Mortgage Servicing for the 21st century
Mortgage servicing is a huge industry in the US, with hundreds of millions of loans and thousands of servicers. The big problem is the software that underpins this market - seriously old, very difficult to learn, horrible to use, patched, patchy and riddled with holes, fixes and inconsistencies.
In the late summer of 2018 Fathom took a call from a whip smart blockchain startup in NYC: could we help them with - and they were at pains to stress this - an absolutely massive and difficult to define design challenge for one of their biggest and most important clients who were intent on revolutionising the US mortgage servicing industry?
Needless to say, we said yes.
The problem was easy to state: create a modern, 21st century mortgage servicing application using modern design patterns and based on immutable blockchain technology.
Solving a problem of this scale and complexity was something else: we knew we needed to avoid the siren call of premature analysis (because down that route lies paralysis). So we started human-scale small, working on walls, sketching and talking, personalising a hugely intense and creative beginning to the project by adopting the customer stance and talking about the problem from the customer’s point of view.
Extracting requirements from SMEs was the foremost challenge. Working in a One Team configuration, we worked tremendously hard to achieve an efficient knowledge-transfer process that meant we could think and design flows, interactions and screens as quickly as possible.
Packing multiple clients, stakeholders, SMEs, designers and developers together into a single space was always going to be a challenge - but the most amazing thing about this project was how productive it was, and yet how much fun everyone had at the same time.
Mortgage servicing in the US is set to be transformed by this new mortgage servicing platform. Fathom’s deep understanding of user experience and interface design will be crucial to its successful adoption, whilst our front-end development expertise has turbo-charged a sprawling technical build.