Personal Financial Management Solutions:
User stages and lender opportunities
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1. Assessment
Check financial health
Check home affordability
Financial education
2. Budgeting
50/30/20 budget
Wants vs. needs
Weekly budgeting
3. Goal Setting
Save for a home
Save for college
Pay off debts
Lower monthly payments
Savings
Investments
Credit score
4. Monitoring
5. House hunting
6. Shopping for mortgage (or refinance)*
8. Loan servicing and support
7. Buying a home
*Typical mortgage start
How Personal Financial Management Solutions Might Reshape Consumer Access to Mortgage Lending
Opportunities to Leverage Consumer Budgeting and Financial Planning Technology to Improve Consumer Credit Access, Reduce Risk, and Streamline Originations
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© 2021 Fannie Mae
• Displaying loan modification options
Loan servicing and support opportunities
(% rate change, new products, property values rise/fall, housing inventory)
Providing notifcations when market factors change
Buying a home opportunities
• Loan amount/purchase price options • Monthly mortgage payment • Amount of interest paid over life of loan • Amount saved in interest by refinance
Recommending mortgage refinancing options and education
Estimating
Shopping for mortgage (or refinance)* opportunities
• Down payment scenarios • Loan debt consolidation options • Savings in comparison to consumer's peers • Mortgage options the consumer's peers are choosing
Facilitating peer comparison
Recommending loan programs/options
House hunting opportunities
MARCH 2021
Personal financial management solutions (PFMs) can help consumers understand their financial health and qualifications for their lending needs. Mortgage lenders can also potentially benefit from opportunities to leverage consumer financial data to effectively deliver personalized borrower solutions.
Steps 1-4: How PFMs may help consumers understand their financial health & qualifications for lending needs
Steps 5-8: Opportunities for lenders to deliver personalized borrower solutions
• Down payment scenarios • Loan debt consolidation options
• With and without cash-out options • Rate/term options • Monthly payment implications
• With and without cash-out options • Rate/term options • Monthly payment implications