A Solution That Improves Lead to Loan Pull-Through Rate
Improve Your Lead to Closed Loan Conversion
Extend your business ecosystem
FinLocker is a financial fitness platform that extends your business ecosystem with a high tech, high touch platform that compliments your existing tech stack.
Connect with the next generation of homebuyers
61% of Millennials and 65% of Gen Z borrowers said mobile apps influenced their choice of lender in December 2021.
Private-labeling the FinLocker app with your brand will provide a competitive edge for lead acquisition, nurturing, and conversion.
Manage a larger pipeline
FinLocker helps originators manage a larger pipeline by guiding homebuyers towards mortgage readiness using the financial tools and resources they often use in other disparate apps. Providing your private-labeled FinLocker to your leads and prospects early in your engagement will help insulate them from your competitors.
Your customers can:
- Build and monitor their credit
- Manage their financial accounts
- Set goals to save their cash-to-close
- Reduce their debt-to-income ratio
- Establish positive financial habits
- Learn about the mortgage process
- Safely store financial documents in the app
If you could close an additional 20% more leads without spending more on lead generation marketing, what would your production volume be at the end of this year?
A readiness assessment perpetually analyzes their enrolled financial data, so your borrowers will know when they are mortgage ready. Borrowers can leverage consumer-permissioned data to begin their loan application directly from the app by sharing their enrolled financial data and stored documents. The data and documents are encrypted during transfer to the originator’s LOS, reducing the risks often associated with document procurement and streamlining the mortgage application process for all parties.
Recover Turned Down Applicants
16.1% of all mortgage applications in 2020 were denied, according to the most recent Home Mortgage Disclosure Act data. Home improvement loan applications had the highest denial rate (38.8%), followed by cash-out refinancing (16.6%), with home purchase and refinancing applications denied at 13.4%.
Many consumers are declined with a form letter with little to no advice on what actions will improve their credit score. Rather than leave denied applicants fending for themselves to improve their loan eligibility, mortgage originators can utilize a private-labeled FinLocker to achieve mortgage readiness.
FinLocker addresses the most common reasons for mortgage denials with intuitive tools and educational resources to guide borrowers on a personalized journey to overcome their initial reasons for denial, and improve their loan eligibility, so their next mortgage application will be stronger.
Discover how FinLocker can help to recover your turned down applicants, so they’ll return to you with a stronger mortgage application.
Create Customers for Life
Mortgage originators currently have their hands full generating new leads and nurturing purchase prospects. It’s no wonder customer retention marketing is a lower priority for many originators. Yet, there are significant financial rewards for those who successfully retain and recapture customers.
Stay engaged with your borrowers
Display customized messages in the app to cross-sell products or encourage homeowners to take specific actions.
Gleam real-time signals of a customer’s financial profile, like their intent to refinance or purchase a new property.
Retained borrowers become brand ambassadors
Your competitors are all offering the same products, and you have very little price flexibility, so the service you provide each borrower is what creates loyal brand ambassadors.
Brand ambassadors will sing your praises from their rooftop, sending you referrals, providing testimonials, and become borrowers for life.
FinLocker financially prepares your borrowers for homeownership
- Credit score, credit report and credit monitoring
- 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
- Set financial goals, create budgets, and track progress in real-time to save for down payment and closing costs
- Spending analysis and budgeting tools to manage and pay down debt to qualify for a mortgage
- Mortgage readiness checklist shows borrowers their real-time progress towards homeownership
- Financial and personal documents can be securely stored and shared directly from their app with their originator for a mortgage application
- Start property search from the app
- Library of educational resources and videos to improve financial literacy
- Monitor home value and track equity after property purchase