Mortgage lenders and originators use FinLocker to recover turned down applicants

 

Denial rate for home purchase mortgage applications was 9.02% in 2024, according to HDMA data. Drilling down, 8.22% of conventional conforming home purchase applications were denied, 14.27% of FHA loans, 8.44% of conventional non-conforming loans and 8.07% of VA loan applications. CFPB

Denial rate for refinance applications was 25.6% in 2024. Applications for FHA refinance loans were more likely to be denied (41.50%), followed by conventional conforming loans (22.37%), VA loans (22.21%), and conventional non-conforming (18.16%) were the least likely to be denied. CFPB

Consumers are often declined with a form letter with little to no advice on what actions can improve their loan eligibility. Rather than leave denied applicants fending for themselves, mortgage originators can utilize FinLocker to recover turned-down applicants.

FinLocker addresses the most common reasons for mortgage denials with a personalized action plan, intuitive tools and educational resources to overcome their initial reasons for the denial and improve their loan eligibility so their next mortgage application will be stronger.

Mortgage originators receive data insights to monitor borrower progress and know when to connect to offer additional advice or start their new mortgage application.

It’s not “No!” It’s “Not Now!”

How FinLocker helps to recover turned down applicants.

How turned down applicants use FinLocker to prepare for homeownership

  • Credit score, credit report, and credit monitoring through TransUnion
  • Make informed credit actions and decisions using a credit simulator and receive actionable tips with credit compass
  • View and manage all financial accounts in one place
  • Educational resources and videos to improve financial literacy and learn about the mortgage process
  • Home affordability calculator recommends a home budget and mortgage payment suitable for the homebuyer’s income
  • Track their progress toward mortgage readiness and receive a personalized action plan to overcome challenges
  • Create trackable financial goals and create budgets to save for down payment and closing costs
  • Spending analysis and budgeting tools to manage and pay down debt to qualify for a mortgage
  • Start their property search and see which homes may qualify for down payment assistance
  • Financial documents can be securely stored and shared directly from their app with their originator to initiate a mortgage application

Discover how FinLocker can help recover your turned down applicants, so they’ll return to you with a stronger mortgage application.

Contact FinLocker to Schedule a Personal Demo