First Republic Bank will serve as the premier launch and marketing outreach partner for My Home Pathway, a new mobile app aimed at helping consumers improve their financial health and navigate the mortgage loan process.
The app is geared toward helping Americans who have been denied for a mortgage. First Republic will use it to promote its Eagle Community Home Loan Program.
“We believe that regardless of where you start – credit score, student loans, or how much wealth you come from – anyone can own a home. We believe in the power of financial literacy and providing everyone with the opportunity to improve their financial behaviors,” says Castleigh Johnson, My Home Pathway founder & CEO.
According to the app developers, 2 million Americans are denied for a loan each year. Data from urban.org shows the homeownership rate among millennials aged 25 to 34 is 8% lower than baby boomers and 8.4% lower than Gen Xers.
The mortgage denial rate for Black and Hispanic individuals increases to 20.9% and 15% respectively. Only 44% of Black households own homes, compared with nearly 74% of white households.
Through an exclusive Home Readiness Report, personalized guidance and an integrated loan pre-approval process, My Home Pathway’s mission is to teach users how to build wealth through education, train them to improve financial habits through an intuitive user interface and unique recommendation engine, and achieve financial freedom through home ownership.