Patent ID: 7983971

Claim:
A financial data processing system comprising: memory configured to store programmed instructions regarding secondary mortgage market financial data processing; and a processor coupled to the memory and operable to execute programmed instructions, wherein the programmed instructions are configured to provide: a service framework which includes a plurality of application services that receive requests for information and reply to the requests with the requested information; the plurality of application services including a collateral characteristics service, an accounting policy service, a cost basis service, a cash flow service, and an amortization service configured to obtain, for specified products as of a specified historic period, information regarding collateral characteristics as of the specified historic period, accounting policies as of the specified historic period, cost basis as of the specified historic period, and cash flows as of the specified historic period from the respective services; an amortization engine which processes accounting events and generates the amortization schedule for at least one of loans, mortgage backed securities, or guarantee fee items based on the accounting events, the amortization engine being configured to request at least a portion of the information for the specified historic period, from the amortization service to obtain information which is used to generate the amortization schedule; the accounting policy service includes a plurality of accounting policies, the accounting policies being used to determine accounting treatment of the accounting events; and wherein the amortization engine is configured to request, via the amortization service, an accounting policy from the accounting policy service to determine the accounting treatment to be accorded to the accounting events and the amortization engine configured to generate a materiality report comparing an original amortization schedule based upon a first set of information as of the specified historic period from the application services including a first accounting policy and a revised amortization schedule based upon a second set of information as of the specified historic period from the application services including a second accounting policy.