Upgrading Mortgage Banking With Built Mighty
**THE CHALLENGE: Revamping the Loan Process**
While the typical loan officer closes loans at a rate of 22%, Steve Dellario, founder of Let’s Plan, boasts an impressive 84% closing rate. He credits this achievement to a spreadsheet he has developed over the years, which enhances the transparency and user-friendliness of the loan process. Unlike the average loan officer, who makes homebuyers navigate multiple obstacles before receiving a final decision, Steve inputs his clients' financial details into his spreadsheet to provide a comprehensive overview of associated fees and mortgage options before they complete an application. This method has propelled Steve's business to grow rapidly, mainly through referrals. Recognizing the potential impact of sharing this tool with more loan officers, he sought the ideal team to help realize his vision.
**HOW WE DID IT: Creating a Scalable Web Application**
Steve quickly trusted Built Mighty’s expertise and relied on their guidance throughout the product development journey, covering everything from brainstorming and research to gathering requirements. With a clear roadmap established, Built Mighty commenced the development of a scalable web application for loan officers to use with prospective homebuyers. Initially, Built Mighty collaborated closely with Steve to convert his Excel formulas into functional code that would deliver a thorough financial overview for clients. Subsequently, they created a library capable of generating a PDF report for each session, enabling clients to review their findings and compare different rates in the future. Finally, Built Mighty employed a design specialist to enhance the overall look and feel of the final product.
**THE RESULTS: A New Banking Experience**
The Let’s Plan Loan Planner is now operational and accessible to loan officers across the country for a monthly subscription. With an estimated user base increase of 30,000-50,000 in just one year, it is anticipated to generate at least $18 million in revenue, providing homebuyers with an improved banking experience while boosting loan officers' success rates.