Why has Rocket Mortgage's Verified Approval process seen a 15% drop in completion rates over the past month?

Introduction

The recent 15% drop in completion rates for Rocket Mortgage's Verified Approval process is a concerning trend that requires immediate attention. This analysis will systematically investigate potential root causes, generate data-driven hypotheses, and propose actionable solutions to address the issue. We'll follow a structured approach to identify, validate, and resolve the underlying factors contributing to this decline in performance.

Step 1

Clarifying Questions (3 minutes)

• Considering the timing, I'm wondering if there have been any recent changes to the Verified Approval process. Have any updates been made to the user interface or backend systems in the past month?

Why it matters: Recent changes could directly impact user experience and completion rates. Expected answer: Information about recent updates or confirmation of no changes. Impact on approach: If changes were made, we'd focus on those specific areas first.

• Looking at the user segments, I'm curious about the distribution of the drop across different customer types. Is the 15% decrease uniform across all user segments, or are certain groups more affected?

Why it matters: Identifying specific affected segments could point to targeted issues. Expected answer: Breakdown of completion rate changes by user segment. Impact on approach: We'd prioritize investigating the most affected segments.

• Considering external factors, has there been any significant change in the competitive landscape or mortgage market conditions over the past month?

Why it matters: External market forces could influence user behavior and completion rates. Expected answer: Information on market trends or competitor actions. Impact on approach: If external factors are significant, we'd need to consider broader strategic responses.

• Focusing on the metric itself, has there been any change in how the completion rate is calculated or tracked? Are we confident in the data accuracy?

Why it matters: Ensures we're addressing a real issue and not a data anomaly. Expected answer: Confirmation of consistent measurement and data integrity. Impact on approach: If there are data issues, we'd need to address those before diving deeper into product-related causes.