The partnership will allow consumers to collect and permission their financial information needed to secure a mortgage, among other loans. This can allow consumers to receive a loan decision much faster and even make a home-buying offer equipped with a loan commitment from their lender ahead of time.
Consumers are able to maintain control of their information throughout the process. They can tap educational resources to help prepare them for the mortgage application process as well as take advantage of a personalized financial health dashboard, something that can be particularly appealing to first-time homebuyers.
Lenders also benefit in a number of ways. Educating consumers and streamlining the application process can save significant time and expense. They can also leverage FinLocker for lead nurturing and conversion by gaining deeper insights into consumers’ actions and behaviors, making smarter risk decisions and uncovering new opportunities to drive growth.
“A consumer’s personal information is the key to unlocking new economic opportunities,” said
Consumers will collect their information through FinLocker’s next-gen transactional personal financial management tool. FinLocker is available to consumers through their financial institution via desktop or mobile application, and stores and manages information within a personal data and document vault or “locker.”
The partnership comes at a time of massive growth in the mortgage industry. A recent
“Companies in the mortgage industry are driving a digital-first evolution by leveraging new technologies to create innovative products and experiences and this partnership helps us uniquely differentiate ourselves in the market,” said
For more information on TransUnion’s equity investment in FinLocker and for details on the partnership, please click here.
About
A leading presence in more than 30 countries across five continents,
http://www.transunion.com/business
About FinLocker
FinLocker empowers consumers to Start, Achieve, and Continue their Homeownership Journey. FinLocker is a next-gen, transactional personal financial management tool that aggregates a consumer’s financial data, and analyzes/recommends/streamlines mortgage and other financial transactions. Consumers benefit from personalized recommendations, financial/mortgage education, credit score/report/monitoring, cash flow analysis, budgeting, goal planning, data sharing and more. Lenders utilize FinLocker to generate/convert leads, cross-sell value-add products, reduce costs, and create customers for life. The company is headquartered in
http://www.finlocker.com
Contact | |
dblumberg@transunion.com | |
Telephone | 312-972-6646 |
Source:
2020 GlobeNewswire, Inc., source