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TransUnion and UMortgage Partner with FinLocker to Bring Financial Literacy to Thousands Nationwide

March 24, 2022

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TransUnion and UMortgage Partner with FinLocker to Bring Financial Literacy to Thousands Nationwide

USafe, a personal financial fitness app powered by FinLocker, helps consumers build and monitor their credit, manage their finances, budget and save, and improve their financial literacy to achieve their financial goals.

UMortgage, a fast-growing national mortgage company, has partnered with TransUnion and FinLocker to provide consumers with the USafe app making financial literacy and personal financial management more accessible.

This partnership comes just weeks ahead of UMortgage’s Financial Literacy Week, a week-long event providing free financial literacy courses virtually, geared towards audiences of all ages.

The USafe app powered by FinLocker is yet 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 through TransUnion
  • The ability to manage their finances, establish savings goals, project cash flow, and budget to pay down debt and save for a down payment on their next home
  • Educational resources on how to manage credit and credit cards, pay for college, prepare for the mortgage process, use their home equity and plan for retirement.

“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 31.1% year over year. That’s an average gain of $56,700 per borrower since the third quarter of 2020, according to CoreLogic,” said Brian Vieaux, FinLocker President & COO. “FinLocker provides consumers with the tools to build their credit, pay down debt and save for a 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 Financial Literacy Week powered by UMortgage from Monday, March 28 through Sunday, April 3, will have the first opportunity to download the free USafe app. “We’re 10 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.”

The program offers multiple sessions each day suitable for traditionally employed and self-employed first-time homebuyers, second-time homebuyers, and homeowners to learn how to budget, manage their student loan debt, plan for retirement, invest in real estate, build credit, and much more.

“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.

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About UMortgage

UMortgage is a national mortgage company dedicated to providing best-in-class service to its Loan Originators and customers alike. We are committed to developing strong relationships with each person we encounter and are dedicated to serving the communities we serve throughout the country. At UMortgage, experience is everything and a key pillar of this mission is providing financial literacy and tools that create generational impact, especially for underserved communities. Established in 2020 and rapidly expanding, UMortgage and its Loan Originators are creating value-driven relationships nationwide. For more information, visit umortgage.com. 

About FinLocker

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.

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.

http://www.transunion.com/business

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