Slashing time, costs from real estate loans

Automated systems differ from technology

SAN FRANCISCO–Of every dollar spent on labor costs to originate a mortgage, 85 cents goes toward activities that don’t add value to the process.

Many of those – such as creating and following checklists – could be automated, saving money for a company, said Neal Siegel, senior consultant with IBM. Siegel’s comments were part of a session this week on “Lowering cost through automated underwriting, decisions and scheduling” at the Mortgage Bankers Association’s 2004 convention.