What function does the IT organization perform at GMAC Commercial Mortgage?
Patel: It’s about velocity – how do we speed up our businesses? In financial services, just like manufacturing, we’re constantly figuring out ways to move products out faster. In our case, it’s about information flow. When we purchase a loan and it goes into our servicing division, we need to look at a financial statement. That statement is an element in the supply chain of information. If I’m not automating that process, it’s slowing down the process. Another example is integrating the flow of information between a property management system and the loan servicing system. As CIO, I need to be able to help businesses get information quickly. BS&T: What distinguishes the commercial mortgage business from the consumer mortgage business? Patel: The number of loans in our servicing portfolio is more than 60,000, with an aggregate dollar amount of $253 billion. A consumer-oriented business has many more loans but has less information to store on each loan, whereas in commercial mortgages, y
