Rethink Everything About Attracting and Educating First-time Homebuyers

This month, our mortgage and finance experts provide loan officers with practical strategies and tips on attracting and educating first-time homebuyers to prepare for homeownership.

How to Generate High Intent Leads with a First-time Homebuyer Workshop
Brian Vieaux, President and COO, FinLocker

What Mortgage Pros Need to Know About FICO’s 2025 Credit Score Price Hike
Brian Vieaux, President and COO, FinLocker

How to Qualify More First-time Homebuyers by Offering Rent Reporting
Steve Ely, CEO of eCredable

Celebrating Military Family Appreciation Month: Supporting Military Homebuyers
Rob Chrane, Found & CEO, Down Payment Resource

Wishing you a joyous holiday season BUDGET and a prosperous BUDGET New Year
Paul Gigliotti, CEO & Executive Board Member of Axis 360 Lift

Housing Finance Agencies: Your Secret Weapon to Closing More Loans?
Matthew Gallant, Senior Manager of Business Development, New Hampshire Housing

Building a Strong Brand Identity to Differentiate Yourself in a Competitive Market
Brian Vieaux, President and COO, FinLocker

Why Wait for New Year’s Resolutions? Start Now
John Jurkovich, Founder, The Mortgage Broker Builder

View all previous articles

How to Generate High Intent Leads with a First-time Homebuyer Workshop

Brian Vieaux, President and COO, FinLocker

Online webinars and in-person workshops offer a powerful means of educating and nurturing high-intent prospective homebuyers. When co-hosted with a real estate agent and other referral partners, this collaborative approach enhances the value of the content for the attendees.

Co-hosting with referral partners

Mortgage originators should partner with local real estate agents to discuss topics such as searching for a home, making an offer, and other related home buying related topics. This will enable you to split presentation duties and double marketing efforts. Also, considering adding a home inspector, home insurance agent, building contractor to discuss renovating or remodeling.

Location

Originators focusing on a specific city or town can leverage their local knowledge as a unique selling point. By hosting in-person workshops in their community, you can establish yourself as trusted advisors and attract homebuyers who value local insights.

If your office building doesn’t have a large meeting room, bring the workshop to the neighborhood. Venues, such as libraries, church meeting rooms and co-working spaces, are often available for free or a minimal charge. Search for venues for “seminars” on PeerSpace.

Marketing your first-time homebuyer workshop

• Email invitations to prospects in your pipeline.
• Promote the workshop on social media to attract early journey homebuyers.
• Email invitations to clients you are servicing or have closed. They might be considering buying another home this year or can refer someone who is.
• FinLocker and KeySteps can be co-branded with real estate agents. Every agent who is co-hosting a workshops should also invite their clients, and can be given a personalized digital business card so they will be the agent in their client’s app.
• In-person and online educational workshops can be promoted in similar ways:
  • Create a free event listing on Eventbrite to gain additional exposure
  • Create social media posts with hashtags like #FirstTimeHomebuyerWorkshop, #HomebuyingProcess, #MortgageProcess, and #FirstTimeHomebuyerEducation
• Record the presentation and send the on-demand link to attendees to rewatch the seminar with a reminder to continue using your FinLocker to get mortgage ready and buy a home
• Send registrants who did not attend a different email message with the recording link and an invitation to download your app.
• To attract homebuyers moving to your region who will need an originator and real estate agent with local knowledge, record the first-time homebuyer workshop and publish it on your YouTube channel. At the end of each video display a slide or card that has a QR code to download your app. Title the workshop with your city, such as “St Louis First-time Homebuyer Workshop,” so homebuyers can easily find it on YouTube or online.

FinLocker offers a comprehensive suite of tools to complement homebuyer education programs. We recommend giving your invitation link to every person who registers for the workshop with a request to download the app and create their account prior to the workshop. It only takes a few minutes to download and create an account, so they can also do it at the start of the workshop so they can interact with the various sections of the app during the workshop. Encourage attendees to continue using the platform after the workshop to keep them connected to your business while following their personalized path to homeownership.

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Here’s how FinLocker can complement first-time homebuyer workshops:

What Mortgage Pros Need to Know About FICO’s 2025 Credit Score Price Hike

Brian Vieaux, President and COO, FinLocker

In a move that caught the mortgage industry’s attention on November 7, 2024, FICO announced plans to increase the cost of mortgage credit scores by approximately 50% in 2025. This price adjustment will push the cost per credit pull from about $3.50 to $4.95, prompting discussions about its broader implications for the industry.

Why is this happening?

Two key factors are driving this price increase:

1. FICO’s dominant position in the credit-scoring market
2. Expected surge in home loan demand as interest rates potentially decrease

Impact on the industry

For Lenders
While a $1.50 increase might seem modest at first glance, the cumulative effect could be substantial for mortgage operations. Lenders typically pull credit multiple times during the loan process, and high-volume operations could see significant cost increases annually.

For Borrowers
Though credit pulls represent a small portion of overall closing costs, this change could affect borrowers in several ways:

• Potential pass-through of increased costs
• Higher fees for multiple credit pulls during the loan process
• Added importance of credit score stability throughout the loan process

What this means for your business

As industry professionals prepare for this change, consider these key points:

1. Cost Management

• Review your current credit pull practices
• Evaluate pricing strategies
• Consider bundling services to offset increased costs

2. Process Optimization

• Streamline when and how often credit is pulled
• Develop more efficient pre-qualification processes
• Consider alternative credit monitoring solutions

Looking ahead

While this price increase poses challenges, it also presents an opportunity for mortgage professionals to optimize their operations and explore innovative solutions. The key will be finding the right balance between managing costs and maintaining thorough credit evaluation processes.

FinLocker provides loan officers with soft credit pulls and automated alerts when scores improve, making it easy to identify qualified mortgage applicants.

Consumers get real-time interest rate estimates based on their credit score, personalized guidance and tools to improve their credit health.

Instead of multiple expensive credit pulls, loan officers can efficiently monitor potential borrowers’ credit progress through FinLocker’s proactive alerts.

How to Qualify More First-Time Homebuyers by Offering Rent Reporting

Steve Ely, CEO of eCredable.com

I have worked in the credit reporting industry for a long time. I frequently respond to questions about how the inner workings of this complicated industry works, and there are few questions more difficult to answer than why there are not more rental accounts in the credit files at the national credit bureaus.

Everyone knows how important your credit score is when applying for any type of loan. Unsecured loans – like credit cards, personal loans, and student loans – rely almost exclusively on the credit score itself. But when applying for a secured loan – like an auto loan or mortgage – the contents of the credit matter much more.

In the case of a mortgage, every account in your credit report is reviewed to better understand your credit history. When your credit history is limited, having a rental account on your credit report can make a real difference by demonstrating your ability to pay a significant financial obligation over an extended period. For most people, their monthly rent is the largest payment they make – by far.

Why is that so few credit files have a rental account included? The rent reporting industry has been around for about twenty years, yet less than 5% of all credit files have a rental account present. The fundamental reasons are the lack of incentives for the landlord and the difficulties faced by the tenant given the amount of friction involved in the business model. 20% of the rental market is managed by large property management companies, which have sophisticated software systems that make it easy to access the information that is required to add a rental account to a credit report. 80% is managed by smaller landlords with 4 units or less, which have little or no sophistication.

Why is this problem so hard to solve? The credit bureaus have significant reporting requirements for rental accounts to mitigate fraudulent reporting. The minimum amount of data that needs to be verified includes the landlord, the tenant, the term, the payment amount, the payment date, and the property. This is straightforward in the case of the Property Management Company. They already have all this data – they just need the tenant to opt-in to allow their landlord to report their rental payments to the credit bureaus. We can only surmise that the value proposition for these tenants is not compelling enough. They probably already have a good enough credit score to meet the lease requirements for the apartment.

What about the other 80% of the rental population that rents from the micro landlord (aka “Mom and Pop” landlord). To meet the same stringent reporting requirements for the credit bureaus, they need to comply with the same requirements as the Property Management Company. Now you know why there are less than 5% of rental accounts on credit files . . .

We think this about to change, and there are two major forces driving this change:
1) Open Banking – More and more solutions are being developed that leverage the ability to access the consumer’s bank account. This valuable source of information is incredibly useful when trying to understand if the consumer made a payment on an account, when you do not have access to the account in question.
2) Artificial intelligence (AI) – One of the many uses of AI is removing the human involvement of verifying a complicated document like a lease. It is now possible to inspect the lease to extract 90% of the information that needs to be verified before building a rental account that can be reported to the credit bureaus.

eCredable recently launched a rent reporting solution that addresses the needs of the tenant renting from a Property Management Company, and the needs of the tenant that rents from the Micro Landlord. The tenant has the most to gain by having their rent payments reported on their credit file, so why not let them drive the process? They simply upload their lease so we can extract the relevant information that needs to be verified. We use AI to scale this part of the process without human intervention. The only involvement from the landlord is one text message which acknowledges their tenant is going to start reporting their rental payments on their credit file.

Coupled with utility reporting, we believe this new offering has the potential to significantly scale the number of rental accounts on credit reports. This also allows the first-time homebuyer who would benefit from this important account being included in their credit file to take responsibility for making this happen.

Celebrating Military Family Appreciation Month: Supporting Military Homebuyers

Rob Chrane, Found & CEO, Down Payment Resource

November is Military Family Appreciation Month, a time to honor the sacrifices and contributions of service members and their families. For housing industry professionals, it’s also a reminder of the unique challenges faced by service members and their families when it comes to buying, building, or renovating a home. With countless moves, deployments, and the financial strains of military life, providing specialized support is essential to helping them achieve their homeownership goals.

At Down Payment Resource, we’re thanking our service members and the housing industry pros who serve them by bringing some attention to homebuyer assistance programs supporting military buyers. While these buyers are eligible for any of the 2,400-plus U.S. homebuyer assistance programs we track, there are programs developed specifically to help them build, buy or make accessibility-related home renovations.

Dedicated Programs for Our Heroes

We’ve identified 49 homebuyer assistance programs offering up to $117,000 in financial support tailored to the military community. These programs go beyond general assistance by addressing the specific needs of service members, Veterans, and their families. Whether it’s help with the down payment, funds to make accessibility-related home renovations, or specialized loan options, these resources empower military families to secure housing that suits their needs.

In addition to these exclusive programs, 211 homebuyer assistance programs exempt Veterans from first-time homebuyer requirements, making it easier for those who have previously owned a home to re-enter the market.

How You Can Help

If you have clients or prospects who are a part of the military community, now is the perfect time to explore homebuyer assistance options. With 49 programs exclusively for military buyers and hundreds more offering tailored benefits, the path to homeownership is more accessible than ever. By raising awareness about these resources, we can make a meaningful difference for military clients seeking stability and security in their housing journey.

Wishing you a joyous holiday season BUDGET and a prosperous BUDGET New Year

Paul Gigliotti, CEO & Executive Board Member, Axis 360 Lift

Wishing someone a joyous celebration through the holiday season and thinking about a budget doesn’t really go together, in fact reading the title of this article “Wishing you a joyous holiday season BUDGET and a prosperous BUDGET New Year” almost hurts the eyes, but I promise you sticking to a budget during the holidays is not all doom and gloom, in fact it’s a great first step into the lifestyle change that is required when becoming a homeowner and can be a little fun, I PROMISE. The holiday season is indeed a magical time filled with joy, celebration, and cherished memories. However, this “extra” joy often comes with “extra” costs—whether it’s festive decorations, gifts, parties, or travel. For potential homeowners, it’s especially important to manage holiday spending and keep your long-term goal of owning a home in focus. The article we are sharing will walk you through some creative ways to stick to a budget. As you are reading through the article, remember there is nothing wrong with buying $10 gifts as opposed to $40 gifts, homemade treats are more fun to make than standing in a long line with credit card in hand, and a hot glue gun with some red ribbon can spice up any holiday decorations.

First and foremost let’s review the Importance of Budgeting

Homeownership is a major lifestyle change that requires financial discipline. Setting and sticking to a budget during the holidays is a great way to practice the skills you’ll need to manage the costs of homeownership. This includes handling mortgage payments, maintenance expenses, and property taxes. By staying within your holiday budget, you can avoid unnecessary debt and keep your savings on track. With that being said, it’s also important to make sure you have a stash of cash (in the bank earning interest) when you become a homeowner. Remember the money you are using to pay monthly credit card bills could go to you savings to support your homeownership goals.

Tips for a Budget-Friendly Holiday Season

Create a Holiday Spending Plan
Start by outlining your holiday expenses, including gifts, food, travel, and decorations. Allocate a specific amount to each category and stick to it. Use tools like FinLocker’s financial management app to track your spending in real time and ensure you stay within your budget.

Prioritize Your Goals
Remind yourself of your ultimate goal—homeownership. Each dollar spent during the holidays could instead contribute to your down payment or emergency savings. Visualizing your dream home can help you stay motivated.

Opt for Meaningful, Low-Cost Traditions
Consider alternatives to expensive gifts or lavish gatherings. Homemade presents, potluck dinners, or simple family traditions can bring just as much joy without derailing your budget.

Limit Credit Card Use
It’s easy to overspend with credit cards during the holidays. Try using cash or a debit card tied to your budget to ensure you’re only spending what you can afford. If you use a credit card-only charge what you can pay off in February and remember that Valentine’s day is in February.

The Long-Term Benefits of Budgeting
Developing and sticking to a budget isn’t just a holiday exercise—it’s a critical part of financial readiness for homeownership. Maintaining control over your finances now will prepare you for managing the responsibilities that come with owning a home, from unexpected repairs to rising utility costs.

This holiday season, let your long-term goals guide your spending. Celebrate joyfully but wisely, keeping in mind that every budget-friendly choice brings you one step closer to your dream of owning a home. By sticking to your budget, you’re not just saving money—you’re investing in your future.

If you are a potential homeowner and get anxious or squirrely about spending during the holiday season you might want to try a quick practice of visual reinforcement– picture yourself and your loved ones in your new home this time next year. What will that feel like having accomplished your goal and enjoying the holidays in your new home together? Goals are never simple, they are supposed to be work, they are supposed to be effort and once achieved they reshape you.

Housing Finance Agencies: Your Secret Weapon to Closing More Loans?

Matthew Gallant, Senior Manager of Business Development, New Hampshire Housing

You know the struggle. A client is almost there, but their finances are just shy of qualifying, even for an FHA Loan. You hate turning away business, but what can you do?

Enter Housing Finance Agencies (HFAs). These state-level organizations offer down payment assistance (DPA) programs and competitive first mortgages rates and other resources that can be the key to unlocking homeownership for those borderline clients.

Think of it this way:

• HFAs bridge the affordability gap. Their DPA programs and competitive rates can provide the crucial funds needed to make homeownership a reality.
• HFAs offer flexible underwriting. They often have more lenient credit score and debt-to-income ratio requirements.
• HFAs expand your client base. You can help more first-time homebuyers, veterans, and low- to moderate-income families.
• HFAs often offer top partners referral opportunities and highlight their success across their vast social media.

Yes, there might be a little more paperwork, but we’re mortgage lenders, what’s a few more disclosures and documents? Many of you may have overlooked your state HFA because they comp a little lower, but an argument can be made that a slightly smaller commission is better than NO commission, right? Plus, you’ll be building lasting relationships with clients who will remember you as the expert who helped them achieve their dream, when others couldn’t or wouldn’t. That’s a Google review or testimonial others would pay to have.

The reality is many potential homeowners fall through the cracks simply because they don’t know about the resources available—or because their lender didn’t. As an MLO, that’s a challenge you have the power to overcome. In fact, DownPaymentResource.com found that in 2023, roughly 30% of denied loans—over 46,000—could have been salvaged if lenders had utilized available down payment assistance programs, like those offered by HFAs. The opportunity is too big to ignore. So, how do you bridge the gap?

So, here’s your challenge

• Revisit your pipeline- look at your loan files from the past 12 months. How many could have closed with an HFA program?
• Become an HFA expert- Each state has its own programs, so get familiar with what’s available in your area. (They are always willing to provide training)
• Educate your clients- Many borrowers don’t even know HFAs exist! Spread the word through your website, social media, and industry communications.

Leverage Content

Mortgage Loan Officers who take the time to understand Housing Finance Agency (HFA) products unlock powerful opportunities to grow their business. These programs not only help you close more loans but also give you the chance to position yourself as a trusted resource in your market. The best part? Sharing your knowledge through strategic content can educate your audience, attract new clients, and highlight your expertise. Not sure where to start? Here are some tips to help you leverage HFA programs effectively:

• Video – Create a series explaining how HFAs work and the benefits they offer.
• Email – Segment your CRM and send targeted emails to potential clients who might qualify for HFA programs.
• Social Media – Use this content to create infographics and FAQs about HFAs, and share your success stories.
• Blog Posts – Write in-depth articles about specific HFA programs in your state.

So, does an increase of closed loans by 30% sound appealing? HFAs could be your ticket. Sure, there might be a little more paperwork involved. But let’s be honest, it’s a lot harder to generate fresh leads than to leverage the ones you already have.

HFAs offer a golden opportunity to convert those “almost qualified” clients into homeowners. Become the HFA expert in your market, grow your business and watch the closed loans pipeline grow.

Building a Strong Brand Identity to Differentiate Yourself in a Competitive Market

Brian Vieaux, President and COO, FinLocker

In today’s competitive mortgage landscape, establishing a distinctive brand identity requires balancing authenticity, innovation, and consistent communication. Successful mortgage professionals focus on three key areas while implementing practical strategies to stand out in their community.

1. Authenticity
Modern consumers quickly discern between genuine and superficial brand promises. Building trust requires transparent lending terms and personalized service. Loan officers can demonstrate authenticity through professional LinkedIn profiles highlighting client success stories, consistent market insights on social media, and educational video content explaining mortgage processes. A monthly newsletter featuring local market updates helps maintain ongoing connections while establishing thought leadership.

2. Customer-centric innovation
While technology drives the industry forward, successful brands ensure innovation enhances rather than replaces personal relationships. Implement a “milestone update” system with personalized video messages at key points in the loan process. Create branded email templates for different scenarios and develop resources like first-time homebuyer toolkits. Regular check-ins with past clients maintain relationships and generate referrals.

3. Strategic Partnerships
Building strategic alliances strengthens market position and expands value proposition. Partner with real estate agents for educational seminars, volunteer with housing-related nonprofits, and join local business networks. Develop relationships with financial advisors and CPAs for referrals. Host monthly webinars on homebuying topics and create downloadable guides for different loan types.

Practical Implementation

Maintaining brand consistency is crucial in an omnichannel world where clients engage with companies across various platforms—from social media to email, mobile apps, and in-person meetings. Whether through digital communications or personal meetings, ensure every interaction reflects your core brand values and professionalism. Inconsistent messaging can lead to confusion and erode trust, so it’s essential to create a unified brand voice and visual identity across all touchpoints.

Success requires consistent execution across all channels. Create a content calendar for social media posts, weekly market updates, monthly homebuyer and homeowners workshops and webinars, and develop a systematic approach to client communication, especially to update borrowers, the borrower’s agent and seller’s agent at each stage of their mortgage application. Leverage technology for efficiency while maintaining personal connections through regular check-ins with prospects and loan reviews wit homeowners every six months.

By focusing on authenticity, innovation, and strategic partnerships while implementing practical branding strategies, mortgage professionals can build lasting relationships and stand out in a competitive market. The key lies in consistent execution and genuine commitment to client success.

Why Wait for New Year’s Resolutions? Start Now!

John Jurkovich, Founder, The Mortgage Broker Builder

It’s that time of year again. Decorations are up, eggnog is flowing, and everyone is talking about their big plans for next year. But here’s a question: Why are we waiting until January 1st to start working on New Year’s resolutions? What’s so special about that date? Spoiler: Nothing. It’s just another day.

The truth is, most New Year’s resolutions fail because they’re way too vague. Saying “Lose 20 pounds” isn’t something you can just do—it’s a result. And results only happen when we focus on what we can actually do.

So, let’s change how we think about this. If you have a goal, why not start today? Yes, today. Right now. Every day you wait is a day you’re missing out on making your life better.

The OPA Framework

Here’s a simple way to think about goals: use the OPA framework. OPA stands for Outcome, Purpose, and Action Steps. This method works because it helps you focus on actions, not just ideas.

Here’s how it works:

1. Outcome: What’s your big goal?
2. Purpose: Why is this goal important to you?
3. Action Steps: What are the steps you can take today to make progress?

A Real-Life Example

Let’s say you’re a loan officer, and your goal is to close 100 loans in 2025. That’s a great goal, but it’s not something you can do all at once. Here’s how you could use OPA to break it down:

Outcome: Close 100 loans in 2025.
Purpose: Provide my spouse and me some financial breathing room, put the kids back into that expensive after-school activity, family vacation, pay credit card debt, and the stronger the why the greater the chance you will do it.

Action Steps:

• Talk to five new real estate agents every week.
• Send a newsletter on the second Tuesday of every month.
• Utilize tech to add value and stay in front of my clients. For example, Finlocker.
• Spend two hours each week improving your sales and marketing skills.
• Create a Marketing plan and post on social media twice a week.
• Check in personally with all your closed clients every quarter.
• Find or hire someone to keep you accountable and help you stay on track. Buddy the Elf may be available. 

Now you have a plan. These steps are specific and doable. They aren’t just wishes—they’re things you can actually accomplish.

Start Now

Here’s the big secret: You don’t have to wait until January 1st to begin. If your goal is worth doing, it’s worth starting today. Why wait to make your life better? The sooner you start, the sooner you’ll see results.

Imagine starting your action steps now. By the time January 1st comes, you’ll already be making progress. You’ll feel confident, have some wins under your belt, and be ahead of everyone else.

Take It One Step at a Time

A wise person once said the way to eat an elephant is one bite at a time. The same goes for goals. Break them down into small, manageable steps, and take them one at a time. It’s not flashy, but it works.

So, as you enjoy your eggnog and think about 2025, take a moment to write out your OPA plan. Then start today. You have 1,440 minutes every day. Make the most of them.

Brian Vieaux interviews 4 loan officers who are building their business using their private-labeled FinLocker.

Hear their practical strategies and success stories:

💡 How to leverage FinLocker to provide financial education that resonates with prospective homebuyers.
💡 Social media strategies to attract and engage leads by integrating FinLocker as a call-to-action.
💡 Benefits of co-branding with Realtors through FinLocker.
💡 CRM strategies for recovering mortgage turndowns.

Click here to listen to this webinar on YouTube to learn how to leverage FinLocker to its fullest potential.