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NOTE: This is an overview page, make general comments here. Do not make specific comments on the suggested additions here, they will get their own pages in due course.

 

This note identifies a number of concepts that are needed for the loans ontology, but that are not loan-specific. I recommend that they be added somewhere else in FIBO. For example, we need a property that points to a contract that the current contract was based on in some way. E.g. for an assumed mortgage.  

  1. Where should it go: in the contracts ontology
  2. Suggested name: "originalContract"  
  3. Temporary name in the loans ontology:  loans:fibo-ctr-mfu-originalContract

The URI is prefixes with where I suggest it belongs, along with my initials "mfu" so they can quickly be identified. Suggested process for each:

  1. agree on the URI and definition for the concept
  2. agree on what ontology it belongs in
  3. add the concept to that new ontology under the accepted change management policies
  4. rename the concept in the loans ontology to be the new URI.

Categorizing Work

  1. Simple changes, well defined

List by Concept Type

ResourceDef
lnu:ActualPaymentAn actual payment occcurrence, whereby the borrower submits payment in order to fulfill an obligation to repay a loan.
lnu:ApplicationA request submitted by an applicant to receive something (e.g. a licence, a loan, a membership).  Is accompanied by documentation of pertinent information to determine whether the request should be granted.
lnu:BE-ContactPurposeA virtual address for communication via phone.
lnu:ChargeCategoryA specific indicator of what a charge is for (e.g. closing costs, interest)
lnu:ConstructionTypeA particular kind of construction
lnu:ContactInfoA way to make contact with a person or organization for a particular reason regarding something.  The details may be role-specific, so the information cannot always go on the individual or organization.
lnu:DwellingCapacityA category indicating how many dwellings some property has.
lnu:FNDInformationProductA Product that is informational in nature, rather than physical.
lnu:MetroDivisionMetropolitan division (MD) is an area specified by the government to describe a subsection of a certain metropolitan statistical area.  In the US, this is governed by the Census Department.
lnu:MetroStatAreaMetropolitan statistical area (MSA) is an area specified by the government to describe a certain metropolitan statistical area.  In the US, this is governed by the Census department.
lnu:PaymentHistoryA record of actual payments of principal, interest, and other related amounts made by a borrower to a lender or servicer in order to fulfill their re-payment obligation.
lnu:PaymentScheduleA Schedule of amounts of principal and interest that are due over the term of the loan in order to fully pay off the obligation.
lnu:PropertyInspectionThe act of analyzing one or more aspects of a real property for independent assessment of status or deficiency.
lnu:ReportA body of information organized in a narrative, graphic, or tabular form, prepared on ad hoc, periodic, recurring, regular, or as required basis. Reports may refer to specific periods, events, occurrences, or subjects, and may be communicated or presented in oral or written form.
lnu:RiskAssesssmentAn information product derived from the transaction history of a credit account.
lnu:ScheduledPaymentA scheduled payment occurrence that is part of a payment schedule covering the term of the loan.
lnu:SpecificationA body of information specifying what properties, structure and/or results something should or must have after it has been built, fulfilled or completed. The thing may be physical (a building), organizational (a management structure), computational (a program), job or task related (e.g., a CEO, Chief Judge) or changing oil in a car. It may be a set of characteristics saying what something must be, or a set of instructions saying how to do something.
lnu:TextA set of words and characters expressed in some language. E.g. a description, a message
lnu:TransactionEvent 
lnu:TransactionHistoryA record of actual account transactions, be they payments, withdrawls etc.
lnu:ValuationA Measurement to assess the value of something, e.g. a house, or a bond. The result is in some currency.
lnu:adr-EmailAddressA virtual address for sending email communication to.
lnu:adr-PhoneNumberA virtual address for communication via phone.
lnu:alx-MeasurementThe act of taking a measurement.  Some measurement procedure is used to measure some aspect of something giving a result typicalliy expressed in some units .  E.g. a valuation measuring the value of an asset expressedin USD
lnu:fbc-SecurityAgreementAgreement between two trading parties that contains information about their relative duties and rights regarding the disposition of a specified asset that has been used as collateral.  Adapted from ISO 20022.
lnu:fnd-RequestAn agent asks another agent for something or to do something.
lnu:fnd-ResponseThe act of responding to an Occurrence, often a communication.
lnu:fnd-RiskAssesssmentThe occurrence of assessing the risk of something.
lnu:pas-LineItemA description of a product or service including its unit cost, number of units and total cost.
lnu:pas-MarketCategorySpecifies the market domain in which a product is offered.
lnu:pas-mfu-OfferA commitment to provide a product or service for an agreed price, if a buyer comes along.
lnu:pty-CreditReportingAgency_IThis is the independent party, not the party in role
lnu:pty-CreditRepository_IThis is the independent party, not the party in role

Classes:

  • loan:fibo-pas-mfu-Offer
  • loan:fibo-alx-mfu-Measurement
    • Create as a subclass of Occurrence.
    • hand off to FND,
  • loan:fibo-mfu-Valuation
    • hand off to FBC
  • loan:fibo-fbc-mfu-Settlement
  • loan:mfu-Report
  • loan:fibo-mfu-ApplicationDocument
  • loan:fibo-mfu-MetroDivision
  • loan:fibo-mfu-MetroStatArea
  • loan:mfu-EIN
  • loan:adr-mfu-EmailAddress
  • loan:adr-mfu-PhoneNumber
  • loan:fibo-mfu-Specification (optional, for information artifacts that indicate how, what, when something should must or may be done. It includes agreements, regulations, monetary amounts etc.  Makes for a less flat hierarchy.) There is an sm:Specification, but it is a skos:Concept which is not what we want).
  • loan:fibo-Inspection
  • loan:fibo-instantiates
  • loan:fibo-InsuranceContract
  • loan:fibo-InsuranceType

Object Properties:

  • loan:fibo-own-mfu-hasValue to connect Asset to its value
  • loan:ctr-mfu-originalContract
  • loan:rel-mfu-hasMember [loan:rel-mfu-isMemberOf ] (meaning generic member)
  • loan:fibo-own-mfu-hasValue (use hasNotionalAmount)
  • loan:dt-fd-mfu-coversPeriod (e.g for when the scope of something is a DatePeriod, e.g a reporting period)
  • loan:rel-mfu-isProducedBy (to generalized pas:isProducedBy that only applies to a Product).
  • loan:rel-mfu-submittedBy (for forms, legal documents etc)
  • loan:mfu-ContactInfo
  • loan:mfu-hasOrgContactInfo
  • loan:mfu-hasIndividualContactInfo
  • loan:fibo-appraiser
  • loan:fibo-seniorAppraiser
  • loan:fibo-participant
  • loan:fibo-giver, loan:fibo-getter
  • loan:fibo-input(inputOn) output(outputOn)
  • loan:fibo-insuranceProvider
  • loan:fibo-itemInspected
  • loan:fibo-itemOffered
  • loan:fibo-performedBy

 Data Properties

  • loan:rel-mfu-hasCount (to generalize fibo-fnd-dt-fd which only applies to a RegularSchedule)
  • loan:mfu-hasString – to connect a text object to its string.

List by Ontology Grouping

FND

Arrangements: fibo-fnd-arr-arr

fibo-arr-arr-mfu-isGenericMemberOf: indicates that an individual is in a Collection. Add this to arrangements ontology, make it a superproperty of isMemberOf, which is too narrowly defined. 

 

Contracts: fibo-fnd-agr-ctr

fibo-ctr-mfu-originalContract: Points to a contract that the current contract was based on in some way. E.g. for an assumed mortgage

 

Analytics: fibo-fnd-utl-alx 

fibo-alx-mfu-Measurement: The act of taking a measurement.  Some measurement procedure is used to measure some aspect of something giving a result typicalliy expressed in some units .  E.g. a valuation measuring the value of an asset expressedin USD

 

Products and Services: fibo-fnd-pas-pas

loan:fibo-pas-mfu-Offer:  A commitment to provide a product or service for an agreed price if a buyer comes along.

 

FBC

Not Sure which ontology:

 fibo-fbc-mfu-Settlement: An Occurrence whereby monies are transferred to the parties' accounts, e.g. for a trade or a loan.

 

Country?  fibo-fnd-plc-cty

loan:fibo-mfu-MetroDivision: Metropolitan division (MD)

loan:fibo-mfu-MetroStatArea: Metropolitan statistical area (MSA)


Documents: fibo-fnd-arr-doc

fibo-fbc-mfu-ApplicationDocument: A Document used to apply for something.

 

UNSURE where it should go.

loan:fibo-mfu-Valuation: A Measurement to assess the value of something, e.g. a house, or a bond. The result is in some currency.

<< in process, unfinished >>

 

 

 

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3 Comments

  1. David has some interesting parallels in derivatives for some of this......especially settlement, as derivatives also "experience" a kind of settlement. We should discuss mortgage assumptions because I do not think we may need the utility that you are describing. A Mortgage Assumption, as descried by the HMDA Rule " provides that assumptions occur when an institution enters into a written agreement accepting a new borrower as the obligor on an existing obligation."  Therefore, while the assumption is a new transaction in substance, it is truly a modification to an existing contract.   If this is the case, do you need the "originalContract" notion?  Or is it more like a Mortgage Modification, where some elements of the existing contract are only modified?

     

    If we need adjustments or additions to FND, we need to request them through JIRA or the process that MB has on the FND page. Likewise, I would assume we could log requests through JIRA to BE or FBC, as necessary.

     

    Best Regards,

    Lynn

    1. Fine with me, I can remove originalContract. Do we need to have a separate class for AssumedMortgageLoanContract? 

    2. This is an overview page, make general comments here. Best to not make specific comments on the suggested additions here, they will get their own pages in due course. The discussions can be had there. When a decision is made, the issue can move to JIRA with the solution outlined.