<s>
An	O
expert	B-Application
system	I-Application
for	O
mortgages	O
is	O
a	O
computer	B-Application
program	I-Application
that	O
contains	O
the	O
knowledge	O
and	O
analytical	O
skills	O
of	O
human	O
authorities	O
,	O
related	O
to	O
mortgage	O
banking	O
.	O
</s>
<s>
Loan	O
departments	O
are	O
interested	O
in	O
expert	B-Application
systems	I-Application
for	I-Application
mortgages	I-Application
because	O
of	O
the	O
growing	O
cost	O
of	O
labor	O
which	O
makes	O
the	O
handling	O
and	O
acceptance	O
of	O
relatively	O
small	O
loans	O
less	O
profitable	O
.	O
</s>
<s>
They	O
also	O
see	O
in	O
the	O
application	O
of	O
expert	B-Application
systems	I-Application
a	O
possibility	O
for	O
standardized	O
,	O
efficient	O
handling	O
of	O
mortgage	O
loans	O
,	O
and	O
appreciate	O
that	O
for	O
the	O
acceptance	O
of	O
mortgages	O
there	O
are	O
hard	O
and	O
fast	O
rules	O
which	O
do	O
not	O
always	O
exist	O
with	O
other	O
types	O
of	O
loans	O
.	O
</s>
<s>
Expert	B-Application
systems	I-Application
for	I-Application
mortgages	I-Application
considers	O
the	O
key	O
factors	O
which	O
enter	O
the	O
profitability	O
equation	O
.	O
</s>
<s>
The	O
expert	B-Application
system	I-Application
corrects	O
this	O
failure	O
”	O
.	O
</s>
<s>
The	O
expert	B-Application
system	I-Application
also	O
capitalizes	O
on	O
regulatory	O
possibilities	O
.	O
</s>
<s>
Expert	B-Application
system	I-Application
for	O
mortgages	O
takes	O
care	O
of	O
these	O
by	O
providing	O
branch	O
employees	O
with	O
tools	O
permitting	O
them	O
to	O
process	O
an	O
application	O
correctly	O
,	O
even	O
if	O
a	O
bank	O
employee	O
does	O
not	O
have	O
an	O
exact	O
knowledge	O
of	O
the	O
screening	O
procedure	O
.	O
</s>
<s>
The	O
expert	B-Application
system	I-Application
neither	O
refuses	O
nor	O
grants	O
loans	O
,	O
but	O
it	O
:	O
</s>
<s>
The	O
expert	B-Application
system	I-Application
provides	O
the	O
branch	O
with	O
a	O
significant	O
amount	O
of	O
assistance	O
simply	O
by	O
producing	O
correct	O
applications	O
for	O
a	O
loan	O
.	O
</s>
<s>
In	O
many	O
cases	O
the	O
client	O
had	O
to	O
choose	O
between	O
different	O
types	O
of	O
loans	O
,	O
and	O
it	O
was	O
planned	O
that	O
expert	B-Application
system	I-Application
should	O
enable	O
bank	O
employees	O
to	O
advise	O
clients	O
on	O
the	O
type	O
of	O
loan	O
which	O
best	O
matched	O
their	O
needs	O
.	O
</s>
<s>
The	O
main	O
tasks	O
of	O
expert	B-Application
system	I-Application
for	O
mortgages	O
focused	O
on	O
:	O
</s>
<s>
Simple	O
expert	B-Application
systems	I-Application
constitute	O
the	O
first	O
phase	O
of	O
a	O
loan	O
application	O
for	O
mortgage	O
purposes	O
.	O
</s>
<s>
Whether	O
simple	O
or	O
sophisticated	O
,	O
an	O
expert	B-Application
system	I-Application
for	O
mortgages	O
should	O
be	O
provided	O
with	O
explanation	O
facilities	O
that	O
show	O
how	O
it	O
reaches	O
its	O
decisions	O
and	O
hence	O
its	O
advice	O
.	O
</s>
<s>
The	O
confidence	O
of	O
the	O
loan	O
officer	O
in	O
the	O
AI	B-Application
construct	O
will	O
be	O
increased	O
when	O
this	O
is	O
done	O
in	O
a	O
convincing	O
manner	O
.	O
</s>
<s>
Expert	B-Application
systems	I-Application
for	I-Application
mortgages	I-Application
find	O
an	O
application	O
for	O
mortgage	O
loans	O
.	O
</s>
<s>
For	O
example	O
,	O
Federal	O
National	O
Mortgage	O
Association	O
(	O
FNMA	O
)	O
,	O
commonly	O
known	O
as	O
Fannie	O
Mae	O
use	O
the	O
Mavent	O
Expert	B-Application
System	I-Application
.	O
</s>
<s>
Through	O
the	O
Mavent	O
Compliance	O
Console	O
(	O
MC2	O
)	O
,	O
the	O
front-end	O
interface	O
to	O
the	O
Mavent	O
Expert	B-Application
System	I-Application
,	O
Fannie	O
Mae	O
review	O
loans	O
for	O
compliance	O
with	O
its	O
policies	O
on	O
the	O
Truth	O
in	O
Lending	O
Act	O
(	O
TILA	O
)	O
,	O
federal	O
and	O
state	O
high-cost	O
lending	O
laws	O
,	O
and	O
the	O
points-and-fees	O
test	O
as	O
outlined	O
in	O
the	O
Fannie	O
Mae	O
Selling	O
and	O
Servicing	O
Guide	O
.	O
</s>
<s>
Expert	B-Application
systems	I-Application
for	I-Application
mortgages	I-Application
can	O
be	O
used	O
not	O
only	O
in	O
mortgage	O
banking	O
,	O
but	O
also	O
in	O
law	O
.	O
</s>
<s>
There	O
are	O
some	O
expert	B-Application
system	I-Application
that	O
was	O
developed	O
to	O
assist	O
attorneys	O
and	O
paralegals	O
in	O
the	O
closing	O
process	O
for	O
commercial	O
real	O
estate	O
mortgage	O
loans	O
.	O
</s>
<s>
It	O
was	O
felt	O
that	O
an	O
expert	B-Application
system	I-Application
could	O
provide	O
significant	O
benefits	O
to	O
this	O
process	O
,	O
which	O
is	O
extremely	O
complex	O
and	O
involves	O
large	O
amounts	O
of	O
money	O
.	O
</s>
<s>
To	O
our	O
knowledge	O
,	O
expert	B-Application
systems	I-Application
technology	O
had	O
not	O
previously	O
been	O
applied	O
to	O
this	O
domain	O
.	O
</s>
