Mortgage lenders and originators can white-label their FinLocker 3.0 app to generate leads and nurture homebuyers towards mortgage readiness via personalized journeys that help homebuyers overcome financial barriers to achieve homeownership without leaving the app.
FinLocker, a leader of next-generation, digital, consumer-permissioned personal financial assistance tools, has released the FinLocker 3.0 app, a holistic personal financial well-being solution that delivers hyper-personalized customer journeys that respond to the housing goals of homebuyers. This release with enhanced features and a modern, intuitive interface provides mortgage lenders, loan originators, banks, and credit unions with a financial well-being platform they can white label with their brand to improve their lead to loan conversion. FinLocker 3.0 marks a major shift in capabilities of the product, expanding upon digital data capture and mortgage transaction processing efficiency to a holistic consumer-financial relationship management platform offering more insights and opportunities for mortgage lenders to reach and serve new entrants and re-entrants to the market.
FinLocker clients customize and deploy the app as a comprehensive customer engagement and experience platform for their consumers to achieve mortgage readiness using personal finance management tools and personalized offers to overcome the primary financial barriers of buying a home – credit, saving for a down payment, and debt management. A new partnership with TransUnion provides consumers with accessible tools and resources to understand, build and monitor their credit score and credit report.
FinLocker 3.0 leverages the latest data integration capabilities from Fiserv via their AllData platform to deliver significant user experience enhancements in bank and asset account enrollment for financial account management. FinLocker developed technology that analyzes the consumer’s enrolled financial data to provide each homebuyer with a custom journey to optimize spending, create goals and budgets to pay down debt, save for down payment and closing costs, and prepare for the mortgage process and homeownership, using a comprehensive set of intuitive tools and resources inside the app.
Proprietary analytics drive the dynamic Affordability Calculator in FinLocker 3.0 to show homebuyers how much home they can afford, a monthly mortgage payment that fits their income, and the amount they should save for their costs to close for Conventional, FHA, and VA home loan programs. The Readiness Assessment perpetually analyzes the homebuyer’s data providing a real-time assessment of where they are in the mortgage process to show when they can confidently start their home search using the real estate widget in the app.
When consumers are mortgage-ready, they can initiate their mortgage application by transferring consumer permissioned data to their mortgage originator or lender to begin their mortgage application directly from their FinLocker app. The proprietary technology used to share data streamlines the mortgage application process by prefilling the mortgage application, reducing friction, data errors, and loan processing timelines.
“Along their homeownership journey, consumers often use disparate apps and websites to monitor their credit, finances, budget, learn about the mortgage process, and search for a property when they assume they are mortgage ready,” said Henry Cason, Chief Executive Officer, FinLocker. “The enhanced FinLocker 3.0 app will remove the uncertainty of mortgage preparation for homebuyers. No longer will they need to use multiple solutions. Instead, each homebuyer is provided with a personalized path to achieve mortgage readiness using FinLocker tools and resources. The Readiness Assessment perpetually analyzes their consumer-permissioned financial data so they’ll know with confidence when they can start their home search and mortgage application directly from the FinLocker app. The enhanced FinLocker 3.0 app will help our clients provide not just a positive lending experience but also a meaningful way that keeps the borrower connected with their mortgage lender before, during, and after closing.”
After closing their mortgage loan, homeowners continue using their FinLocker app to manage their finances, monitor their credit, home equity, home value, and net worth. Homeowners using a white-labeled FinLocker app remain in the financial institution’s ecosystem until they are ready to proceed with another financial transaction.
“FinLocker 3.0 will transform the way Amerifirst manages our sales pipeline. FinLocker 3.0 will provide the company with hyper-focused top-of-the-sales funnel lead acquisition and nurturing of our customers at all stages of mortgage readiness without leaving our tech stack. Being an early adopter of the platform and white-labeling FinLocker as the AmeriFirst FutureLock will give us a competitive edge,” said Mark Jones, Chief Executive Officer, AmeriFirst Home Mortgage. “The FinLocker 3.0 app will enable our mortgage originators to manage a larger pipeline of first-time homebuyers, especially those in underserved communities, by providing them with a personalized and engaging mortgage readiness journey, with tools that streamline the mortgage application process for all parties.”
The launch of the FinLocker 3.0 app is the product of two dynamic first quarters in 2021. The year began with the appointment of 27-year Fannie Mae veteran Henry Cason as Chief Executive Officer. FinLocker’s leadership capacity was further bolstered with Prabhakar Bhogaraju as Executive Vice-President, Head of Strategy and Product Development, bringing over 20 years of mortgage technology and consulting experience. The customer service team was expanded with Chris Hazen as Senior Vice-President, Customer Success, to enhance the company’s client implementations and additional Account Managers to onboard and support new clients following the FinLocker 3.0 app release. Strategic partnerships, including TransUnion, will provide new features for homebuyers and opportunities for mortgage originators to identify potential homebuyers for their pipeline in the coming months.
In 2016, FinLocker 1.0 started as a financial data and analytics platform that focused on consumer permission asset verification to create efficiencies in mortgage loan underwriting. FinLocker 2.0 was released in September 2019 to provide homebuyers with financial tools and educational resources to get mortgage ready and streamline the gathering of financial data and documents for the mortgage application using patented technology to share with the mortgage lender or originator.
FinLocker 3.0 app is available to consumers via invitation for download through the Apple App Store and Google Play Store and through select financial institutions that have white-labeled their FinLocker app for their consumers.
Watch a demo of the v3.0 app on YouTube: FinLocker3 0 Mobile App Reveal July 2021 – YouTube