Rising Costs Point to Need for Mortgage Assistance

Rising Costs Point to Need for Mortgage Assistance

Rising Costs Point to Need for Mortgage Assistance

According to a recent survey by the Financial Health Network, 

  • 32% of all respondents said they had trouble paying their rent or mortgage
  • 47% of respondents said they were unable to pay all their bills on time at least once in the past 12 months

The Network’s study shows that these financial challenges have a significant impact on individuals’ performance and productivity at work, highlighting the domino effect that one financial stressor can have on multiple areas of a families’ life. At SpringFour, we know very well how one missed bill can lead to a cascade of other financial challenges, especially if a family is having trouble making a large payment like a housing payment. On the flip side, having access to resources that can help families pay for other basic necessities like food, utility costs, and health care, can make it that much easier for a family to stay current on their rent or mortgage.

Every day, we see the impact of the fact that families often forgo other basic necessities in order to pay their mortgage and not lose their homes. Thus, mortgage assistance is crucial for families who own their homes and are experiencing financial hardship in any environment. This assistance is especially needed in times of widespread financial disruption. During the COVID-19 pandemic, we saw state and federal focus on this as the industry and government worked together to try to avoid a foreclosure crisis–and  the Homeowner Assistance Fund was born.

The Homeowner Assistance Fund (HAF) is a federal program designed to help homeowners impacted by COVID-19 catch up on mortgage and utility bills and pay other housing costs. Funding for the program is provided by the United States Department of the Treasury through the American Rescue Plan Act. States developed their programs in 2021 and have been launching them as they receive approval from the Treasury. 

Over 35 programs have been launched, most of them during the first quarter of 2022. As HAF has gained momentum, SpringFour has become known as the one-stop shop for information on each individual state program. SpringFour integrated each state program into its referral database as soon as programs were launched, and has closely followed all developments related to HAF, in order to help families get access to assistance as soon as possible.

SpringFour’s Mortgage Relief (HAF) category connects homeowners to information about the HAF resources available and our expertly authored guides provide a quick way for homeowners to understand the guidelines of the HAF program in their state. We include contact information and eligibility and application information; our resources are updated daily. Our informational guides on each state program provide extensive information for servicers, banks, and others to use. SpringFour is unique in its ability to serve as an expert one-stop shop of information on HAF programs throughout the country. In the first quarter of 2022, SpringFour has provided over 23,000 referrals to families related to HAF programs across the country.

If you are interested in learning more about the HAF category or if you are a SpringFour subscriber and would like it added to your application, please reach out!

Katie Gottschall Donohue

Vice President, Strategy and Customer Engagement, SpringFour

Industry Recognition

                 

 

GET IN TOUCH

For all inquiries:
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza Floor 12

STAY UP TO DATE WITH SPRINGFOUR

SpringFour Growth: Team Additions

SpringFour Growth: Team Additions

SpringFour Growth: Team Additions

February was a big month for us here at SpringFour. SpringFour’s CEO Rochelle Gorey has spent her entire career in financial services, often from the perspective of building better policies, products and solutions that help people see a better financial life. So it was a full circle moment for her to be named a finalist for Lendit’s Fintech Woman of the Year and to share this recognition with other leading fintech leaders. This Award serves as a powerful recognition that what we are building at SpringFour matters–financial health has become a key aspect of financial services, and we are creating long-term impact in the industry. This nomination was a nod to the hard work and passion of the SpringFour team and a recognition for our passion: day in and day out, we continue to build the best financial health platform that exists.

The SpringFour team is growing and in doing so will allow us to accelerate our ability to scale and create impact. Our two new hires have extensive experience in leading industry organizations and it’s a proud moment as a founder to have the ability to bring them on board. It’s been a fast start to 2022 and we’ve added more financial industry leaders to our client list, seen demand for financial health resources continue and are beginning work on important product enhancements. As always, we are thrilled to be working with you in support of the mission of promoting financial health.

Yasmine Anavi has joined SpringFour as EVP, Business Development and Strategic Partnerships. In this role, Anavi will be responsible for developing and expanding SpringFour’s strategic relationships and implementing partner programs throughout the financial services industry. 

Anavi has a track record of success in risk management at top US banks. Prior to joining SpringFour, Anavi served as the Executive Vice President and Senior Credit Officer for Cards and Retail Services at Wells Fargo, where she led the credit risk organization for its credit card, co-brand, and private label portfolio.  Anavi has also held Chief Credit Officer/Chief Risk Officer leadership positions at Barclays, American Express, and Citi in a number of consumer businesses, including cards, auto, home lending, student loans, installment loans, and point of sale finance.  

“I’m very excited to be joining the team at SpringFour to further expand its partner programs and help even more customers on their path to financial wellness. I’m impressed by the important work SpringFour has done in this area and look forward to being part of it in the future,” said Anavi.

Moreover, Kate McCarthy has joined the SpringFour team as the Director of Product Development, working with the product team to curate and vet Financial Health Resources. She has more than 20 years of experience creating and enhancing the accountability and sustainability of non-profit, government, and corporate social impact initiatives, including most recently as the financial education program manager at Fannie Mae. She holds a Masters in Public Administration, has worked in both the public and private sectors, and is passionate about increasing connections for effective social impact. 

 

 

 

 

Katy Jacob

VP of Research & Impact, SpringFour

Industry Recognition

                 

 

GET IN TOUCH

For all inquiries:
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza Floor 12

STAY UP TO DATE WITH SPRINGFOUR

LendIt Fintech Woman of the Year Finalist

LendIt Fintech Woman of the Year Finalist

LendIt Fintech Woman of the Year Finalist

SpringFour Co-Founder & CEO Rochelle Gorey was selected as a 2022 LendIt Fintech Woman of the Year Finalist. As LendIt shares, “this award is given to the senior executive who has demonstrated outstanding leadership, integrity, performance, and a commitment to fostering gender diversity both within her company and in the industry at large.” In February, Rochelle went to Miami to be honored along with other finalists from the field of 800 submitted applications. This was the 5th annual industry award event to celebrate the top fintech influencers and innovators in the country, and followed two days of networking sessions. 

Co-finalists for Woman of the Year included:

  • Jo Ann Barefoot, AIR
  • Wendy Cai-Lee, Piermont Bank
  • Rania Succar, Intuit
  • Stephany Kirkpatrick, Orum

And the award ultimately went to Luvleen Sidhu of BM Technologies. Rochelle was honored to be among this illustrious group of women in fintech, and looks forward to sharing best practices and mentoring other women in the field.

Katy Jacob

VP of Research & Impact, SpringFour

Industry Recognition

                 

 

GET IN TOUCH

For all inquiries:
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza Floor 12

STAY UP TO DATE WITH SPRINGFOUR

SpringFour Delivers Over 3.3 Million Referrals in Partnership with Financial Institutions

SpringFour Delivers Over 3.3 Million Referrals in Partnership with Financial Institutions

SpringFour Delivers Over 3.3 Million Referrals in Partnership with Financial Institutions

SpringFour, the only social impact fintech that helps financial institutions give customers the support they need to regain financial control, today announced in its annual impact report that it delivered more than 3.3 million financial health referrals to Americans in need in 2021.

Amid Covid and high rates of unemployment, banks, lenders, servicers, and nonprofits utilized SpringFour, giving their customers access to more than 20,000 vetted, local government, and nonprofit resources in 625 cities across the U.S. and in 30 categories. In 2021, out of all of the referrals that households received from SpringFour, almost 18% helped families afford food, 12% were employment resources, 11% were rental resources, and 10% helped Americans pay for heat and utilities. 

In 2021, SpringFour deployed at new banks, lenders, and nonprofits including M&T Bank and Freedom Mortgage. To help financial institutions address their customers’ financial needs, SpringFour increased its support with 3,300 more resources available, 50 more cities covered, and more statewide resources to reach rural consumers in need. 

In 2021, collection agents and customer service agents who use SpringFour to meet their customers’ needs stated the benefits of the tool in a user survey report:

  • 93% say that SpringFour referrals help reduce monthly expenses.
  • 90% say that SpringFour improves interactions with customers
  • 89% relate that SpringFour helps with customer retention
  • 86% report that SpringFour helps customers get on track with payments

“SpringFour’s metrics show that the need for financial health resources continues to be great. American households need help meeting their everyday needs, and they are turning to their financial institutions for support. At SpringFour, we are proud to be part of the solution, and we encourage financial institutions to continue prioritizing their customers’ financial health. It’s a win-win – benefitting their customers and their bottom line,” said SpringFour CEO Rochelle Gorey.

SpringFour’s additional 2021 highlights included:

Katy Jacob

VP of Research & Impact, SpringFour

Industry Recognition

                 

 

GET IN TOUCH

For all inquiries:
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza Floor 12

STAY UP TO DATE WITH SPRINGFOUR

Best in Class: 2021 User Survey Shows SpringFour’s Far-Reaching Impacts

Best in Class: 2021 User Survey Shows SpringFour’s Far-Reaching Impacts

Best in Class: 2021 User Survey Shows SpringFour’s Far-Reaching Impacts

Each year, SpringFour surveys the agents and counselors who use S4pro to provide vetted financial resources to consumers in need. We conduct this survey to explore user experience, obtain feedback and improve our products, understand best practices, and learn more about how SpringFour benefits the end users – individuals and families who are struggling. Read the results here.

SpringFour is proud of its consistent track record in achieving best in class results: This year’s user survey shows that SpringFour both improves companies’ customer engagement and brand value while enhancing efficiency, and helps power tangible financial health for end users. In fact, 94% of S4pro users say that using SpringFour makes them feel better about their work, and the same percentage find our resources highly reliable and easy to use. Ninety-three percent tell us that SpringFour helps their customers save on monthly expenses, with 90% of survey respondents sharing that SpringFour improves customer interactions. 

It is our pleasure to arm our S4pro clients with much needed resources for the customers they speak to every day, and to provide a win-win-win: for SpringFour, for our clients, and for millions of families in need. 

“There is no better validation than to see our product rated so highly by those who use it every day. Those high marks reveal that S4pro is doing exactly what it was designed to do for agents and counselors at banks, lenders, servicers and nonprofit organizations: help our clients empower households to get the help they need, reduce their household expenses, and overcome their financial challenges,” said SpringFour CEO & Co-Founder Rochelle Gorey. “We’re thrilled that our innovative solution is transforming the financial industry’s approach to financial health – and in doing so, making it possible for organizations to improve their brands and their customers’ lives.”

 

 

Katy Jacob

VP of Research & Impact, SpringFour

Industry Recognition

                 

 

GET IN TOUCH

For all inquiries:
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza Floor 12

STAY UP TO DATE WITH SPRINGFOUR

Targeted resources can help families navigate financial insecurity: What we have learned from COVID-19

Targeted resources can help families navigate financial insecurity: What we have learned from COVID-19

Targeted resources can help families navigate financial insecurity: What we have learned from COVID-19

During the summer of 2021, SpringFour and Elevate’s Center for the New Middle Class collaborated on a research project. The project uses data from the Center’s Non-prime tracker survey. The Non-prime tracker survey is a longitudinal survey measuring the economic status of prime and non-prime consumers since 2018. The collaboration also includes SpringFour data on over 5 million referrals offered to families in 2020 and 2021 in over 30 categories of need as well as a 2020 consumer survey on COVID-19 impacts on financial health. The study seeks to ascertain:

  • The impacts of COVID on non-prime and prime consumers
  • The state of families’ financial stability and how they feel about  their financial situation
  • The types of resources that families need in order to increase that financial  stability and improve how they feel about their financial situation

The study concludes that:

  •  The COVID-19 pandemic’s effects on American households were uneven, with some Americans improving their financial situation and others struggling;
  • Americans made efforts to improve their financial resilience through debt payoff and by increasing their savings;
  • Struggling households need continued support and sometimes don’t know where to turn;
  • Through targeted partnerships, together we can provide families with the products and resources they need, deserve, and indeed, have come to expect from their financial institutions.

 

Read the full study.

 

 

Katy Jacob

VP of Research & Impact, SpringFour

Industry Recognition

                 

 

GET IN TOUCH

For all inquiries:
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza Floor 12

STAY UP TO DATE WITH SPRINGFOUR