Verification of Employment & Income
Story
In order to complete a mortgage application, one of the many hurdles a potential borrower has to jump through is having their employment and income verified by their lender. This verification may appear as a simple report, but is the result of a complex process. As design lead with one contracted designer, working with a project manager, product owner and 6 developers - we set out to tackle this problem.
Problem
1. Mortgage lenders - the consumer of this report - need a quick, easy, painless way to order verifications of employment and income.
2. Verifications are dependent on an applicant’s employer going out of their way to answer a call, fill out a form, or reply to an email.
3. Verifications are a hassle for employers. Some companies don’t have HR departments, exclusively use 3rd party services, or will only respond to requests via mail (seriously).
Approach
User-driven UI for ordering: Through interviews with lenders, it was clear that mortgage processors were our target persona. Represented by “Karen”, I learned they were often entry-level administrators, juggling dozens of small tasks at a time. They were thrilled at the idea of ordering verifications, except for filling out a complex order form. Through recurring interviews, I incrementally built a UI that accommodated the key information Karen was expected to provide an employer - is the applicant self-employed? In the military? Currently employed here, or a past job? - while eliminating fields and steps initially assumed to be necessary.
Make it easy on employers: Throughout this process, Karen made it clear that verifications are dependent on the employer to engage and provide information. I learned that contact method (phone, fax, email, etc.) mattered, as well as the nature of the verification - do we need a simple yes/no, or a description of their wages, commission and bonuses? This lead to designing multiple forms and email layouts for different use cases, that could be conditionally provided to an employer.
Build a close relationship with operations: Outside of our technology team was the operations team that would actually complete these verifications. While some employers do use web-enabled 3rd parties, accessible via a secure endpoint, many will only provide information to a mortgage lender the old fashioned way. These internal operations processors became our second key persona, and subsequently key participants in weekly feedback sessions.
Results
Happy clients: In user feedback sessions, I was able to capture increased client satisfaction compared to past methods for fulfilling verifications in-house. The routinely described the process as one of their last favorite and most challenging aspects of their job, and that this applications helps change that.
Increased engagement: This product was the first step in building out a larger platform, and created an entry point via usability testing and feedback sessions. Besides enabling design and development to build a more useful application, I provided business value by engaging with future clients. They felt the process was inclusive, and appreciated the chance to help shape the future of their own company through the tools they relied on.