USE CASE MODEL

Here are the use case models for our software project:



Actor: business users /
Buyer qualification Use Case
Collect personal data
Perform calculations
Show buyer qualification
Print report / Actor: customers
Use Case name: / Buyer Qualification
Definition: / Computes the maximum amount of purchasing power, given the income and debt of the borrower and the interest rate of the proposed loan. To do this the total monthly payment, including the principal and interest, property tax, hazard insurance and mortgage insurance (if required) are added to the borrowers existing consumer debt (lasting more than 6 months) and this total is then compared to the borrowers income. If the selling price is know that income to debt ratio is computed.
Notes:


Actor: business users /
Cost comparison Use Case
Collect financial data
Perform calculations
Show cost comparison
Print report / Actor: customers
Use Case name: / Cost Comparisons
Definition: / Creates a side by side comparison of up to three loan programs. It is generally used by real estate agents during an open house sales presentation to gain buyer interest. Because the program only generates 10 pt. courier output it is generally printed over a letter head or some sort of attractive background to make it more appealing from a marketing stand point.
Notes:


Actor: business users /
P.I.T.I. calc. Use Case
Collect financial data
Perform calculations
Show P.I.T.I. calculations
Print report / Actor: customers
Use Case name: / P.I.T.I. Calculations
Definition: / Computes the Principal Interest Tax and Insurance elements of the total monthly loan repayment schedule. Principal and interest are the monthly payment most people have in mind, but there are also the real estate taxes, hazard insurance and mortgage insurance (generally required if the down payment is less than 20% of the selling price) to be considered. The total payment P.I.T.I. is an important consideration in loan qualification.
Notes:


Actor: business users /
Loan comparisons Use Case
Collect loan data
Perform calculations
Show comparison report
Print report / Actor: customers
Use Case name: / Loan Comparisons
Definition: / Gives the loan originator the ability to be a loan consultant. Using this program the LO can guide the borrower to the best loan option. It accomplishes this by calculating the actual cost of a loan over a given amount of time. The cost to originate the loan is added to the interest paid and compared to the loan balance at some time in the future to determine the lowest actual cost. For example a loan that cost 10% (10 points) to originate would cost more than one that cost only 2 points, but what if the one that cost 10 points had an interest rate of 2% and the one that cost 2 points to originate had an interest rate of 10%.
Notes:


Actor: business users /
Mortgage refinance Use Case
Collect loan data
Perform calculations
Show refinance report
Print report / Actor: customers
Use Case name: / Mortgage Refinance
Definition: / Compares the borrowers current loan to a proposed one. It computes the difference in payments and the difference in loan balances given a point in the future. It also computes the number of months necessary to regain the cost of originating the new loan. An old rule of thumb is don't refinance until the rate is at least 3% lower than the current loan. This program typically proves the foolishness of that rule of thumb.
Notes:

Actor: business users /
Amortization schedule
Use Case
Collect financial data
Perform calculations
Show amortization info
Print report / Actor: customers
Use Case name: / Amortization Schedules
Definition: / This part of the program uses input from users to produce amortization schedules.
Notes:


Actor: business users /
Fixed rate vs. ARM Use Case
Collect financial data
Perform calculations
Show report
Print report / Actor: customers
Use Case name: / Fixed Rate Loan vs ARM
Definition: / Compares a fixed rate mortgage to a adjustable rate mortgage. It produces a best and worst case scenario given the number of months a borrower intends to keep the mortgage. In general the ARM will win out if the retention period is short. Some types of adjustable rate financing (negative amortization allowed) can be desirable for some borrowers because they allow the borrower to keep the payments low by tacking the difference on to the loan balance (pay me now, pay me later).
Notes:


Actor: business users /
Financial calculator Use Case
Collect five elements data
Perform calculations
Show report
Print report / Actor: customers
Use Case name: / Financial Calculator
Definition: / Computes the five elements (loan amount, monthly payment, loan term, interest rate and loan balance) of a simple financial calculator. It computes any one of the four elements (loan amount, payment, term, interest rate when only three of the elements are known. If I know the term, interest rate and loan amount what is the monthly payment? If I know the payment, term and loan amount what is the rate? It also computes the future loan balance when the four elements are given along with a future date (number of months the loan is in force). Therefore I can know how much I will owe in 60 months if I make all my payments on time for a given loan amount, rate, payment amount and loan term.
Notes:

Actor: business users /
Closing cost estimate
Use Case
Collect financial data
Perform calculations
Show estimate report
Print report / Actor: customers
Use Case name: / Closing Cost Estimate
Definition: / Calculates the actual cost of obtaining the loan including all the various elements. It also computes the monthly PITI payment and as an option will compute the APR.
Notes:

Actor: business users /
Seller’s net proceeds
Use Case
Collect financial data
Perform calculations
Show net proceeds report
Display schedule
Print reports / Actor: customers
Use Case name: / Seller’s Net Proceeds
Definition: / Calculates the cost to the seller for a sales transaction, including the closing costs associated with selling a home and the real estate commissions. It also includes an investment schedule should the seller opt to invest some of the proceeds.
Notes:


Actor: business users /
Rent vs. Buy Use Case
Collect home data
Perform calculations
Show reports
Print reports / Actor: customers
Use Case name: / Rent vs Buy
Definition: / Compares the cost of renting to home ownership. All the elements are considered including the estimated appreciation of the property, the equity to be gained, over time, in the home and the tax advantages.
Notes:
Actor: business users /
Saving user data Use Case
Store user info to the DB / Actor: customers
Use Case name: / Saving User Data
Definition: / Save user specific information into a database management system for later retrieval.
Notes: / Will be implemented on a case-by-case basis.

Actor: business users /
Retrieving user data Use Case
Choose a user
Retrieve info from the DB / Actor: customers
Use Case name: / Retrieving User Data
Definition: / Retrieves user specific data from the database management system for form generation. This data may be edited and saved back into the database management system.
Notes:

Actor: business users /
Deleting user data Use Case
Choose a user
Delete their data / Actor: customers
Use Case name: / Deleting User Data
Definition: / Deletes old or inaccurate user accounts from the database management system.
Notes:
Actor: business users /
Program variables Use Case
Change program settings / Actor: customers
Use Case name: / Program Variables
Definition: / All the assumptions and defaults made by the program are listed and can be changed by the program user.
Notes:

Actor: business users /
Help system Use Case
Help using the program
Help setting up accounts
Loan descriptions
Menu item descriptions / Actor: customers
Use Case name: / Help system
Definition: / This is the part of the system that contains the help files, and is intended to help the user understand how the program operates and what it’s functions are. Perhaps the most important part of this system is the ability to find out more about what each of the reports mean.
Notes:

There are currently only a few actors in our system, because it's a standalone application (not connected to external actors such as web and database servers), and is targeting a specific group of users.

Actor name: / Business users
Definition: / People who could use the program to advise clients about their home-mortgaging possibilities
Notes: / Other business uses are possible.
Actor name: / Customers
Definition: / The people who are interested in mortgaging their home, and want to use the features of the program themselves.
Notes: / Packaging this product along with some of the company's other products and allowing customers to run it on their own would add value, and the product could also be sold by itself.