Fintech Friday: SpringFour – connecting homeowners with vetted financial resources

Rochelle Gorey, co-founder and CEO of SpringFour, spoke with Efma’s Boris Plantier about her company’s efforts to help prevent delinquencies, protecting homeowners and their creditors alike.

Fintech Friday: SpringFour – connecting homeowners with vetted financial resources

What led to the creation of SpringFour?

SpringFour was founded to help address the underlying difficulties of homeowners falling behind on mortgage payments. During that time, SpringFour helped thousands of consumers avoid foreclosure with access to counseling and other resources.

I was working on a consulting project for a large mortgage servicer when I realized that if servicers had the ability to look at the different state foreclosure timelines on their screen while on a call with a delinquent borrower, then it was possible that they could benefit from having the ability to look up nonprofit and government agencies that could assist their delinquent customers. So, along with cofounder Dr. J. Michael Collins, we decided to build the technology that would allow the financial services industry a way to find and locate vetted, curated nonprofit and government resources that could help their customers by addressing the root cause behind their delinquencies.

We also knew from experience working with community organizations and residents that too often people did not know about local organizations that could assist them. And lenders and servicers who had large portfolios of loans could not be the expert about organizations in every market in which they had loans. SpringFour wanted to be sure that people could be directed to reputable organizations because too often people who are experiencing financial hardship can fall victim to scams and unscrupulous actors. We knew if we built this, banks would benefit as they would see repayment rates increase, delinquencies and foreclosures decrease, and that this would be a win-win-win. Since day one, SpringFour was founded on the belief that when people are experiencing financial challenges, it’s because there’s something happening in their financial lives that makes it impossible for them to pay, but they can and deserve to be directed to assistance.

Could you present SpringFour's offer?

SpringFour is the only Certified B, social impact fintech company that helps financial services institutions limit risk by empowering improved payment performance and increased customer engagement. Trusted by BMO Harris Financial Group, Beneficial State Bank, Oportun, Elevate, LendUp and other top institutions, SpringFour’s suite of financial health cloud-based solutions for financial institutions provide vetted financial resources to millions of customers and enable them to meet financial objectives, reduce household expenses, and avoid payment delinquencies. More than 95% of our financial institutions report that their customers experienced increased affinity for their brands after receiving a referral from SpringFour.  To learn how SpringFour can benefit your financial institution, visit springfour.com.

What's coming next for SpringFour?

We will continue to be of service to our clients and their borrowers. Since the pandemic began, we have added over 3,000 new COVID-related assistance resources and delivered over 2 million referrals to vetted financial resources. In light of COVID-19, we see many more companies recognizing that their customers are one shock away from financial crisis, and they are looking to SpringFour to help stave off those crises. SpringFour offers referrals in 575 cities across the country and will continue to add more. We are looking to expand to Canada and Australia and enter new verticals. We launched our first partnership with a large, retail employer to assist their employees with financial health and look forward to working with additional employers in a variety of different markets.

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Keywords

Fintech Mortgage Credit

Geography

USA