Amid a challenging time for would-be homebuyers, FinLocker released an updated web experience that aims to make it easier for consumers to see their progress in qualifying for a mortgage loan.
The main feature of the firm’s web v3.0 includes the redesign of the dashboard to make frequently used financial tools easier to access for all consumers.
“For those focused on buying a home, we organized the mortgage preparation tools to simplify the process of monitoring their progress towards mortgage readiness and connecting with their mortgage originator when they’ve achieved their credit, debt management, and savings goals,” Prabhakar Bhogaragu, FinLocker’s executive vice president, said in a statement.
The upgraded product experience improves the transparency of mortgage eligibility guidelines, the firm said. The web v3.0 shows consumers their actual status on 12 possible criteria for mortgage readiness, the mortgage guidelines for each criterion, and actions they can take to accelerate mortgage readiness.
“In the context of higher interest rates, one could argue that with higher rates, there’s correlated higher mortgage payments, which make it more difficult for people to qualify because of debt-to-income ratios,” Brian Vieaux, FinLocker’s president, told HousingWire. “Having tools like FinLocker helps lenders actually provide financial education as well as financial tools to assess when it’s getting harder to buy a home given the current mortgage rate climate.”
FinLocker’s release of the upgraded product experience follows the firm’s FinLocker v3.0 mobile app rollout in July and v.3.5 app this month. The app allows consumers to initiate their mortgage application by transferring data to their mortgage originator or lender to begin their mortgage application directly from their FinLocker app.
FinLocker v3.0 app leverages data integration capabilities from Fiserv via their AllData platform to deliver significant user experience enhancements in bank and asset account enrollment for financial account management.
The financial fitness platform aims to provide mortgage lenders and servicers with tools that help insulate their consumers from their competitors to improve their lead to loan conversion rate. According to Vieaux, more than 30,000 users are enrolled in different versions of FinLocker as of April.