loanDepot
AT THE FOREFRONT OF THE MORTGAGE INDUSTRY REVOLUTION
LoanDepot is a top 5 mortgage lender looking to position itself as the industry standard lender!
My Role
In this project I research and redesign the loanDepot Client Portal user experience. I draw on user research as well as my insights as an account executive to develop project goals and designs.
(The portal is the primary interface for potential loanDepot clients. Potential clients have initiated an interaction with an account executive to explore financing options.)
Deliverables
Wireframes
Journey Map
SWOT Analysis
User Personas
User Research
Style Guide
The Problem/Hypothesis
LoanDepot is at the forefront of a revolution in the mortgage industry. As the millennial home buyer demographic grows, digital lenders stand to gain market favorability.
However, as lenders move into the online space, homebuyers will become increasingly selective of the lender they choose. Considering long-term performance, how can loanDepot secure a successful position in the coming years?
Although digital lenders are gaining favorability, they still receive a palpable skepticism from homebuyers.
Homebuyers tend to be skeptical of trusting a digital lender with what is oftentimes their boldest financial investment. Although digital lenders are becoming increasingly commonplace, addressing this skepticism along with the apprehension homebuyers face on an industry-wide level will improve short-term conversion and trickle into long-term success.
If loanDepot can develop a digital experience that captures the comfort of walking into a cutting-edge brick and mortar storefront, loanDepot will yield an immediate increase in conversion. This value will also carry over to differentiate loanDepot in the long-term competition for digital space.
The Question
How can loanDepot create a cutting-edge user experience that will relieve skepticism, apprehension, and differentiate loanDepot from other lenders?
The Goal
Create an exceptionally informative, interactive, and comforting experience to get prospective clients invested in transacting.
The How
Conduct user research and data analysis to better understand user needs. Draw on my insights as a loanDepot account executive.
The Design
Low-Mid Fidelity Wireframes
The Features
Design a chat display to encourage prospective homebuyers to interact with their lending representative.
Design a waiting room feature so that clients may visualize their lending representative’s schedule and real-time activity.
Design a to-do list alert notification.
Design a loan processing timeline so that prospective homebuyers may visualize the projected time frame for their purchase funding. Reward clients as they progress through the timeline.
Design a dynamic experience that provides live updates of other homebuyers working with loanDepot.
Design a tool to save potential homes in their account. Capitalize on what potential clients are excited about… buying a home!
Design an in-built UMBS display so that prospective homebuyers may visualize real-time market fluctuations over the past weeks/months. This aims to subside confusion as it provide them an understanding of the extent to which they can expect pricing to vary during the life of their home search.
Design an outlet for clients that are searching for more information.
Style Guide
The Research
Journey Map
Research Findings Summary
Topics that potential clients tend to be confused/overwhelmed about: the process of buying a home, the nuances of financing options, and UMBS data.
What potential clients are excited about… getting pre-approved and buying a home!
There is a causational relationship between the time that clients (spend on the portal/speaking with their representative) and their likelihood to transact.
User Research
After examining our sales metrics, an important factor was brought to light. I found a very interesting relationship between the time a potential client spent on the phone with their lending representative and their likelihood of transacting.
Further statistical analysis of the data confirmed that this was a causational relationship (in addition to being correlational).
It became apparent that I had to find a balance between providing information within the app and encouraging clients to contact their lending representatives. I concluded that the interface should guide clients’ thoughts towards the right questions (questions that will most benefit clients while simultaneously increasing their likelihood of remaining loyal to loanDepot) and provide a clear option to contact their representative at any point.
Our sales metrics also indicated a strong relationship between clients uploading documents and their likelihood of transacting with loanDepot.
After reviewing this data, I realized that improving design interactivity inherently contributed to building comfort. As clients interacted with their portal they were subconsciously investing in the idea of transacting with loanDepot.
SWOT Analysis
User Personas
Mark J.
Personal background: 27, single
Professional background: Mechanical engineer, $95K
Daily life: After work - enjoys spending the evening with friends or working on a project in the garage.
User environment: Office/Home, laptop and smartphone
Psychographics: Established/stable career, Appreciates innovative technology, Prefers digital financial management, Hates inefficient and misleading services
Goals: Understand the mortgage process. Select a top-tier lender to finance the home purchase and provide guidance.
Scenario: “I have been renting for the past 10 years and am looking to make my first home purchase. I’ve saved up enough money to make a 20% down payment and I’ve built my credit to receive the best rate possible. I’ve done some online research and am now reaching out to a few lenders to better understand my options. I am excited but I’m also worried about making a mistake with such a big step in my life.”
Jenny S.
Personal background: 42, married
Professional background: RN, $125K
Daily life: - has a very busy and varying schedule, oftentimes working night shifts. - and her husband are raising three children and heavily value their time.
User environment: Home/Hospital
Psychographics: - handles most of the household finances, Appreciates tools that help facilitate a busy life, Prefers working with flexible and easy-to-use financial services, Hates services that may negatively affect her family
Goals: Find the best loan option. Purchase an investment property.
Scenario: “My husband and I have owned a home for the past 15 years and are looking to purchase an investment property. We refinanced our current property two years ago. We did not have the best experience with our last lender. We are looking for a competent lender along with the best pricing the market has to offer.”