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. White-labeling the FinLocker app with your brand will provide a competitive edge for lead acquisition, nurturing, and conversion.

Lenders spend an average of $350 to $750 per purchased lead. The average lead to loan closed pull-thru rate is 5-7%. 77% of borrowers move forward with the first originator they speak to at the time they need a loan

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 white-labeled FinLocker to your leads and prospects early in your engagement will help insulate them from your competitors.

Your prospects 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
      • 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

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, you can utilize your white-labeled FinLocker to guide your denied applicants on a personalized journey to achieve mortgage readiness.

FinLocker addresses the most common reasons for mortgage denials with tools and educational resources to coach these borrowers to overcome their initial reasons for denial, and improve their loan eligibility, so their next mortgage application will be stronger.

The overall loan denial rate for conventional and non-conventional loans in 2019 was 8.9%.  The denial rate for Black applicants was 15.9%, 11.6% for Hispanic applicants, 9.1% for Asian applicants.   Black and Hispanic applicants also had lower credit scores and higher DTI than white mortgage applicants.
Discover how FinLocker can help you turn around your turn downed applicants, so they'll return to you with a stronger mortgage application.

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, managing a high refi volume while nurturing leads and 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 provide referrals and testimonials and become borrowers for life.

FinLocker financially prepares your borrowers for homeownership

      • Credit score, credit report & credit monitoring
      • 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 debt better to qualify for a mortgage
      • Mortgage readiness assessment shows borrower their real-time progress towards homeownership
      • Securely store financial and personal documents which can be shared directly with you for a mortgage application
      • Start property search from the app
      • Share financial data and documents with an originator directly from the app to streamline the mortgage application
      • Library of educational resources & videos to improve financial literacy
      • Monitor home value and track equity after property purchase

Improve your borrower retention strategy and create customers for life.