Housing counselors use FinLocker to prepare consumers for homeownership
FinLocker supports housing counselors providing financial and housing education programs
FinLocker is a revolutionary platform encompassing a branded mobile app and website designed to transform your client’s journey toward financial fitness and homeownership. Trusted by leading mortgage lenders, credit unions, banks, credit counseling businesses, and a host of financial service providers, FinLocker complements housing counseling advice with a suite of credit and financial fitness tools and educational resources to provide consumers with credit and money management skills they can use to qualify for a mortgage and prepare for homeownership.
FinLocker helps consumers master money management
While working with counselors to build their credit profile, setting financial goals to pay down debt and increase their savings, and improving their overall credit and financial health, consumers can use a private-labeled FinLocker to:
- Access their credit score, credit report and monitoring through TransUnion. FinLocker does a soft credit pull, so there is no impact on your client’s credit scores. As part of the monitoring service, FinLocker sends notifications informing users when their credit score has changed, or an alert such as a credit enquiry or late payment, has been placed on the credit report.
- Make informed credit actions and decisions using an interactive credit simulator that takes the guesswork out of credit decisions by showing them how the decisions they make can lower or increase their credit score in the future
- View and manage all banking and credit card accounts, loans, and other financial accounts in one place. Consumers can see their debt-to-income, net worth and savings accumulate.
- Monitor payment history for every enrolled loan and credit card
- Receive a spending analysis of the transactions in their banking accounts showing where they are spending their money
- Create self-paced financial goals, create budgets and track progress in real-time to pay down debt, save for a car, vacation, or achieve other financial goals
FinLocker helps consumers achieve and sustain homeownership
Clients who have repaired their credit history, learned money management skills, and want to pursue homeownership can start their journey using My Homeownership Snapshot. After answering a few simple questions, FinLocker analyzes their enrolled financial data to assess their current financial status to qualify for a mortgage. They’ll receive a personalized action plan to help them overcome the financial challenges that we’ve identified at their own pace.
Clients can use a dynamic home affordability calculator to receive a homebuying budget and monthly mortgage payment that fits their income and an estimate of the amount they should save for their down payment and closing costs. They also can create trackable budgets and goals to save these costs.
When the Homeownership Snapshot has determined clients have achieved mortgage readiness, they can begin their home search through the real estate portal provided by Homegenius, safe from being exposed to distracting third-party advertising and credit offers.
Once consumers have bought a home, they can continue using their housing counselor’s FinLocker app to monitor their credit, track their home equity, property value, and net worth. They’ll be encouraged to save an emergency fund to have money in reserve for home maintenance.
FinLocker provides counselors with data insights to efficiently advise clients at scale
FinLocker empowers housing counselors with a robust admin portal, providing consumer-permissioned data insights to enhance real-time counseling advice and efficiently advise more clients.
To foster a collaborative counseling service, clients can easily upload personal and financial documents to their account and securely share their real-time financial data and documents with their housing counselor, ensuring a transparent and streamlined communication channel with their housing counselor.