4.2. Business Problem
Until recently, the online mortgage process was anything but quick and seamless. Getting information on loan availability and rates was fairly straightforward. However, the next part of the process—qualifying applicants for mortgages—proved to be the big stumbling block. This step requires credit reports, verifications of employment and bank deposits, property appraisals, and other information.
Traditionally, the banks handled this legwork. However, on the Web, the process had to be simple enough so that the customer could complete all the steps online during the same session.
In 1997, HomeSide entered into partnerships with Microsoft and Intuit to provide home mortgages online. Although the system could easily generate ...
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