Yrefy was established with the mission of revolutionizing the private student loan market by offering low-interest rates and extended terms to struggling borrowers. Simply put, their objective is to help borrowers repair their credit and get out of debt as quickly as possible. The speed at which the transactions are accurately processed across their site is critical. 

Business Problem: The Yrefy executive team is led by an innovative technical leader who sees an opportunity to build their business around frictionless technology by streamlining business processes — from marketing to loan acquisition, origination through servicing student loans, and a customer payment portal. The premise of all systems emanates from sophisticated control systems from the avionics industry where precision is king, and mistakes can be catastrophic.

The business originally engaged another development firm to develop the loan origination platform with the intent of building the servicing and payment portal. However, faced with delays within their technical team, they decided to find a new development organization with experience, business knowledge, technical depth, and proven ability scale to bring the systems to the market. DHx was brought in based on our technical depth as well as our ability to partner with customers at an executive level. DHx initially concentrated on the servicing platform and borrower portal, later undertaking the task of rebuilding the origination system to create an interconnected platform that functions as a unified whole (or as independent modules as needed).

Solution Provided: The solutions developed by DHx now include critical connections to the business's marketing platform. The information is collected and migrated to Yrefy's CRM where their loan origination team can begin their work. The CRM is integrated into the origination system where documents can be collected, decisions can be made regarding rates and loan terms, signatures can be obtained, and underlying third-party loans can be settled. Once the new loans have been processed, the integrated loan servicing and borrower portal takes over, where borrowers can self-manage and monitor their payments and progress. The new system is directly integrated with their accounting system ensuring all transactions are posted promptly and accurately. The platform developed by DHx provides an end-to-end, sophisticated loan origination and servicing platform that supports the business with a high degree of efficiency and accuracy, helping Yrefy to deliver world-class support to their borrowers.

Key Takeaway Benefits: 

• Integrated, cost-effective approach.
• Large technical team with broad skills (architect, technical project lead, project management, UI/UX, database experts supported by front and back-end developers all led by the DHx business team).
• Heavy workflows, integrations, security-supporting, and complex financial models.
• Emphasis on a hands-on working relationship that prioritizes client business goals.
• Precision system design coupled with cutting-edge technology.
• A major opportunity for Yrefy to dominate and disrupt the private student loan market.

The system developed for Yrefy is unique in the market. The integrated platforms and efficient processing gives Yrefy a significant competitive advantage in the marketplace. The business operates in a seamless, frictionless environment, allowing them to achieve greater efficiency, and at a much faster pace than their competition. Moreover, Yrefy is committed to its borrower's welfare, which sets them apart from an industry focused on maximizing profits through increased interest rates. Every aspect of the new system has been meticulously designed to care for and assist borrowers. This customer-first approach, combined with cutting-edge technology, has the customer poised for long-term success.