Streamlining Mortgage Services: From Idea to Prototype in just 6 weeks
Website
Timeline
November 2023 - December 2023
Type
Wireframes, Clickable prototype, Design System, UI
Country
United States
Industry
real estate
A prototype of an in-house product can quickly prove that while subscription-based alternatives exist, they may incur ongoing costs for the company and lack the desired level of customization. In just 6 weeks, we helped our client make an informed decision about developing their own clickable prototype, tailor-made to address each bottleneck.
Services
Introduction and Goals
Our Client, Gregory Funding, part of Aspen Capital, is a mortgage servicing company. The company faced a significant challenge: its foreclosure invoice payment process was labor-intensive, inefficient, and relied on multiple applications, leading to frequent human interventions.
The goal was to streamline this process, reduce processing time, and improve relationships with attorney firms. This would be achieved by creating an attorney portal for better collaboration and automation.
Foreclosure activities are on the rise. It became more difficult for our client to efficiently handle the rising workload with the current staff allotment, given the growth of the loan servicing portfolio. The foreclosure team operated in a highly regulated sector, continually confronting tight deadlines, legal pressure from external sources, and time-sensitive legal filing requirements. These challenges got more complex as the frequency of foreclosure activities heightened.
Challenges
The invoice payment procedure for foreclosure activities required full rework. The method entailed manual data input, document cross-checking, and payment delays, leading to dissatisfaction among law firms. The procedure inefficiencies resulted in a large invoice backlog.
On top of that, the situation was further complicated by increasing foreclosure operations and expansion of Gregory Funding’s loan service portfolio, presenting additional hurdles in managing the caseload with the currently assigned staff.
The goal was to optimize this procedure. The client wanted to cut down the expenses of data parsing with outside vendors, decrease case processing duration, and enhance associations with law firms.
One of the solutions was creating an attorney portal to establish a cooperative hub between Gregory Funding and the Foreclosure Attorney network.
Among the benefits the portal would introduce, there were:
- incorporation of invoicing functions,
- offering enhanced visibility into invoice statuses for all principal shareholders,
- scaling capacity involving a gradual incorporation of other business functionalities for the Foreclosure team and, eventually, other service providers.
We had to ensure that Gregory Funding would address those challenges fast but involving the entire scope of operations, using real scenarios, and risk-free.
The Process
The Process
Discovery Phase
Design Phase
Validate your business idea quickly with a clickable prototype
Contact usDeliverables
Deliverables
Wireframes
High Fidelity Prototype
UI Design
Design System
Business impact
The design phase enabled Gregory Funding to bring its vision of a new Foreclosure Portal to life and ready for development. It upgraded the old brand and design, helped the development team with a comprehensive design system, and defined the business roadmap by outlining the timeline, costs, and risks of the development project. The project resulted in specific savings, 40% less manpower required, and eliminated the need for external tools that generated monthly costs.
All deliverables were completed within a demanding 6-week timeframe, enabling immediate initiation of the development phases. The project laid the groundwork for a product that would significantly improve the work of lawyers, the entire internal team, and the owner, taking into account legal specificities across all states in the USA.
Gregory Funding case study highlights how 10Clouds' expertise in design and user experience can transform complex, inefficient processes into streamlined, user-friendly solutions.
By focusing on our client's specific needs and working closely with their team, 10Clouds delivered a product that not only meets but exceeds expectations, aiming at the top efficiency and collaboration in the real estate industry.
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In-house product prototypes can demonstrate that subscription-based options may not be as customizable and cost-effective. In 6 weeks, we guided our client to decide about creating a product tailored to each user's specific needs, making the solution personalized.
