NEW YORK--(BUSINESS WIRE)--Figure Technology Solutions, Inc. (“Figure”), a technology platform that powers a more efficient and liquid marketplace for financial products, today announced that it is now offering its embedded home equity line of credit (“HELOC”) in New York and Delaware, completing Figure’s coverage of the East Coast region.
The move will grow Figure’s footprint to 49 states and Washington, DC and expand both its relationships with licensed lending partners as well as make it a more geographically attractive partner for new partners.1 Figure offers its HELOC technology to some of the country’s top independent mortgage banks, brokers and credit unions, including six of top non-bank lenders in the New York market, and provides them with a suite of capital markets solutions.
To date, more than 150,000 households have used Figure’s platform to unlock nearly $12 billion in equity from their homes.
Michael Tannenbaum, Chief Executive Officer of Figure, said, “In just a few years, Figure has become the number one non-bank HELOC provider, in large part by getting the capital markets and regulators supportive of our modern approach. Our expansion into New York and Delaware is another milestone in our efforts to drive much-needed structural innovation. With our broad and expanding partner network, we’re accelerating our commitment to help homeowners tap their liquidity easily, efficiently and reasonably–bar none.”
A barometer of homeowner demographics and borrower trends
New York and Delaware homeowners face the same challenges as their counterparts nationwide. High interest rates and home prices have forced many to remain in their homes, feeling "locked in" with previously secured low mortgage rates. At the same time, their home values are increasing drastically – as of May 2024, estimated total home equity in the U.S. stood at approximately $33.8 trillion, a 73% increase compared to 2019.
Figure’s existing East Coast presence may serve as a barometer of homeowner demographics and borrower trends in the New York and Delaware markets. Given the high cost of personal loans and other unsecured lending products, Figure’s HELOC has been an attractive financing source for homeowners for large expenditures and debt consolidation. For example, according to Figure’s data:
- of its combined Connecticut and New Jersey customers, 43% state they’re using their HELOC for home improvement and 34% state they’re using it for debt consolidation
- average loan size is $88,000 in New Jersey and $77,000 in Connecticut
On the home improvement front, Figure’s data shows borrowers are using their HELOCs to fund everything from aging in place-related renovations and Accessory Dwelling Unit (ADU) builds to solar and whole home electrification projects. For those saddled with high interest debt, borrowers are attracted to Figure’s lower monthly payments and larger amounts compared to personal loans. Figure’s data also shows that customers are financing purpose-driven, significant expenditures such as IVF, adoptions and small business formation.
Anthony Stratis, VP, Lending Partnerships, said, “We’re proud that we’ve met New York’s high regulatory standards, and that we now have full coverage across the New York Tri-State area and greater East Coast region. We’ve heard from our customers and licensed partners that they’re eager to use Figure more often for more of their lending needs. With today’s news, NY-licensed partners can easily offer our HELOC to their customers.”
This expansion is the latest milestone the company has achieved in recent months. In April, Figure appointed Michael Tannenbaum as CEO in April and announced the launch of its DART System, a combined lien filing and eNote registry service; in June, it launched Figure Connect, a first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace of private credit loans.
About Figure Technology Solutions
Founded in 2018, Figure Technology Solutions (“Figure”) is a disruptive and scaled technology platform built to enhance efficiency and transparency in financial services. Its subsidiary, Figure Lending LLC, is the largest non-bank provider of home equity lines of credit; its software has been used to originate nearly $12B of home equity lines of credit. Figure’s technology is embedded across a broad network of loan originators and capital markets buyers, and is used directly as well by homeowners in 49 states and Washington, DC. With Figure, homeowners can receive approval for a HELOC in as fast as five minutes and receive funding in as few as five days.
To date, Figure has embedded its HELOC in more than 135 partners; partners include CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage, Guaranteed Rate, The Loan Store, Movement Mortgage, Synergy One, and many others.
If you’re interested in joining our partnership ecosystem, please visit https://www.figure.com/partner-heloc/ or email partners@figure.com. Figure’s State of Home Equity Report can be downloaded here.
1 Figure’s embedded lending product is only available to lenders also licensed in NY
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