User:Shnize78/sandbox

Paperstac (software)

Paperstac is a web based application designed to help mortgage note investors conduct mortgage note closings online. It was found in 2015 by Richard Allen and TJ Osterman based from needs of their own business. The product launched a pilot program in September of 2017. The first official product launch was in November 2018 at the Note Expo in Dallas Texas.

Company history
Richard Allen and TJ Osterman had transitioned into mortgage notes after the inventory of houses to fix and flip had started to dry up in the Central Florida area. Companies like The Blackstone Group started to purchase houses at 100% of the asking prices. Their methods for investing are to purchase properties for the long-term and turn them into rentals.

In 2012 Richard Allen and TJ Osterman purchased their first mortgage note in 2012 and decided to move into that market. From this time after they started to look into learning about mortgage notes more in depth. Eventually getting professionally trained with the team at Note School under the instruction of Eddie Speed.

After a couple of years of doing transactions using methods that hadn't changed in years, the idea of Paperstac was created.

Product
Paperstac is a software-as-a-service designed to improve the closing process for mortgage note transactions. It helps companies manage the closing process and all of the steps in a fully digital process.

Origin of the Word
Paperstac is a play on what the industry has to deal with when handling multiple collateral files. When a mortgage note gets sold they must retain the documents from the previous sales to show the Chain of title. When this happens and the mortgage note has been sold multiple times, it becomes a paper stack.