LAS VEGAS — Not only does an entirely paperless mortgage department make members happy, it also makes sense come budget time.
Joe Brancucci, executive vice president and chief lending officer at $8.5 billion BECU, told ACUMA conference attendees this morning that his paperless mortgage operations saves $206,000 per year in employee efficiency alone. Department employees save more than two hours per day each going paperless, he said.
Making the switch wasn't easy, even for powerhouse BECU, headquartered in tech-friendly Seattle. Brancucci said there was considerable employee distrust and resistance. Those human factors, combined with vendor and other technology challenges, created a monster project that required four years to complete.
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Brancucci told approximately 180 audience members that any one of them could implement a paperless mortgage program, if they have the courage to do so.
"It requires someone bold enough to challenge the regulators," Brancucci said. "The industry as a whole is based on the 1003 document, but the problem with that is, it creates a series of processes that rely upon paper."
Of course, Brancucci is probably more comfortable than most discussing the 1003 with regulators; ironically, during his tenure at Fannie Mae, he helped create it.
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