Challenge we faced: To implement a visual indicator to help in prioritizing mortgage loan closings easily.
About Project
Period: May – July 2022
Client: Freedom Capital
Subject: Color Coding Loans: An Approach to Prioritizing Mortgage Closings
Freedom Capital is a leading mortgage firm, specialized in providing comprehensive mortgage services to individuals and businesses across the country. By leveraging Salesforce’s robust platform, Freedom Capital has revolutionized their mortgage management processes, empowering their teams to enhance customer experiences, streamline operations, and drive business growth.
Our Task Was
A major feature they were in need recently was a way to identify and prioritize loans based on the closing date.
- Freedom Capital wanted to highlight loans which are approaching Deadlines in the list view.
- They wanted us to Implement a visual indicator or notification system that highlights loans with closing dates nearing or approaching.
- This helps users quickly identify loans that require immediate attention to ensure timely completion.
Process
Color-coded Labels or Tags: We assigned color-coded labels or tags to loans based on their priority level or risk category. For example, high-priority loans are marked in red, while low-risk loans can be marked in green. This visual cue helps users quickly identify and focus on loans that require immediate attention.
- We customized Salesforce to support their loan prioritization process.
- Created custom image fields and custom formula fields in the Loan object to color code loans based on their estimated closing date.
- Loans were color coded in three colors-red, yellow and green based on their estimated closing date.
- We created a customizable list view to highlight loans which are approaching the closing date.
- It helped the team to keep track on the loans which are needing immediate attention. This way, loans can be evaluated and processed in a streamlined manner.
- We created report which group data based on this customized color code, allowing users to easily summarize information and take decisions accordingly.
Result
- The implementation of color coding helped to streamline the loan prioritization process based on the closing date, ensuring that loans are managed efficiently and completed within the designated timelines.
- By effectively utilizing grouping in Salesforce Reports, they could gain valuable insights and make informed decisions by analyzing data in a structured and organized manner.
Screenshots from Salesforce Setting
Conclusion
Implementing a color-coded system for prioritizing loans has greatly benefited Freedom Capital. By leveraging this visual approach within their loan management process, Freedom Capital has experienced several significant advantages. The color-coding system has enhanced efficiency and productivity within the organization. Loan officers and team members can easily identify the urgency and status of each loan at a glance, enabling them to prioritize their tasks effectively. This streamlined approach has minimized delays and bottlenecks, ensuring that loans are processed in a timely manner.
Additionally, the color-coded system has improved communication and collaboration among team members. With a standardized visual language, everyone involved in the loan process can quickly understand the priority level of each loan. This shared understanding fosters smoother coordination, reduces misunderstandings, and promotes a cohesive workflow.