What metrics would you use to evaluate Rocket Mortgage's "Verified Approval" feature?

Introduction

Evaluating Rocket Mortgage's "Verified Approval" feature requires a comprehensive approach to product success metrics. This innovative offering aims to streamline the mortgage approval process, providing borrowers with a higher level of certainty and potentially faster closings. To assess its effectiveness, we'll need to consider metrics that capture both user experience and business outcomes.

Step 1

Product Context

Rocket Mortgage's "Verified Approval" is a digital feature that allows potential homebuyers to receive a more robust pre-approval letter. It involves a thorough review of the applicant's income, assets, and credit, providing a stronger guarantee of loan approval compared to traditional pre-approvals.

Key stakeholders include:

1. Homebuyers: Seeking certainty in their home purchase process
2. Real estate agents: Looking for reliable buyers
3. Rocket Mortgage: Aiming to increase conversion rates and market share
4. Sellers: Preferring buyers with solid financing

User flow:

1. Applicant submits financial documents online
2. Rocket Mortgage verifies information within 24 hours
3. If approved, user receives a Verified Approval letter

This feature aligns with Rocket Mortgage's strategy of leveraging technology to simplify and accelerate the mortgage process. Compared to competitors, it offers a more robust approval process, potentially giving Rocket Mortgage an edge in a crowded market.

Product Lifecycle Stage: Growth - The feature is established but still has significant room for adoption and refinement.

Software-specific context:

• Platform: Integrated into Rocket Mortgage's existing digital mortgage application system
• Integration points: Credit bureaus, bank account verification services, income verification systems
• Deployment model: Cloud-based, allowing for rapid updates and scalability