TheMReport — News and strategies for the evolving mortgage marketplace.
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MNOTES Experience Is the Best Teacher—Learn from Yours and Others' E xperience may be the best teacher, but occasionally that experi- ence doesn't have to come first-hand. Learning from others can help us avoid missteps and act with the knowledge of those who have weathered the storms and prospered in the calm of market cycles past. Whether you are just starting down your career path or have been forging ahead for years, the experiences of others in your field can be an invaluable guide forward. Our cover story reveals "A Word From the Wise," tapping the experience of veteran professionals who are willing to share their market knowledge and their sage wisdom. They explain how professionals can stay the course and find success in any market by remaining grounded, focusing on the customer, staying attuned to what is important to their business, and sur- rounding themselves with the right people. In "Process of Observation," we rely on the expertise of Paul Fischer, Director of Professional Services at Paradatec, Inc. With a decade and a half of experience, he discusses the relevance of optical character recognition (OCR) in the mortgage market, explaining that to be truly effective OCR must be married with artificial intelligence. Next, we take a look at the use of another digital innovation in the mort- gage market: digital point-of-sale (POS) applications. Webmax President and CEO Curt Tegeler reveals how POSs can enhance productivity, increase margins, and ultimately grow your bottom line. When implementing new applications, it may also be time to exam- ine our legacy programs. Instead of continuing to update, adapt, and add to a legacy loan origination system (LOS), is it time to adopt an entirely new one? In "Starting from Scratch," David Colwell, VP of Strategy at LendingQB, suggests it may be time to abandon our "Frankenstein plat- forms" and adopt an entirely new LOS, built for today's digitized market. Lastly, because experience matters in every aspect of the mortgage mar- ket, we present you with some of the industry's most adept and well-versed professionals in our Title and Escrow Guide. Learn about the front-runners in title and escrow with a look at their history, their competitive advantage, and their goals for the future. This month's theme of shared experience is at the heart of our mission at MReport, and we hope it provides you a new, valuable perspective as you continue down your own path. As Warren Buffet once said, "It's good to learn from your mistakes. It's better to learn from other people's mistakes." All my best, Rachel Williams Editor-in-Chief © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us. 2 | TH E M R EP O RT EDITOR-IN-CHIEF Rachel Williams ONLINE EDITOR Radhika Ojha STAFF WRITER Kristina Brewer ONLINE CONTRIBUTORS Krista Franks Brock Scott Morgan Alison Rich David Wharton Seth Welborn COPY EDITOR Dana Zillgitt CONTRIBUTORS David Colwell Paul Fischer Curt Tegele CREATIVE DIRECTOR Jason Stone ART DIRECTOR Jonathon Won DESIGN DIRECTOR Sean Walker ADVERTISING Suzanne Andresen (207.443.3314) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) Robert Rakowski (214.525.6783) 2018 EDITORIAL ADVISORY BOARD Tim Anderson, Director of eServices at DocMagic; Kathy Cummings, SVP of Homeownership Solutions and Affordable Housing Programs at Bank of America; Maureen Davenport, SVP and Chief Communications Officer at Fannie Mae; David Gansberg, President and CEO at Arch Mortgage Insurance Company; Sharon McHale, VP of Corporate Communications & Marketing at Freddie Mac; Marion McDougall, EVP of Operations at Caliber Home Loans, Inc.; David Schroeder, VP of Claims at Mortgage Guaranty Insurance Corporation; Landon Smith, SVP- Strategic Sales and Enterprise Lender Relations, ServiceLink; Kevin Wall, President at First American Mortgage Solutions CORPORATE OFFICERS CHAIRMAN & CHIEF CREATIVE OFFICER Mark Hulme PRESIDENT & CHIEF EXECUTIVE OFFICER Ed Delgado DIRECTOR OF HR/ACCOUNTING Ernest Gillespie ASSOCIATE GENERAL COUNSEL Derek Templeton ART DIRECTION Jason Stone, Sean Walker Jonathon Won PROFESSIONAL ASSOCIATIONS American Mortgage Diversity Council John Rieger (214.525.6769) Legal League 100, National Mortgage Servicing Association, Property Preservation Executive Forum: Derek Templeton (214.525.6757) FORCE: Annie Collier (214.525.6740) No part of this publication may be reproduced without written permission from the publisher. ©2018 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials.