Home Point to offer digital HELOCs through Figure

San Francisco-based blockchain fintech startup Figure Technologies announced that mortgage lender and servicers Home Point Financial is now offering a white-labeled digital home equity line of credit (HELOC) product to customers that is powered by the Figure software as a service (SaaS) platform built on Provenance.

Ann Arbor-based Home Point Financial is the newest customer licensing Figure SaaS that offers loan origination platforms for home equity, student loan refinancing, unsecured consumer loans, and first-lien mortgages. All of these features will be fully integrated into Provenance to deliver origination, servicing, financing and capital market benefits.

Founded in 2018 and led by CEO Mike Cagney, the co-founder and ex-CEO of SoFi , Figure is a well-funded company with over 270 employees. It has raised over $1.3 billion across 13 funding rounds; one of which was a $1 billion debt round. It was last valued at $1.2 billion.

“As an institution that focuses on providing innovative approaches to lending, partnering with Figure will enable us to bring a groundbreaking HELOC product to our customers in record time. Our new digital HELOC offering shortens the time frame of loan funding by weeks and offers borrowers the ability to manage the entire loan process online.” – Willie Newman, President and Chief Executive Officer of Home Point Financial.

“We’re very pleased to bring a mortgage leader like Home Point Financial onto our third-party Figure SaaS platform. Home Point is one of the world’s leading mortgage lenders and the company has built its business focusing on speed, quality and consistency for its customers and partners. Home Point will now have access to our fast and efficient HELOC loan origination system as well as the benefits and efficiencies of Provenance blockchain.” – Mike Cagney, CEO of Figure.