Paul Clancy, Gerald Hoenig, and Arnold Schmitt
This paper describes an 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.