to do so, selecting this action brings up a distribution history screen in which the unapproval is registered, and the comment entry screen appears in which the user records a justification for the unapproval. When this has been completed, the deal is moved to a new queue and/or status depending on the particular deal, function, etc. at which the unapproval took place (usually the first waterfall approval stage). 
       FIG. 5D  illustrates the workflow organization for the tax processing function. The queues for this function are Ready for ASAP Tax Processing queue  320 , Tax Analyst Approval queue  325  and Reporting queue  330 . The Run ASAP step  335 , i.e., the actual tax processing, is performed between Ready for ASAP queue  320  and Approval step queue. As will be recalled from  FIG. 5A , there are monthly. quarterly and annual tax cycles. As indicated by bracket  340  in  FIG. 5D . monthly tax processing involves the ASAP Tax Processing and Tax Analyst Approval queues. The quarterly and annual tax processing functions use data produced by the sequence of monthly tax computations, and thus involve only the Tax Analyst Approval and Reporting queues, as indicated by brackets  345  and  350 . 
     As in the case of waterfall processing, there are specific tasks and actions associated with the tax processing queues and status milestones. These are described below. 
     Ready for ASAP Processing Queue 
     The milestones for the Ready for ASAP Tax Processing queue are Ready and Denied. 
     Ready: 
     At this milestone, the actions available are “Enter Data” and “Run ASAP”. If Enter Data is selected, a tax data entry screen appears. No change in queue and/or status is associated with this action. If Run ASAP is selected, the required data is made available to the ASAP tax modules and the tax computations are performed. When the computations are completed, the deal moves to the Tax Approval queue and Ready status. 
     Denied: 
     At this milestone, the actions available are also “Enter Data” and “Run ASAP”. The steps associated with these tasks are the same as described in connection with the Ready milestone above. 
     Tax Approval Queue 
     The milestones for the Tax Approval queue are Ready and Denied. 
     Ready: 
     At this milestone, the actions available are “Deny”, “Tax Reports”, and “Approval-Monthly”, “Approval-Quarterly Annual”. Selecting Deny moves the deal to another queue determined in accordance with the structure of the specific deal. The workflow path for this is established during deal set-up, as described below in connection with  FIG. 7E . The Selection of Tax Reports action brings up a list of tax reports. 
     As in the case of waterfall processing, there may be several levels of approval associated with each of the tax processing cycles. As each approval is obtained, the deal is moved on to the next approval step. For example, in the case of monthly approval, when the last required approval has been given for a particular month, the approval process for the next month begins. Similarly, in the case of quarterly tax approval, when one level of approval has been given, the deal moves on to the next required approval level. When the last required approval has been given, the deal moves to the Mail Reports queue and Ready status. 
     Denied: 
     At this milestone, the actions available are “Deny”, “Tax Reports”, Approval-Monthly and Approval-Quarterly/Annual. Selection of any of these actions results in the same sequence of events described in connection with the Ready milestone for the Tax Approval queue. 
     Reports Queue 
     There is only one milestone for the Reports queue, namely, Ready. At this milestone, the available actions are “Mailed” and “Tax Reports”. These are applicable only to quarterly and annual processing. If the Mail action is selected, the reports are printed, the next tax processing cycle is identified, and the deal returns to the Ready for Tax Processing queue and Ready status for that period. Selection of the Tax Reports action results in the same events described above in connection with the Tax Approval queue. 
     Common Tasks 
     In addition to the tasks described, there are several tasks available in all queues and milestone statuses. These are Comments, Waterfall Reports, Auto Verification, Go To Deal History, Cancel, Modify Deal Contacts and Un-Approve-tax. The events associated with the Comments, Go To Deal History, Modify Deal Contacts and Un-Approve actions are the same as described above in connection with waterfall processing. Selection of the Waterfall Reports action brings up a list of related waterfall reports from which a report may be selected for viewing or printing. Selection of the Auto Verification action brings up a list of related automated verification reports described below which are available for the current queue and status milestone, from which a report may be selected for viewing or printing. 
     As in the case of waterfall processing, when tax data is denied or disapproved, a supporting comment must be recorded. Thus, when the Deny or Un-Approve actions are selected, comment screens appear. Required changes in queue and/or milestone status do not take effect until the supporting comments have been recorded. 
     Users access the various features of the system according to the present invention through a series of data entry screens and menus. The data objects for these, and the associated triggering events and methods are programmed using the RDBMS. As will be appreciated, the available programming functions and techniques will depend on the RDBMS on which the system is implemented, but the use of the RDBMS, and also techniques for database optimization, will be understood by those skilled in the art. Accordingly, in the interest of brevity, a detailed description of the underlying database structure has been omitted, and only the functions performed by the system, and the associated user interface screens are described in detail. However,  FIGS. 5E through 5K  comprise a diagram of the database structure for the workflow management system according to the invention. 
       FIG. 6  illustrates an example of a Main Menu, generally denoted  400 , which may be used as the general entry point to the various system functions. Main Menu  400  may be invoked a number of common ways, e.g., from a drop-down menu, a menu bar, by an icon, etc. 
     Main Menu  400  displays a series of buttons which provide access to the available system functions. These include a Waterfall Active Deals button  405 , an ASAP Waterfall Module button  410 , an Index Rates button  415 , a Deal Details button  420 , a Staff/Contact Details button  425 , a Modify Tables button  430 , a Run Verification button  435 , an ASAP Tax Module button  440 , a View Prior Months button  445 , a Security &amp; Access button  450 , a Global Staff Changes button  455  and a Management Reports button  460 . Each of these functions is described in detail below. 
       FIGS. 7A through 7H  illustrate the Steps Involved In setting up a deal. These correspond to steps  270  and  272  shown in  FIG. 5A . 
     Staff Information Set-Up 
       FIG. 7A  illustrates Staff/Contact Details Screen  600 . This is the data entry form for a Master Contacts Table in Workflow Database  244 . Here, information is recorded about individuals having responsibility for or other involvement in a particular deal. This is accessed by selecting the Staff/Contact Details button  425  on Main Menu  400  (see  FIG. 6 ). 
     Screen  600  may be used to select contacts for a particular deal from among individuals already in a Master Contacts Table, to edit previously existing contact information in the Master Contact Table, or to create records for new individuals. For names already in the database, the user may select either an ID number from a drop-down list for ID field  602  or a last name from a drop-down list for Last Name field  608 . The data objects on screen  600  are programmed so that when an existing name or ID number is selected, the remaining fields are automatically populated from the record corresponding to the selected name or ID number. 
     To edit existing records, the user simply revises the information in the displayed fields as necessary, and selects OK push-button  642 . This is programmed to display a confirmation message, such as, “Are you sure you want to save changes?”, and upon confirmation, to update the record, and to return the user to Main Menu  400 . It will be understood, of course, that the methods associated with OK push button  642  may be alternatively programmed so the user has the option to remain in an empty Staff/Contact Details Screen  600 . 
     To add new records to the Master Contacts Table, the user invokes the Add Record function. In the illustrated embodiment, this may be accessed by commencing to type information in any of the available fields, but an “Add Record” push button may be provided if desired. New ID numbers may be created sequentially or in any other desired manner. For example, employee ID numbers may be used for employees of the trustee, and screen  600  may be programmed so that entry of an employee ID number in field  602 , or the name of an existing employee in field  608 , causes the remaining fields in screen  600  to be populated automatically from the corresponding database record. An ID number from a non-employee sequence would be assigned for outside contacts. 
     As illustrated in  FIG. 7A , the data objects for the City, State, Country, Department/Organization and Role fields are programmed as drop-down lists. Existing selections may be used when creating a new record, or information may simply be typed into the text boxes for the fields. 
     After screen form  600  has been completely filled in, the user selects OK button  642  which functions as previously described. Alternatively, if the user decides not to save the newly entered data, a cancel button  640  may be selected. This is programmed to display a confirmation such as “Are you sure you do not want to save changes?”, and upon confirmation, to discard the changes, and to return the user to Main Menu  400 . 
     Deal Details Setup 
       FIGS. 7B through 7E  illustrate a series of Deal Modify data entry screens for setting up and/or editing some of the workflow features for a deal. The set up functions are accessed by selecting the Deal Details push button  420  on Main Menu  400  (see  FIG. 6 ). As illustrated in  FIG. 7B , a series of tabs provides access to the different setup screens. These include Setup tab  702 , Output tab  704 , Contacts tab  706 , Steps tab  708 , Quality Control tab  710 , Input tab  712 , and Header/Footer tab  714 . 
     Deal Status/Functions 
     Screen  700  shown in  FIG. 7B  corresponds to Setup tab  702 . This is used to enter data concerning the status of a deal, the processing functions to be performed, locations at which the functions are performed, the frequency of each task and an initial distribution date for the function. Screen  700  is programmed to display drop-down list boxes  724  and  728  for Deal ID and Deal Status fields, a Deal Description text box  726 , and an embedded sub-form  723  for entry of information concerning the trustee&#39;s functions. Deal ID field  724  is linked to a Master Deal Table in Workflow Database  244 . The drop-down list displays the existing deals from which the user may select. Records may not be added to the Master Deal Table from screen  700 . Changes must be made by the database administrator, as described below. 
     Deal Description text box  726  is automatically filled in from a record in a Master Deal Description Table in Workflow Database  244  corresponding to the entry in field  724 . 
     A selection for the Deal Status field  278  is made from a drop-down list which may include choices such as New, Active, Dead. etc. The “New” status may advantageously by used to designate a deal which is in the setup process. When setup has been completed, the deal may be designated as “active”. At that time, the deal goes “on line”, and is managed by the workflow program as described herein. 
     Sub-form  723  is comprised of a series of rows, each representing a database record for a particular function. The fields (columns) for each record may, for example, be Function,  716 , Location  718 , Frequency  720  and First Date  722 . 
     The drop-down list for the Function field  716  is linked to a Master Function Table in the Workflow Database  244 . The entries may, for example, include Waterfall, Tax Administration, Paying, etc. 
     The drop-down list for the Location Field  718  is linked to a Master Location table in the Workflow Database  244 , which lists the locations, e.g., processing centers, for the trustee&#39;s securitization support operations. To accommodate the possibility that the trustee performs a single function only at some locations and multiple functions at other locations, the database object for field  718  may be programmed to limit the entries which appear in the drop-down list in accordance with the selection made in field  716 . For example, if waterfall processing is only done at one location, when “Waterfall” is selected for field  716 , only that location appears in the field  718  drop-down list. If waterfall processing is done at two locations, the drop-down list includes both locations. 
     The drop-down list for Frequency field  720  is linked to a Master Frequency table in Workflow Database  244 . This lists the processing periods associated with the various deals being managed by the system. The entries may include, for example, “Monthly”, a specific day of the month (or the previous or next business day), “Quarterly”. “N/A” (not applicable), the latter for non-periodic activities, etc. Additions to the Master Frequency table may not be made by the user from screen  700 , but only by the database administrator. 
     Some functions may be performed only at specified frequencies; others may have no associated frequency. To accommodate this, the data object for field  720  may be programmed so the drop-down list displays only permitted values depending on the selection for field  716 . 
     First Distribution Date field  722  is used to record the initial date or period for each function. The data entered here in conjunction with the corresponding data entered in field  720  is used to calculate recurring dates for the particular function and is used by the workflow prompting functions described below. Field  722  is rendered inaccessible for those functions not requiring an initial date. 
     Screen  700  also includes a cancel button  730  and an OK button  732 . These function as previously described. 
     The default structure for sub-form  723  has seven rows,  734 , of which the first three, such as  734   a , contain records corresponding to required functions. Sub-form  723  is designed to expand vertically if more than seven functions are required. 
     Report Setup 
       FIG. 7C  shows data entry screen  750 , Which appears when Output Tab  704  is selected. This is used to enter data concerning reports to be produced. The data object for screen  750  is programmed to display a drop-down list box for Deal ID field  782  and a text box  784 , in which a Deal Description is automatically entered, corresponding to the Deal ID selected. 
     Information concerning the required reports is entered in an embedded sub-form  786 , comprised of a series of rows  788 , to display a database record for a particular report, and a series columns to display the fields in the record. In the example illustrated, the available fields include Output  752 , showing the intended destination for the report, Report Type  754 , Report Format  756 , Release Day  758 , Report Title  760 . There may also be fields for Recipient Name, Company Name, Fax Number, Bulletin Board Address and FTP Address (not shown). 
     As will be appreciated, depending on the size of the monitor and resolution being employed, the available fields may not all be visible on the monitor at one time. Thus, for purposes of illustration, only the first five fields have been shown. A scroll button  762  on a scroll bar  764  allows display of the remaining six fields. Programming the scroll bar may be done in any conventional or desired manner. 
     The underlying data object for each field is programmed as a drop-down list box linked to a master table in Workflow Database  244  which displays only the permitted entries for that field. 
     In the example illustrated, the default structure of sub-form  786  has seven rows  788 , of which the first four, such as  788   a , already contain records corresponding to required reports. Sub-form  786  is programmed to expand vertically to accommodate additional reports. 
     The drop-down list for the Output field  752  is linked to a Master Output Table in Workflow Database  244 . The entries may, for example, include Bulletin Board, RTP (see  FIG. 3 ), World Wide Web, E-Mail, FTP, etc. 
     The drop-down list for Report Type field  754  is linked to a Master Report Table in Workflow Database  244 . The entries may, for example, include Investor&#39;s Report, Waterfall Report, etc. Fields  752  and  754  are not mutually exclusive. In other words, as shown in  FIG. 7C , Investors′ Reports may be distributed by Bulletin Board, on the Internet, and sent to the RTP module (see  FIG. 3 ) for payment processing. Similarly, both Investor&#39;s Reports and Waterfall Reports may be distributed over the Internet. Thus, one or more Destination/Report Type combinations may be selected. 
     Some output destinations may be associated with only one report type, for example, only investors&#39; reports would be sent to the RTP module. To accommodate this, the drop-down list for field  752  is programmed to display only entries which are valid for the selection made in field  754 , and vice versa. 
     The drop-down list for Format field  756  is linked to a Master Format Table in Workflow Database  244  to display the available report formats. As will be understood, the properties of the individual report objects themselves determine the actual report format. The preprogrammed formats are designed to accommodate a wide range of user access capabilities. For example, available formats may include HTML, ASCII, various commercial spreadsheet format, etc. 
     Based on the Output and Report Type selections, the format object may be programmed to provide a default format selection. It may also be desired that a given report be available in more than one format, and/or that some reports be available only in one or more specific formats. The underlying objects for fields  752 ,  754  and  756  may be programmed to provide such features. 
     The drop-down list for Release Day field  758  may include selections such as “Immediate”, or “Distribution Date”. Selection of the latter displays a text box in which a specific date may be entered. The default selection for field  758  is Distribution Date. The data object for field  758  is programmed to permit entry of only a single date for a given report, irrespective of the number times the particular report type appears in sub-form  786 . 
     Title field  760  provides a default report title from a Master Title Table in Workflow Database  244  depending on the report type selected in field  754 . However, the underlying data object is programmed to permit the default to overridden. 
     The remaining fields, pertain to information about the intended recipient of the report. The data objects for these fields are programmed to display drop-down lists linked to the Master Contacts Table. Preferably, the objects for Recipient Name. Company, and Fax Number are programmed to permit selection only from the associated list box, while the objects for the Bulleting Board, FTP Address and Others fields may accommodate manual data entry. 
     There are also available Cancel and OK push buttons  778  and  780 . These function as previously described. 
     External Contact Setup 
       FIG. 7D  shows data input form screen  800 , which appears when Contacts tab  706  is selected. This screen is for selection of external contacts for a particular deal. New contact entries are not made from this screen; this must be done from screen  600  (see  FIG. 7A ), accessed by selecting the Add New Contact push button  820 , or by push button  425  on Main Menu  400  (see  FIG. 6 ). 
     Screen  800  includes a drop-down box  802  which displays a list of deal identification numbers and a text box  804  in which a Deal Description is automatically entered, depending on the deal ID selected in drop-down list box  802 . 
     The selected contacts are listed in an embedded sub-form  830 , comprised of a series of rows  832 , each displaying database record for a particular individual or company, and five columns  810  through  818 , which display the fields in the respective records. 
     In the illustrated example, the available fields are Name  810 , Company  812 , Role  814 , Phone  816  and Address  818 . The data object for each row is programmed as a drop-down list box linked to a Master Contacts table but is programmed to display only external contacts. The list is in alphabetical order, sorted by last name or by a company name, depending on whether Sort By Name radio button  806  or Sort By Company radio button  808  is selected. The default entry is blank. Advantageously, the drop-down list object may be programmed for smart look-up, i.e., the list scrolls automatically as a sequence of letters are typed in the text box. Upon selection of a contact, all the columns (fields) for that record are automatically populated. 
     In the example shown, the default structure for sub-form  830  comprises eight rows  832 , of which the first two,  832   a  and  832   b , contain records corresponding to selected contacts. It should be understood, however, that the number of contacts associated with a particular deal may vary, and sub-form  830  is programmed to expand vertically as necessary. 
     Screen  800  also includes Cancel and OK push buttons  822  and  824 . These function as previously described. 
     Queue &amp; Responsibility Setup 
       FIG. 7E  shows data entry form screen  850 , which appears when Steps tab  708  is selected. This screen is for set up of the queues for each function as described in connection with  FIGS. 5C and 5D , and other information concerning those functions, such as the order of the processing steps and the responsible internal staff member. 
     Screen  850  includes a drop-down list box  882  which accesses a list of deal identification numbers and a text box  884  in which a Deal Description is automatically entered, corresponding to the selected Deal ID. 
     Screen  850  also includes an embedded sub-form  852 , comprised of a series of rows  856  which display the database records for the selected queues, and six columns  856  through  862  which display the fields (described below) in the respective records. 
     Sub-form  852  includes a drop-down list box  854  linked to the Master Function table in Workflow Database  244  from which the available processing functions are selected. As discussed in connection with  FIG. 5C , these include Waterfall-Monthly, Tax-Monthly, Tax-Quarterly, and Tax-Annual. Using sub-form  852 , the work low details for each function are specified separately. The functions are selected (in drop-down list  854 ) one at a time, and the desired information is entered in each of fields  856  through  862 . After a function has been set up, the information is stored using OK push button  870 . Screen  850  is then re-accessed, and the process repeated as many times as necessary to set up all the required functions. 
     In the example illustrated in  FIG. 7E , the default structure for sub-form  852  has ten rows  863 , of which the first eight, such as  863   a , contain records corresponding to selected queues for the Waterfall-Monthly function selected in list box  854 . Since the number of queues required may vary depending on the function, sub-form  852  is programmed to expand vertically as necessary. 
     The five fields available in sub-form  852  are a Deny field  856 , a Queue Type field  858 , a Name field  860 , a Role field  861  and a Date Due field  862 . Deny field  852  is programmed as a series of check boxes. Queue Type field  858  is programmed as a drop-down list box linked to a Master Queue Table in Workflow Database  244 . 
     As will be understood from  FIGS. 5C and 5D  previously described, the available queue types are different for each function. Field  858  is programmed to present only those queues applicable to the function selected in field  854 . 
     The drop-down list presents the available queues in the default processing order. However, one of the programming features of field  858  is that the sequence may be edited using the Insert push button  864 , which adds a blank line preceding a selected line and the Delete button  866 , which deletes a selected line (a confirmation query may be presented, if desired, which must be responded to before the actual deletion takes place). 
     Another programming feature of field  858  is that more than one entry may be selected from the drop-down list, e.g., by using the CTRL and SHIFT KEYS on a standard keyboard in conjunction with a mouse or other pointing device. In addition, some queues may be repeated, while others may be used only once for each processing function. For example, the Release to Output and Run ASAP queues are performed only once per processing cycle, but the Approval queue may be used as many times as necessary for the verifications which will be performed. 
     Name field  860  is used to identify the individual responsible for the particular queue. The drop-down list for this field is linked to the Master Contacts Table. Only internal staff names are listed, and selections are limited to those names on the list. 
     Among the other programming features of the drop-down list for field  860  are alphabetical ordering by last name, smart look up, and vertical scrolling. Upon selection of a responsible individual from the list, the Role field  861  is automatically filled in from data in the Master Contacts Table. 
     A name must be selected for each queue, except that name selection is not permitted for the Run ASAP and Release To Output queues. Otherwise, names can be used and repeated as needed. 
     Due Date field  862  represents the date of the month on which the particular queue is expected to be completed. In the illustrated example, field  862  is programmed as a text box which accepts numeric entries from 1 through 28. As will be understood, only one date may be selected for each line  863  in sub-form  852 . 
     Referring back to Deny field  856 , there is a check box such as  886 ( a ) associated with each existing line in sub-form  852 . These are programmed as flag fields, and the presence or absence of a check in a particular box defines the data flow path in the event of a data or processing error which results in a “Deny” action. For a denial in a particular queue, the task is returned to the nearest checked queue above in the processing order, except that if the denial takes place in a checked queue, the task is returned to the immediately previous queue. The name of a responsible individual must be entered in Name field  860  for any Deny field which is checked. 
     Verification Setup 
       FIG. 7F  shows a data entry screen  900  which appears when Verification tab  710  is selected. This is used to specify pre-defined automated verification (quality control) procedures. The manner in which these procedures are defined is described in detail below in connection with  FIGS. 15 through 17 . 
     Screen  900  is linked to the Master Deals Table, and is programmed to display a drop-down list of existing Deal ID numbers from which the entry for field  904  is selected. A Deal Description text box  906  is automatically filled in with a deal description corresponding to the selected Deal ID. Also displayed is an embedded sub-form  902 , comprised of a series of rows  908 , which display the database records for the selected verification procedures, and three columns  912  through  916  as described which display the fields described below in the respective records. 
     In the illustrated example, the available fields (columns) for sub-form  902  are Function  912 , Queue  914  and Procedure Name  916 . The data object for field  916  is programmed as a drop-down list box linked to a Master verifications table with the drop-down order corresponding to the order in which the verification are performed. As many selections from the list may be made as needed (using, e.g., the SHIFT and CTRL Keys and the pointing device, but selections may not be repeated. Selected entries (in the drop-down order) then appear in column  916 , and the corresponding data for fields  912  and  914  are automatically entered. The update is canceled or saved using push buttons  918  or  920  respectively. 
     In the example shown, the default structure for sub-form  902  is comprised of eleven rows  908  of which the first three, such as row  908   a , already contain records corresponding to selected procedures. Sub-form  902  is programmed to expand vertically as necessary. 
     Input Setup 
       FIG. 7G  shows a data entry screen  922  which appears when Input tab  712  is selected on one of the deal modify screens shown in  FIGS. 7A through 7F . This is used to define summary (input) fields which implement the interface between LRPS subsystem  160 ′ and ASAP subsystem  212  (see  FIG. 3 ) by mapping the LRPS data structure to the ASAP data structure. This mapping will generally vary from deal to deal, so the mapping process is a necessary part of the deal setup. 
     Screen  922  is programmed to display two side-by-side windows, an ASAP window  924  and an LRPS window  926 . ASAP window  924  is comprised of two columns, a Field Name column  928  and a Label column  930 . LRPS window  926  is similarly comprised of a Field Name column  932  and a Label column  934 . When screen  922  is opened, each column includes several aligned blank rows such as  936   a ,  936   b , etc. 
     Data to be entered in the rows of columns  928  and  930  are selected from smart search drop-down lists controlled by respective search buttons  937  and  938 . The selections available in the drop-down lists correspond to the database field names for the ASAP and LRPS subsystems respectively. Columns  930  and  934  may be used for manual entry of descriptive names corresponding to selected database field names. 
     Screen  922  may be used in two ways. The empty fields of columns  928  and  932  may be populated on a line by line basis, in which case the analyst will use the smart search buttons  936  and  938  to select the field names to be mapped. 
     Alternatively, the user may create a template based on some earlier deal. To do this, the user clicks on the Copy From pushbutton  940 , which brings up a list of existing deals from which the user may select. Upon making a selection, the fields in columns  928 ,  930 ,  932  and  934  are automatically populated with the field mapping from the selected deal. This, in turn, may be edited to define the mapping for the new deal being set up, by clicking on the field to be edited and selecting a new item from the list. 
     The LRPS fields which are to be used for a particular deal are specified by use of check boxes  940  adjacent each row of column  932 . Particularly, if a template is invoked (by use of the Copy From button) there may be LRPS fields not needed for a particular deal. The selected check boxes indentify the fields which are required. 
       FIG. 7G  shows an exemplary mapping. (A conventional scroll button  942  may be programmed to appear when the number of rows exceeds the default capacity of the screen.) It should be understood, however, that  FIG. 7G  is purely illustrative, as the mapping may vary from deal to deal, and not all available ASAP or LRPS fields may be needed. Also, information needed for one or more ASAP fields may not be available in the LRPS database. In that event, data for the particular parameter may have to be entered manually when needed. To accommodate this, the LRPS Field Name entry in a particular row is left blank. 
     Header/Footer Setup 
       FIG. 7H  illustrates a data entry screen  970  which appears when Input tab  714  is selected on one of the Deal Modify screens shown in  FIGS. 7A through 7F . This is used to define standard headers and footers which will appear on the monthly reports for a particular deal. 
     Screen  970  is comprised of a drop-down list box  972  from which the name of an active deal may be selected, and an embedded sub-form  974 . Sub-form  974  is comprised of a Description field (column)  976  and a Label field (column)  978 . Description field  976  is programmed as a series of manual entry text boxes representing the actual text of a header or footer. Label field  978  is preferably programmed to display a drop-down list of header and footer locations, e.g., “Cover page footer”, “Text page header” or the like. 
     Like screen  922  ( FIG. 7G ) screen  970  may be used in two ways. The empty fields in columns  976  and  978  may be populated on a line by line basis, in which case the user will select labels from the drop-down list box, and will manually enter the text for the particular header or footer in the succession of rows  980   a ,  980   b , etc. Alternatively, the user may create a template based on some earlier deal by clicking on the Copy From pushbutton  982 , which brings up a list of existing deals from which a selection may be made. Upon making a selection, the cells in sub-form  970  are automatically populated with the header/footer information from the selected deal. These, in turn, may be edited to define the headers and footers for the new deal being set up. 
     Index Rate Data Entry 
       FIG. 8  illustrates a data entry screen  1000  which is used to enter index rate information. This screen is accessed when pushbutton  415  on Main Menu  400  is selected (see  FIG. 6 ). Index rate information is used for those deals in which the bonds have variable interest rates keyed to a published index. For example, a particular bond, or one of the classes of bonds in a deal, may have an interest rate expressed as “one month LIBOR rate on a particular date plus  20  basis points.” (“LIBOR” is the London InterBank Offered Rate, the base interest rate paid between banks trading Eurodollars. It is quoted for one, three, six and twelve month periods, and changes daily. A “basis point” is 0.01%.) 
     The parameters and variables for rate computations on all active deals are stored in a Master Rules Table in ASAP database  250  (see  FIG. 4 ). The analyst uses screen  1000  to record the daily fluctuations of the various indices applicable to the deals for which he or she is responsible. 
     Screen  1000  includes an Name field  1005 , a Description field  1010 , a Source field  1015 , and an embedded sub-form  1020 . The latter is comprised of a series of rows  1025  and field columns  1030  and  1035  in which dates and corresponding rate values for the Index selected in field  1005  may be entered. Sub-form  1020  is initially comprised of nine rows but expands vertically as necessary. 
     When a deal is being set up, data is entered in fields  1005 ,  1010 ,  1015  and  1030 . A required index rate is selected from the drop-down list linked to a Master Index Rate Table in Workflow Database  244 , and entered in field  1005 . The entries include various customarily used indices such as 1 month LIBOR, 3 month LIBOR, etc. Description field  1010  is also linked to the Master Index Rate Table, and is automatically filled in with information corresponding to the selected Index Rate. 
     Source field  1015  is also a drop-down list which is linked to the Master Index Rate table. The drop-down list for this field includes the sources such as the Wall Street Journal, etc. in which the various indices are published. Field  1030  is used to enter the applicable dates (e.g., the dates required for interest calculations on the succession of monthly distribution dates) for the new deal. 
     As part of the analysts&#39; daily activities, screen  1000  is updated by entering in field  1035 , the value published in the applicable source for those indices having that day&#39;s date in column  1030 . Cancel and OK buttons (not shown) are also be provided and function as previously described. Screen  1000  may be used repetitively if necessary to specify more than one index rate both during setup and on a daily basis. 
     Global Staffing Changes 
       FIG. 9  illustrates Global Staff/Contacts Screen  1050  which is used to make changes in assigned staff and contacts for more than one deal at a time. Screen  1050  is accessed by selecting push button  455  in main menu  400  (see  FIG. 6 ). 
     Screen  1050  is programmed as a combined query creation and report form. Upper portion  1052  of screen  1050  contains a Staff/Contact field  1055 , a Queue Type field  1060  and a Replacement field  1065 . Together, these specify the parameters for an “assigned deal” query. 
     On the lower portion of screen  1500 , a sub-form  1070  displays a report based on the data returned by the query. 
     The drop-down lists for fields  1055  and  1065  are linked to the Master Contact Table. Programming features may include alphabetical listing by last name, and smart look-up as previously described. Fields  1055  and  1065  are blank by default. Since screen  1050  represents replacement for a single individual, only one name is entered in field  1055 . Replacements must have the same role (as indicated in the Master Contacts Table) as the person being replaced. 
     The drop-down list for Queue Types field  1060  is linked to the Master Queue Table. The staff assignment changes are made on a queue by queue basis so only a single queue type may be selected at a time. The default condition for Queue Type field  1060  is blank. If it is left blank, it is assumed that all queues for which the outgoing individual had responsibility are to be updated. Sub-form  1070  then lists all of the Deal ID numbers, the Deal Names and the Queue Types for which the outgoing individual was responsible. 
     When the user has completed the entries for sub-form  1070 , the Replace push button  1080  is pushed. This saves the changes and clears screen  1050  in preparation for further use. To save the changes and return to main menu  400 , OK push button  1085  is pushed. To return to the main menu without saving the changes, the user pushes cancel button  1080 . In both instances, confirmation messages as previously described are displayed before the requested actions are executed. 
     Privilege Level Setup 
       FIG. 10  illustrates Access Screen  1100  which is used to assign access levels to various users according to their responsibilities. This screen is accessed by selecting the Security &amp; Access push button  450  on main menu  400  (see  FIG. 6 ). 
     Screen  1100  displays a Role field  1105  and a sub-form  1110  which displays functions and activities for which different privilege levels may be assigned and check boxes by which the desired privilege levels may be selected. 
     The drop-down list for Role field  1105  displays an alphabetical listing of internal staff roles required for performance of the trustee&#39;s functions. New internal staff functions may also be entered for field  1105 . When a selection has been made in field  1105 , sub-form  1110  displays a list of the functions corresponding to the push buttons on main menu  400  in column  1125  and the activities associated with each function for which different levels of access may be assigned in column  1130 . 
     Privilege level selection is made using two columns of check boxes  1135  and  1140 , labeled Read and Write, respectively. By default, the check boxes are empty; placing a check establishes access to a particular function and activity for inquiry purposes, i.e., for the role selected in text box  1105 . The Read privilege (which includes the ability to print) represents access to a particular function or activity only for inquiry purposes, i.e., only to review the data. The write privilege represents the ability to edit, as well as view data. 
     Screen  1100  also includes a cancel push button  1115  and an OK push button  1120 , both of which function as previously described. 
     Active Deal Processing 
     The Active Deals Screen 
       FIG. 11  illustrates Active Deals Screen  1500 . This may be accessed, for example from a menu bar (not shown), or in any other desired manner, and is basically the daily starting point for the tasks performed by the trustee&#39;s employees. Screen  1500  provides a workflow status summary (essentially a “to do” list) of the deals for which user is responsible. The user can also initiate various tasks by selecting from a pop-up Action List on the Active Deals Screen. 
     Screen  1500  is programmed as a combined query creation and report form. In the illustrated example of  FIG. 11 , upper portion  1502  contains a User (name) field  1505 , a Deal Name (ID) field  1507 , a Function field  1510  and a Queue Type field  1515 , and radio buttons  1520   a  and  1520   b  which select between Current items, i.e., those queues which are in “ready for action” status, or All Items, i.e., all deals that are related to that user, regardless of status. Together, these specify the data for an “active deal” query. On the lower portion of screen  1500 , a sub-form  1504  displays a report based on the data returned by the query. 
     The drop-down list for User field  1505  is linked to the Master Staff/Contact Table. Programmed features for this field include limiting the drop-down list to staff names only, alphabetizing by last name, smart look-up and limitation to selection of only one name at a time. The default entry in text box  1505  is the name of the logon user. 
     Selection for Deal Name field  1507  is made from a smart look-up drop-down list linked to the Master Deals table. All active deals are listed. Selection for Function field  1510  is made from a smart look-up drop-down list linked to the Master Functions Table. Choices may include Waterfall-Monthly, Tax-Monthly, Tax-Quarterly, Tax-Annual. The default entry is blank; the user may select only one function at a time. 
     A smart look-up drop-down list for Queue field  1515  is linked to the Master Queue Types Table. Only queue types applicable to the entry in Function field  1510  are shown, with the entries listed in processing order. The default entry is blank; only one queue type may be selected. 
     Any or all of the fields in query form  1502  may be left blank. In that case, the state of radio buttons  1520  will solely determine the data returned. If radio button  1520   a  (the default value) is selected, the query will return a list of all ready queues for all active deals. If radio button  1520   b  is selected, the query will return a list of all queues for all active deals. 
     If a selection has been made in one or more of fields  1505 ,  1507 ,  1510  and  1515 , the query will return data accordingly. For example, if radio button  1520   a  is selected, and the User field is left blank but entries are made in the Function and Query fields, the query will return a list of all deals which are in the specified queue for the selected function, and for which the queue is ready for processing. If there are entries in the User field and the Function field, but not in the Queue field, the query will return a listing of all of the user&#39;s deals for the specified function, for all queues ready for processing. 
     Report sub-form  1504  displays a row for each deal record which meets the query selection criteria, and a succession of columns displaying the fields in each record. In the example illustrated, a first column  1525  contains the entry “R” if the deal is in restatement, but is blank otherwise. 
     Again, by way of example, eight columns  1530   a  through  1530   h  display fields such as Deal ID  1530   a , Deal Name  1530   b , Period (distribution date)  1530   c , Function  1530   d , Queue  1530   e , Status  1530   f , Date in Queue  1530   g  and User  1530   h . It should be understood, however, that some of these fields may be omitted and others added or substituted. The named fields have been described in detail previously, and need not be repeated. Similarly, the status codes for the various queues were discussed in connection with  FIGS. 5C and 5D . 
     The Date In Queue column  1530   h  represents the date of the last status change. Time may also be presented if desired. The User field  1530   h  represents the individual responsible for the deal in its current status. 
     The Actions List 
     When the report in sub-form  1525  first appears, none of the rows is highlighted. When the user selects one of the rows, e.g. by right-clicking, a pop-up Actions List  1535  for that particular deal appears. This list is linked to a Master Action Table in Workflow Database  244  and is programmed to display only actions which may be taken for the selected queue and status, as described in connection with  FIGS. 5C  and D. In  FIG. 11 , the actions listed in pop-up menu  1535  correspond to a deal in the Waterfall Processing function, in the “Ready For ASAP Waterfall Processing” queue, and in the “Ready” status. 
     All of the actions permitted or required for the function, queue and status of the deal highlighted on sub-form  1504  may be accomplished or initiated by selecting an item from the Actions List. For the example illustrated in  FIG. 11 , these include disapproving or un-approving a queue, running one of the ASAP computations, inputting data, viewing deal structure information, viewing deal history, viewing or generating reports and resetting the workflow, i.e. going back to the beginning of the workflow cycle, typically the LRPS queue. It will be understood that “Approval” is not an available option as the status of the current queue, “Ready for ASAP Processing” is “ready”, i.e., already approved. 
     Reports 
     Selecting Deal Reports line  1535   c  in Actions List  1535  brings up a window  1540  illustrated by way of example in  FIG. 12A . Window  1540  accesses the list of reports for the highlighted deal selected during deal set-up as described in connection with  FIG. 7C . These may include, for example, Investor Report, Loan Level Detail, Waterfall, etc. The available selections are limited, however, to those reports applicable to the function selected in field  1515  (see  FIG. 11 ) and to the current queue for the selected deal. 
     Selecting one of the reports from the list, e.g., by highlighting and clicking on the entry, generates the selected report. If the report already exists, it is brought up for viewing and printing. 
     Approval and Disapproval 
     The Deny, Un-Approve and Approve functions are initiated by clicking the respective lines on the Action List  1535 , when these actions are available for the selected deal, function and queue. (See, e.g. lines  1535   b ,  1535   f  and  1535   e , respectively in  FIG. 11 ). 
     Selecting Approve updates the status record for the deal and returns the user to the active deals screen. Selecting Deny or Un-Approve brings up a Comments History Screen, an example of which is illustrated  1550  in  FIG. 12B . The Comments History Screen  1550 , displays the Deal ID in text box  1555   a , the Deal Description in text box  1555   b , the Period Ending date in text box  1555   c  and the Function in text box  1555   d . The data corresponds to the highlighted entry in Active Deals Screen  1500  (see  FIG. 11 ). 
     A listing of previous comments, with the most recent one first, appears in an embedded sub-form  1560 . Each row  1565  represents the record for one comments. The fields for each record are displayed in columns  1570 . The first of these, column  1570   a , displays the letter “R” if the deal is being restated, and is blank otherwise. Date column  1570   b , Function column  1570   c  Queue column  1570   d , Status column  1570   e , Name column  1570   f , Comment Type column  1570   g  and Comment Details column  1570   h  display information concerning the deal at the time the comment was made. 
     New comments are not added from screen  1550 . Instead, clicking on an Add push button  1575  brings up a Comment Entry Screen illustrated in  FIG. 12C  and described below. Comments List Screen  1550  also displays a Cancel push button  1580  and an OK push button  1585 . Pressing Cancel push button  1580  displays a confirmation dialog box including a message text and “yes” and “no” buttons (not shown). If entry to Comments History Screen  1550  was from a Deny action, the message text is preferably “You must select a comment or deny will not take effect. Do you wish to cancel deny?” If the user pushes the “yes” button, Active Deals Screen  1500  reappears. 
     If the entry to Comments History Screen was from an un-approval action, the message text is preferably “You must select a comment or unapprove will not take effect. Do wish to cancel unapprove?” If the “yes” push button is selected, the user is returned to the Distribution History screen described below in connection with  FIG. 12D . 
     If entry to the Comments List screen was from a Restatement action, the message text is preferably “You must select a comment or reinstatement will not take effect. Do you wish to cancel reinstatement?” If the “yes” push button is selected, the user is returned to the Distribution History screen. 
     If none of the foregoing conditions apply, the message text is preferably “Are you sure you do not want to save changes?” If the “yes” push button is selected, the user is returned to Main Menu  400 . 
     In all of the foregoing situations, if the “no” button is pushed, the cancel action is terminated, and Comment Entry Screen appears. 
     The OK button  1585  displays a confirmation screen (not shown) including “yes” and “no” push buttons and a message which preferably states “Are you sure you want to save comments?” Selecting the “yes” push button confirms the action take, saves any associated comment, and returns the user to the originating screen. 
     Comment Entry 
     Referring to  FIG. 12C , Comment Entry Screen  1590  displays a Deal ID text box  1595   a , a Deal Description text box  1595   b , a Period Ending text box  1595   c , a Function text box  1595   d , a Queue text box  1595   e , a Status text box  1595   f  and a Name text box  1595   g . The information displayed is copied from the screen in which the Comment Entry screen  1590  was selected. Queue text box  1595   e , and Status text box  1595   f  respectively display the current queue and status of the deal. Text box  1595   g  lists the name of the person making the comment; this is taken from the Logon ID. 
     Screen  1590  also includes a drop-down list box  1600  linked to a Master Comment Table in Workflow Database  244  which displays a list of possible comment types. All of the types of issues which might arise are listed, preferably in the order in which the issues are likely to arise. In the example illustrated in  FIG. 12C , the “Model Incorrect” comment type has been selected. 
     When a comment type has been selected, an Additional Comments text box  1605  becomes accessible. Here, the user may enter free-form text expanding on the comment type selected from list  1600 . 
     A cancel button  1610  returns the user to Comments List Screen  1550  (see  FIG. 112B ) without saving changes. Pressing cancel button  1610  brings up a confirmation box with associated “yes” and “no” push buttons and a message text box (not shown). If the entry to screen  1550  was from a deny action, an un-approve action or a restatement action, a comment is required. If no comment type has been selected for some reason, the user is appropriately prompted, e.g., “You must select reason for denial”. 
     Screen  1590  also displays an OK push button  1615  to save the information entered and to return the user to Comments History Screen  1550 . Upon pressing push button  1615 , a confirmation box and “yes” and “no” push buttons (not shown) appear. If the entry to  1550  was from an action for which a comment is required, and no comment has been recorded, a confirmation box presents a message prompting the user to make a comment. Otherwise, the confirmation message preferably reads “Are you sure you want to save comment”. An affirmative answer saves the comment, and returns the user to the Active Deals Screen. 
     Deal History 
     Selecting Go to Deal History line on Actions List  1535  brings up a Deal History Screen. an example of which is shown at  1620  in  FIG. 12D . Screen  1620  is programmed as a combined query and report form. An upper query portion  1622  displays a drop-down list box for a Deal ID field  1625 , a drop-down list box for Period Ending field  1630  and a drop-down list box for Function field  1635 . A Deal Description corresponding to the Deal ID entered in  1625  is automatically entered in a text box  1640 . The list box for Period Ending field  1630  is linked to a Master Deal Distribution Table and presents a list of the current and all previous distributions sorted with the most recent distribution first. The drop-down list for Function field  1635  is linked to the Master Function Table and presents a list of available functions in the normal processing order. 
     The information returned in accordance with the selections made in fields  1625 ,  1630  and  1635  appear in an embedded report sub-form  1645 . This includes rows  1650  which display the records for each event matching the selection criteria for the query, and columns  1655   a  through  1655   e  which display the Queue, Status, Action, Date/Time Completed and Name fields for each record. The records in line  1650  are listed in queue order 
     The report appearing in sub-form  1645  is for information purposes only; no action can be taken from screen  1620  other than to return to main menu  400  by pressing push button  1560 . 
       FIGS. 13A through 13D  illustrate examples of data entry screens which may be used to supply data required for the waterfall processing functions. These screens may be accessed by selecting the corresponding action from Actions List  1535  on the Active Deals Screen  1500  (see  FIG. 11 ). 
       FIG. 13A  shows Monthly Collateral Processing Screen  1700  which may be used for entry of information not available from LRPS subsystem  160 ′ (see  FIGS. 3 and 4 ), and also to review information from the LRPS subsystem  160 ′. Screen  1700  displays smart search drop down lists for Deal ID field lists  1705  and a Date field  1710  from which the user may select the deal ID and a distribution date. The entry for field  1705  is selected from a smart search drop-down-list which displays the active deals. A text box  1715  displays a deal description based on the selected deal ID in field  1705 . The entry for field  1705  is selected from a smart search drop-down-list which displays the list of upcoming distribution dates for the selected deal. 
     Another text box  1720  is used to enter data identifying groupings within the underlying collateral for the selected deal. Such groupings might represent, for example, discount loans. A “Next” push button  1725  and a “Previous” push button  1730  may be used to step through the list of group numbers. 
     Monthly Collateral Processing Screen  1700  also displays a Label column  1740  and a Value column  1745 . The labels in column  1740  are the ones set up on input screen  922  (see  FIG. 7G ). In the series of text boxes forming Value column  1745 , the user can insert values corresponding to the labels. 
     After the required data has been entered in Value column  1745 , the user may select Save push button  1750 . This saves the data and clears screen  1700 , which then remains available for further use. To exit Monthly Collateral Processing Screen  1700 , the user may select Exit push button  1752 , and is returned to Active Deals Screen  1500 . 
       FIG. 13B  illustrates an exemplary Loan Reporting Screen  1775  which may be used to enter loan level information not available from LRPS  160 ′.  FIG. 13C  illustrates a Report Deal Setup screen  1900  which may be used if special headers or footers are required for report currently being prepared. The data objects for screen  1900  are the same as for Common Report Deal Setup Screen  970  described in connection with  FIG. 7H , and further description will be omitted in the interest of brevity. It should be noted, however, that screen  1900  is used to enter data applicable only to the current report, there is also displayed a Select PayDate Screen  1910 , selections for which are made from a smart search drop-down list  1905 , containing the specific distribution dates for the deal. 
       FIG. 13D  illustrates a data entry screen  1950  which may be used to change a distribution date if it was not calculated correctly by the system. This might happen, for example, if the date selected is a “floating” day, i.e. where the payment date for a particular deal is not the same each month. Screen  1950  may be accessed from Actions List  1535  on Active Deals Screen  1500 . 
     Screen  1950  displays a Deal ID text box  1955 , a Deal Name text box  1960 , a Current Distribution Date text box  1965  and a Corrected Distribution Date text box  1970 , an OK push button  1975  and a Cancel push button  1980 . The data displayed in text boxes  1955 ,  1960  and  1965  is copied from the Active Deals Screen. The corrected distribution date defaults to the current distribution date; this is the only field in screen  1950  for which manual data entry is permitted. 
     If the user decides not to change the distribution date, Cancel push button  1980  may be selected. This display a confirmation message such as “Are you sure you do not want to save changes”, and upon acknowledgment, returns the user to Active Deals Screen  1500 . To replace the current distribution date with the corrected date, the user presses OK push button  1975 . This displays a confirmation message such as “Are you sure you want to save changes” and upon an acknowledgment, the data is saved and the user is returned to Main Menu  400  (see  FIG. 6 ). 
       FIG. 14  illustrates Tax Reports Screen  2000  from which the user selects tax reports to be generated. This action is selected from Actions List  1535  on Active Deals Screen  1500  ( FIG. 11 ). (As will be understood, Actions List  1535  will display this activity only when the selected deal is in a tax processing queue and status milestone for which it is appropriate.) 
     Available reports are listed in lines  2005   a  through  2005   e  on screen  2000 . In the example shown, these include IRS Schedule Q and Forms  1066  and  1099 , a deal Balance Sheet and a Deal Income statement. It will be understood that the data objects for these forms are set up and formatted using the standard form creation and formatting functions of the RDBMS. 
     Verification 
     As it will be appreciated, verification of the accuracy and completeness of the loan level and other deal specific data and the results of the numerous computations are essential components of the trustees&#39; activities. With a large number of active deals in progress at one time, the need to handle large bodies of data which change from month to month (or in some cases, even more frequently) the complexity of the deal structure and the structural variations from deal to deal, it may be understood that one or two simple cross-checks will not be enough to establish the required level of confidence for the trustee&#39;s activities. The present invention provides a practical and effective way for the analysts—usually the one most familiar with a particular deal—to develop and apply verifications uniquely suited for that deal. 
     Broadly stated, the verification process involves the development of a set of verifications, assignment and customizing of particular verifications to each deal and the application of particular verifications in accordance with the requirements of a particular queue and status milestone. According to the present invention, templates are created representing a standard reporting format, and any necessary special formatting requirements along with a series of data input forms in which the end user can select the specific parameters and variables which may be required, or to define new deal specific parameters if necessary, and to construct the verification itself by building the necessary calculations or comparisons using the selected and created variables and parameters. Once the required verifications have been created and assigned to particular deals, they become part of the workflow assignments for that deal. When verifications are to be applied, they may be accessed through the main menu, through the actions list in the Active Deals Screens, from the deal history records. 
     Definition of New Verifications 
     The steps involve in setting up a new verification are (1) selecting the variable to be used, (2) defining any deals specific parameters which will be needed, (3) programming the calculations, (4) assigning importance to an abnormal result and (5) assigning the verification to a particular processing function end queue. 
       FIGS. 15A through 15C  are exemplary illustrations of data entry screens which may be used.  FIG. 15A  illustrates a add or edit verifications screen  2020 . This includes drop-down list boxes  2025 ,  2030 ,  2035 ,  2040  and  2045 , and embedded sub-form  2050  and push buttons  2055 ,  2060  and  2065 . 
     Drop-down list  2025  presents a list of existing verification names from which one to be modified may be selected. If a new verification is being created, a new name is entered in the text box for field  2025  (duplicate names are not permitted). Field  2025  is blank by default. 
     A selection for field  2030  is made from a drop-down list of the existing functions (such as Waterfall, tax—monthly, etc.) If screen  2020  is called from the Active Deals Screen, the default value for function field  2030  is that of the selected active deal. The value for queue field  2035  is selected from a drop-down list link to the master queue table and programmed to display only the queues associated with the function selected in field  2030 . Type field  2040  is used to select how to organize the report for the verification will be displayed. In screen  2020 , the selection for this field is “Group” which means that it is related to grouped or aggregated collateral information. Other possibilities might include “Group and Total Deal” “Class” (i.e. CUSIP number), “Class and Total Class”, “Total Deal”, etc. 
     The entry made in field  2045  characterizes an abnormal result in terms of severity. Choices may include “Error” (the result is definitely incorrect), “Warning” the result is probably incorrect but could be acceptable under certain circumstances) and “Review” (the result should be scrutinized, but may be correct). 
     Sub-form  2050  displays a “Variable” column  2070  in which variable names are listed, and a “Description” column  2075  in which a brief description of the variable itself is entered. By default, sub-form  2050  is blank unless an existing verification (listed in Verification Name field  2025 ) is being modified. 
     After selecting the desired variables in sub-form  2050 , any required deal specific parameters are defined. (If the user does not wish to save the work in screen  2020 , Cancel push button  2055  may be used to return to the previous screen.) To define deal specific parameters, the user presses Deal Specific Parameters Push Button  2060 , which displays a Define Deal Specific Parameters screen, an example of which is illustrated at  2100  in  FIG. 15B . 
     Screen  2100  displays a text box  2105 , an embedded sub-form  2110 , a Cancel push button  2115 , and a Continue push button  2120 . When screen  2100  appears, text box  2105  already contains the Verification Name as entered in field  2025  in the Add or Edit Verification screen  2020  ( FIG. 15A ). 
     Sub-form  2110  is comprised of one or more rows such as  2125 , each displaying the database record for one parameter, and three columns  2130 ,  2135  and  2140  which display the fields for the parameter records. Sub-form  2110  is empty by default unless an existing verification is being edited. Entries for Parameters Column  2130  are selected from a drop-down list including the names of previously defined parameters. The entries for Description Column  2135  are made manually, unless an existing verification is being modified, in which case the previously defined descriptions are listed. The selection for Field Type Column  2140  is made from a drop-down list including entries such as “number”, “text”, etc. 
     If the user does not wish to save the work in screen  2100 , Cancel push button  2115  may be used to return to the previous screen. If the user wishes to proceed, Continue push button  2120  is selected. That records the parameter definitions and the user is brought to the Build Calculation screen  2150  shown in  FIG. 15C . Similarly, with reference again to  FIG. 15A , if no deal specific parameters need to be defined, the user proceeds directly to Build Calculation screen  2150  by pushing Select push button  2065 . 
     Screen  2150  is used to create the formula for the calculation or comparison. Screen  2150  is comprised of a verification text box  2155  into which displays the verification name from field  2125  in Add or Edit Verifications Screen  2020 , a Composition Window  2160  and which the required computation or comparison is actually composed, an embedded sub-form  2165  which lists the parameters, variables, and operators available for defining the calculation, an OK push button  2170 , a Cancel push button  2175  and Undo push button  2180 . When screen  2150  appears, Composition window  2160  is empty unless an existing verification is being modified. In that case, the previously defined calculation is displayed. 
     Embedded sub-form  2165  is comprised of a Parameters section  2185 , a Variables section  2190  and a Functions section  2195 . Parameter section  2185  displays columns  2185 A and  2185 B which respectively list the parameter ID and descriptions set-up in the Define Deal Specific Parameters screen  2100 . Variable section  2190  is also comprised of two columns  2190 A and  2190 B which respectively display a Variable ID and description for the variables selected in the Add or Edit Verification Screen  2020 . Functions section  2195  is comprised of a single column which list the operators available for use in composition window  2160 . The operators are accessed by a drop-down list including entries such as +, −, ÷, *, &gt;, &lt;, etc. 
     To define the computation. the user clicks on entries from the parameters, Variables and Functions sections of sub-form  2165  in the order in which they are to be appear. Errors are corrected by use of Undo button  2180  which erases the last item entered. If the user wishes to terminate without saving, Cancel button  2175  is used to return to the previous screen without saving. To save the calculation created, OK push button  2170  is used. This saves the verification and makes it available for later use, and returns the user to the Main Menu. 
     The actual process involved in selecting the verifications for a particular deal has already been described in connection with set-up screen  900  shown in  FIG. 7F . Specific values for the needed parameters are recorded using Enter Parameter Values screen  2200  illustrated in  FIG. 15D , accessed by selecting the Deal Specific Parameters push button from main verification screen  2020  (See  FIG. 15A ). Enter Parameter Values screen  2200  is comprised of a text box  2205  which lists the name of the verification being developed from field  2025  in Add or Edit Verification screen  2020 , and embedded sub-form  2210 , a cancel push button  2215  and an OK push button  2220 . 
     Sub-form  2210  is comprised of column  2210   a  and  2210   b  which respectively list the parameter names and descriptions selected in the defined specific Parameters screen  2100  and a column  2110   c  which provides text boxes for the user to enter the values needed for the respective parameters. 
     If the user does not wish to save the data entered, cancel push button  2215  may used to return to screen  2020  (see  FIG. 15A ). OK push button  2220  stores the selected values for the parameters, and also returns the user to screen  2020 . 
     Running Verifications 
     Automated verifications are run by selecting Run Verification push button  435  on main menu  400  (see  FIG. 6 ), selecting the Run Verification action from Actions list  1535  on Active Deals Screen  1500  (see  FIG. 11 ) or from the prior distribution screen described below in connection with  FIG. 18A . Access from the Main Menu will generally be used when not working from the Active Deals Screen. Access from the Active Deals Screen is most convenient if the user intends to run verifications for the current distribution. When it is desired to run or re-run, or simply view a verification for a prior distribution, access will generally be through the Prior Distribution Screen. Here, selecting a distribution pay date, e.g. by right clicking the selection, brings up a list of reports options including “automated verification”. 
       FIG. 16  illustrates an example of a Run Automated Analysis Screen  2250  from which the automated verification is actually run. This screen appears when the “run verification” function is selected in any of the three ways just described. 
     Run Automated Analysis screen  2250  includes a Deal ID field  2255  for which an entry is selected from a drop-down list linked to the Master Deals Table in the work flow database  244 . The deal description is automatically entered in A Deal Description Window  2255 A based on the Deal ID value in field  2255 . 
     Run Automated Analysis screen  2250  also includes a function field  2260  for which data is selected from a drop-down list linked to the Master Functions Table, a First Payment Date field  2265  into which data is entered from a drop-down list of completed and current payment dates derived from the Master Loan History Table and a Last Payment Date field  2270  for which entries are provided from a drop-down list also linked to the Master Loan History Table. When screen  2250  appears, fields  2165  and  2170  are blank unless this screen was called from the Actions List in the Active Deals Screen. In that case, fields  2265  and  2270  both default to the next upcoming distribution date. If the Run Automated Analysis screen  250  is accessed from the Main Menu  400  or the Prior Distributions List, the fields are blank by default. 
     When the necessary selections have been made, the user may press Run push button  2275 . At that point, all relevant reports, as determined by the current queue and status milestone for the deal are run. (Individual verifications may not be selected.) If a range of dates has been indicated in fields  2265  and  2170 , the verifications for that range of dates are run. If no last payment date is selected, then verifications for distributions prior to the upcoming current distribution are not run. 
     When the reports have been run, all are available in sequence for viewing on the user&#39;s screen. (The list may be scrolled, if necessary.) The reports may also be printed from the viewing screens. When the user has completed viewing the verification reports, the screen is closed in the normal manner. 
     If the user does not wish to complete running the verifications, cancel push button  2280  may be used to return to the screen from which Run Automated Analysis screen  2250  was accessed. 
     Verification Reports 
     For convenience, all verification reports are preferably displayed in a standard format. That format might include, for example, standard headers on every page showing the Deal ID and Descriptive Name, the date range for the verifications, and the current function, queue, and upcoming distribution, for the particular deal. Following the header, the report may display the title of the verification, the queue to which the verification applied, the data type according to which the report is organized, and the period ending date to which the specific report applies. Following this, there may be a listing of the variables and parameters, a word formula representation of the calculation and the actual results organized according to the data type listing previously referred to, the result of the computation, and the severity category. An example of a report formatted as described above is shown at  2300  in  FIG. 17 . 
     Restatements 
     On those occasions when a problem with the data or processing for a particular payment cycle is not detected before the payment has been made, corrections are made by “restating” the waterfall and monthly tax processing for that particular payment, and reprocessing any other affected subsequent payments. A restatement may be necessary, for example, if it is discovered that an issuer has provided incorrect information. 
     As implemented according to the present invention, the actions involved in a restatement are (a) storing an exact backup image of the data for the distribution to be restated in various database files in workflow data base  244  (b) deleting the processing results for the distribution being restated and for all subsequent distributions, (c) rerunning the end of cycle processing logic as previously described for the period preceding the one being restated, and (d) requiring the user to enter a comment explaining the need for the restatement. The specific events and operations will be described below for each step of the restatement process. 
     Initiating a Restatement 
     Generally, a process to be restated is designated by highlighting a particular deal in Active Deals Screen  1500  and then selecting Restatement from Actions List  1535 . This displays a Prior Processing Screen, an example of which is shown at  2500  in  FIG. 18A . Prior Processing Screen  2500  displays a Deal ID field  2505 , a Deal Description field  2510 , and a Function field  2515 . 
     The entry for field  2505  is selected from a drop-down list linked to the Master Deals Table in ASAP database  250  (see  FIG. 4 ). Deal Description Field  2510  is automatically filled in based on the selection for Deal ID field  2505 . The entry for Function field  2515  is selected from a drop-down list linked to the Master Functions Table in Workflow Database  244 . 
     Fields  2505 ,  2510  and  2515  function as a query form. An embedded report sub-form  2520  displays the function, the applicable period, and the date and time that the processing activity for that period was completed in respective columns  2525   a - 2525   c  for the data returned by the query. 
     When screen  2500  appears, none of the rows  2530  in sub-form  2520  are highlighted. To proceed, the user highlights one of rows  2530 , which causes an Options screen such as illustrated at  2550  in  FIG. 18B  to pop up over screen  2500 . Options screen  2550  displays the Restatement options available for the deal and functions selected. 
     Available options include Reports, Restate Non-Financial, Restate Financial, Comments, View Comments, and Exit. These are displayed in respective lines  2555   a ,  2555   b ,  2555   c ,  2555   e ,  2555   f  and  2555   h . More than one restatement for a particular distribution may be performed as part of the correction process. In that case, additional restated versions will be available, and the Options sub-menu on screen  2550  will also list Select Prior Version on line  2555   d  and Restore From Prior Version on line  2555   g.    
     Selecting Reports (line  2555   a ) accesses a pop-up sub-menu of reports available for the distribution under review. Highlighting one of the listed reports displays that report for viewing and printing. This option might be exercised as part of the analyst&#39;s effort to study and correct the problem under investigation. 
     Selecting Comments line ( 2555   e ) from Options screen  2550  brings up Comments Screen  1590  described above in connection with  FIG. 12C . Selecting View Comments (line  2555   f ) brings up Comment History List  1550  described in correction with  FIG. 12B . Selecting Exit (line  2555   g ) returns the user to active deals screen  1500 . 
     The Select Prior Version option on screen  2550  brings up a Restated Processes sub-menu, an example of which is shown at  2600  in  FIG. 19A . Screen  2600  displays a Deal ID field  2605 , a Deal Description field  2610 , a Function field  2615  and a Period Ending field  2620 , all of which are accessed from drop-down lists linked to tables in Workflow Database  240  and ASAP Database  250 . (The data objects for fields  2605  in  2610  may be programmed so that making a selection from the drop-down list for one field results in corresponding data being automatically entered in the other field. Since the restatement function is applicable only to waterfall and monthly tax processing, the selections available for field  2620  are limited to these two. The selections for field  2625  include all of the pay dates for the deal selected in field  2605 . 
     Fields  2605  through  2620  serve as a query. The results, in terms of the date and time the various restatements were completed, is reported in embedded sub-form  2625 . Right clicking on one of the items listed in sub-form  2625  brings up a pop-up Options List, an example of which is illustrated at  2650  in  FIG. 19B . 
     Available options may include Reports, line  2655   a , Make Version of Record, line  2655   b , Comments, line  2655   c , and Exit, line  2655   d . Selecting the Reports option brings up a list of reports of previous restatements for viewing. Selecting the Make Version of Record option designates the most recent restated version as the “official” or correct version. Selecting the Comments option brings up the comment entry screen previously described. The Exit option returns the user to the Active Deals Screen  1100 . 
     A restatement may involve the financial and/or non-financial aspects of a distribution. Restatements are initiated by selecting Re-state Non-Financial at line  2555   b  or Restate Financial at line  2555   c  in Options Screen  2550  ( FIG. 18B ). A message such as “Are you sure you want to restate . . . ” may be displayed for confirmation before a restatement is actually initiated. 
     When a restatement is performed, the status records for the deal are updated in Workflow Database  244  and a backup copy of all of the information related to the distribution being restated is saved in workflow database  244 . This reduces the need to re-enter information and allows fast and easy correction of minor errors. Also, the prior distribution reports for the distribution being restated are maintained in the back up for payment information. This assures that workflow tracking integrity is not lost and allows prior reports to be printed as needed. Restated information for a payment is not automatically sent to RTP subsystem  220  (see  FIGS. 3 and 4 ) but is designated for manual entry. 
     The nature of the problem giving rise to the restatement will determine the effect on the workflow resulting from the restatement. For example, referring back to  FIG. 5B , if a non-financial restatement is required for a May distribution (step  292   d ), and the current distribution being processed is for the December payment (step  292   e ), only step  992   d  will have to be repeated. The work flow remains unchanged, i.e., waterfall processing for December, step  292   e , tax processing for November, step  256   e , and tax processing for the fourth quarter, step  260   d , may continue. 
     In contrast, if the December distribution is being processed, and financial restatement is required for May at step  292   d , all processing steps for May and all subsequent months, i.e. the May through December waterfall processing, the April through November monthly tax processing, the second, third and fourth quarter tax processing and the annual tax processing will have to be repeated. In that event the waterfall and tax processing queues will revert to the May waterfall distribution, and the April monthly and the second-quarter tax processing. 
     A tax restatement does not affect waterfall processing, Out does require tax re-processing for the restated month and all subsequent months. Thus, for example, if waterfall processing is being performed for the December payment, and monthly tax processing for April (step  256   d ) must be restated, then the monthly tax computations for June through November, for the second, third and fourth quarters and for the year must be re-processed. The workflow for waterfall processing remains unchanged, but the tax processing queues are returned to the month of May and the second-quarter. 
     As will be appreciated from the above description, the invention provides an effective solution to workflow management for complex financial transactions involving many deals and data which changes on a frequent basis. It also permits modification of the data structures as needed to accommodate evolutionary changes in the financial structures of the deals being handled. In the preferred embodiment, the invention is implemented using a relational database management system on a computer network organized on a client-server model. It should be understood, however, that other system architecture and other programming implementations providing the workflow management and other capabilities described is considered to be within the scope of the invention. In addition, other variations and modifications and other uses will be apparent to those skilled in the art in light of the description of the invention. It is intended, therefore, that the present invention be limited not by the specific disclosure herein, but only by the appended claims.