Enhancing The Mortgage Closing Experience
Definitions
Signing Date: The signing date in a mortgage context refers to the scheduled date when the borrower and any necessary parties formally sign the mortgage documents, completing the legal agreement for the loan. This date is crucial as it marks the transition from the loan approval stage to the finalization of the mortgage process.
Disbursement Date: The disbursement date is the date on which the funds from the mortgage loan are released to the borrower or the appropriate party, such as the seller in a home purchase. This date is significant as it signifies the completion of the loan process, allowing the borrower to access the funds for their intended use, such as purchasing a home or refinancing an existing loan.
Problems
Lack of Date Availability Transparency: Mortgage brokers could not view the reasons why specific dates were unavailable, resulting in thousands of support tickets each month requesting changes to the signing dates.
Restricted Date Update Timing: Brokers were unable to update signing dates until certain stages of the mortgage process had been reached. This restriction caused additional support tickets as internal teams had to manually adjust dates.
Improving Task Completion Rate: Out of over 2,500 monthly visits to the closing calendar page, only 60% end in a successful date submission.
Project Goals
Improve Transparency: Provide clear explanations for why certain dates are unavailable.
Enhance Flexibility: Allow brokers to select new signing dates earlier in the process, reducing the need for customer support intervention.
Below is the current experience for selecting new signing or disbursement dates in the portal. Note that there is only information for one date that is unavailable, which is when the credit report expires, on April 27th. All other unavailable dates have no visibility for why they cannot be selected. Additionally, many users attempt to select a date on the calendar, but it is only for display and is not functional for selecting dates.
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Research and Requirement Gathering
To understand the root causes behind date unavailability, I collaborated with our operations partners and conducted a thorough analysis of all potential reasons why dates could be restricted. This involved:
Interviews with Stakeholders: Engaging with customer support and internal teams to gather insights on common issues and pain points. We found 19 reasons why a date could be unavailable. These mostly had to do with documents expiring, but also included the rate lock expiring and regulatory reasons such as short sale requirements.
Analysis of Support Tickets: Reviewing thousands of support tickets to identify recurring themes and specific problems related to date selection.
Map the User Flows: Map out the experience for modifying the signing and disbursement dates with our new process enhancements.
Design and Redesign
Based on our findings, we embarked on a comprehensive redesign of the calendar interface:
Tooltip Integration: We introduced tooltips to provide real-time explanations for unavailable dates. When brokers hover over or click on a restricted date, a tooltip would appear detailing the reason for the restriction.
Dual Calendar Design: Initially, we explored a single integrated calendar for both signing and disbursement dates. However, due to the interdependence of these dates, we opted for two distinct date selectors. This approach clarified the conditional logic between signing and disbursement dates, making it easier for brokers to navigate the selection process.
Ultimately, we went with this approach because the disbursement date availability depended on the signing date selection. Having a single calendar increased the cognitive load for the user unnecessarily, and we ultimately opted for the simplest option. When hovering over an unavailable date, a tooltip appears that explains why that date cannot be chosen. We wrote many versions of these tooltips to provide as much detail as possible for date availability.
Expanding Flexibility
In the second phase of the project, we focused on extending the flexibility of date selection:
Early Date Selection: Brokers were given the ability to select new signing dates earlier in the mortgage process.
Document Management: We implemented a condition where, if any documents were set to expire before the newly selected signing date, brokers must upload updated documents at least three days prior to the new date.
The calendar functions slightly differently when brokers want to select a new date earlier in the process. We show blue dots for dates that will require expiring documents to be re-uploaded to the portal.
Once the broker selects a date with expiring documents, they are see a list of which documents will expire and are asked if they are sure they want to change the date. It's critical that brokers understand that documents must be re-uploaded to the portal at least 3 days prior to the new signing date in order to proceed as normal. We want brokers to have the visibility the need in order to be able to answer questions for their clients and provide excellent service.
What Users Said
During user testing, all participants were able to select the assigned signing or disbursement date from the calendar. All participants were also able to identify why dates were unavailable. Interestingly, users were divided on what action to take if their borrower requested an unavailable date. Some participants said they would call their account executive and ask for an exception, and others told their clients to select a new date.
Impact and Outcomes
Reduction of Support Tickets: By allowing brokers to see why dates are unavailable and select new dates earlier, we have significantly decreased the volume of support tickets related to date changes.
Enhanced Broker Experience: Brokers now have better visibility and control over their date selections, improving their overall experience with our portal.
Efficiency Gains: Internal support staff can focus on more complex issues rather than handling date adjustment requests.
Conclusion
This project was a significant step forward in enhancing the mortgage broker portal’s functionality and user experience. By addressing transparency issues and expanding date selection flexibility, we have not only improved broker satisfaction but also streamlined internal processes. The successful implementation of these changes demonstrates the value of user-centered design in solving complex business problems and delivering impactful solutions.