The partnerships with CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage and The Loan Store, all top 20 independent mortgage banks, come on the heels of Figure hitting $6 billion in HELOC originations
Figure Technologies Inc., a leader in transforming financial services through the power of blockchain technology, announced the collaboration with four top 20 independent mortgage banks (“IMBs”) as private label partners. Figure’s new partners – CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage and The Loan Store – represent another milestone in Figure’s ongoing efforts to offer Home Equity Lines of Credit (“HELOC”) to additional consumers.
“These partnerships with leading independent mortgage banks enable Figure to provide more U.S. customers with HELOC offerings to help them meet their life needs,” said Jackie Frommer, Head of Lending at Figure. “In an economic environment in which mortgage volume has slowed, and traditional banks are withdrawing from the mortgage space, Figure’s HELOC provides originators with a valuable new opportunity to deepen relationships, capture new clients, and drive lending officer engagement.”
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Each of Figure’s new partners is leveraging Figure’s HELOC technology to create a branded product for their customers. With an entirely digital application process, new customers from these private label partners will be able to apply and get approved in as little as five minutes1. Figure’s product is now available in 45 states and Washington, D.C., up from 41 states a year ago.
“As a company committed to innovation in both platforms and products, we are honored to have a collaboration with Figure that enhances the advantages of homeownership,” said Christopher George, President & CEO of CMG Financial. “In addition to serving new customers, we aim to empower our existing customers with the ability to utilize their home equity for needs like renovations or investment property downpayments, while preserving existing low interest rates.”
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A Figure HELOC provides homeowners with a less expensive way to access sources of financing, like personal loans and credit cards, for large expenditures. A HELOC is also significantly more cost-effective in today’s interest rate environment than refinancing a primary mortgage to access built-up equity. In fact, according to recent research, the individual amount the average U.S. homeowner could be saving on interest payments with a HELOC vs a Cash-Out Refinance is up to $89,000. Furthermore, total home equity is currently at a record high of $27.8 trillion2, with $11 trillion3 currently tappable. Figure’s fixed-rate HELOC is designed to help these homeowners access that value quickly and simply through an end-to-end digital platform.
The deal is the latest in a series of milestones and rapid growth from Figure’s blockchain-powered lending business. Figure recently reached HELOC originations of over $6 billion, supporting over 85,000 households across the U.S., and has established itself as the largest non-bank HELOC lender. Additionally, from January to April, Figure has doubled the number of customers it has helped through HELOCs. Lastly, this announcement comes on the heels of Figure closing its first-rated securitization led by Jefferies, Goldman Sachs and J.P. Morgan.
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