The FinLocker-powered USafe personal financial fitness app helps consumers build and monitor their credit, manage their finances, budget and save, and improve their financial literacy to achieve their short-term and long-term financial goals.
UMortgage, a fast-growing national mortgage company, has partnered with FinLocker and TransUnion to provide consumers with the USafe app to improve their financial literacy and streamline the home buying experience.
A key pillar of UMortgage’s mission is to help consumers achieve a financially stable future with homeownership as the anchor to build wealth. Through the USafe app, consumers will receive:
- Personalized journeys to monitor and improve their credit health,
- Tools to manage their finances, establish savings goals, project cash flow, and budget to pay down debt and save for a down payment on their next home, and
- Educational resources on managing credit and credit cards, paying for college, preparing for the mortgage process, using their home equity, and planning for retirement.
“Homeownership is the basis of wealth creation for the majority of Americans. As home price growth reached the highest level in more than 45 years last year, homeowners with mortgages saw their equity increase 29.3% year over year in the fourth quarter of 2021, according to CoreLogic. That’s an average gain of $55,300 per homeowner in 2021,” said Brian Vieaux, President and COO of FinLocker. “FinLocker provides consumers with the tools to build credit, pay down debt and save their down payment so they can be eligible for favorable mortgage rates. Buying a home with a lower interest rate will help them pay less for their home over the term of their mortgage, improve their cash flow to help them achieve long-term financial goals, and contribute to their net worth, all of which they can do in their FinLocker-powered USafe app.”
Consumers attending the free Financial Literacy Week program powered by UMortgage from Monday, March 28 through Sunday, April 3, will have the first opportunity to download the free USafe app. “We’re ten years away from homeownership being unaffordable for the vast majority of Americans – that’s a problem,” said Anthony Casa, President and CEO of UMortgage. “We believe that providing free financial education is critical for wealth creation and, for us, the most impactful thing we can do is focus on generational impact, especially for underserved communities.”
The program offers multiple sessions each day suitable for traditionally employed and self-employed first-time homebuyers, second-time homebuyers, and homeowners to learn how to budget, build credit, manage their student loan debt, plan for retirement, invest in real estate, and much more.
“Credit is fundamental to homeownership and it is important that consumers – especially those within underserved communities – have access to tools that provide financial literacy on how they may build credit to become successful homeowners,” said Joe Mellman, senior vice president of mortgage at TransUnion. “When consumers have a better understanding of their individual mortgage readiness and the various financing options available, there is a far greater chance they will successfully complete the home buying process.”
UMortgage is the first mutual client of TransUnion and FinLocker using their digital-first solution to identify prospective homebuyers and nurture and convert leads into funded loans while streamlining the mortgage application and underwriting process for all parties.
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UMortgage is a purpose-driven mortgage company committed to serving its Loan Originators and community at large. Each Loan Originator offers consumers the personalized touch of working with a Broker in their backyard while maintaining the support and resources of a nationally licensed company. Licensed nationwide, they are trailblazing a path in the mortgage industry that is streamlined, modernized, and values-driven. For more information, visit umortgage.com.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.