Overview
Fannie Mae is a key player in the secondary mortgage market, purchasing loans from lenders. When lenders sell their loans to Fannie Mae, they also in some cases, need to sell their servicing rights (co-issue). In order to increase the likelihood that lenders sell to Fannie Mae, Fannie Mae needed to make it easier for lenders to sell servicing rights when selling loans to Fannie Mae.
Fannie Mae partnered with EPAM to create a co-issue experience that provides sellers greater access to servicers and efficiency in doing co-issue sales with Fannie Mae. |
Project Needs:
User Experience Design Role: Customer Experience Lead |
Activities:
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The Challenge
In order to effectively create co-issue solutions, servicers have to participate in the new model. Many large servicers had already created a successful business and didn't want to be directly compared with smaller servicers on a platform, potentially making them lose some of their competitive edge they'd built over time. To make the marketplace successful we needed larger servicers on board, thus we needed to create value for servicers that outweighed any negative affects of a marketplace concept.
The Approach
Understand the IndustryWe first needed to understand what co-issue was. We needed to determine the high-level process in order to guide the discussion to get the information we needed to understand key issues users faced.
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Understand the ProcessWe held journey mapping / service blue-printing sessions to understand the current process of co-issue loans and pros and cons of the current process.
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Understand the CustomersThere were several types of servicers and several customers within each part of the process. It was important to understand each of their motivations, needs and issues to help shape the new solution.
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Understanding Customers
In order to better understand the customers (sellers and servicers) within this space, I conducted observational research and workshops with the help of the team. I led collaborative analysis where we uncovered needs, issues, and motivations in the context of the overall co-issue process.
Digital User Experience Design
Getting the Structure Right
I created an application feature diagram/map to demonstrate the recommended features within each section of the product and how we would approach creating them within each sprint. During sprint planning based on LOE; however, we readjusted as needed.
Task flow diagrams were instrumental in understanding what inputs needed to be available and how information flowed through the system
Task flow diagrams were instrumental in understanding what inputs needed to be available and how information flowed through the system
Testing Our Ideas
I setup and conducted several iterations of in-person usability testing on each concept. Using information gleaned from the usability testing, we were able to quickly identify and correct many issues before build. I also set up a feedback loop to allow for continuous testing and iterative design after launch.
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Lashanda Hodge | Resume | Mobile: (919) 272-5661
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