In 2015, Wells Fargo introduced a software-based tool to improve the consumer home loan process. I recently had the opportunity to use Wells Fargo’s tool, called yourLoanTracker. Given my experience on the B2B side of due diligence, I thought I’d share my thoughts on the experience.
yourLoanTracker’s interface is a good start, it was seriously lacking in functionality to the point that it wasn’t worth using.
The interface made it crystal clear what was needed and by when. Below is a screenshot of the main page you see when you login with the list of documents requested by the banker:
Below the In Process section, which you don’t see because of the screenshot cut off, are Pending and Completed sections. Once a request is submitted to the banker, it moves to Pending. Once the banker reviews it, it moves to Completed.
If you were to click on one of the open requests, you would see the following:
The upload button is easy enough to find, which is the only purpose of this page.
But as I mentioned, yourLoanTracker is seriously lacking in functionality. The two very important features that it’s missing are:
- In-app chat between banker and borrower
- Borrower (as opposed to banker) can add new requests
And here’s why those features are required:
When I needed to ask the banker to clarify a request, I had to do it via email. Chat needs to take place within yourLoanTracker so that users don’t have to switch between the two different systems. There’s a reason why chat apps have become so popular - because people realize that conversation continuity is powerful. So why not chat about requests inside the request next to the documents uploaded to satisfy the request?
When I have a document that doesn’t fit within one of the banker’s requests, I need to be able to create my own folder to put it in. yourLoanTracker doesn’t allow this, so all additional files must be sent to the banker for upload.
While I felt comfortable sending questions to my banker via standard email, I didn’t feel comfortable sending documents because they contain personal identifiable information like social security numbers, addresses, etc. In order to securely transfer documents that didn’t fit within yourLoanTracker requests, I had to use a second, secure email service. Luckily, Wells Fargo has a secure email service that I suggested to my banker. I knew of the existence of the secure email service because I used to work at Wells Fargo and had to use it a few times, though it never caught on with my clients because messages couldn’t be read on a mobile phone and it took longer to open the messages. Secure email is tedious to use, but it was worth it given the prevalence of identity theft today.
But now I was using three different systems to communicate with my banker: standard email for quick questions and answers, yourLoanTracker for requested documents, and secure email for other documents. I thought the whole point of having something like yourLoanTracker is to only need one system! Wells Fargo has some work to do…