FinLocker
FinLocker offers a financial fitness platform that assists mortgage lenders, banks, and credit unions in providing personalized financial solutions and a path to homeownership.
Services
FinLocker offers a financial fitness platform designed to assist mortgage lenders, originators, servicers, credit unions, banks, credit and housing counselors in delivering personalized financial solutions. The platform provides tools and resources to help users build and maintain their credit, manage their finances, budget, and save toward achieving their financial goals. Specific features include a consolidated view of banking transactions, credit score monitoring powered by TransUnion, an interactive credit simulator, customizable budgets, savings goal tracking, and educational resources on homeownership and mortgage terms.
Financial Tools and Resources
FinLocker provides a consolidated financial dashboard that gathers transactions from banking accounts, credit cards, auto and student loans, retirement, and investment accounts. The platform features a proprietary Spending Analysis tool that categorizes transactions and displays a visual summary of spending habits. Users can also access an interactive credit simulator that shows how different financial decisions can impact their credit scores. Additionally, FinLocker enables users to create trackable savings goals, custom budgets, and cash flow projections.
Homeownership Journey
FinLocker offers a personalized homeownership journey tailored to where consumers are in the home buying process. The My Homeownership Snapshot feature analyzes financial data to show homebuyers their readiness for obtaining a mortgage. The platform calculates an affordable home budget and recommends savings targets for down payment and closing costs. Users can also start their home search directly from the app, monitoring home value and equity over time. The extensive library of educational resources helps users understand homeownership, mortgage terms, and loan products.
Partnerships and Integrations
FinLocker enhances its platform and services through key partnerships with companies such as TransUnion, Infosys, Sagent, Total Expert, Argyle, and HomeScout. The platform integrates with Encompass® to provide verification services for borrower assets, employment, and income. FinLocker also offers a private-labeled application for individual loan officers and brokers to assist in business growth and client retention.
Achievements and Security
FinLocker has raised $17 million in Series B funding to innovate the consumer home buying experience. The company has received multiple awards, including the 2024 Best Tech Startups in Missouri and the 2023 Top Innovations by PROGRESS in Lending. FinLocker is SOC 2 Type 2 compliant and employs AES 256-bit TLS encryption to ensure the protection of user data. The platform provides a secure space for users to store personal and financial documents such as tax returns, W-2s, pay stubs, and insurance documents.