MoCaFi Partners with FinLocker and TransUnion to Empower Black Americans to Build Credit and Wealth Through Homeownership – PR Newswire

The Blueprint by MoCaFi is a personal finance app that helps aspiring wealth-builders improve their spending, budgeting, credit health, financial knowledge, and opportunities to access capital.

NEW YORK and ST. LOUIS, April 4, 2022 /PRNewswire/ — Homeownership is the primary source of household and generational wealth for most Americans. Yet there is a disproportionate homeownership gap between Black and White Americans. According to the U.S. Census Bureau, in the fourth quarter of 2021, the homeownership rate of White households was 74.4%, while the homeownership rate in Black households was only 43.1%.

MoCaFi

Mobility Capital Finance (MoCaFi), a fintech platform for economic empowerment, has partnered with FinLocker, a leading next-generation, consumer-permissioned financial fitness platform, to provide the Blueprint app to its underbanked and thin credit-file customers. The app empowers users with a complete view of their financial position including assets, liabilities, net worth, and credit profile. The Credit Compass™ by TransUnion integration allows users to simulate credit building tactics and the Housing Calculators help estimate mortgage affordability, interest rates, and local housing values. Users can store essential financial documents like tax returns, financial statements, and paystubs in the app for easy sharing with trusted financial advisors and lenders in the MoCaFi partner network.

“We are pleased to partner with leading institutions like FinLocker and TransUnion to present the Blueprint by MoCaFi app, a tool that furthers our mission to close the wealth gap,” said Wole Coaxum, Founder and CEO of MoCaFi. “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. As a result, we are giving all Americans an opportunity to achieve the dream of homeownership.”

Consumers will use the MoCaFi personal financial well-being app to build credit, connect their MoCaFi bank account to manage their finances, reduce debt, create budgets and goals to save for their down payment and closing costs, and track their progress towards mortgage readiness. More information and sign-up are available at www.theblueprintapp.com.

MoCaFi is partnering with leading mortgage lenders to provide first-time home mortgage assistance to eligible Blueprint by MoCaFi customers. After closing on their home, the new homeowners can continue to use the app to monitor their home’s value and equity and maintain their credit and positive financial habits to become successful homeowners.

“FinLocker is committed to providing a financially inclusive way for more Americans to improve their credit eligibility and build personal and generational wealth through homeownership,” said Brian Vieaux</…….

Source: https://www.prnewswire.com/news-releases/mocafi-partners-with-finlocker-and-transunion-to-empower-black-americans-to-build-credit-and-wealth-through-homeownership-301517032.html