FinLocker 3.0 App Client Features

Updated FinLocker App Features

FinLocker has refreshed the app with a contemporary design, enhanced features and gamification elements to improve engagement and provide your customers with personalized paths to reach their short-term and long-term financial goals, including homeownership.

Below is a sample of the main screens, with new features highlighted.

Login Screen

Login with ability to save username, FaceID, TouchID and forgot password feature. 

Ability to access Terms of Service and Privacy Statement.  

FinLocker-log-in

Profile Setup

The updated Profile Setup improves personalization and guidance for consumers to achieve their financial goals. 

Profile set up is now in four sections: 

  1. Objectives & Goals
  2. Power Up Your App (consumer-related information)
  3. Home Loan Details (only prompted if user selects first-time homebuyer, intention to refinance, or is a homeowner)
  4. Employment & Income

Functional updates include:

  • Personalized greeting to the user’s first name
  • Left-hand sub-navigation to show consumer’s where they are in the flow
  • Notification that time to complete is <5 minutes; timer tracks how long one spends on all sections
  • The questions have been re-phrased to be easier to understand, and the question flow has improved
Set Up FinLocker Profile

Credit Enrollment

The credit enrollment process has been updated to use TransUnion and to offer enrollment using only the last four digits of the consumer’s social security number. 

The visuals, interface and process have been designed to make the process more engaging and simplified. 

Identity verification is supported by a one-time passcode to either mobile or landline. If there is a failure, the user may try the One Time Password again or answer knowledge-based authentication questions.

Credit Details

The summary page includes VantageScore 3.0, any increase or decrease from last month’s score (once a user has been enrolled for 1+ month), and a summary message with a “star” assessment. 

For the current users, the credit history graph will only contain the current month as we have converted to TransUnion to obtain the credit score. Helpful education links on credit can be accessed from the main page. The credit inquiry selection will launch to the notification page for details. Credit factors are summarized with the ability to expand to a detailed page for: 

  • Number of active accounts 
  • Credit utilization 
  • Length of credit 
  • Payment history 
  • Inquiries on credit 

Functional updates include:

The credit score is a VantageScore 3.0 based on TransUnion data (previously Equifax). There may be some subtle differences on the credit score factors as this is a different credit bureau.  

  • Credit Freeze now available for all three bureaus: Equifax, Experian, TransUnion
  • Closed accounts in addition to active accounts will be displayed
  • A consumer statement will display if the consumer has a fraud alert or some other self-reported statement
FinLocker Credit Factors

Account Enrollment

Much like the credit enrollment process, financial account enrollment has also received an upgrade. Using an integration with Fiserv, we are now able to provide consumers with more detailed information to assist them in the enrollment process. 

This upgrade includes instructions for specific financial institutions that have multiple steps. These will be communicated to the user during their account enrollment.

Accounts and Transactions

The updated view shows all enrolled accounts with the ability to easily drill down to specific institutions and individual transactions. The user can upload documents related to individual transactions, e.g., receipts or notes.

FinLocker Accounts

Budget & Goals

Consumers can select Budget, Goals, or Income to see a summary, or drill down to expand further.  

The functionality to add goals, budget or income is located as a button.

Consumers can see all budgets, goals, or income when that section is highlighted.

A helpful video in the app provides an overview on how to add budget or goals.

Edit & delete is accessible with left swipe.

FinLocker Budgets and Goals

Education

Videos have been categorized under these topics:

  • Preparing for Homeownership
  • Common Mortgage Terms
  • Loan Products Overview
  • Steps in the Mortgage Process
  • Closing on Your Loan
  • After Closing

Quick reference articles and videos on: 

  • Home Buying (English and Spanish)
  • Home Equity
  • Auto Loans
  • Insurance
  • Paying for College
  • Credit Cards

 

FinLocker Education

Readiness Assessment

The main screen will track if the consumer has set up a Profile, enrolled in Credit, and enrolled an Account.

Credit, Income, Employment, Debt-To-Income-ratio, and Cash Reserves are analyzed. 

Credit information is based on the VantageScore 3.0 from TransUnion. 

Each section may be expanded to see the guidelines vs. actual, action steps and for debt-to-income ratio, down payment, and funds after close, a video explanation of the category.  

Video explanations of Debt-To-Income, Budget, Cash Reserves and Down Payment will be shown in the app.

FinLocker Readiness Assessment

My Property

Homeowners can enroll their home to receive quarterly updates on the estimated property value, and properties that have sold sold in their neighborhood.

Estimated Equity is calculated if a mortgage loan is linked or not. First and second mortgages can be assigned to the property and included in the Equity calculation.

Consumers have the ability to do a Property Search from the My Property main page.

 

FinLocker Property

Document Vault

Consumers can upload and store their personal and financial documents, such as paystubs, W-2s, insurance, receipts, etc. The consumer can share these documents with their loan officer or locker-owner.

Consumers can create, edit, delete, move folders, and upload, rename, delete, download, move files.  

Upload features include iOS upload support in addition to camera.

Share Center

The Share Center allows the consumer to share their information with their loan officer or locker-owner and then to see what has been shared in a comprehensive single-page view. 

Pending and Accepted shared locker sections are provided in addition to starting a New Share.

FinLocker Share Center

Please reach out to us with your feedback and to request assistance during the transition:

CustomerSuccess@FinLocker.com