An underwriting manager at a regional bank told us something that perfectly captures the problem this article addresses.
"My team spends three hours gathering documents and running calculations for every one hour they spend actually assessing risk. We hired underwriters for their judgment. We're paying for their judgment. And they spend 70 percent of their day on work that doesn't require any."
That ratio, 70 percent procedural, 30 percent judgment, is remarkably consistent across every lending op
