VyStar Credit Union, the 13th largest credit union in the country, and TransUnion (NYSE: TRU) have forged a new partnership to promote more financial inclusion in the mortgage sector. VyStar will leverage TransUnion and FinLocker data through its latest product, Dream2Own, to better serve its members during and well before the mortgage process, leading to more homeownership opportunities.
TransUnion and FinLocker offer end-to-end solutions for mortgage originators and providers that improve customer acquisition and retention while providing financial well-being tools to existing borrowers and prospects.
“VyStar is excited to have selected TransUnion and FinLocker as primary partners in our upcoming financial wellness tool Dream2Own,” said Jennifer Kouchis, senior vice president of Real Estate Lending at VyStar. “VyStar recently signed the Mortgage Bankers Association Home for All Pledge. We believe Dream2Own will help VyStar in its promise to bring financial freedom and increase mortgage inclusion to our community members and potential members.”
In addition to benefits offered to originators and providers, these TransUnion and FinLocker solutions provide tools that directly benefit potential homeowners, many of whom have previously demonstrated a need for more buying process understanding. The tools offer potential homebuyers, many from otherwise underserved communities, mortgage and homebuying educational resources, credit monitoring, debt management, budgeting, and planning information that can help low- to moderate-income consumers realize their dream of homeownership.
“We look forward to partnering with VyStar to help manage customers and prospects from lead to funded loan,” said Joe Mellman, senior vice president, and mortgage business leader at TransUnion. “These digital solutions will help improve the VyStar member experience, reduce the cost of loan production, and drive efficiencies in mortgage servicing while promoting more opportunities for VyStar members to secure a mortgage.”
“Using TransUnion and FinLocker solutions, individuals can be guided in their unique journey towards homeownership,” said Henry Cason, CEO, FinLocker. “By consolidating their financial information in one place, users can easily track their equity, liabilities, and spending and always know where they stand on their goal of mortgage readiness. The technology lets users stay on top of their credit reports through a soft pull. It provides additional tools such as credit simulation, providing valuable support throughout the homeownership process.”
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