Since most interest rates for mortgages are controlled by the government, intense competition sees to it that a great deal in terms of business depends on the quality of service offered to clients - who shop around for the loan best suiting their needs.
The expert system provides the branch with a significant amount of assistance simply by producing correct applications for a loan.
After a prototype is made, the construct should be presented to expert loan officers who, working together with the knowledge engineer(s) will refine the first model.
Whether simple or sophisticated, an expert system for mortgages should be provided with explanation facilities that show how it reaches its decisions and hence its advice.
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.
There are some expert system that was developed to assist attorneys and paralegals in the closing process for commercial real estate mortgage loans.
It was felt that an expert system could provide significant benefits to this process, which is extremely complex and involves large amounts of money.