Mortgage Case Study

Streamlining Mortgage Applications for a Leading US-Based Lender

Client Overview

Our client is a private lender based in the United States, specializing in providing mortgage solutions to homebuyers. Their goal was to modernize and streamline the mortgage application process, making it more efficient and user-friendly for both borrowers and lenders.

Challenge

The traditional mortgage application process was cumbersome, requiring applicants to visit offices, fill out extensive paperwork, and wait for extended periods to receive approval. This manual process was time-consuming and prone to errors, causing delays and frustrations for both borrowers and lenders.

Solution

We developed a comprehensive mortgage application solution that transformed the process into a seamless, digital experience. The key features of our solution included:

  • Wizard-Based Application Process

    • Users could input their social security number, personal information, and details of the property they sought a mortgage for.
    • The wizard guided users through each step, ensuring all necessary information was captured accurately.

  • Backend Integration

    • Information was securely stored and processed using third-party services to assess hazards, credibility, and repayment ability.
    • Real-time data processing allowed for quick decision-making.

  • Electronic Document Signing

    • Successful applicants could sign all necessary documents electronically, eliminating the need for physical paperwork.

  • Dashboards

    • Multiple dashboards were created for lenders, borrowers, and management to provide a clear overview of financial statuses and transactions.

Technology Stack

  • Frontend: ReactJs
  • Backend: Ruby on Rails (RoR)

Results

  • Efficiency and Convenience

    • The digital solution drastically reduced the time and effort required for mortgage applications, enhancing user satisfaction.

  • Improved Decision-Making

    • Automated backend processes provided lenders with a comprehensive overview of applicants' credibility, reducing risks.

  • Increased Lending Capacity

    • The client was able to lend over $2 billion within the first two years of implementing the solution.

  • Enhanced Financial Oversight

    • The dashboards offered valuable insights into financial operations, aiding in better management and strategic planning.