Fall 2022
Loan Origination System
Research LoanCrate LOS System | Synthesize High-Level Insights Document
Fall 2022
LOS
Research LoanCrate LOS System | Synthesize High-Level Insights Document
Fall 2022
Loan Origination System
Research LoanCrate LOS System | Synthesize High-Level Insights Document
Loan Origination
Case Study
Applying for home loans at a bank
is one of the milestones of
modern life. As such, one needs
to verify these loan applications
past the bank. At present, banks
use physical files for home loan
applications. From application
to approval to closing, the
process can take up to 30 days
if there are no problems, and
longer if there are problems.
So how can we expedite bank
loan approvals/denials?
Loan Origination
Case Study
Applying for home loans at a bank is one of the milestones of modern life. As such, one needs to verify these loan applications past the bank. At present, banks use physical files for home loan
applications. From application to approval to closing, the process can take up to 30 days if there are no problems, and longer if there are problems.
So how can we expedite bank loan approvals/denials?
Deliverables
Insights Document
Documentation
Tools
Miro
Grain
Google Docs
Deliverables
Insights Document
Documentation
Tools
Miro
Grain
Google Docs
Problem
Home loans have been historically kept in physical folders within banks. While
there are good reasons for storing documents in physical folders, it is more efficient
to share these documents through an online system, called a Loan
Origination System. It is a tool that banks use to capture and evaluate borrower info
in order to approve or deny home loan applications. LoanCrate, a seed-stage startup
built a Loan Origination System (LOS). The next steps are understanding how a LOS
fits into the daily lives of their users, and what needs to be changed/fix/stay the same.
Problem
Home loans have been historically kept in physical folders within banks. While
there are good reasons for storing documents in physical folders, it is more efficient to share these documents through an online system, called a Loan Origination System. It is a tool that banks use to capture and evaluate borrower info in order to approve or deny home loan applications. LoanCrate, a seed-stage startup built a Loan Origination System (LOS). The next steps are understanding how a LOS
fits into the daily lives of their users, and what needs to be changed/fix/stay the same.
Problem
Home loans have been historically kept in physical folders within banks. While there are good reasons for storing documents in physical folders, it is more efficient to share these documents through an online system, called a Loan Origination System. It is a tool that banks use to capture and evaluate borrower info
in order to approve or deny home loan applications. LoanCrate, a seed-stage startup built a Loan Origination System (LOS). The next steps are understanding how a LOS fits into the daily lives of their users, and what needs to be changed/fix/stay the same.
Solution
Design Approach
Design Approach
Design Goal
Analyze raw interview data, and synthesize high-level insights for LoanCrate LLC
Contribution
Created multiple affinity diagrams
Cleaned and translated LoanCrate Post-Closer interviews
Literature Review
JTBD: Jobs-to-be-Done
I looked through a book called Jobs-to-be-Done, which discusses the relationship between three sections in a business venture when designing for a tech ecosystem:
Purchase Decision Maker - who is funding the product/service
Job Executor - who will be using the final product/service
Product Lifecycle Support Team - who will maintain and update the product/service
It was recommended to focus on the "Job Executor" section of the Jobs-to-be-Done Framework for LoanCrate's product strategy.
Literature Review
JTBD: Jobs-to-be-Done
I looked through a book called Jobs-to-be-Done, which discusses the relationship between three sections in a business venture when designing for a tech ecosystem:
Purchase Decision Maker - who is funding the product/service
Job Executor - who will be using the final product/service
Product Lifecycle Support Team - who will maintain and update the product/service
It was recommended to focus on the "Job Executor" section of the Jobs-to-be-Done Framework for LoanCrate's product strategy.
Process
Process
Process
Interview Transcription
Goal | Organize and assign transcription labels to raw interview data for Post-Closer role
Transcription Process | The interviews were recorded within the Grain platform and exported to a Google Sheets workbook for labelling
Interview Transcription
Goal | Organize and assign transcription labels to raw interview data for Post-Closer role
Transcription Process | The interviews were recorded within the Grain platform and exported to a Google Sheets workbook for labelling
Interview Transcription
Goal | Organize and assign transcription labels to raw interview data for Post-Closer role
Transcription Process | The interviews were recorded within the Grain platform and exported to a Google Sheets workbook for labelling
Grain Platform
Since the Post-Closer interviews were housed within the Grain platform, I had to copy and translate them into a Google Sheets file. Their interface made this simple through an export data as a Google Sheet button.
Google Sheets
Once the transcript was transferred into a Google Sheet workbook, I began to label each question and response into three categories: PC, P2 and N# for Post Closer, interview number, and line number.
Grain Platform
Since the Post-Closer interviews were housed within the Grain platform, I had to copy and translate them into a Google Sheets file. Their interface made this simple through an export data as a Google Sheet button.
Google Sheets
Once the transcript was transferred into a Google Sheet workbook, I began to label each question and response into three categories: PC, P2 and N# for Post Closer, interview number, and line number.
Affinity Diagramming
Goal | Organize and derive low and high-level insights from cleaned interview data
Cleaning Process | The interviews were transferred to a Miro board as sticky notes
This ensured an easier sorting process while grouping them into categories.
Affinity Diagramming
Goal | Organize and derive low and high-level insights from cleaned interview data
Cleaning Process | The interviews were transferred to a Miro board as sticky notes
This ensured an easier sorting process while grouping them into categories.
Instance
Specific occasions where something is happening relating to the loan approval process
Action Item
What the loan approval role is trying to accomplish in their specific stage of the loan approval process
Instance
Specific occasions where something is happening relating to the loan approval process
Action Item
What the loan approval role is trying to accomplish in their specific stage of the loan approval process
Insight Synthesis
Goal | Compile low-level, mid-level, and high-level insights for LoanCrate's LOS platform
Compilation Process | The sticky notes were grouped into a pyramidal structure within their respective role frames
Post-Closing Role Analysis
The post-closer role had data based on their entire workflow from start to finish and had issues with:
1. Trailing Docs - replicated loan documents
2. Information Overload - too much data within Excel spreadsheets
Post-Closing Role Insights
In order to address these issues, I duplicated the most important sticky notes to create low-level insights which grouped together would make mid-level insights and finally, one big high-level insight for LoanCrate to consider in their LOS platform.
Post-Closing Role Analysis
The post-closer role had data based on their entire workflow from start to finish and had issues with:
1. Trailing Docs - replicated loan documents
2. Information Overload - too much data within Excel spreadsheets
Post-Closing Role Insights
In order to address these issues, I duplicated the most important sticky notes to create low-level insights which grouped together would make mid-level insights and finally, one big high-level insight for LoanCrate to consider in their LOS platform.
Next Steps
JTBD Job Map
After compiling multi-level insights for LoanCrate's LOS platform, the next logical step would be creating a Jobs-to-be-done Job Map.
It would consist of Core Functional Jobs
and Outcomes such as:
1. Defining
2. Locating
3. Preparing
4. Confirming
5. Executing
6. Monitoring
7. Modifying
8. Concluding
Next Steps
JTBD Job Map
After compiling multi-level insights for LoanCrate's LOS platform, the next logical step would be creating a Jobs-to-be-done Job Map.
It would consist of Core Functional Jobs
and Outcomes such as:
1. Defining
2. Locating
3. Preparing
4. Confirming
5. Executing
6. Monitoring
7. Modifying
8. Concluding
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