Financial Services / Loan Management Platform

No-code delivers faster loan processing

Problem

While traditional software development would have been the standard approach, budget limitations and lack of internal IT support made this approach too costly and impractical. Additionally, time to market was a critical factor. The traditional approach would require time to stand up a large team of specialists including a cloud architect, security, application developer, API integration architect, data architect, QA, BA, and UI/UX developer.

Solution

This Mortgage Lending Company enlisted the CitizenDeveloper no-code platform, to create a cost-effective solution that was secure and compliant.
Cost concerns and limited IT involvement made this an ideal use case for no-code. The rapid application development environment lent itself to the time-to-market requirement, empowering the client to work over-the-shoulder with the application developer in real-time.
The no-code approach allowed the client to see actual results within a few weeks. Cloud infrastructure, security, data architecture, and SLAs are built-in and provided under an annual consumption subscription model. This alleviates the need for an internal IT department resulting in considerable savings, freeing up financial resources to put toward specific business outcomes.

In the highly competitive space of mortgage financing, this company needed to process loans faster and leverage automation while providing the best customer experience for independent brokers and borrowers.

A proper solution would require features such as borrower onboarding, profile management, back-office processing, loan servicing, data exports, and CRM integration.

Mortgage Lending company specializing in refinance and fix & flip markets working through a network of brokers and partners.

Budget

Estimated cost of traditional development for this project was over $5 million. No-code development on the CitizenDeveloper platform was $150k to MVP production release with an estimated $450k fully featured, which also resulted in a 6X reduction in TCO compared with traditional development.

IT Resources

The customer lacked an internal IT team capable of building or maintaining this solution. CitizenDeveloper’s built-in security, cloud infrastructure, and SLAs alleviated the need for an internal IT department, resulting in considerable cost savings.

Time to Market

Traditional development would have taken 18-24 months. CitizenDeveloper produced a solution in less than half that time.

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