Revolutionizing Loan Pricing at Fannie MaeCase Study:
In an 8-year-long challenge at Fannie Mae, digitizing loan pricing rules remained unconquered due to the intricacies of conditions, attributes, and roles. This historical hurdle was addressed by the DevJoy team in February 2022, led by me as the Lead UX Designer. Our mission was to create a groundbreaking solution that would finally tackle one of Fannie Mae's most significant challenges: pricing loans efficiently and accurately.
Challenges and Context
The intricacy of loan pricing rules presented an exceptional challenge, as it had thwarted past digital transformation efforts by other teams. Rules Managers and AE grappled with extensive manual processes in Excel, matching over 400 attributes to establish the correct conditions and rules. Recognizing the urgency for change, the DevJoy team embarked on a mission to disrupt the status quo, replacing laborious manual methods with an innovative digital solution that streamlined the entire process.
My involvement: I was entrusted with the responsibility of addressing this challenge, a critical issue that another team had tackled in the past. Our primary approach was to generate low-fidelity proposals to determine the most effective direction. I conducted stakeholder interviews and worked closely with the Product Owner and Tech Lead to achieve this.
Approach:
My journey began by engaging with stakeholders to understand the existing process, which heavily relied on spreadsheets and email communications. This insight highlighted the urgency for a cohesive digital solution. To chart our course, I led the creation of an expected journey map and a comprehensive service blueprint, outlining the end-to-end process and identifying potential pain points.
User-Centric Engagement:
Recognizing the critical importance of user feedback, we established an ongoing dialogue with end users. These interactions allowed us to gain valuable insights into their daily challenges and tailor our solution to their needs. This iterative feedback loop became an invaluable asset in refining our designs.
Design Evolution
My role also encompassed designing low and high-fidelity wireframes that explored potential solutions. These wireframes were not just designed blueprints but also vehicles for testing different possibilities, ensuring that the ultimate solution would be efficient and user-friendly.
Technological Exploration
Simultaneously, our team explored various technologies and methodologies that could finally solve the conundrum of pricing loan rules. This phase involved careful evaluation of pros and cons, aligning technology with our vision and Fannie Mae's broader technical landscape.
Project Management and Leadership
As the lead, I undertook project management responsibilities, ensuring our timeline adhered to. My team and I navigated challenges, adapted to unforeseen obstacles, and maintained a cohesive workflow to keep the project on track throughout 2022.
Results and Impact
By the culmination of 2022, the DevJoy team accomplished what had eluded others for years. We successfully engineered a groundbreaking digital solution that revolutionized loan pricing at Fannie Mae. Our effort replaced the manual, error-prone process with an efficient and streamlined digital platform, dramatically enhancing accuracy and operational efficiency.
Conclusion
The journey from an entrenched challenge to an innovative solution epitomized Fannie Mae's commitment to overcoming complexity through innovation. This case study underscores the power of interdisciplinary teamwork, user-centric design, and strategic leadership in effecting transformative change within complex financial processes.