FREDERICK, Md. -- Ultraprise Corp. announced Tuesday that it has received a patent for its web-based loan trading technology.
Ultraprise executives said the patent covers the company's mortgage bond trading system, which facilitates loan sales in the secondary market.
In addition, the patent covers the system's decision-making features, which allow users to search loan information, automatically select certain loans in a pool, electronically notify a user when a bid has been placed or accepted, and register rules corresponding to user's purchasing criteria.
"This patent is a major victory for Ultraprise Corporation, our customers, and our partners," John Bourne, president and chief executive officer, said in an interview. "We have now been officially recognized as the innovator of the automated business-to-business technology solution."