Digitally Transforming the Mortgage Banking Industry is just a fantastic book. You should read it (critically, at points). It’s got one of the highest ratios of “novel insight” or “gobsmacking WTF” (sometimes simultaneous) per chapter I’ve seen.https://www.amazon.com/Digitally-Transforming-Mortgage-Banking-Industry/dp/1985668173 …
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You’ll get the most out of this book if you understand enough about mortgage industry to not need players in value chain explained to you. It’s a book by and for insiders; assumes good familiarity with e.g. securitization as a concept.
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The central conceit for the book is that a mortgage is a manufactured product, a 700 page document written for the benefit of a buyer (who has authority to pick broker, who is you) but sold to an investor (via securitization). Manufacturing process is 17th century.
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A lot of the customer-visible pain in the process is that the front-end and back-end are managed by different people with different world views, imperatives, comp structures, etc.
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Front-end: commissioned sales reps who turn leads into mortgage applications. Back-end: operations professionals like underwriters who turn mortgage applications into a product which can be purchased by investors, while not violating the laws (of which there are many).
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It’s “the back end is *}#*]ex” which makes for the best reading in the book, particularly because the author (who comes from the sales-y) side is resolute about the challenge being management and not IT systems, even when it’s manifestly IT systems.
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Think of it as a combination of swearing, confusion, and rage against the world.
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