My Mortgage Freedom Company - Project and Opportunity - Case Study Example

Name: Course: Topic: Response to Project Brief Institution: Date: Response to Project Brief Projects and strategies are meant to achieve customers’ needs while incorporating organizational interests. Most changes in business operations are meant to meet the existing market needs so as to maximize on profitability. MyMortgage freedom is one of the companies that have made changes in its operations including change of name and brands to meet customer needs and reduce hassles experienced in mortgage markets. The name was changed from Sharp Finance Group which was founded in 2007 to the current company name which was launched in 2011. My Mortgage freedom company deals in online mortgage brokerage connecting lenders and borrowers who have similar interests. The company deals with both individual customers and those in groups. This paper responds to the project and opportunity brief illustrated by My Mortgage Freedom. Implementation of strategies for the project would require a clear customer requirement description, identification of information requirements and potential information sources and auditing of expertise skills. Description of client’s requirements From the company’s customer based project, an understanding of the elements of customer requirements is illustrated. Clients require less stressful procedures and systems while acquiring mortgages. The launching of My Mortgage Freedom was solely for the purpose of reducing such hassles by providing less stressful procedures and services. The company meets this requirement through provision of online based transactions which clients are likely to carry out while at home or from anywhere. This is introduced by use of phones, computers. Since its establishment, it has expanded to become the first company offering online mortgage brokering services. There is however the face to face meeting offers to all clients which are their requirement in order to become more confident with the company. Clients are also tired of the traditional banks and its outdated aspects and are in need of change. The traditional system was complex with unsatisfying interest rates that were not favorable for clients. My Mortgage Freedom was also established for these reasons, to provide less complex procedures suitable for changing needs of the clients and offering greater interests which are favorable to them. The simplicity of procedures is also meant to accelerate mortgage application process. Currently, it is as fast as a two minutes process conducted online by the client and the remaining part of application is conducted by the company’s staff connecting with the client via phone and sending mails. Another customer requirement is a wide range of lenders providing best loans which meet their needs. My Mortgage Freedom aims on meeting this customer requirement by consolidating more than thirty lenders which gives customers an opportunity for variety of best loans suitable for meeting their objectives and specific needs. Since the market is still unexploited, the backend system website being finalized by the company will provide diversification of more lines of product lines which will attract more online viewers. Clients require a variety of products (diversification) from which they can choose and satisfy their needs. They are therefore attracted to more diversified online bases. Specialized products that customers require vary with their needs and nature of applicants. Some customers require purchase and refinance products while those applicants who own their own businesses require low doc loans. There are those clients who intend to venture into property investment through their super. Such clients require super loans that are self-managed (SMSF). Another category of client requirement based on their nature is the non-conforming products clients. Such clients are the type with adverse credit extensions. Interest requirements of clients can be met through other lenders apart from banks. Exclusive rates of interest offered by the lenders will be in line with the product lines currently launched by the company and underwritten by NAB subsidiary. This strategy offers lesser interest rates compared to major banks by about 50% difference. Identification of information requirements and potential information sources There are potential sources of information and information requirements displayed in the project debrief. The company will require information to be sourced from different parties in order to achieve its objective of attracting new customers and referral partners. Information requirements include information on nature of the customers the company is serving and referral partners that it intends to have. This includes their interests, preferences and capacity or ability. Information requirements on customers are to enable the company to know what they must deliver in order to attract the customers. Such details include their age bracket categories, locations, income range and the type of mortgage services they need (Kousholt, 2007). The demographic data indicates that clients between 30 to 35 years go for purchases and refinances, live around 50 kilometers from the city within the state and earn an income of 80000 dollars. However, Low Doc product is preferred by clients within the age bracket of thirty to fifty years with an income of about 150000 dollars being turn over income from their own businesses. Another characteristic of such clients is that they have an experience of self-employment and have intentions of refinancing or property acquisition. Another category of consumers are those of age forty to sixty years with a combined income of 150000 dollars in their households. These consumers live around 40 kilometers from the main city. They prefer super loans which they manage themselves (SMSF) since they have a better personal income which are used for the loan payment. Clients who prefer non-conforming products on the other side are between the age bracket of twenty and forty. They earn an income of 50000 dollars or more and unlimited in terms of their locations. These customers work, although due to some failures, are acquire funds using the outdated procedures. Example of Sources of information Potential sources of information consists of both online and offline sources. Websites such as www.mymortgagefreedom.com.au and mailings though official mails like amie@mymortgagefreedom.com.au are examples of online sources. The backend system website being finalized by the company is an ideal website and will provide diversification of more lines of product which will attract more online viewers. Online strategies handle marketing websites which attracts more potential. Others include electronic sources such as phones and iPads. Other sources include offline sources of information like the face to face meeting with clients and associates and manual applications for those who prefer that. Websites involve charges per two minutes during application. A better part with working in websites involves working with online services like online magazines and ninmsn where leads or charges are only paid for clients who complete filing the two minutes form. There are also online partner companies which demand a total of 0.1% commission of online acquired loan settlement. The online partners offer free space on banner ad and a diversification of service offering. These companies include energy, budgeting and insurance companies. Offline base sources might include face to face communications with customers such as the February 2012 My Mortgage freedom launch party and personal interviews and research of information and is likely to attract professionals as referral partners. Such expertise includes real estate agents, financial partners, solicitors and accountants (Kousholt, 2007). Creation of open forum days would also be good for interaction with clients to understand their needs and requirements of the company services. The open forums can also be provided through creation of fun pages on the pages where clients can post anything they feel like. This information would then be analyzed by staff to determine client requirements. Potential information sources can also be banks, financial institutions and real estate companies that work closely with professionals and clients. Partnering with such sources will expose the company to privileges of acquiring client information and professional partners (referral partners). Resource audit of skills, discipline knowledge and experience My expertise: How I and my group will benefit the company “My Mortgage”. The expertise we have acquired as referral partners will enable the company meet the targeted goals. I and my group have the required skills, knowledge and relevant experience for the project to be successful. My group is composed of individuals with various qualifications, for instance, degree in accountancy from a renowned and accredited university which is one of the requirements in order to qualify to be a referral partner. In addition, some of us possess certificates to indicate their certification to practice public accountancy. Reason for all the certification is to prove that the candidates are truly professionals and understand accounting principles which would be needed in the project. A five years’ experience in accounting field is also one of the requirements. This will ensure that the expertise does not try to practice on the project in order to gain experience since it will be risky for the project success (Morash & Moynagh, 1998). With all the relevant qualifications in my group, the company will be able to successfully meet the targeted objectives. The work will be carried out in a professional manner, ensuring that the customer’s requirements are efficiently met. How the Agents will benefit My Mortgage Real estate agents are another category of referral partners’ expertise that the project requires. These professionals are required to have financial background and possess a degree in real estate management or a subsidiary certification of the same. They should have practiced the real estate for at least 3 years in their profession. Since the company deal in mortgages, real estate agents will be handy for the success of the project and therefore their expertise and experience need to be strictly adhered to. Financial planners come handy especially in financial resource allocation and expected financial turn over. These need to have a university degree in finance from an accredited university with five years financial planning experience. This is because financial aspect of the project is a crucial part of a project which can easily fail it (Lock, 2007). Conclusion In order to attain the project goal of attracting new clients from online and offline strategies, My Mortgage Freedom Company need to consider some steps. First, they should identify the requirements of their clients; identify their information requirements for the project and selecting the potential sources. Expertise for referral partners needed should also be audited in terms of skills, knowledge and experience. Bibliography Lock, D. (2007). Project management. Burlington, VT, Ashgate. MymortgageFreedom Juniper, D.; Yelp.inc. (2004). Freedom mortgage. Yelp Inc. < http://www.yelp.com/biz/freedom-mortgage-virginia-beach> GCorp consulting group. (2012), My Mortgage Freedom Launch Party: Adelphi hotel. GCorp Kousholt, B. (2007). Project management: theory and practice. Kbh, Nyt Teknisk Forlag. MyMortgageFreedom, (2011), Project Brief: Capstone Program. MyMortgageFreedom Morash, E. M, (1998), Proficiency requirements for comprehensive auditing a guide for practitioner. CCAF-FCVI Inc. Ottawa, Ontario. Appendix 1: Personal learning development plan Learning goals Through participation in the assignment and through the semester, I expect to develop skills on project management and acquire knowledge on mortgage markets and practices. Since the project is about mortgage and improving the market through implementation of change, it will provide a better understanding of the same. Another goal is to attain general skills on project management. This includes allocation and coordination of resources towards attaining a common project goal. Lastly another goal is to attain project response skills to all categories of projects in different industries. This improves the analytical skills that are applicable in literature and other disciplines. How to achieve them These goals can be attained through constant participation in assignments and programs through the semester. Project management skills can be attained through attending lectures and out of class participation. This will include carrying out at least two sample projects which I will submit for review by the lecturer and tutor to analyze my ability. It will also include project response of at least three projects through the semester in the first three weeks of the semester, mid semester and towards the end of the semester. Discussion groups will also be of help in sharing ideas and correcting weak points in skills and knowledge. Library sources of information can also be of help especially in carrying out research. Challenges likely to be faced The goals can be achieved through the semester, however, challenges are inevitable. Holding discussion groups does not necessarily mean that the goals can be attained through such groups. Participation of group members can be a great challenge where other members are inactive or not committed to working together and sharing knowledge. Another challenge is timeline and allocation to the activities especially when a goal is not attained within the allocated time and activity and it creeps in to the time of other activities. Goals attained through lectures might not be attained and would need further consultation which might affect time allocated for group discussions. First sample project and project response might not be attained and pushed forward to affect time allocated for the second project. Measure of success Despite the challenges, goals can be attained and need to be measured to prove success in the efforts made. Performance in project based and class assignments are a major basis for measuring goals attainability. By the end of the semester, performance should have improved compared to beginning of semester to prove that skills have been attained and mastered. Handling full projects competently other than sample projects will be a proof that project management skill goals have been attained. However, it should be with little or no consultations from other parties like lecturers or group assistance. This is a reflection of productivity from lectures, discussions and project activities. Time required in carrying out the projects and responding to already set projects will also be a measuring factor of the goals. By the end of the semester, time spent taken for completing assignments should reduce requiring a lesser time for handling such project assignments. Read More