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- Black households continue to own their homes at lower rates than White families.
- MoCaFi, FinLocker, TransUnion are looking to help put Black households onto a path to homeownership by tracking their finances.
Mobility Capital Finance, FinLocker and TransUnion have announced a new partnership aimed at helping Black households build credit through homeownership.
The three companies are working together to offer MoCaFi’s Blueprint app to FinLocker’s underbanked and credit-thin customers. The three companies say the move will give these customers the information they need to build up their credit.
"Through our partnership, we will empower customers with the financial tools and educational resources to improve consumers' financial literacy and prepare them to qualify for a mortgage,” Wole Coaxum, MoCaFi founder and CEO, said in a press release.
According to the U.S. Census Bureau, 74.4% of White households owned their home during the fourth quarter of 20201. For Black households, that number was just 43.1 percent.
"Homeownership is a key step to building generational wealth but there are many consumers within underserved communities that may not realize they can qualify for a mortgage," Joe Mellman, senior vice president and mortgage business leader at TransUnion, said in the release.
MoCaFi’s Bluepoint gives users a full view of their personal finances, including their assets, liabilities, net worth and credit profile. Users can also store tax documents, pay stubs and other important documents on the app.
FinLocker said this new partnership will help customers improve their financial profile and credit eligibility.
"FinLocker and TransUnion's partnership with MoCaFi aims to address the disparity in wealth and access to financial services of underserved consumers with the convenience of a mobile app that will guide them on a personalized path to become successful homeowners,” Brian Vieaux, FinLocker president and COO, FinLocker, said in the statement.
Customers will also have access to TransUnion’s TrueCompass, allowing them to simulate credit-building tactics and estimate mortgage affordability, interest rates, and local housing values.
"Our team is committed to offering new products and solutions that are more focused on the customer than ever before. Shelley brings a wealth of experience to our team, and I am excited to have her on board to lead our Secondary Marketing team," Tony Davis, Chairman and CEO of Atlantic Home Mortgage, said. "Our goal is to make the mortgage process simpler, better, faster and easier than anywhere else."