Movement Mortgage Partners with Figure to Offer Improved HELOC Delivery

SAN FRANCISCO, Nov. 8, 2022 /PRNewswire/ -- Figure, the country's top non-bank HELOC lender, and Movement Mortgage, the nation's sixth-largest retail mortgage lender, announced a transformative partnership that will allow Movement's borrowers faster access to home equity with approval in as few as five minutes and funding in as few as five days.

Movement will leverage Figure's platform amid a steady rise in mortgage interest rates and record tappable equity for homeowners. Consumers have shied away from taking out new mortgages and instead are seeking to tap into their existing home equity to complete renovations, consolidate debt, or generate extra cash flow while preserving their low mortgage interest rate. The partnership is designed to help Movement Mortgage borrowers access that value quickly and simply through Figure's end-to-end digital platform.

"Movement Mortgage is delivering enhanced financial access to their consumers as interest rates steadily rise," said Dan Wallace, General Manager of Figure Lending. "We are thrilled to partner with them as they continue to act as industry disruptors and implement processes that benefit their consumers. HELOCs may be significantly less expensive compared to other products, and consumers are seeking better avenues to access the equity in their homes."

"We are thrilled to partner with Figure to provide our borrowers with easy access to the equity they've built," said Caroline Payne, Movement's SVP of capital markets. "Figure's seamless user experience, commitment to quality, and superior customer service align with Movement's values and business goals. We look forward to working with Figure to help our borrowers reach their goals."

Figure's HELOC for Lending Partners provides a turnkey solution for lenders across the country. The speedy underwriting process provides a secure, transparent, and fast experience — eliminating friction points and costs common to traditional home equity lending. Partners can offer their customers a fast and easy way to tap home equity with a 100% online application process and funding in as few as five days.

Movement Mortgage and Figure will leverage Provenance Blockchain to record and store the lending asset. Provenance Blockchain is the leading public blockchain in financial services leveraged by more than 50 financial institutions and has supported over $10 billion in transactions.

Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture, and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S., and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement's profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities, and global outreach. For more information, visit www.movement.com.

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/.

Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs leverage Provenance Blockchain to enable the entire digital asset lifecycle to deliver material business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over $10 billion in transactions. Provenance Blockchain's native utility token, HASH, is used to pay transaction fees and enable governance, and is available on OkCoin and dlob.io. For more information, please visit provenance.io, Twitter @provenancefdn, and LinkedIn.

Provenance Foundation Contact: Dan Garzia, [email protected]

Figure Technologies Contact: Adriana Hassan, [email protected]

SOURCE Figure