The Mortgage Bankers Association (MBA) announced that the initial stage of its partnership with EverFi to provide interactive, Web-based financial literacy education to more than 10,000 Americans across the United States as part of the Association’s Financial Fitness USA program. EverFi helps banks and other financial institutions drive innovation in financial literacy education through its learning platforms with their customers and employees or in local schools.
“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver financial literacy products to Americans across this country,” said MBA President and CEO David H. Stevens. “MBA and its members are constantly looking for new ways to invest in communities and serve our neighbors, and our partnership with EverFi is doing just that.”
Four financial institutions -- Arvest Bank, BrandMortgage, Sente Mortgage and US Bank -- have already signed on to bring EverFi’s cutting-edge, new-media technology to the communities they serve. Together, their programs will provide financial fitness courses to more than 10,000 adults and high school students. MBA and EverFi plan to announce additional participating financial institutions in the coming weeks.
“Today’s consumers are digitally savvy and do almost everything online, from paying bills to finding a new home,” said EverFi CEO Tom Davidson. “EverFi learning platforms enable companies to educate consumers in a fun, engaging, new-media way – all while aligning their brand with an educational mission using robust analytics to measure the impact of their efforts.”
MBA’s Financial Fitness USA program brings together lenders from across the country to help educate homeowners and potential homeowners on the core concepts of personal finance – mortgages, credit scores, savings, student loans, planning for retirement, and others.
“BrandMortgage is utilizing EverFi’s adult platform with our first-time homebuyer mortgage loan product to ensure that clients are fortified in the area of core financial competencies, and we donate the product to our non-profit partners with a supportive housing focus,” said Deirdra Cox, President and Community Development Officer of BrandMortgage, a wholly owned subsidiary of BrandBank. “Further, BrandBank uses the EverFi platform in 20 Gwinnett County high schools, 51 percent of which serve lower-middle income populations, thereby helping us meet CRA eligibility criteria. The more we improve graduation rates, credit profiles, and homeowner success rates in the communities we serve, the more we all win.”
EverFi@Work is a turnkey way for companies to empower their adult customers or employees with the skill-set to successfully manage their finances and make sound financial decisions. The platform features eight modules covering such critical topics as mortgages, taxes, overdraft protection, identity protection, 401Ks, savings, and investments. Interactive lessons focus on skill building, from choosing the right insurance plan to building good credit. The program can be seamlessly integrated into business-banking, rewards programs, local advertising, and other key areas. Back-end analytics provide robust data on number of users reached, user progress, polling results, top referring URLs, and more.
