Executive Summary: This case study explores how Acumen Technologies collaborated with FundMore.AI to enhance their AI-driven mortgage underwriting platform. The project focused on developing new features, fixing bugs, and restructuring the registration form to improve user experience. By leveraging cutting-edge technologies like AI and machine learning, FundMore.AI revolutionizes the mortgage lending process, providing faster, more accurate underwriting decisions while reducing costs and improving customer satisfaction.
Introduction
Client Background: FundMore.AI is dedicated to revolutionizing the mortgage financing industry by offering fully customizable loan servicing software. Recognizing the inefficiencies and outdated technology that dominate the mortgage sector, FundMore.AI has developed an AI-powered platform designed to streamline the underwriting process, support mortgage brokers, and enhance the overall lending experience. Their mission is to improve how consumers experience mortgage financing, making it faster, more efficient, and more reliable.
Objectives: The primary goal was to collaborate with FundMore.AI’s development team to enhance their platform by implementing new features, fixing existing bugs, and restructuring the registration form to improve user interaction and overall system efficiency.
Scope: The project encompassed feature development, bug fixing, and UI/UX improvements, with a particular focus on the registration process. The enhancements aimed to bolster the platform’s functionality and usability, ultimately leading to a more seamless and intuitive user experience.
Challenges and Problems
Initial Situation: The mortgage industry is known for its slow processes, often burdened by outdated technology and manual workflows. FundMore.AI sought to change this by introducing an AI-driven automated underwriting system. However, as with any complex software, continuous development and refinement were necessary to address evolving needs, fix bugs, and enhance the user interface, particularly the registration process.
Requirements:
- Develop new features to enhance the platform’s functionality.
- Fix existing bugs to improve system stability and performance.
- Restructure and redesign the registration form to make it more user-friendly and efficient.
- Ensure seamless integration of the new features with existing systems.
Solution
Approach: Acumen Technologies adopted a collaborative approach, working closely with FundMore.AI’s in-house development team. The project was executed using Agile methodology, allowing for iterative development, continuous feedback, and rapid adjustments to meet the client’s evolving needs.
Technology Stack:
- JavaScript & Angular: For developing the front-end features and restructuring the registration form.
- Node.js: For backend enhancements and ensuring smooth integration with the platform’s existing infrastructure.
- HTML/SCSS: For designing and refining the user interface to enhance usability and aesthetic appeal.
Implementation: The project was carried out in several key phases:
- Feature Development: New functionalities were developed to enhance the AI-driven underwriting process, ensuring they were customizable to meet each lender’s specific conditions.
- Bug Fixing: The team systematically identified and resolved bugs, improving system reliability and user experience.
- Registration Form Restructure: The form was redesigned with a focus on usability, simplifying the user registration process and improving the flow of information.
- Testing and Deployment: Rigorous testing was conducted to ensure the stability and performance of the new features, followed by a smooth deployment into the production environment.
Execution and Development
Team Structure: The Acumen Technologies team consisted of frontend and backend developers, UI/UX designers, and quality assurance testers, all working in close collaboration with FundMore.AI’s development team.
Challenges Faced:
- Complexity of Integration: Ensuring that new features integrated seamlessly with existing systems without disrupting the platform’s operation was a significant challenge, requiring careful planning and execution.
- UI/UX Improvements: Redesigning the registration form to be more intuitive while ensuring it captured all necessary information presented a balancing act between usability and functionality.
Results and Outcomes
Performance Metrics:
- Enhanced User Experience: The restructured registration form resulted in a 25% reduction in user drop-off rates during the registration process.
- Improved System Stability: System reliability was significantly improved, with a reduction in reported bugs by 40% following the bug-fixing sprints.
- Faster Underwriting Decisions: The new features enabled even quicker underwriting decisions, further reducing the time to close a mortgage.
Qualitative Outcomes:
- Positive User Feedback: Users reported a more streamlined and intuitive experience, particularly appreciating the redesigned registration process and the platform’s improved stability.
- Client Satisfaction: FundMore.AI’s team expressed satisfaction with the quality of work and the collaborative approach taken by Acumen Technologies.
Comparison: The platform’s overall performance and user satisfaction significantly improved compared to the initial state before the enhancements.
ROI: The improvements have not only enhanced the user experience but also contributed to increased underwriting capacity and reduced operational costs, providing a strong return on investment for FundMore.AI.
Lessons Learned
Successes:
- Effective Collaboration: The close collaboration between Acumen Technologies and FundMore.AI’s development team was key to the project’s success, enabling rapid response to challenges and alignment with business goals.
- Agile Methodology: The use of Agile practices facilitated continuous improvement and ensured the project stayed on track.
Challenges:
- Complex Feature Integration: Integrating new features into an already complex system required meticulous planning and execution.
- Balancing Usability with Functionality: While redesigning the registration form, maintaining a balance between ease of use and comprehensive data capture was challenging but ultimately successful.
Improvements: Future projects could benefit from even more user testing early in the design process to ensure that UI/UX changes meet user expectations from the start.
Conclusion
Summary: The collaboration between Acumen Technologies and FundMore.AI successfully enhanced the platform’s functionality, stability, and user experience. The new features, bug fixes, and UI/UX improvements have significantly improved the platform’s performance, contributing to faster, more reliable mortgage underwriting decisions.
