FinLocker mortgage readiness platform

Autor: Finlocker, LLC

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FinLocker empowers lenders to provide consumers personalized journeys to achieve mortgage readiness.

The FinLocker platform transforms the way mortgage lenders and financial institutions connect and engage with their consumers as they prepare for a lending transaction. The platform, consisting of a financial fitness app and desktop platform, can be private-labeled to increase brand recognition and reduce consumers' exposure to third-party lead aggregators often associated with many free financial management apps.

FinLocker leverages data integration capabilities to enhance bank and asset account enrollment for thousands of financial institutions. Using consumer-permissioned data, consumers are provided with a consolidated, real-time view of all enrolled bank accounts, credit cards, auto loans, student loans, retirement, and investment accounts.

For homebuyers, proprietary and advanced analytical technology calculates an affordable home budget with a monthly mortgage payment that fits a consumer's income and recommends how much they should save for their down payment and closing costs for Conventional, FHA, and VA mortgage programs. Homeowners can use the cash flow analysis and home equity widgets in their FinLocker to determine how to consolidate debt, get a home equity line of credit, or pay off their mortgage faster.

FinLocker developed technology that perpetually analyzes a consumer's enrolled financial data to provide a custom homebuying journey to optimize spending, create goals, budgets and track their progress to pay down debt, save for their down payment and closing costs, and prepare for the mortgage process.

Homebuyers can monitor their progress towards being mortgage-ready in the readiness assessment, which perpetually analyzes the consumer's enrolled financial data to show in real-time where they are on their path to homeownership. Most importantly for the lender, the assessment shows each consumer what they need to do to improve their eligibility and when they are financially ready to start their home search, which they can begin using the real estate widget in their FinLocker app.

When consumers use FinLocker's financial management tools to prepare for a mortgage, they are empowered to present themselves to their financial institution as verified borrowers, with their identity, employment, income, credit, and assets confirmed within their app.

Proprietary technology empowers consumers to securely share their financial documents and direct sourced financial data with their loan originator to initiate their mortgage application. FinLocker generates an industry standardized (MISMO 3.4) file that prefills the mortgage application in the lender's Loan Origination System (LOS). This process reduces data errors associated with manual input, friction often caused by multiple requests for documents, and loan processing and decisioning timelines.

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