Date

13 Aug 2015

Attendees

Lynn Calahan [X] (Unlicensed)

Decisions:

Discussion items:

20150813 FIBO-Loans SME FCT

Michael Uschold shows slides

Liju Fan: Was this done in visio or an ontology tool?

MU: In a Semantics Arts Tool

Liju Fan: Can the graph be exported directly into an ontology tool?

Liju Fan: Can we create a new term "Loan Document" to link to terms?

Lenss, Viesturs (CFPB): Can the loan offer be viewed as being the same as the loan product, except that it that exists in a different state of the loan origination workflow?

Mike Bennett: Interesting idea.

Lenss, Viesturs (CFPB): If so, then it may not be different from the set of contract terms and the instance is merely a representation of the data in a structured document or format and does not represent the data in and of itself.

Liju Fan: Agreed

Lenss, Viesturs (CFPB): There can also be obligations related to transferred risk such as with insurance or guarantees against the loan and underlying asset.

Mike Bennett: Indeed there are many obligations. In the end every financial instrument is built out of a set of obligations and as you say, there may be separate contracts with separate parties that take on other obligations (such as underwriting).

Lenss, Viesturs (CFPB): Another way to look at it is that a loan contract can be divided info financial terms, as shown, and other performance terms (e.g., warranties, covenants, remedies, etc.).

Cooper, James Dean: You could use "Establishes" or "Defines" for the relationship from Contract to Obligation

Mike Bennett (to Everyone): Viesturs you are right this is true of contracts generally and is in the Contracts archtypes model. Contracts have warrants and representations, termination terms and so on. We kept it simple for now but it's worth expanding on things like remedies and other common stuff. Eventually everything that a contract defines is either a commitment, a representation / warranty, agreed measures and triggers for contingent events, descriptions of contingent events, and a few other standard things. We did some of that work around Master Agreements but it's very much prototype.

Lenss, Viesturs (CFPB): A loan contract can also be a subordinate relationship to another instance of loan contract (e.g., primary, secondary loan).

Barrett, Matthew J.: One question on the last slide - when it makes sense Collateral Agreement as noted in that slide, is that (from a document level) intended to reflect the Appraisal or the Note?

Lenss, Viesturs (CFPB): Appraisal can be considered as an event, but it is also often treated as a document or artifact. The same can be true of the inspection.

Mike Bennett: The same words are often used to refer both to an event and to the record of that event. A good example of what they call synecdoche. Hence the need for the ontology to frame a class of things that is an activity or event, and another class of thing that is the record coming out of that. One of the reasons we needed ontology instead of vocabularies :)

Action items

Michael Work both the SME facing and the ontologist facing models according to the standards required by OMG
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