Loan Application Tracking And Processing System

The client is one of the very successful and established company in the USA, which helps the prospective home buyers to get them the home loan that matches their requirements. We as a team worked with the client to create the application that is mapped to their business process.

Every project brings a set of challenges that are needed to be solved. However, with proper planning and regular reviews with the stakeholders, these challenges can be easily overcome. During the development of the application, we faced challenges, which we can categorize as follows: Business Challenges Since the client is already a very established and old player in this business, the first and most important step was to make sure that the team has an understanding of it. This is very important, as we all believe that until the team does not have an understanding of the business, they will not be able to create the application that meets the client’s expectations. Tech Challenges Integrating Third-Party Services The application requires integration with various third-party services, to pull, validate data related to loan applications, communicate through SMS, emails in real-time. These services need to be running and latency has to be minimized for the application so that users should not feel delayed and information related to the application should get updated in real-time. We integrated the various 3rd party services, with different fail-safe options, so that if one service fails, the application will use the other one, and end-users will have a consistent experience. Setting Up an Infrastructure The client is an established and old player in their business domain. As per the requirement of the business, the old data of the applicant, if any, in the system, affects their future transactions. So, the new system that was being developed, has to take into account all the dataset available in the application. The system needs to communicate with various 3rd party services in real-time and update the data accordingly. As such, we had to design a very robust infrastructure, which is not only secure and fast but also reliable. The infrastructure needs to be supporting the daily business and has to be running independently for various business processes. As such we choose the microservice architecture.

The solution we developed covered all the use cases and mapped the actual business flow of the client organization, right from adding a new lead in the application to the processing of their loan.