Figure Expands Reach of HELOC Products To Consumers Through Partnerships with Leading Mortgage Companies

Figure Reports Record HELOC Demand With More Than $300 Million in Monthly Volume

SAN FRANCISCO, July 29, 2022 /PRNewswire/ -- Figure, the country's leading provider of home equity financing technology, announced today that additional consumers will gain access to home equity line of credit ("HELOC") offerings, as three mortgage companies collaborate with Figure as white label partners.

Over the last few months, Guaranteed Rate, Homebridge, and Synergy One have partnered with Figure to leverage Figure's HELOC technology to create a branded product for their customers in 41 states and Washington, D.C. Figure's HELOC application process is entirely digital, with an application taking as few as 5 minutes to complete and approval coming in minutes.

Figure, the most tech-forward non-bank lender of HELOCs in the country, also announced that it saw record demand for its Figure-branded HELOC product in June, surpassing $325 million in funding volume over the month. That June total was the eighth consecutive record month for Figure's HELOCs and represents a nearly 300 percent increase over the past year.

The rise in property values across the country has led homeowners to continue to tap into their equity to make home improvements, consolidate debt, pay for college, or make a significant purchase. A HELOC allows homeowners to access their equity without refinancing their primary mortgage. Figure's fixed-rate HELOC is designed to help these homeowners access that value quickly and simply through an end-to-end digital platform. Figure'sHELOC volume was up 58 percent in Q2 and is expected to climb in Q3 as demand for the product continues to grow.

"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," said Daniel Wallace, General Manager of Figure's lending business. "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."

"During these challenging economic times, homeowners need ways to leverage their home equity in order to finance major purchases," said Peter Norden, CEO of Homebridge. "We are excited to partner with Figure to expand our product offerings to include home equity lines of credit."

Figure is a leader in transforming financial services through the power of blockchain. Using Figure's technology, consumers can obtain their HELOC application approval within five minutes with funding in as little as five days. For more information on Figure's products, please visit https://www.figure.com/home-equity-line/.

Figure is transforming financial services through blockchain, bringing speed and efficiency to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure and its subsidiaries leverage Provenance Blockchain for loan origination, servicing, financing, and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. Learn more about https://www.figure.com/.

Media Contact: Bill McQuillen, [email protected] 

SOURCE Figure