Reduce Fair Lending Fines: Reach New Markets with Your Loan Products, Grants, Down Payment Assistance, and Special-Purpose Credit Programs!
HLP uses a thoughtful and targeted approach that considers the unique characteristics and needs of underserved communities
Some of the Trusted Lenders of the Fairness Alliance
Why HLP Advertising is Different
Home Lending Pal specializes in building multicultural advertising campaigns that help financial institutions build trust and engagement with hard-to-reach, untapped markets through our marketplace. We gather information necessary to raise awareness about loan products and programs provided by our lending partners upfront.
31% of households with an annual income of $75,000 or less did not seek any information or resources on homebuyer assistance programs when buying a home.
HLP helps lenders improve focus on marketing and community reinvestment efforts through our marketplace. We leverage community networks and relationships to help banks contribute to the economic development of the communities they serve while also growing their customer base at profit and scale.
- 248% MoM membership growth
- 78% active user base
- 33% application rate
- 14% connect to lenders (w/DPA programs included)
- 39.1% verify credit
HLP helps banks meet CRA requirements by enabling them to reach prospective customers in important moments using real-time demographic, geographic, and interest data. In addition, we raise knowledge and awareness of lesser-known products with individuals that are actively interested in purchasing a home.
A Fairness-as-a-Service Solution Suite
Advertising Strategies for Meeting Community Reinvestment Goals
Home Lending Pal voluntarily allows companies like Fairplay.ai and others to monitor our network to provide lenders with additional fairness reports that our lending partners can share with regulators. In addition, our third-party fairness report plays a significant role in helping to re-establish trust in underserved communities by leveraging marketing tactics like:
- Local advocacy groups
- Non-profit partnerships for closing costs grant donations
- Location intelligence marketing
- Geo-targeting in specific geographic zones (digital and print)
- Airport and Campus Advertising
- Behavioral targeting for database
- Lobbying and government relations
- Local News coverage of minority success cases
- HBCU alumni outreach
- Housing agencies
- Public speaking engagements
FirstBank two-year AtlasCRA Case Study Results:
| Target Fair Lending Goal Originations | 91% increase in 24 months |
| Target Fair Lending Goal Applications | 116% increase in 24 months |
| Target Fair Lending Goal Pre-Qualifications | 62% increase in 24 months |
Data and Disclosure:
Purchase applications only were used in the case study
The product was developed and deployed over an 18-month period in 2018-2019
Above percentages compared the period 2017 & 2018 to the period 2019 & 2020.
A “pre-qualification” is defined as a consumer inquiry with credit pull – not a TRID application.
An “Origination is a closed loan
A “Target Fair Lending goal” is a specific underserved race and/or ethnicity customer
Meet Jamison & Vonsia Sanders
Raleigh, NC
Aug 2020 Focus Group Participant
View TV Interview
Loan Type: FHA
Development Focus: Best loan, affordability amount
Time to close: 35 days
Key takeaway: Our affordability calculations were an exact match of details received from a mortgage broker.
Meet Jamel Lewis – Charlotte, NC
Dec 2020 Focus Group Participant
View TV Interview
Loan type: FHA loan
Development Focus: Affordability amount, home comparison, current mortgage
Time to close: 45 days (first time); 28 days (second time)
Key Takeaway: Used the app for multiple home purchases
Meet Vivian Lackey
Atlanta, GA
May 2020 Focus Group Participant
Loan Type: VA Loan
Development Focus: Credential creation, document upload, API based data retrieval
Time to close: Outbid on desired homes
Key Takeaway: Vivian spent 4 months on the platform improving her credit. She was qualified to close in less than 30 days