Magazine article Mortgage Banking

Paper Is Down, but Not Out

Magazine article Mortgage Banking

Paper Is Down, but Not Out

Article excerpt

Paper Is Down, But Not Out

Automation has become a pervasive byproduct of man's innovative spirit in the 20th century. Many businesses have leaped at the chance to trade in old tech for high tech. But many businesses are not built around paper to their very core in the fundamental way that mortgage banking is.

The paper of mortgage banking is so treasured - for legal security reasons - that a whole profession has been built up around its care and safekeeping. As the name clearly suggests, document custodians are charged with the important role of seeing, for example, that all the proper paper exists to ensure that mortgages in a Ginnie Mae pool are packaged into securities that legally can carry a government guaranty for investors.

Yet today, even the world of the document custodian - which up until now was a universe stacked with paper - is coming face-to-face with automation. What this will mean for the small and large players who perform the role of document custodians is one of the issues explored this month. Automation, as it moves through every industry, creates winners and losers and initially carries a high price tag. …

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