PROPRIETARY LENDING PLATFORM

Complex Product for Mortgage Lender

Leading American full-service mortgage company with 2000+ clients hired the Leobit development team to expand functionality, refresh user interface, and provide integrated product support for a number of interconnected websites within a single lending portal. Established in 1997, the customer’s company offers its platform to deliver innovative mortgage solutions and simplify the overall lending process in B2B and B2C segments.

Customer Location USA

Technologies ASP.NET WEB API/ ASP.NET Core, EF/EF Core, Microsoft Azure Services, Angular, Typescript, RxJs

Team 4 team members

Challenges

A successful mortgage transaction requires the involvement of a number of different entities and their seamless integration. The financial platform must connect in a mortgage broker, a real estate agent, an insurer, a credit reporting agency, and many more. The technology system for such complex financial transactions is built with a layered approach, with the ability to omit or add custom layers or steps into the pipeline for certain operations. Our experts had to modify the top layers, ensuring compatibility with layers beneath. They also performed multiple integrations and added new features to the platform, seamlessly connecting them with the customer’s server-side.

Project description

As already mentioned, the customer’s lending portal is a web application suite that connects brokers, borrowers, and internal users. Leobit’s experts contributed to the development of each one of them. Our team developed front-end components for three customer’s websites and built custom CMS with industry-related materials from scratch.

For better understanding, the logic of the successful mortgage transaction process is explained below.

Broker-facing website allows brokers to process online mortgage application before it is addressed to the loan originator. If needed, the website sends documents to the borrowers and notifies them about the brokers’ assignments to proceed further. Borrower-facing website enables borrowers to request a loan, submit documents, select preferable loan programs, fill in the required information (e.g., personal info, employment history, liabilities, assets, etc.), provide eConsent to register the loan, and much more. Utilizing the solution’s interconnected capability, brokers and borrowers can communicate with each other and work together to lower the debt ratio or raise the borrowers’ credit score. The mortgage rate comparison website offers a powerful mortgage calculator for loan comparison and finding the best mortgage type for the borrower’s specific financial situation.

The customer wanted to refresh the user interface of the websites above and make their web apps modern-day. That’s why Leobit’s experts migrated them from AngularJS to Angular 8. Migration doesn’t only improve UI but greatly enhances app maintainability and versatility. Beyond the code rewriting, our team expanded the functionality of the broker-facing website. Leobit developers also created an Angular library for core application functionality reused in both broker-facing and borrower-facing websites. By the customer’s request, our team built a custom CMS used as an educational portal for the brokers and lenders. Internal users publish all the industry-related materials, from the latest mortgage news and updates to webinars and courses. The CMS is built with Angular for the front-end and .NET Core for the back-end side.

Microsoft Azure, used as a web-hosting platform for customer’s proprietary lending solution, guarantees robust security, effective management of the servers, tools, backup, etc., and simplifies app maintenance and scaling.

Our experts broadly expanded the functionality of the customer’s lending platform with multiple integrations. For example, one of the third-party integrations accelerates the loan process, allowing for signing documents online with a legally valid electronic signature. Integration with a pricing engine helps to price mortgage loans with hundreds of lenders in real-time. Another third-party provider optimizes closing processes and services for mortgage lenders delivering timely, accurate, and transparent cost results. An online support ticket system integrated into the platform levels up customer support converting users’ requests into tickets and keeping them well organized.

Features & Functionalities

Loan pipeline management through clear and easy-to-navigate interface for brokers

Quick and secure mortgage loan processing for borrowers

Instant interaction between brokers and borrowers regarding loan updates and status

Opportunity to assign tasks (upload documents, confirm information, etc.) to the borrowers to speed up the mortgage loan process

Receiving push notifications of personalized assignments, loan processing progress, etc.

Availability of different loan types (from conventional mortgages to government-insured ones)

Possibility to explore and compare mortgage interest rate options to find the most affordable mortgage programs

The most approximate fees calculation that can be additionally charged to the borrower

End Users

Brokers and lenders who provide the loan; borrowers who can choose among different mortgage loans types according to their financial situation; internal users who guarantee smooth communication between parties.

Results

The front-end user interface enhancements introduced to the customer’s product helped the company extend their client’s base and strengthen relationships with existing clients.

Working on a proprietary lending platform, Leobit’s team:

  • provided a seamless and unique user experience associated with the customer’s cohesive brand
  • updated and simplified navigation to make it quicker and more intuitive for getting pertinent information
  • automated the business process of loan structuring
  • built custom CMS that is better matched with customer’s business needs, offers higher performance and extensibility
  • optimized loan flows, which now represent the status of individual components of the loan process
  • added third-party APIs to leverage the functionality of the vendors within the customer’s portal
  • expanded platform’s capabilities with new features and integrations with external services adding market value to the platform

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