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".
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