Residential mortgage lending is being reengineered. The focus of the reengineering is in three' key areas: reduction of loan origination expenses, improved customer service through innovative use of technology, and development of a flexible organization that responds quickly to changes in consumer demands and the cyclical nature of the mortgage market.

Lenders, software vendors, secondary market conduits, and consultants are leading the charge. For those lenders that continue to do business in the same old way, these changes will put them further and further behind. Over time, the cost of catching up will be huge.

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