We recently connected with Castleigh Johnson and have shared our conversation below.
Castleigh, thanks for taking the time to share your stories with us today One of the most important things small businesses can do, in our view, is to serve underserved communities that are ignored by giant corporations who often are just creating mass-market, one-size-fits-all solutions. Talk to us about how you serve an underserved community.
My Home Pathway (MHP) has a clear mission deeply rooted in addressing significant challenges within the housing and lending markets. Our primary mission is to empower individuals, particularly first-time homebuyers and those in underserved communities, to achieve homeownership by providing them with the necessary guidance, tools, and support to overcome financial barriers. This mission is not solely about facilitating transactions; it’s fundamentally about creating equitable pathways to build generational wealth and achieve financial freedom through homeownership.
The story behind MHP’s mission stems from the recognition of several critical issues. Firstly, a significant number of mortgage applications are rejected annually, resulting in a lost opportunity for consumers to build wealth and for lenders to generate revenue. For Black and Hispanic individuals, these rejection rates are even higher, highlighting a disparity in access to homeownership and contributing to the persistent wealth gap. Secondly, the dream of homeownership is out of reach for millions due to factors like credit scores, debt, and lack of financial literacy. Simultaneously, while regulators are focused on expanding homeownership, lenders are facing challenges with declining mortgage income.
MHP’s mission is meaningful because it directly tackles these pain points by offering a technology-driven solution, that helps both consumers and lenders. The platform provides personalized assistance and coaching to help consumers understand their financial situation, improve their creditworthiness, accumulate funds, and ultimately become mortgage-ready. They don’t just tell users what to do; they explain the “why” behind the recommendations, thereby building financial literacy. This approach is designed to transform previously unqualified applicants into approved homebuyers, turning mortgage rejections into a potential new revenue stream for lenders.
The Home Nurture Program, an initiative by MHP, further exemplifies their mission-driven focus. This program, supported by organizations like Wells Fargo, Transunion, LISC NYC, the Milken Institute, and the Prudential Foundation, and launched under the Project Reach, regulatory initiative, specifically aims to create equitable pathways for consumers in underserved communities to build generational wealth through homeownership. The program leverages risk transformation technology and targeted outreach to address equitable access and drive sustainable homeownership. A core driver for this program is the 30 point homeownership rate gap between white and underserved populations and the understanding that lack of equitable access will continue to widen the wealth gap, especially with current home equity levels. The goal of the pilot program is to create 1000 mortgage-ready consumers in two phases, focusing on specific underserved communities in various metro cities.
MHP’s commitment is underscored by their business model, which in some instances involves no fees for the users. We embed in our approach, “we don’t win unless you win”, indicating a deep alignment between their success and the achievement of homeownership for their clients. We partner with financial institutions that support our mission to teach individuals how to build wealth and improve financial habits. This collaborative approach, as highlighted in our partnership discussions, emphasizes their dedication to expanding their reach and impact in new markets while staying true to our mission-driven focus on helping underserved communities.
In essence, My Home Pathway’s mission is driven by a desire to democratize homeownership, address systemic inequities in the lending market, and empower individuals to build long-term financial security. It’s a meaningful mission for them because it directly confronts significant societal and economic challenges while creating sustainable solutions for both consumers and the financial industry.
Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers.
For those unfamiliar with our work, I’m Castleigh Johnson, the CEO and Founder of My Home Pathway (MHP). Prior to founding MHP, I was a bank executive. This experience provided me with a firsthand understanding of the challenges faced by both aspiring homeowners and lending institutions within the mortgage market.
My journey into this industry was sparked by a stark realization: a significant number of mortgage applications are rejected annually, resulting in a missed opportunity for individuals to build wealth and for lenders to generate revenue. This issue is particularly pronounced within Black and Hispanic communities, where rejection rates are even higher, exacerbating the existing wealth gap. There have been a myriad of programs that were created to address these issues but not have moved the needle significantly and weren’t leveraging technology to be scalable and effective. With the knowledge I gained as a regulator and bank exec about safety and soundness, risk and operations it helped me look for innovative ways that work within our current system but re-align the incentives so both consumers and lenders win.
At My Home Pathway, we’ve developed a technology-driven re-acquisition and customer nurture program. Our core offering is a platform designed to take consumers from being unqualified for a mortgage to becoming approved homeowners. We provide a range of services to achieve this, starting with an honest assessment of an individual’s financial situation in relation to the mortgage approval process. From there, our platform guides users with personalized recommendations, mapping their progress and showing them the path forward. We offer coaching and help through our platform, providing “Personalized Guidance along the way”. Ultimately, we facilitate getting our users to Loan Pre-Approval, getting our users ready to cross the finish line into homeownership. Our financial literacy and mortgage readiness programs are central to this process. The MHP platform itself facilitates risk transformation, tied to agreed milestones, and delivers financial literacy education.
We solve several critical problems for our clients. For consumers, we provide a clear and supported pathway to overcome the financial barriers preventing homeownership, thereby enabling them to build wealth and achieve financial freedom. We empower individuals who may have previously been denied a mortgage or were unsure where to begin the home buying process. For our partners, which include lenders and financial institutions, we offer a solution to turn mortgage rejections into a new revenue stream. By nurturing previously unqualified applicants and helping them become mortgage-ready, we provide lenders with access to a new pool of credit-ready applicants. This also helps optimize their marketing spend and potentially reduce underwriting costs and time with verified data. Furthermore, our work can assist lenders in optimizing their CRA/Fair Lending requirements or programs.
Several factors set My Home Pathway apart. Firstly, our core focus on risk transformation through technology and personalized guidance is unique. We don’t just tell users what to do; we explain the “why” behind our recommendations, fostering financial literacy and empowering them to make informed decisions. Secondly, our service is completely free for the user – always. Our business model is built on the principle that “we don’t win unless you win,” aligning our success directly with the achievement of homeownership for our clients. Finally, our dedication to addressing the homeownership gap, particularly within underserved communities, is deeply ingrained in our mission. Our participation in the Home Nurture Program, under Project Reach, alongside organizations like Wells Fargo, Transunion, and the Milken Institute, further underscores this commitment to creating equitable pathways to build generational wealth. We offer a Mortgage Qualification Pathway and Mortgage Rejection Opt-in, features that are not universally offered by other platforms.
We are most proud of the tangible impact we are having on individuals’ lives, helping them realize the dream of homeownership and build a more secure financial future . Being featured on the Times Square Billboard was also a significant moment, highlighting the growing recognition of our mission and impact. Furthermore, the strong partnerships we have forged with financial institutions that actively support our mission to teach individuals how to build wealth and improve their financial habits are a source of great pride. The initiation and progress of the Home Nurture Program, with its ambitious goal of creating 1000 mortgage-ready consumers in underserved communities, is another achievement we hold in high regard.
The main things we want potential clients, followers, and fans to know about My Home Pathway are: we are here to provide you with free guidance and unwavering support on your journey to homeownership. We understand that the path can seem daunting, especially for first-time homebuyers, and we are committed to helping you overcome financial barriers and get approved for a mortgage faster. Our platform offers personalized assistance and faster methods to accumulate funds, regardless of your current financial situation. We believe that owning a home isn’t a privilege but a crucial step in building wealth, and we are dedicated to empowering you with the financial literacy and resources you need to achieve this milestone. Your future starts at home, and My Home Pathway is here to help you get there.
Can you tell us about a time you’ve had to pivot?
The creation of My Home Pathway (MHP) represents a strategic pivot towards a technology driven re-acquisition and customer nurture program designed to transform consumers from being unqualified to mortgage-approved. Unlike the potentially limited scope of general credit score improvement offered by my first company Trifigo, MHP adopts a comprehensive “Risk Transformation Program”. This program begins with a financial assessment, providing users with a snapshot of their current financial standing and identifying specific areas needing improvement to qualify for a mortgage. Following this initial assessment, MHP offers “Personalized Guidance along the way” through its platform, providing coaching and support to navigate the complexities of becoming mortgage-ready. A key differentiator is MHP’s commitment to explaining the “why” behind financial recommendations, thereby enhancing users’ financial literacy, a crucial aspect often missing in simpler credit improvement tools. The ultimate goal of MHP is mortgage approval, seamlessly connecting individuals who have successfully progressed through the platform with lending partners actively seeking qualified borrowers.
The business opportunity underpinning my pivot is significant, offering a dual benefit: empowering potential homeowners and generating a new revenue stream for financial institutions. The millions of annual mortgage rejections represent a substantial, yet largely unaddressed, market segment. MHP’s platform is specifically engineered to reengage these previously declined applicants, providing them with the necessary tools and guidance to improve their financial profiles and become credit eligible. By partnering with MHP, lenders gain the opportunity to “Turn Mortgage Rejections into a New Revenue Stream”, reacquiring a percentage of applicants they had initially declined as newly approved borrowers. This not only expands the lender’s customer base but also optimizes their marketing expenditure by focusing on individuals with a demonstrated interest in homeownership and potentially reduces underwriting costs associated with less prepared applicants. Furthermore, MHP can assist lenders in meeting their Community Reinvestment Act (CRA) and Fair Lending requirements by actively working with and preparing underserved communities for homeownership. The potential financial return for lenders is considerable, with an average loan revenue around $10,000. Even a modest re-acquisition rate of 5% of previously declined applicants can translate into significant revenue gains. MHP’s compensation model includes fees for closed mortgages, both for leads directly sourced by MHP and for lender-generated (rejected) consumers who successfully complete the program.
The company’s strategic priorities for 2025 further emphasize the focus on scaling and deepening the impact of My Home Pathway. These priorities include the successful execution of the Home Nurture Pilot, strategic team building to strengthen leadership, diligent fundraising from investors, strategic partners, and foundations, driving revenue growth, expanding business development efforts with lenders and realtors, enhancing user and partner engagement and conversions, continuous product iteration based on user feedback and market needs, and increasing company awareness and optimizing acquisition funnels.
In conclusion, the strategic pivot from a general credit score building approach with www.trifigo.com to the creation of www.myhomepathway.com represents a well-informed and ambitious undertaking. Driven by a profound understanding of the systemic issues and missed opportunities within the mortgage market, Johnson has built My Home Pathway as a comprehensive platform that addresses the multifaceted needs of aspiring homeowners, particularly those in underserved communities. By offering personalized guidance, financial literacy education, and a direct pathway to mortgage pre-approval, MHP empowers individuals to overcome barriers to homeownership. Simultaneously, MHP provides a compelling value proposition for lenders by enabling them to tap into a previously overlooked segment of potential borrowers, thereby creating a significant and impactful business opportunity poised to make a meaningful difference in the pursuit of equitable homeownership and wealth building.
Can you talk to us about how you funded your business?
Bringing My Home Pathway to life was a journey fueled not only by passion but also by a diverse range of financial support. Initially, the vision was self-funded, with personal investment laying the groundwork for the platform’s initial development. This early commitment underscored my belief in the transformative potential of My Home Pathway to empower individuals in their real estate journeys.
As the concept solidified and the need for more significant resources became apparent, I turned to a trusted network of friends and family. Their early belief in the mission and their willingness to invest provided crucial capital and invaluable encouragement during the formative stages. This personal backing served as a powerful validation of the idea’s potential.
A significant milestone in our funding journey was acceptance into the Antler VC accelerator program. This experience not only provided essential early-stage capital but also offered invaluable mentorship, networking opportunities, and strategic guidance that helped shape My Home Pathway’s trajectory and refine its business model.
Following the accelerator, we successfully secured funding from angel investors. These individuals, with their experience and insights, recognized the market need and the strength of our approach, providing further capital to fuel growth and expand our offerings.
Our vision for a comprehensive and impactful platform also resonated with venture capital investors, notably the Global Good Fund. Their investment underscored the potential for My Home Pathway to not only be a successful business but also to create positive social impact by democratizing access to real estate knowledge.
Finally, we were fortunate to receive support from several prominent foundations, including the Wells Fargo Foundation, Prudential Foundation, Transunion Foundation, and the Geraldine Dodge Foundation. Their grants recognized the educational mission of My Home Pathway and its potential to empower individuals and communities through financial literacy in the context of real estate.
This diverse funding strategy, combining personal investment, support from loved ones, early-stage acceleration, angel investment, venture capital, and philanthropic grants, has been instrumental in building My Home Pathway into the comprehensive resource it is today. It reflects a shared belief in our mission to guide everyone confidently towards their real estate goals.
Contact Info:
- Website: https://www.myhomepathway.com
- Instagram: https://www.instagram.com/myhomepathway/
- Facebook: https://www.facebook.com/myhomepathway/
- Linkedin: https://www.linkedin.com/company/myhomepathway
- Youtube: https://www.youtube.com/channel/UCamP0nGDm_03Tao_lbDPEeQ
- Other: Home Nurture Pilot Program
https://www.myhomepathway.com/home-nurture-pilot
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