Figure Technologies Inc., a financial technology company, on Tuesday launched its wholesale lending platform, which it said will enable originators to seamlessly access Figure's home equity line of credit (HELOC) offering.
San Francisco-based Figure said it has originated over $5 billion in loans directly to consumers and through its private-label partnerships with some of the nation's largest independent mortgage lenders. With the launch of a wholesale model, Figure said, it will increase the availability of this lending product to even more originators and homeowners.
"We're excited to remove the barrier of entry for originators of all sizes to gain access to our simple and easy-to-use HELOC product, further strengthening their relationships with customers in need of fast, cost-effective financing options," said Jackie Frommer, head of lending at Figure. "With Figure's built-in digital origination process, originators have a faster time to market with less upfront hassle, enabling them to serve more customers and quickly capitalize on the current rate environment."
Each of Figure's new wholesale partners can leverage its advanced HELOC technology to broker loans directly, the company said. With an entirely digital application process, new customers of wholesale originators will be able to apply and get approved in as little as five minutes and have access to funds in as little as five days, the fintech said.
"The simplicity of the wholesale turnkey experience with Figure is unlike anything I've seen before," said Steve Reich, division president of Go Mortgage. "From sharing the digital application link with a borrower to funding, it took a matter of days instead of the typical weeks or even months I've seen with other wholesale partners."
Figure said its seamless digital wholesale model offers end-to-end support of the origination process — from broker application, to customer fulfillment, to funding. Originators will leverage Figure's online pre-application process to pre-qualify customers, helping them assess the best option available to meet their customers' needs.
The process then feeds directly into a digital, customer-driven fulfillment system fully supported by Figure, it said.
Figure said its HELOC offers homeowners an opportunity to fund large expenditures while leaving their current low-cost mortgage in place, making it the perfect alternative to costlier credit cards or personal loans.
The new wholesale product offering is the latest in a series of milestones and rapid growth from Figure's blockchain-powered lending business, the company said. At the end of 2022, Figure achieved HELOC originations of over $5 billion, supporting over 70,000 households across the U.S., and establishing itself as the nation's largest non-bank HELOC lender. This announcement follows closely on the heels of Figure closing its first-rated HELOC securitization led by Jefferies, Goldman Sachs and J.P. Morgan.
