Application of Expert Systems For Mortgages
Expert systems for mortgages find an application for mortgage loans. For example, Federal National Mortgage Association (FNMA), commonly known as Fannie Mae use the Mavent Expert System. Through the Mavent Compliance Console (MC2), the front-end interface to the Mavent Expert System, Fannie Mae review loans for compliance with its policies on the Truth in Lending Act (TILA), federal and state high-cost lending laws, and the points-and-fees test as outlined in the Fannie Mae Selling and Servicing Guide.
Expert systems for mortgages can be used not only in mortgage banking, but also in law. There are some expert system that was developed to assist attorneys and paralegals in the closing process for commercial real estate mortgage loans. "The system identifies the legal requirements for closing the loans by considering the numerous individual features specific to each particular loan. It was felt that an expert system could provide significant benefits to this process, which is extremely complex and involves large amounts of money. To our knowledge, expert systems technology had not previously been applied to this domain. Successful development and implementation of the system resulted in the realization of the anticipated benefits, and a few others as well".
Read more about this topic: Expert Systems For Mortgages
Famous quotes containing the words application of, application, expert and/or systems:
“The best political economy is the care and culture of men; for, in these crises, all are ruined except such as are proper individuals, capable of thought, and of new choice and the application of their talent to new labor.”
—Ralph Waldo Emerson (1803–1882)
“Preaching is the expression of the moral sentiment in application to the duties of life.”
—Ralph Waldo Emerson (1803–1882)
“You may, or may not, have better child care instincts than your husband; but his can certainly be developed. If you don’t respect the natural parenting talents that each of you has, you may inadvertently cast the two of you into the skewed but complementary roles of the Expert and the Dumb Apprentice.”
—Jean Marzollo (20th century)
“Our little systems have their day;
They have their day and cease to be:
They are but broken lights of thee,
And thou, O Lord, art more than they.”
—Alfred Tennyson (1809–1892)