NMP - February 2018 - 54

a special focus on THE PURSUIT OF PAPERLESS a special focus on THE PURSUIT OF PA

where paper still hides

animals, sort of, but there is
really a person inside doing the
work. The buttons that many
people think create a digital
mortgage are, in my mind, more
like doorbells that alert
companies that know a great
deal about good customer
service that they have a
customer that is ready for
service.
And that's not a bad thing,
unless you're a technologist
actually working on making a
paperless mortgage a reality.
Then it tends to look more like a
distraction. When everyone is
out shopping for doorbells, who
is focusing on the customer or a
paperless process that actually
serves them?
I get it. Consumers want
convenience and a great
customer experience.
Government regulators want
them to have it and believe that
technology is the answer. It
turns out that technology is "an"

FEBRUARY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

54

continued from page 53

answer, but not the only one. And
then only if it is adopted.
And it must be adopted not
just by the lender, but also by the
consumer. As
Jorge Sauri,
Founder and CEO
of Finkube points
out, there are two
primary places that
paper loves to hide
and they both lie in the shadow
of the borrower. He's talking
about disclosures and
verifications.
"We have to verify the
borrower's income and assets
and that's not all electronic yet,"
Sauri said. "There are some good
technologies out there, but so
much is still being done on the
phone by a person with a pad
and pen. Explanation letters and
anything else that drops the loan
out of automation ends up on a
piece of paper as one more
document in the file. When it
comes to disclosures, borrowers

still have to opt in."
The workaround for most
borrowers is to track the paper
until it comes back with the
correct information and
signatures and then simply scan
it into the system, using optical
character recognition software to
capture any data that must be
pulled into the LOS.
"From the lender's
perspective, it's still paperless
lending," Sauri points out, it just
doesn't provide all of the
benefits lenders have been told
for 20 years that electronic
lending will bring.
Sauri says this will always be
the result when we drop
technology onto an existing
process that is already broken.
"From the mortgage
manufacturing point of view, you
can't go truly paperless until you
fix those two processes," Sauri
said. "You cannot be paperless
with manual process ... it takes
robotic processes."
Sauri, who played a key role in
the development of the
industry's first sub-prime LOS
back in the 1990s and then

developed MortgageDashboard,
one of the first Web-based
LOSs, is working on a system he
says will allow a lender to
prequalify a person for a
mortgage without any paper or
even any human beings involved.
He says it will be a step toward
automating the disclosure and
verification processes as well.
"Otherwise," Sauri said,
"you're going to have to pay
someone $60,000 per year to sit
around and push a button to
generate a disclosure or
verification form, which they will
hand to a borrower to get a
signature and then scan back in
again."
George Jetson, it's the
mortgage industry on Line 1.
Whether it takes robots or not
is still to be determined, but
having the right technology in
place to solve a problem before
it becomes a problem has
already been tested, with
disastrous results.
"TRID proved to be very
challenging for lenders that had
continued on page 56


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Table of Contents for the Digital Edition of NMP - February 2018

Contents
NMP - February 2018 - Cover1
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