- Speed with approval in as little as five minutes and most fundings in five to seven days
- Savings with no appraisal, standard title or standard closing costs
- Flexibility for purchase, refinance and equity lines with loan amounts from $25,000 to $750,000, fixed and variable rate terms available, and no prepayment penalties
loanDepot, Inc., a national retail lender with $577B funded directly to consumers, a strategic partnership with Figure Technology Solutions, a leader in transforming financial services through the power of blockchain technology, that creates both a meaningful growth engine for loanDepot and a means to help serve the financing needs of more customers.
As part of the partnership, loanDepot will integrate Figure’s proprietary credit and loan underwriting engine into its own proprietary mello® technology platform and point of sale system, enabling the Company to seamlessly offer a variety of innovative express path home loan products to its customers. The 5×5 HomeLoan, which will deliver approval in as little as five minutes and funding in as few as five days, brings real value to those seeking smart, seamless, and convenient solutions to their financing needs.
Powered by its professional sales force of nearly 1,800 licensed loan officers holding approximately 12,500 state licenses, loanDepot will offer the 5×5 HomeLoan to customers in all 50 states. The product may be used to access home equity, and will be available to refinance an existing mortgage, or to purchase, giving borrowers an option on par with cash purchasing power.
“loanDepot already has the most differentiated customer acquisition and retention business model in the marketplace today, with a world-class brand and the only at-scale diversified channel strategy in the industry,” said Founder and CEO Anthony Hsieh. “Our partnership with Figure builds on these unique assets and provides a meaningful strategic lever for our business, allowing us to help more customers, close more loans, materially reduce the cost to produce, and deliver profitable market share growth. Further, it positions us to introduce new and innovative products that expand the way we will meet the needs of borrowers in the future.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
