Magazine article American Banker

Up Close and Personal: Originations by Video

Magazine article American Banker

Up Close and Personal: Originations by Video

Article excerpt

Editor's Note: We sent our man JJ to the giant PC Expo at the Javits Center in New York recently to check out Intel's new video conferencing system for originating mortgages. Here is his report:

***

Ilyse Boukather was blushing. She tucked her chin slightly to hide a blooming smile.

"Hi," I said.

"Hi. Can I help you get a mortgage?" she asked.

"That's what I'm here for."

Here? I was in New York City; she was in Newport Beach, Calif. We were "meeting" so I could simulate getting a home loan - by personal computer.

This originations vehicle uses novel video conferencing technology that was displayed prominently by several vendors amid the tumult of this year's PC Expo.

I was getting a demonstration of Intel Corp.'s originations system in a cubicle well-stocked with Perrier. The cubbyhole was tucked behind a massive stage where Intel representatives hawked other products with the zeal of aerobics instructors.

Intel uses its new Proshare Personal Conferencing Video System 200 to ease the lending process. It is trying to position the product in "embedded applications," as a spokeswoman described it.

That means Intel is looking for highly specific uses for the video conferencing equipment. The company believes that originating home loans fills the bill.

The computer giant signed on Virtual Realty Network Inc. this month to offer a computerized loan originations system using the new technology. Virtual Realty says it will roll out 10,000 units to real estate brokers this year.

Ms. Boukather (virtually) walked me through the system. The Virtual Realty loan originator was in an office in the company's Newport Beach headquarters. Brilliant California sunshine streamed in behind her. I could see a house plant in the background. She brushed her coal-black hair from her eyes often during our conversation.

She showed me the process using forms filled out previously by a fictitious applicant. …

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