Figure Expands Reach of HELOC Products Through Four New Partnerships

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 today 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.”

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 minutes. (1) 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 down payments while preserving existing low-interest rates.”

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 trillion(2) with $11 trillion(3) 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.

(1) Approval may be granted in five minutes but is ultimately subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in- person closing.

(2) Board of Governor of the Federal Reserve System, 9/9/22

(3) National Mortgage Database, 6/30/22

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.  

About Figure

Figure is transforming financial services with the proven power of blockchain technology, generating real economic value for consumers and institutions. We do this by incubating ambitious businesses across lending, payments, and markets, utilizing blockchain to build solutions that displace legacy trust with equitable truth and support riskless transactions. Figure is the largest contributor of real-world assets to the blockchain, leveraging the Provenance Blockchain for loan origination, servicing, and financing, as well as private company stock management, fund registry, blockchain marketplaces, and payments. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, founder of SoFi who built that company into a multi-billion-dollar business under his leadership as CEO.