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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 20 May 2018
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      Reading a fascinating book about the mortgage origination industry in which the CEO of one company believed, for years, that “easy to approve” loans (high FICO, documented income, etc) went through process faster than more marginal loans. A consultant actually measured.

      2 replies 4 retweets 29 likes
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    2. Patrick McKenzie‏ @patio11 20 May 2018
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      Well, measured is the wrong word. They ran some SQL queries (after browbeating branch managers into giving up the data). And lo, both piles of loans took 41 +/- 1 day on average, with similar standard deviations. The actual differences were in per-branch and per-officer perf.

      1 reply 1 retweet 20 likes
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      Patrick McKenzie‏ @patio11 20 May 2018
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      I’m trying to place bets on whether “organization just didn’t know” or “organization knew but telling the boss would have brought down a Home Depot’s worth of hammers so organization kept it from the CEO” is more likely.

      1:14 AM - 20 May 2018
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      7 replies 1 retweet 49 likes
        1. kasey_junk‏ @kasey_junk 20 May 2018
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          Replying to @patio11

          Worked in the software industry supporting these. I lay my bet on “never thought to measure as those loans don’t look different in the workflow”

          0 replies 0 retweets 3 likes
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        1. Anil Das‏ @dasanil 20 May 2018
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          Replying to @patio11

          What's the book?

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        1. Alex REMAIN INDOORS Young‏ @regularfry 20 May 2018
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          Replying to @patio11

          I'd go with the former. Traditional measures used for management wouldn't tell you that, so it'd be strongly believes "gut feel"

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        1. David Crawshaw‏ @davidcrawshaw 20 May 2018
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          Replying to @patio11

          "organization knew it was slow but the slowness was split out over N department's processes and no-one could find a big quick win to improve it, so the status quo continued"

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        1. Scott Sharp‏ @scottsharp_ 20 May 2018
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          Replying to @patio11

          Maybe Parkinson’s Law? We did a 60-day close on an easily approved loan and the bank to over 50 days to finish their end.

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        1. Ayman‏ @BrokerChange 20 May 2018
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          Replying to @patio11

          I'd wager it just wasn't an important metric to track so nobody bothered to look it up. CEO cares about the financials. "Time to close" only matters if it started affecting the bottom line.

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        1. Anthony Sexton‏ @anthonysexton 20 May 2018
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          Replying to @patio11

          What’s the book called?

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