Mortgage Lending Platform
Objective
Mortgage Lending Platform Creation
Upon joining the company, which was in the initial phase of developing digital lending solutions, my objectives were to establish an integrated mortgage platform solution. This involved supervising the design and development of a comprehensive suite of products and rebranding the platform to set it apart from conventional mortgage lending services.
Personas
Struggling Home Buyer
About
Jill Jones, a first-time homebuyer, is thrilled to embark on the journey of acquiring her ideal home. After months of diligent searching, she has finally discovered a property that perfectly aligns with her dreams and expectations .
Goals
Jill is looking for a streamlined and user-friendly mortgage servicing software that can help her manage her loan efficiently. She's determined to find the right resources to help her navigate the mortgage process.
Pain Points
Jill is struggling to get all the information she needs for the mortgage process online. She has been using various websites and portals to fill out applications, check her loan status, and e-sign documents, but she finds the process confusing and overwhelming.
Behaviors
Jill maintains a professional online profile, especially on LinkedIn. Here, she highlights her expertise in digital transformation and marketing. She demonstrates her digital proficiency and comfort by skillfully crafting promotional images for various social media platforms.
Frustrated Mortgage Broker
About
John Lingar, a seasoned mortgage broker with over a decade and a half of industry experience, is committed to assisting his clients in identifying the most suitable mortgage solutions for their specific requirements.
Goals
John's primary objective is to find a user-friendly and secure platform that can help him manage his clients' information more effectively and ultimately improve his business's success.
Pain Points
John is growing more frustrated with the disjointed user portals he must use to collect client information. He navigates numerous websites and portals to obtain documents and verify details for each mortgage application, which is time-consuming.
Behaviors
John is likely well-versed in leveraging digital tools and technologies to enhance customer interactions. Additionally, the emphasis on improving mortgage customer experience and digitalization aligns with his professional interests and expertise.
Wholesale Mortgage Buyer
About
Steve Thompson is a wholesale mortgage buyer with over 10 years of experience in the industry. He specializes in purchasing bulk mortgage assets from various lenders and selling them to investors.
Goals
Steve is determined to find a user-friendly and secure platform that can help him manage his transactions more effectively and ultimately improve his success in the wholesale mortgage market.
Pain Points
Steve faces the challenge of navigating multiple websites, portals, and software solutions to find and purchase bulk mortgage assets, leading to a time-consuming process with an increased risk of errors and miscommunication. This inefficiency affects his ability to make informed decisions.
Behaviors
As a mortgage broker, Steve possesses a strong command of utilizing digital tools to enrich customer interactions. Furthermore, the focus on enhancing the mortgage customer experience and embracing digitalization resonates with his professional passions and proficiency.
Mortgage Platform User Flow
Prototype
Sketches
In embarking on the sketches for the mortgage platform, I carefully considered three verticals to accommodate a diverse range of users: home buyers, mortgage brokers, and wholesale mortgage sellers. To begin, I conducted thorough business research to gain a deeper understanding of the industry and to pinpoint the challenges present in existing platforms.
Wireframes
When developing a multi-use mortgage platform, I needed to consider three vertical avenues for different users. The first user, the homebuyer, should be able to initiate the mortgage process through a point-of-sale (POS) for a quick quote, select a mortgage lender, choose the desired loan, and input their financial data to complete the process. The second user, the mortgage broker, will work closely with the homebuyer to ensure the accuracy of the information entered and secure the appropriate loan for closing. Lastly, the wholesale mortgage buyer/seller should have the ability to view multiple loans and engage in bulk buying and selling. Furthermore, my concept of industry verticals encompasses mortgage processing and workflow, highlighting the relevance of specialized solutions for different mortgage sectors.
Final Design
In the development of the final prototype of the mortgage platform, the main challenge was creating three distinct workflows for the three different users, while maintaining a consistent user interface and user experience across all three verticals.
The homebuyer's workflow was designed to guide them through the mortgage application process, providing necessary information and tools to make informed decisions. The mortgage broker's workflow was focused on managing multiple clients, tracking their progress, and communication with the homebuyer. The wholesale mortgage seller/buyer's workflow was designed to manage their portfolio, track market trends, and facilitate transactions.
To maintain a consistent UI and UX, the platform was designed with a unified look and feel, with intuitive navigation and clear, concise information presentation. This was achieved by following best practices in digital interface design and conducting user testing to refine the prototype.
Automation was a key component in streamlining the workflows. For the homebuyer, automation helped guide them through the application process, minimizing abandonment. For the mortgage broker, automation improved document management and compliance, reducing the risk of errors and non-compliance. For the wholesale mortgage seller/buyer, automation facilitated the management of their portfolio and transactions.
Despite the challenges, the final prototype of the mortgage platform successfully provided three distinct workflows for the three different users, while maintaining a consistent UI and UX. This was achieved through careful design, user testing, and the use of automation to streamline workflows.
Mobile Design
In my approach to UX/UI projects for a mortgage platform, I prioritize a mobile-first design strategy. This methodology ensures that the platform is optimized for mobile users, who are rapidly becoming the dominant demographic in the digital world. By focusing on mobile accessibility, user-friendliness, and efficiency from the outset, I can ensure a seamless experience for the majority of users, while also facilitating a smoother transition to larger screen formats.
