TransUnion and FinLocker partner to deliver more to consumers
CHICAGO, Oct. 19, 2020 (GLOBE NEWSWIRE) – To help consumers gain more control over their data and get the right loans at the right time faster, TransUnion (NYSE: TRU) today announced a stake in the approximately $ 20 million capital of FinLocker Series A-1 Round Table, as well as entering into a business partnership agreement.
The partnership will allow consumers to collect and authorize 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 an offer to purchase a home with a loan commitment from their lender in advance.
Consumers are able to maintain control of their information throughout the process. They can use educational resources to prepare them for the mortgage application process and take advantage of a personalized financial health dashboard, which can be especially appealing to first-time home buyers.
Lenders also benefit in several ways. Educating consumers and streamlining the application process can save a lot of time and money. They can also leverage FinLocker for lead development and conversion by gaining deeper insight into consumer 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, current credit securing processes can make it difficult for consumers to fully leverage their data assets. TransUnion is well positioned in the financial services industry to partner with FinLocker to pursue these growth avenues and bring a more streamlined approach to loan application and approval processes for lenders and consumers.
Consumers will collect their information through FinLocker’s next-generation transactional personal financial management tool. FinLocker is available to consumers through their financial institution through a desktop or mobile application, and stores and manages information in a personal data and document safe or “locker”.
TransUnion will pack its lead generation and service solutions with FinLocker to provide up-to-date credit and consumer information to originators and loan departments. Additionally, TransUnion will deliver its suite of industry-leading marketing solutions to identify high-quality leads so that originators can reach the consumers they are looking for, whether it’s a veteran, someone with a equity in his home who seeks to consolidate his debts with a withdrawal refi or an aspiring first-time buyer.
The partnership comes at a time of massive growth in the mortgage industry. A recent TransUnion report showed that loan origination increased to reach 2.2 million in the first quarter of 2020, against 1.2 million in the first quarter of 2019. The increase was observed for 15 and 20/25 year loans as well as for refis , in part due to persistently low interest rates.
“Mortgage companies are leading a digitally driven evolution by leveraging new technologies to create innovative products and experiences and this partnership is helping us differentiate ourselves in a unique way in the market,” said Joe Mellman, vice-president. Senior President and Chief Mortgage Officer at TransUnion. “Buying a home is usually the single most important purchase a consumer will make in their lifetime, so it’s critical that consumers have all the information they need at their fingertips to get a loan. mortgage at the right time. “
For more information on TransUnion’s equity investment in FinLocker and for more details on the partnership, please Click here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and analysis company that makes trust in the modern economy possible. To do this, we provide a complete picture of each person so that they can be reliably and securely represented in the market. As a result, businesses and consumers can transact with confidence and achieve great things. We call it Information for Good.®
With a leading presence in more than 30 countries on five continents, TransUnion provides solutions that help create business opportunities, great experiences and personal empowerment for hundreds of millions of people.
FinLocker empowers consumers to start, complete and continue their homeownership journey. FinLocker is a next-generation transactional personal financial management tool that aggregates a consumer’s financial data and analyzes / recommends / simplifies mortgage and other financial transactions. Consumers benefit from personalized recommendations, financial / mortgage education, credit score / report / tracking, cash flow analysis, budgeting, goal planning, data sharing and Moreover. Lenders use FinLocker to generate / convert leads, sell value-added products, reduce costs, and build lifelong customers. The company is headquartered in St. Louis, Missouri.