FinLocker Partners with MoCaFi and TransUnion to Empower Black Americans to Build Credit and Wealth Through Homeownership
The Blueprint by MoCaFi is a personal finance app that helps aspiring wealth-builders improve their spending, budgeting, credit health, financial knowledge, and opportunities to access capital.
Homeownership is the primary source of household and generational wealth for most Americans. Yet there is a disproportionate homeownership gap between Black and White Americans. According to the U.S. Census Bureau, in the fourth quarter of 2021, the homeownership rate of White households was 74.4%, while the homeownership rate in Black households was only 43.1%.
Mobility Capital Finance (MoCaFi), a fintech platform for economic empowerment, has partnered with FinLocker, a leading next-generation, consumer-permissioned financial fitness platform, to provide the Blueprint app to its underbanked and thin credit-file customers. The app empowers users with a complete view of their financial position including assets, liabilities, net worth, and credit profile. The Credit Compass™ by TransUnion integration allows users to simulate credit building tactics and the Housing Calculators help estimate mortgage affordability, interest rates, and local housing values. Users can store essential financial documents like tax returns, financial statements, and paystubs in the app for easy sharing with trusted financial advisors and lenders in the MoCaFi partner network.
“We are pleased to partner with leading institutions like FinLocker and TransUnion to present the Blueprint by MoCaFi app, a tool that furthers our mission to close the wealth gap,” said Wole Coaxum, Founder and CEO of MoCaFi. “Through our partnership, we will empower customers with the financial tools and educational resources to improve consumers’ financial literacy and prepare them to qualify for a mortgage. As a result, we are giving all Americans an opportunity to achieve the dream of homeownership.”
Consumers will use the MoCaFi personal financial well-being app to build credit, connect their MoCaFi bank account to manage their finances, reduce debt, create budgets and goals to save for their down payment and closing costs, and track their progress towards mortgage readiness.
MoCaFi is partnering with leading mortgage lenders to provide first-time home mortgage assistance to eligible Blueprint by MoCaFi customers. After closing on their home, the new homeowners can continue to use the app to monitor their home’s value and equity and maintain their credit and positive financial habits to become successful homeowners.
“FinLocker is committed to providing a financially inclusive way for more Americans to improve their credit eligibility and build personal and generational wealth through homeownership,” said Brian Vieaux, President and COO, FinLocker. “FinLocker and TransUnion’s partnership with MoCaFi aims to address the disparity in wealth and access to financial services of underserved consumers with the convenience of a mobile app that will guide them on a personalized path to become successful homeowners. MoCaFi customers can use the tools and educational resources to show them how to responsibly build credit, improve their finances and track their progress towards mortgage readiness so they will know when they can qualify for a mortgage.”
TransUnion has an ongoing commitment to supporting financial inclusion initiatives. Through the partnership with FinLocker, consumers are empowered to collect and permission the financial information and documentation needed over the course of the home buying process. As a result, underserved consumers whom the mortgage industry may have traditionally overlooked will have better access to tools that will help them navigate the process of securing a mortgage. MoCaFi was connected to FinLocker through their relationship with TransUnion.
“Homeownership is a key step to building generational wealth but there are many consumers within underserved communities that may not realize they can qualify for a mortgage,” said Joe Mellman, senior vice president and mortgage business leader at TransUnion. “By providing more transparency around the conditions typically required by loan originators, better financial literacy on building credit and offering access to tools that share greater insight into individual mortgage readiness, together we can better assist more consumers on their path to successfully buying a home.”
Mobility Capital Finance, Inc., [“MoCaFi”] is a Black-founded and led financial technology, mobile-first banking platform committed to closing the wealth gap through financial capacity building, data, and access to capital. MoCaFi was named to the FORBES Fintech 50: Most Innovative Fintechs of 2021 and FORTUNE’s Impact 20. Our business model addresses limited economic mobility and financial equity in traditionally underserved communities through an innovative banking platform that provides access to credit-building tools and financial literacy programs. For more information, visit www.mocafi.com and www.theblueprintapp.com.
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, save and budget to achieve loan eligibility for a mortgage 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 white-labeled 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. 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