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PEERS POST:
Industry and Problem
ABC Lending institution is dealing with a market that is changing. While most of their operating loans were set up with variable rates, many customers want to fix their rates with the changing interest rate environment. An audit finding uncovered loans being fixed with the wrong rate because employees are confused with interest rate terminology and terminology used in their document generation systems. Loan officers and operations staff are not speaking the same language. This confusion about rates and indexes causes a trickle-down effect as the rate moves from system to system through the loan lifecycle.
Impact and Stakeholders
If the issue goes unaddressed, teammate frustration will be high, and the effect on the business’s bottom line will be damaging. Data from an audit revealed that 300 loans had pricing errors after the institution launched a recent special program. If the issue goes on unaddressed, teammate frustration will be high, customers will lose confidence that their rate is accurate, and there will be a negative impact on the company’s bottom line. Key stakeholders include the VP of Operations, Senior VP of Operations, Senior VP of Business Development, VP of Finance, Financing and Pricing Analyst. A discovery session was held with the Stakeholders to determine learning objectives to ensure the desired outcome of the training. Teammates will be able to use consistent language with pricing terminology and definitions while also using critical thinking to ask the right questions when unclear. Teammates will be able to effectively use the system to communicate the appropriate pricing and enter it in the system.
Rationale for Instructional Intervention
The business received a request to clarify pricing to loan officers and operations teammates. After analysis of the impact on teammates, customers, and the business, a determination was made that a knowledge gap existed. We found very little educational material on the rate terminology in analyzing the need. There was limited information in the new hire eLearning modules for each affected job family. It was determined that consistent training for officers, loan servicing managers, and business closing specialists is needed. There are various ways these terms and calculations are described and figured in the various branches. Training will create consistency, so everyone has the same understanding of the upstream and downstream of a rate.
Brown and Green (2021) state ‘Careful consideration of the target audience helps ensure that instructional design is effective and efficient for that audience”. ABC Lending institution has found that providing an eLearning module to learners, which they can complete on their own time in a specified time frame, allows learners to meet the need of the business and complete training in a way that works for them. All teammates have a different knowledge level regarding pricing, and this allows them to take the time they need with the material. The training includes knowledge checks, scenarios, and activities that help learners determine their skill level and determine if they need more review. Scheduled follow-up live learning sessions with trainers create a forum where more practice can occur and where participants can ask questions. Learners can attend as many sessions as they feel they need. Addressing the issue of consistency and communication regarding pricing, indexes, and rates is important to teammates, customers, and the institution.
-Susan
Brown, A. H., & Green, T. D. (2020).
The essentials of instructional design: Connecting fundamental principles with process and practice
(4th ed.). Routledge.
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