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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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      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 …

      4 replies 12 retweets 149 likes
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    2. Patrick McKenzie‏ @patio11 20 May 2018
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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.

      2 replies 0 retweets 5 likes
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    3. Patrick McKenzie‏ @patio11 20 May 2018
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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.

      1 reply 3 retweets 13 likes
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    4. Patrick McKenzie‏ @patio11 20 May 2018
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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.

      1 reply 2 retweets 11 likes
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    5. Patrick McKenzie‏ @patio11 20 May 2018
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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).

      1 reply 2 retweets 11 likes
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    6. Patrick McKenzie‏ @patio11 20 May 2018
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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.

      2 replies 0 retweets 7 likes
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    7. Karl Cuppazucchini‏ @Noumenon72 20 May 2018
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      Replying to @patio11

      Is "*}#*] symbol swearing or some weird emoji?

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 20 May 2018
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      Replying to @Noumenon72

      Think of it as a combination of swearing, confusion, and rage against the world.

      5:04 PM - 20 May 2018
      0 replies 0 retweets 0 likes

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