2015-12-03 Meeting notes
- Pawel Garbacz
- Lynn Calahan [X] (Unlicensed)
- Michael
Date
Attendees
Agenda
1) Use Case reminder.
2) Where we are on our road map.
3) Open Action Items
4 ) JIRA Issues Review
5) Todays content discussion.
UML
Spreadsheet
Protégé
6) For next week.
Proceedings
- Updated meeting deck: MeetingDeck12032015.pptx
- HMDA Spreadsheet: HMDA DDF Draft 1_4 MASTER_delta version_12022015.xlsx
- Loan HMDA Use Case_v2.docx
- 201512_cfpb_hmda_small-entity-compliance-guide.pdf
- 201511_cfpb_hmda-reporting-not-applicable.pdf
- 201510_cfpb_hmda-summary-of-reportable-datav2.pdf
Notes by MU:
Max: collateral vs. collateral agreement. Seems to be ok as it is, the collateral is an economic resource that is owned.
Jim: upper model for FIBO seems wrong, RealEstate should not be a subclass of Location, there is much more to it than just a Location.
Others agree, will be sent to the FND group, the RealEstate has a location, it is not a Location.
Lenss: we have a malleable structure, e.g. a house. It is not considered under real estate.
Jennifer: Real estate is the fixed property, not the stuff that is on it.
Lenss: multi-family structure could have multiple addresses, may not have any address per se.
Max: difference between the document itself, and the information content. The document is evidence.
Max: clear distinction between EconomicResource, and the Asset which is the owned EconomicResource.
Liju; we need definitions, and once we agree, it is easy to create the OWL. Definitions of class should mention the superclass. Each class we should have instances in financial databases, rather than abstract classes.
Max: issue to FND: A commitment need not be a legal construct.
Issue 20: ownership, need to know how a title is held on a property. :LC and MU to go over this off-line.
Issue 29: an issue for FND, we can modify as needed later.
Issue 24: Lynn move to Wiki action.
Issue 37: duplicate, delete
Issue 38: deferring to 2016
Issue 34: LC met with Lucy, closed out.
MU section, relationships and properties and also new things added based on HMDA.
Jim: asking about how skos fits into rest of FIBO
LynnC: happy to work with Jim on that, also Jennifer.
Events: apparaisal, objectives and outcome, dollar amount,
Max: not on the loan contaract itself, was used in production.
Liju: events happen in an order, before/after process.
Lenss: certain event are specific to loan (e.g. closing). Others associated with risk assessment, ancillary to loan itself. Loan only cares about appraised value. appraised value is associated with the real estate, how much of the value is being offered as security.
Max: goes to risk assessment/mitigation
MU: is the appraised value different form the value being offered as security?
LC: there is a loan to value %, can be over 100% (e.g. underwater).
MU: where does appraised value go?
Max: several dimensions, if a default, how get $ back. In case of mortgage, it is the property. Key thing is value.
Lenss: improvements might be taken into account for appraised value.
LC: outputs/inputs of events, credit reports, appraised value etc. One way to deal with tit is to have risk assessment class which has properties hanging off of it.
Max: applies to any financial exposure, not just loans.
MU: strictly outside of loans, but key to us, so we need to tackle it.
Appraisal/Valuation: appraised value, date of appraisal, including variability analysis on the evaluation (confidence range) maybe the algorithm used.
Credit check: credit report is output. Liability, date, credit scores, credit score model, probability of default, public records (e.g. bankruptcy), credit score model. Key thing for loan record is the score and the model and the liability. We need some but not all inputs, just the ones that loan documents need.
Closing: the date, like settlement, not need to go into the details. there is date and disclosures. Closing Disclosure (before the fact), is a form, details of transaction, high level overview. Huge stack of paper at closing, many documents, we do not care about. Becomes a loan when signed.
Recording: not important now defer. Happens at courthouse, makes it official, dates are important.
Settlement: funds are distributed.
Decisions