Figure teams up with four wholesale mortgage lenders

HELOC provider Figure Technologies has added mortgage giants CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage, and The Loan Store to its growing list of private-label partners.

In its press release, the nonbank said its new partners represent "another milestone in Figure's ongoing efforts to offer home equity lines of credit (HELOC) to additional consumers." The move comes a month after Figure rolled out its own HELOC wholesale lending platform.

Through the partnership, Figure's new wholesale lender partners can create private-label HELOC products and provide their customers with an entirely digital application process.

Read more: Figure wants to merge with warehouse mortgage lender

"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."

"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 and 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."

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