The new application helps first-time homebuyers and low- to moderate-income consumers prepare to buy and own a home, according to its creators.
St. Louis, Missouri-based FinLocker, a leader of next-generation, digital, consumer-permissioned personal financial assistance tools, has partnered with Equity Prime Mortgage (EPM), an independently owned national mortgage lender based in Atlanta, Georgia, to provide the FinLocker app to its first-time homebuyers, low-to-moderate income consumers in underserved communities, especially the Hispanic community, and their existing borrowers across 49 states.
EPM has white-labeled its FinLocker application "Empower," reflecting the company's mission of providing their customers and partners "Freedom Through Empowerment."
This partnership aims to empower consumers with the financial tools and educational resources to improve consumers' financial literacy and financially prepare them to qualify for a mortgage.
Additional tools will sustain the new homeowners' financial health, enable them to monitor their home's value and equity, and achieve their next financial goals.
"As a national mortgage lender, EPM is committed to expanding the opportunities to lend in the communities we serve," said Eddy Perez, CMB, EPM's Founder and CEO, who also serves as the Chairman of the Corporate Board of Governors for The National Association of Hispanic Real Estate Professionals. "As a first-generation Cuban American who has found my piece of the American dream, I want to provide the same opportunity to more consumers in underserved communities. EPM will be making the Empower app available free of charge to our borrowers, so they have the opportunity to achieve their American dream and start to build their personal wealth through homeownership."
Consumers will use the EPM Empower personal financial well-being app to build credit, manage their finances, reduce debt, create budgets and goals to save for their down payment and closing costs. After closing on their home, the new homeowners will continue to use their Empower app powered by FinLocker to maintain their credit and positive financial habits so that they can become successful homeowners.
"The primary reason for mortgage denial among first-time homebuyers, particularly in underserved communities, is credit history and a low credit score, two barriers to homeownership that FinLocker can help aspiring homeowners overcome," said Brian Vieaux, President, FinLocker.
"The growth of Hispanic households is on a sustainable upward trajectory, and young Hispanics have a strong aspiration for homeownership. We are committed to serving all consumers, so some of the homebuying educational resources are available in Spanish, too, to give more of EPM's consumers an equal opportunity to improve their finances and prepare them for the financial responsibilities of homeownership."
More about EPM
EPM was founded at the height of the mortgage crisis in 2008 and has grown to become one of the leading mortgage lenders in the U.S., operating 18 office locations across the nation. EPM strives to offer top financial service, communication, and assistance to the communities we serve.
... and FinLocker
FinLocker provides a comprehensive personal financial well-being app that financial institutions, mortgage originators, and credit counselors can white-label, and provide to their customers to create goals, save, budget, monitor credit, manage debts, and receive net worth and cash flow analysis, to achieve their financial goals. Within the FinLocker app, users can take a readiness assessment before applying for a mortgage, begin their property search, and securely store personal and financial documents, which can be transferred to a lender directly from the app to start their loan application. Financial service providers utilize FinLocker to generate and convert leads, gain market share, cross-sell value-added products, reduce loan processing costs, decrease risk, and create customers for life.