DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1511756
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 26 November 2023 J O U R N A L FINLOCKER AND MILESTONES PARTNER FOR SEAMLESS HOMEBUYER-TO- HOMEOWNER EXPERIENCE M ilestones, a home manage- ment solution provider specif- ically designed for consumers to buy, move, own, sell, manage, and ac- cess mortgage services for their home in one centralized portal, has announced its strategic alliance with FinLocker, a con- sumer-permissioned personal financial fitness tools focused on homeownership. This partnership will provide mortgage lenders with an end-to-end engagement solution to attract, nurture, and retain homebuyers and ensure their consumers have a smooth transi- tion from initial interest, through the preparation for a mortgage, to closing and beyond. FinLocker provides mortgage lenders and their originators with a hyper-per- sonalized engagement platform to attract early-journey homebuyers to their business and nurtures them with per- sonalized data-driven journeys using the financial tools and education embedded in the platform to achieve mortgage read- iness and sustain homeownership. Milestones complements this ap- proach by guiding these educated leads throughout the decade-long journey of homeownership with online home management portals "hubs" that deliver a wide array of home services, such as home service providers, home value insights, home maintenance tasks, home document storage, and much more. Together, this comprehensive solution will revolutionize the way consumers navigate the complex journey of homeownership by educating and empowering them from planning to closing, resulting in increased customer retention, and reduced customer acquisi- tion costs for mortgage lenders. "FinLocker is excited to partner with Milestones as the platform provides an extension of our financial fitness platform to prepare first-time homebuy- ers to qualify for a mortgage," said Brian Vieaux, President and COO of FinLocker. "Mortgage lenders who use Milestones will now have an all-encompassing solu- tion to attract, engage, nurture, retain and reactivate clients in their database." FinLocker and Milestones combined boast a myriad of features catering to both pre- and post-transaction stages, ensuring a holistic and supportive home- ownership experience. Industry Update » Pre-transaction: • Credit monitoring and credit score-building tools • Goal setting and budgeting for down payment saving and debt reduction • Financial Education • Homebuyer mortgage readiness assessment and guidance • Home Search • Streamlined mortgage application management » Post-transaction: • Home Education Knowledge Base • Home Value and Home Equity Monitoring • Home Maintenance Task Remind- ers • Suggested Home Improvements to Build Equity • Home Document Storage • Home Services Vendor Marketplace FINANCE OF AMERICA EXPANDS REACH OF SECOND LIEN REVERSE MORTGAGE F inance of America Companies Inc. (Finance of America), a modern retirement solutions plat- form, announced the expanded launch of its HomeSafe Second loan so that more homeowners 55 and older have a tool to access their home equity without adding new monthly payments or changing the existing rate on their first mortgage. With the wider rollout across its direct-to-con- sumer and wholesale divisions, Finance of America will increase the availability of this second-lien reverse mortgage product to homeowners and originators. Home price appreciation means many U.S. homeowners have seen significant increases in their housing wealth in recent years, and while this is driving interest in HELOCs and other home equity products, many are unable to benefit from home equity gains for a variety of reasons. » Selling the home and downsizing may