A couple years prior..

In March of 2020, I was a new intern at SimpleNexus, a mortgage software company later acquired by nCino, assigned to design the Closing Portal. Little did I know that the new pandemic, that nobody knew much about, would suddenly catapult my project to the number one priority for the company. It was to be the company’s first self branded portal, everything else was white-labeled, so I was in charge of creating the new branding. The result was a highly successful platform that generated $6.3M in annual recurring revenue (ARR), reduced loan closing times by 7.16 days, and was adopted by over 1,000 title and settlement partners. The solution not only saved $444 per loan but also significantly improved the borrower and lender experience.

I embarked on a journey to transform the mortgage closing experience with the creation of the SimpleNexus eClose portal, our first branded product. In this case study, I will go more in depth detailing the process, challenges, and remarkable outcomes we achieved through user-centric design.

What I was working with..

At the time there were only 4 designers within a company of over 200 employees. I was placed on a team with great developers and a industry knowledgeable Product Manager, however, they had been working with design only intermittently as the design team was stretched. The PM had been giving his best go at it by creating designs and then showing them to a designer to get approvable. Definitely not ideal. But, they were a younger company just graduating from their scrappy startup phase. They had released a first iteration of a closing portal but were working on a version two.

Original designs:

I embarked on a journey to transform the mortgage closing experience with the creation of the SimpleNexus eClose portal, our first branded product. In this case study, I will go more in depth detailing the process, challenges, and remarkable outcomes we achieved through user-centric design.‍

Research

To create a truly user-centered solution, I faced numerous hurdles in gathering user feedback and conducting research. However, I persisted, recognizing the importance of understanding our users' pain points. I discovered that users struggled with completing repetitive tasks quickly, with 60% expecting to close loans within 15-30 days. Additionally, 35% desired reduced paperwork, 33% sought more transparency on fees, and 33% preferred a system that required submitting paperwork only once. Understanding that 60% of borrowers preferred a completely digital closing experience, while 30% preferred hybrid eClosings, provided valuable insights.

Iterations

Through continuous iteration, I addressed various design challenges and concerns that arose during the development process. One such challenge was effectively displaying the information title agents needed on a tile. Additionally, I grappled with the concept of displaying completion progress with ambiguous qualifiers such as "3/35 items complete." Furthermore, I needed to envision how the system would handle document errors or if borrowers needed to start from scratch. To enhance efficiency, I implemented a mass document send feature on the review screen. Collaborating with the product manager, I convinced him of the benefits of testing designs early on, rather than building them out before testing which is what they had done on the team in the past.‍

Outcomes

The outcomes achieved through our user-centric design approach were transformative for SimpleNexus and the mortgage industry as a whole. The introduction of the SimpleNexus eClose portal generated an impressive $6.3 million in annual recurring revenue (ARR). On average, we saved 7.16 days per loan, resulting in substantial time savings for borrowers and lenders alike. Furthermore, over 100,000 title and settlement partners embraced our closing solution, with 18,500 title companies benefiting from its efficiency. Notably, we achieved a remarkable $444 savings per loan, underscoring the cost-effectiveness of our solution.

Testimonials

The success of SimpleNexus eClosing was evident through the testimonials we received from industry professionals and users:

Mark Workens, CEO of Mortgage 1
A Michigan-based multi-state lender and early adopter of SimpleNexus eClosing, praised the solution, saying:
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"Hybrid closings enable Mortgage 1 to offer unbeatable safety and convenience by keeping physical closing appointments to a minimum and making loan closings available in the same branded app our customers use to search for a home, fill out a loan application, upload documents, and sign disclosures. We jumped at the opportunity to pilot this new SimpleNexus feature, and we are already closing loans faster and knocking the socks off of customers."

Others
"Love that we can present the 1003 for the LO to sign as well as part of the same Closing Package, this is a big problem in the industry."
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"Our title companies are going to love this. This cuts down on their time dramatically."

"We really like that borrowers can view documents ahead of time."

"The process was almost too simple. Other platforms for Settlement Agents can be confusing and we practically have to get certified to use it."

Conclusion

Throughout this project, it became evident that user research was the key to our success. By understanding the pain points of borrowers, title agents, and lenders, we were able to develop a solution that exceeded expectations. The secret sauce of our achievement was the unwavering commitment to creating a user-centered design that streamlined the mortgage closing process, providing convenience, efficiency, and cost savings for all parties involved.

As I reflect on this project, I am immensely proud of the results we achieved and the positive impact SimpleNexus eClosing has had on the industry. If given the opportunity to undertake this project again, I would emphasize the importance of early-stage user research and iterative design to further enhance the user experience. By continually listening to user feedback, we can ensure that our solutions remain at the forefront of innovation and continue to deliver unparalleled value in the mortgage industry.

Before

After