Three Mortgage Companies Partner with Figure on HELOC Products

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Three mortgage companies are signing on as white label partners for home equity line of credit (HELOC) offerings with Figure, a provider of home equity financing technology.

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 five minutes to complete and approval coming in minutes.

Figure, a non-bank lender of HELOCs in the country, has 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% increase over the past year. 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% 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,” says 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,” Wallace adds. “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,” states Peter Norden, CEO of Homebridge. “We are excited to partner with Figure to expand our product offerings to include home equity lines of credit.”

Image: Kostiantyn Li on Unsplash

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