Combining efforts to accelerate the dream of homeownership for low to moderate income Americans
ALPHARETTA, GEORGIA, United States, July 23, 2021 /EINPresswire.com/ – Most Americans will depend on credit their entire lives for everything from credit cards to home loans. Navigating this series of credit journeys can be quite complex, especially the home buying experience. FinLocker delivers an end-to-end user experience that begins by helping consumers understand their current financial situation, set financial goals, monitor credit, buy an affordable home, and prepare for digital mortgage closing. eCredable provides a complementary lending service that helps consumers achieve better credit scores to qualify for credit cards, student loans, personal loans, car loans, and home loans. Both companies are announcing eCredable LiftLocker â¢, which brings the combined benefits of both offerings to meet the needs of consumers most difficult to prove their creditworthiness to access necessary financial products and services.
Homeownership is still an elusive dream for many Americans, but there is renewed energy among many organizations that are committed to helping this dream come true. “My involvement in the REACh project has highlighted the need to help low to moderate income people – especially people of color – find a faster path to homeownership, which is essential to financial stability and wealth creation for many families, âsaid Steve Ely, Chief Executive Officer, eCredable. The REACh project is an effort led by the Office of the Comptroller of the Currency (OCC) to foster collaboration between every part of the financial ecosystem that affects the potential home buyer. This includes banks of all sizes across the United States, national civil rights organizations, nonprofits, businesses and technology companies to reduce barriers to full participation in the Canadian economy. country.
Many of the people eCredable and FinLocker are trying to help are “invisible credits”, which is the first hurdle to overcome. âYour credit score is a critical factor in the home loan approval process,â Ely said. âWe can help the person with invisible credit build an initial credit score. This includes young people and immigrants who need to build their credit history and who would greatly benefit from adding their rent and utility accounts to their TransUnion credit report. They can also benefit from credit monitoring and specific advice on how to get a credit score that helps them qualify for better mortgage terms.
âBuying a home is a difficult experience for the most seasoned buyer,â said Henry Cason, President and CEO of FinLocker. âThe process can be intimidating for a first-time homebuyer who has no one to guide them through their mortgage preparation. We worked with eCredable to create LiftLocker to provide the first-time buyer with a tool that guides them through the homeownership journey and enables them to engage with their ongoing âhome buying teamâ. road.
LiftLocker offers a step-by-step home buying journey that includes:
â¢ Understand their current financial situation, which includes a HUD budget used by the first buyer and the HUD approved advisor
â¢ Use of CreditCompass â¢ and VantageScore from TransUnionÂ® Simulator, which educates consumers on how to optimize their credit score
â¢ A collection of over 140 videos to educate the buyer on the myriad of complex financial topics such as what DTI (debt-to-income) means
â¢ Finding a home they can afford to buy and afford to own
â¢ Sharing of financial data and documents necessary for the success of a digital mortgage closing
âThe REACh project is really growing thanks to all the efforts of the many participants who are committed to helping first-time homebuyers,â said Faith Bautista, CEO and founding member of the National Diversity Coalition , and President and CEO of The National. Asian American Coalition, a founding participant of the REACh project. âWe see eCredable LiftLocker as a powerful tool that will increase our capacity and speed. We will be able to help more people realize their dream of homeownership. Creative partnerships with innovative fintechs like FinLocker and eCredable can create safe and responsible ârampsâ to our country’s financial infrastructure and homeownership-based wealth creation for our underserved communities. “
âWe believe FinLocker is a game-changer for the mortgage industry,â said Joe Mellman, senior vice president and mortgage business leader for TransUnion. âOur analysis shows that a majority of consumers potentially meet the definition of low to moderate income and that a significant percentage of these people could benefit from optimizing their rental and utility payment history. When you combine the power of consumer-driven data that eCredable brings to the experience, even more consumers who are currently struggling with credit have the opportunity to build their financial CVs and qualify for homeownership. “.
eCredable serves all consumers in the United States. ECredable elevatorÂ® allows the consumer to report telephone and utility accounts to TransUnion. A branded version of FinLocker will be marketed by eCredable under the name LiftLocker â¢. LiftLocker will also allow the consumer to report their rental account to TransUnion in the near future. eCredable LiftLocker is available as an app for download from the Google Play Store and Apple Store in addition to accessing the web app on your phone, tablet and laptop at http: //www.eCredable .com
eCredable provides credit establishment services to help consumers and small business owners achieve better credit scores, guiding them through credit establishment journeys as simple as applying for a credit card or as complex as to buy a house. There are approximately 50 million American adults who do not have a traditional credit score. There are approximately 6 million micro business owners who do not have a business credit score. eCredable allows these individuals and businesses to report accounts such as phones and utilities to participating consumer and business credit bureaus in order to achieve better credit scores and access more affordable financial products and services. . The company was founded in 2009 and is headquartered in Alpharetta, Georgia. For more information, visit www.eCredable.com and www.Business.eCredable.com
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