![]() Loans are constantly moving back upstream for additional buyer outreach because prior roles were not familiar with the loan underwriting process.Since they don’t know what the next person needs, they often don’t provide it. People working in different roles do not understand what other roles need for different loans.What happens in one department is basically a secret to those working in other areas. There is no transparency among roles in the mortgage lending process.Industry experts, the students came away with a number of conclusions. Spending a number of weeks observing the mortgage business and interviewing The industry has been facing since I was a mortgage lender nearly two decades Unfortunately, these are the same problems that Students got it,” said Dan Green, EVP, Marketing Mortgage Cadence. They were surprised and pleased at how observant the students had been and how They had learned about the current state of the mortgage origination businessĪnd why they felt productivity and efficiency were both so low. The course of a 4-week program, MBA students from the Darden School put theĬurrent mortgage process through this process and came back to the MortgageĬadence executive team with a definition of the problem and a number ofĬadence executives sat with the student team and listened to them explain what ![]() It consists of 5 phases: Empathize, Define, Ideate, Prototype and Test. Learned through the design thinking process.ĭesign thinking has been defined as a non-linear, iterative process intended to allow diverse groups to tackle problems that are ill-defined or unknown. Matter experts who could shed additional light on our process.Īn extensive information gathering period, the students put what they had They also gave students access to other industry subject They explained the mortgage process to them and answered Her current class of MBA students for an experiment in design thinking.Īnd a team of Mortgage Cadence executives went to work with Professor Liedtka’sĬlass of MBA students. Manufacturing: unleash people’s full creative energies, win their commitment,Įxplaining the plight of the mortgage industry to the professor, Herrmann acceptedĪn introduction by professor Liedtka to bring an executive team to meet with Thinking, has the potential to do for innovation exactly what TQM did for “In a recent seven-year study in which I looked inĭepth at 50 projects from a range of sectors, including business, health care,Īnd social services, I have seen that another social technology, design Last fall in the Harvard Business Review, Has been studying and writing about design thinking for years. The former associate dean of the MBA program and works with both MBAs andĮxecutives in the areas of design thinking, innovation and leading growth. Learning portal and web-based activities. Learning and development for the Fortune 50 corporation, including executiveĮducation, career development processes, employer-sponsored education and Was responsible for overseeing all activities associated with corporate She found it when she met Professor Jeannie Liedtka of the University of Virginia’s Darden School of Business.įormerly chief learning officer at United Technologies Corporation, where she Our Vice President of Marketing, Pamela Herrmann, found it in Design Thinking. We needed to find a new way to look at the process. For a variety of reasons that has met with limited ![]() The industry has worked to re-engineer our processes to increase efficienciesĭuring loan manufacturing. ![]() What we needed was a new approach to a solution. Process needs improvement, but this hits the industry where it hurts. Everyone agrees that the mortgage lending That inefficient processes are slowing down the loan origination process and Than the lenders studied by the Mortgage Bankers Association, have reported Participating in our annual study, most of whom consistently perform better While our clients have access to great peopleĪnd the latest technology, something was still missing. Of our customers over the past eight years through our annual mortgage Identified a serious industry problem as a result of studying the performance
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