RALEIGH, N.C. - Price competition and cost-cutting have been a driving force for the mortgage industry since the heavy volume of the 1992- 93 refinance boom disappeared.

Ralph S. Mozilo, executive vice president of Countrywide Funding Corp., Pasadena, Calif., told the Eastern Secondary Market Conference here that mortgage lenders should not pass on the cost of new technology to their customers. Rather, he said, lenders should pass on the savings they will reap from the investment.

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