TransUnion and UMortgage Partner with FinLocker to Provide Consumers with Tools and Resources to Build Wealth Through Homeownership
The USafe financial fitness app helps consumers build and monitor their credit, manage their finances, budget, save, and improve their financial literacy to achieve personal financial goals.
ST. LOUIS, MO – March 16, 2021 – UMortgage, a fast-growing national mortgage company, has partnered with FinLocker and TransUnion to provide consumers with the USafe app to make personal financial management and financial literacy more accessible.
This partnership comes just weeks ahead of UMortgage’s Financial Literacy Week, a week-long event providing free financial education virtually, geared towards adults of all ages.
The USafe app powered by FinLocker is another action taken to help UMortgage’s mission in supporting consumers to achieve a financially stable future with homeownership as the anchor to building generational 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, and
Educational resources on managing credit and credit cards, paying for college, preparing for the mortgage process, planning for retirement, and much more.
“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 & 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.”
“Credit is fundamental to homeownership, and it’s 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’s 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.
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.
Headquartered in St. Louis, Missouri, FinLocker provides a secure financial fitness app that aggregates and analyzes a consumer’s financial data to offer personalized journeys to build and monitor their credit, manage their financial accounts, receive their net worth and cash flow analysis, create goals, budget and save to achieve mortgage eligibility and other financial goals.
Within the FinLocker app, consumers can take a readiness assessment before applying for a mortgage, begin their property search, and securely store personal and financial documents, which can be shared with a lender directly from the app to start their loan application. Mortgage lenders and financial service providers use their private-labeled FinLocker to generate and convert leads, gain market share, reduce loan processing costs, and create customers for life. For more information, visit FinLocker.com.