Ready Life launches Black-Own Fintech to help submerged borrowers-NMP

A new digital banking and payment processing platform, Ready Life, led by two black entrepreneurs, aims at the race wealth by starting a mortgage Fintech. Ashley D. Bell and Bernice A. King, the CEO and head of advisory advice in Ready Life, respectively, are behind Fintech and hope to make 100,000 tenants a homeowners.

Fintech will launch this Labor Day. It will begin to cut away the breed wealth and gaps in homeownerness by helping customers show lenders that even if they do not have a credit score to secure a mortgage, they have the cash flow.

Ready Life and Bell take a marketing approach to attract the customers they want to help – mainly black Americans and other colored people who feel fooled by the current lending system that prioritizes good credit when considering qualifying for mortgages.

“If you have been denied credit for a home, if you feel that the current system is not built in a way that may be fair to you and your family, then we are an option,” Bell said about Ready Liv.

To help reach their measurement demographics, Ready Life Sponsor will sponsor of this year’s Denny’s Orange Blossom Classic, a four-day celebration of historical black colleges and universities culminating in a national TV broadcast football match between Florida A&M and Jackson State September 4: One day before the planned launch.

“Bernice and I have focused on sports and entertainment because these industries make so much money on the communities we try to earn,” Bell said about the marketing strategy. He added that the sponsorship would get Ready Life’s message of generational richness “in front of a crowd that understands very in -depth the historical disadvantages African Americans have had.”

With Ready LIF’s sponsorship of Labor Day Weekend Football match this year and follow -up campaigns, Bell said he hopes Ready Life can make 100,000 tenants 100,000 tenants. He said most customers can expect it to take three to nine months from their first rental payments through Ready Life to the first payment of the mortgage – a timeline that will vary according to individual circumstances.

Customers who open an account with Ready Life will receive a use account and related debit cards that they will use to make payments – primarily rent and other housing expenses, but not limited to them.

Ready Life collaborates with another Fintech company to offer this functionality: Figure, a company that uses blockchain technology for loan repair, stock management, private fund services, banking and payments.

A group spokesman for Figure said it is Ready LIF’s program manager and holds the money transfer licenses used for payments, and Primis Bank is Ready LIF’s sponsorship bank for the debit cards.

According to American Banks, an ensemble of high-profile black leaders and fintech entrepreneurs have been behind the project, including Van Jones (TV host and author) and Yolanda Daniel (Vice President of Finance in Federal Reserve Bank of Chicago).

In addition, insurance technology launched in September by Fannie Mae will also provide technical support to make Ready Life customers’ rental payments to the mortgage guarantee. Desktop Underwriter allows for single -family borrowers – with permission from mortgage applicants – to identify right -time rental payments in the applicant’s bank statement to deliver a credit rating.

Fannie Mae and Freddie Mac roll out a new credit reporting system that includes rental payments into the credit score to remove these barriers. Fannie Mae’s plan also focuses on strengthening black tenants and homeowners in three key areas: preparation of homeownerness, buying or renting and moving into stable environments.

“We take into account the personal circumstances of each borrower, not an overall average, which is what the credit score is now,” Bell said. “It’s more personal banking.”

“In our country we sometimes have a very acute focus on racial injustice, but we omit the financial part,” Bell added. “You cannot be in this struggle for equality for everyone unless everyone has access to the benefits of being in the world’s largest country. It begins with the American dream and everyone needs access to own a home. It should not only be for the upper half, which is what our credit system has created. ”