bankingciooutlook

Figure's Partnership With Leading Mortgage Companies Increases Reach Of HELOC Products

Banking CIO Outlook | Monday, August 22, 2022

Figure is expanding consumers' access to home equity line of credit (HELOC) services, and a record amount of HELOC demand is reported with a monthly volume of $300 Million.

FREMONT, CA: "Guaranteed Rate, Homebridge, and Synergy One are looking to disrupt the industry and we are thrilled to work with them as they are able to expand access and provide added convenience to their customers. Given the recent upward trend in first mortgage interest rates, a home equity line of credit, when added to a first mortgage, can maximize the amount a customer can borrow while keeping total interest payments low. Consumers want an affordable way to borrow at a time when interest rates are creeping up, and a HELOC is significantly less expensive when compared to other products. Through partnerships with lenders, as well as increased demand for the Figure-branded HELOC, we expect to see volume continue to grow to record levels." says Daniel Wallace, General Manager of Figure's lending business.

Figure is one of the nation's top providers of home equity finance technology. With the help of Figure's HELOC technology, Guaranteed Rate, Homebridge, and Synergy One have teamed up recently to develop branded products for their consumers in 41 states and Washington, D.C. The HELOC application procedure in Figure is entirely online, and approval occurs minutes after an application is submitted.

Homeowners continue using Figure's equity to make home upgrades, pay off debt, pay for college, or make a sizable purchase due to the increase in property values across the nation. Homeowners can use a HELOC to access their equity without refinancing their main loan. Thanks to an all-digital platform, these homeowners may quickly and easily access that value with the fixed-rate HELOC from Figure.

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