TransUnion and FinLocker Partner to Give Consumers More Control of their Data to Secure Loans
October 19 2020 - 8:00AM
To help consumers take more control of their data and more quickly
secure the right loans at the right time, TransUnion (NYSE: TRU)
announced today an equity investment in FinLocker’s approximately
$20M Series A-1 financing round, as well as entrance into a
commercial partnership agreement.
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 Peter Esparrago, Co-founder and CEO
of FinLocker. “However, the current processes for securing credit
can make it difficult for consumers to leverage their data assets
to their full potential. TransUnion is well-positioned within the
financial services industry to partner with FinLocker to pursue
these avenues of growth and bring a more streamlined approach to
the loan application and approval processes for both lenders and
consumers.”
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.”
TransUnion will package its lead generation and servicing
solutions with FinLocker to provide updated credit and consumer
information to loan originators and servicers. Additionally,
TransUnion will offer its best-in-class marketing suite of
solutions to identify high quality leads so originators can reach
consumers they are looking for, be it a veteran, a person with home
equity looking to consolidate debt with a cash out refi or an
aspiring first-time homebuyer.
The partnership comes at a time of massive growth in the
mortgage industry. A recent TransUnion report showed that loan
originations increased to 2.2 million in Q1 2020, up from 1.2
million in Q1 2019. The spike was observed in 15- and 20/25-year
loans as well as refis, partly due to the continued low interest
rate environment.
“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 Joe Mellman, senior
vice president and mortgage business leader at TransUnion. “Buying
a home is typically the largest purchase a consumer will make over
their lifetime so it is essential for consumers to have all the
information they need at their fingertips to secure a mortgage at
the right time.”
For more information on TransUnion’s equity investment in
FinLocker and for details on the partnership, please click
here.
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 a comprehensive
picture of each person so they can be reliably and safely
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
About FinLockerFinLocker
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 St. Louis, Missouri.
http://www.finlocker.com
Contact |
Dave Blumberg |
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TransUnion |
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E-mail |
dblumberg@transunion.com |
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Telephone |
312-972-6646 |
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