TransUnion and UMortgage Partner with FinLocker to Bring Financial Tools and Education to Consumers Nationwide

Rhea-AI Summary

TransUnion has collaborated with UMortgage and FinLocker to launch the USafe app, aimed at enhancing financial literacy and personal finance management. This initiative precedes Financial Literacy Week (March 28-April 3, 2022) and strives to help consumers achieve financial stability and homeownership. The app offers personalized credit monitoring through TransUnion, budgeting tools, and educational resources on managing credit and mortgages. Homeownership is highlighted as a key wealth-building strategy, with average homeowner equity gains of $55,300 reported in late 2021.

Positive

• Launch of USafe app to enhance financial literacy and personal finance management.
• Partnership with UMortgage and FinLocker, expanding outreach in underserved communities.
• App features personalized credit monitoring, budgeting tools, and educational resources.
• Supporting consumers in achieving homeownership, which contributes to wealth creation.

Negative

• None.

USafe, a personal financial fitness app, helps consumers build, monitor, and improve their finances to achieve long-term goals.

PHILADELPHIA, March 16, 2022 /PRNewswire/ -- UMortgage, a 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 education virtually, geared towards audiences of all ages.

The USafe app powered by FinLocker is 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
• Tools to manage their finances, establish savings goals, project cash flow, and budget to pay down debt and save for a down payment
• Educational resources on how to manage credit and credit cards, pay for college, prepare for the mortgage process, and more

"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 29.3% year over year in the fourth quarter of 2021, according to CoreLogic. That's an average gain of $55,300 per homeowner," said Brian Vieaux, President & COO of FinLocker. "FinLocker provides consumers with the tools to build credit, pay down debt and save their 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."

"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.

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. For more information, visit FinLocker.com.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with a leading presence in more than 30 countries across 5 continents, making 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®.

http://www.transunion.com/business

Media Contact:
Corie Meredith
media@umortgage.com 

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SOURCE UMortgage

FAQ

What is the USafe app launched by TransUnion and UMortgage?

The USafe app is a financial fitness application designed to help consumers improve their financial literacy and manage their finances.

How does the USafe app support financial literacy?

The USafe app offers personalized credit monitoring, budgeting tools, and educational resources to help consumers manage credit and prepare for homeownership.

When is Financial Literacy Week 2022?

Financial Literacy Week is from March 28 to April 3, 2022.

Who are the partners involved in launching the USafe app?

The USafe app is a collaboration between TransUnion, UMortgage, and FinLocker.

What financial benefits does homeownership provide according to the press release?

Homeownership is cited as a key strategy for wealth creation, with average homeowner equity gains reported at $55,300 in the fourth quarter of 2021.