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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 12 Aug 2019
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      In the category of "It's obvious that there are huge chunks of the economy which need one SFBA-startup quality workflow web app", I give you http://blend.com  , which did that for mortgage origination at banks / credit unions / independent mortgage originators.

      1 reply 10 retweets 55 likes
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    2. Patrick McKenzie‏ @patio11 12 Aug 2019
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      It's one of those magically mundane things. The business process here is extremely well-understood; the actual front end and backend processes in the US for mortgage origination are, and this is a technical term, a roaring pyroclastic tire fire.

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    3. Patrick McKenzie‏ @patio11 12 Aug 2019
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      I went through Blend's white labeled process while trying to get pre-approval to hopefully help a family member out, and literally sent a human two emails "Sorry only have 15 minutes so no possible way this is done today" "Erm ignore the last I think it's ready for you."

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    4. Patrick McKenzie‏ @patio11 12 Aug 2019
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      This is helped by me being preternaturally organized but sufficient data entry for a mortgage application being collectable in 15 minutes is pretty stunning to me, even with all of the documents ready to go.

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      Patrick McKenzie‏ @patio11 12 Aug 2019
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      If you want to read about mortgage origination and understand why "Hmm this seems like a frontend-heavy web application that one could reasonably deliver in a hackathon" is not coextensive with the actual solution, see https://www.amazon.com/Digitally-Transforming-Mortgage-Banking-Industry/dp/1985668173 … (Disclaimer: read critically.)

      2:13 PM - 12 Aug 2019
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      • Kent Erickson Ovidiu Ciule Vincenzo Luna Zackery Lambert Vašek Ostrožlík Blend Brett Evans Ethan Mick Michael Bergmann
      1 reply 1 retweet 27 likes
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        2. Patrick McKenzie‏ @patio11 12 Aug 2019
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          A non-obvious challenge here is that the most important consumer for a home mortgage is not obviously the person buying the house, it is the GSE or other financial system entity which is going to securitize the mortgage. They have *much* more exacting requirements.

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        3. Patrick McKenzie‏ @patio11 12 Aug 2019
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          And, structurally, they will *never* talk to the person buying the house, the bank that person has the down payment at, the HR department certifying that that person is gainfully employed, etc etc, *but* they have a lot of very specific questions for *all* of these people.

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        4. Patrick McKenzie‏ @patio11 12 Aug 2019
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          And so the mortgage loan originator has to have all their paperwork together and pre-reviewed prior to sending it over to the securitizing party. And if they don't? Well, then they're at substantial risk of either eating the home loan or carrying it on their books for 7+ years.

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