Patent ID: 6988082

Claim:
A system for determining an interest rate quote and points for a mortgage loan that are specific to a borrower, comprising: input means for obtaining borrower and mortgage loan information; means for retrieving underwriting characteristics; means for calculating the interest rate quote and points based on the borrower and mortgage loan information and based on the underwriting characteristics, the means for calculating including means for retrieving a required yield which reflects market conditions in a secondary mortgage market including being indicative of a price that is offered for the mortgage loan in the secondary mortgage market; means for determining an adjustment to the required yield associated with the mortgage loan based on credit risk posed by the borrower, the credit risk adjustment being determined as a function of at least a credit score, a loan-to-value ratio, and a mortgage loan purpose for the mortgage loan and the borrower; and means for determining other adjustments to the required yield based on other parameters related to the mortgage loan and/or the borrower; and wherein the interest rate quote and points is calculated as a function of the required yield adjusted by the credit risk adjustment and the other adjustments.