Date

23 Jul 2015

Attendees

Dennis Wisnosky

Decisions

Closed all but 2 issues.

Discussion items 20150723 FIBO Loans FCT.docx Loan Concepts Integrated-MU.pptx LoanOverview.pdf

20150723 FIBO Loans FCT

Introductions: Dean Allemang handing over to Mike Uschold as the lead ontologist on this team

JIRA Review

LOAN1 Owned by David Newman. Dean is now working on this. Update from Dean: Slides 4 and 5 provide a bulletized list of what is in Red FIBO. MB has also presented the visual business views on this same material to MU. Dean went through the folder and files and picked up the main names of the concepts as defined, and put these in as tersely as he could. Names are truncated for brevity e.g. reverse mortgage. These slides give a sense of the scope and depth of the legacy Red models on this. Slide 5 covers how these concepts are categorized. These are reflected in the legacy red model, as categories of loan based on their characteristics. For example loans are secured or unsecured and secured loans are guaranteed or collateralized. Slide 8 comes fom MISMO and Lynn's own experience. These are terms either of the Loan as a drawdown, or of a Loan Contract, if these are represented separately. These are from Mark, from Jim and from Jeff. There is also a section in Red, for temporally sensitive loan terms. There are 3 top level modules in Red Loans. Slide 13 gives the high level lifecycle per MISMO. This includes a lot of detail in slide 14 that comes directly out of MISMO and general business concepts, which go into more detail than Red FIBO. Ditto Slide 15. These are all based on Lynn's experience on the business side, in terms of the lifecycle of a loan from an internal business perspective. Another source of insight has been Max Gillmore's feedback. Max's input is based on categorization of the concepts. Loan domain covers the loan facility (the option to borrow under given terms of the actual loan itself.

Michael Uschold: I take this deck (Loan Concepts Integrated) to be a starting point for subject matter to cover. Are there any other major sources that we need to consider before we get started, or is this deck more than enough for now? I guess the latter, just to be sure.

Thirdly the credit enhancement process. Then there are things like on boarding that Max would categorize as part of the credit assessment process. There may be operational differences between the US and Australia, so we may need to focus on what words define these concepts in a non us specific and jurisdiction neutral way. As with BE, it then becomes possible to organize the jurisdiction specific variations in separate ontologies that extend the globally valid concepts we need to see in the main body of FIBO.

Today: set the stage for the team to move forward.

MU has had a chance to look at some of the materials that were available in the Red

FIBO.

This issue (LOAN1) is renamed and closed. The output of this task is in the Wiki.

https://wiki.edmcouncil.org/download/attachments/786606/Loan%20Concepts%20Integrated.pptx?api=v2 This is linked to from the JIRA issue.

LOAN3 https://wiki.edmcouncil.org/display/LOAN/Loan+Team+Documents Done and linked

LOAN4 Starting onto. Dean's action. Has taken Slide 5 from Lynn's slides and put together an example of some restrictions on the classes to show the duality between the classes and the properties, and done a presentation on that. Needs to dig that up. Not closed until Dean finds it. Along with an explanation of how the inferencing works. Dean will then run through this with Mike. Will include Lynn. We will do that presentation on next weeks slot at this time. Add Dennis and use this GTM.

LOAN6 Elisa briefing material to wiki – closed.

https://wiki.edmcouncil.org/pages/viewpage.action?title=Draft+FBC+Specification+Materials&spaceKey=FBC

5:33 PM: LOAN8 - Done. Closed

LOAN9 David to work with Dean. This looks like a BE activity. Was added here so as to look at patterns that may apply here. To be assigned to Mike U. David has done some work in derivatives relating to swaps and interest streams and so on, similar to and comparable to the terms needed in Loans. Also need to reverse engineer these back. Also fits with Max's structures. MB also show MU the common contractual terms for all forms of debt, at a level above loans, bonds, swaps etc. these are somewhere in Foundations at present, we need to make sure these don't get replicated somewhere else.

Michael Uschold: Could this task be renamed to: DN to teach MU how swaps relate to loans. Not just swaps specifically, but there are also common concepts in legacy Red FIBO that are common to all debt including bonds we need to elevate those common terms from legacy Red Foundations Accounting, into FBC, and then identify the swap and loanspecific sub classes of those

https://wiki.edmcouncil.org/download/attachments/786606/Loan%20Concepts%20from%20Max.pptx?api=v2

LOAN10 add Jeff B - closed

LOAN11 MU learn our GitHub JIRA and the Wiki - Closed

LOAN13: Lynn to show MU existing loans material - Closed

3 issues remain open

LOAN4 is assigned to Dean.

Types of issue: do we have criteria for which ones to use? JIRA defaults to the last setting in that field if you don't reselect something else. The same is the case with Priority level. The person to whom an issue is assigned is able to make changes to the issue. Assigned to means who is the point person who is responsible for the task being completed. An issue can only be assigned to one person. The person doing the task is not permitted to close the task. In our process, the reporter should close an issue even though it is physically possible to close it yourself as the assignee, you should not do that per our process. Before the reporter of the FLT agree to close an issue, we should really put in the action that was taken.

Next steps:

Look to Mike U to see what he has in mind. MU: Review of what he's done so far, raise some questions for future sessions. Update from MU: See slide deck.

Slide 1 gives progress / activities to date. Use cases: Do we need to revisit the 2 use cases that are documented? LC: these are still our 2 use cases (HMDA and schema.org)

MB: The definition given for Loan corresponds to Red FIBO "Loan" for Loan and is distinct from the Loan Contract. LC comment: we keep calling these loans, but implicit in this is lines, such as Credit Lines. Need to revisit this in the context of Credit Facility.

Slide 3 shows the working draft from Mike U. There are further distinctions Loan Product is as defined in Red FIBO and elsewhere but there is also the concept of an "Offer" which is distinct from the product and from the loan. Also there is distinction between an contract term, which has text (content), versus what that means, which is the Commitment. The text is distinct from the legal commitment or there legal import of what that text says. Also Loans and Lines the notion of Credit Facility, where Loans and Lines combine these.

Slide 6 steps in a mortgage. Questions on the process versus the documents produced by those processed. (Foundations may be able to help with this, in terms f Process model archetype).

Slide 8 sets out the agenda to identify the linkages to the high level concepts in the

Foundations material (including future Foundations abstractions).

Slide 17 shows what is in the draft model already

Action: MU to put this on the wiki and ask for comments.

Action items

Michael MU to put his presentation on the wiki and ask for comments
Error rendering macro 'jira' : Unable to locate Jira server for this macro. It may be due to Application Link configuration.
.