Down payment assistance (DPA) was the leading barrier to home ownership, presenting a Fortune500 Financial Institution (FI) with the ideal opportunity to address a critical need across the mortgage ecosystem. Beyond solving mortgage lender challenges, a successful product could:

•  Convert mortgage lenders into new customers for the FI.

•  Provide a centralized database on down payment assistance use.

• Streamline mortgage originations involving down payment assistance.

 

However, significant hurdles existed:

• Municipal Adoption: Most DPA providers were municipalities who are slow to adopt technology, do not like change, and with whom the FI had no relationships.

• Ease of Use: The solution needed to appeal to loan officers, underwriters, and non-Freddie Mac lenders.

• Market Gaps: Existing solutions were inaccurate, costly, and cumbersome for both lenders and DPA providers.

 

I quickly assembled a dedicated product team of product managers, designers, and engineers. After conducting over 70 interviews with mortgage professionals, consumers, and DPA providers, we validated a clear set of needs and defined a compelling value proposition.

 

Following a lean and design-driven approach, we co-created the solution with 10 mortgage originators and 10 DPA providers to ensure it met all key needs. The lender solution was designed and developed first, followed by the provider solution. Within two weeks of launch in two states, the digital platform achieved 70% provider adoption and activated over 1000 loan officers. Within a year, it scaled 10x nationwide.

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Impact:

• Recognition: DPA One was named one of HousingWire Tech100 Mortgage Award Winners.

• Organizational Transformation: The DPA One team made up of 40 product, design, engineering, go-to -market professionals) became the model for product management and Team Effectiveness at Freddie Mac, setting the standard for modern digital product launches.

• Innovation Leadership: The team pioneered Generative AI experiments to rapidly update DPA program details.

• Market Expansion: Opened a new market with municipalities and gained praise from the Director of the Federal Housing Finance Administration.

This digital platform not only addressed a critical market need but also transformed how the FI approached product development, showcasing the power of lean practices and exponential technologies in driving innovation and impact