loanDepot, Figure team up on streamlined home loan and equity products

loanDepot announced Thursday that it has formed a strategic partnership with Figure Technology Solutions to power a new “express-path” home loan product through loanDepot’s mello platform.

Under the agreement, loanDepot will integrate Figure’s proprietary credit and loan underwriting engine into its mello technology stack and point-of-sale system. The integration is designed to allow loanDepot to offer a suite of faster-closing, express-path products, starting with the 5×5 HomeLoan, according to a press release.

The 5×5 HomeLoan is structured to deliver approvals in as little as five minutes and funding in as few as five days. The product can be used to access home equity and will be available for refinances and purchase transactions, effectively giving borrowers an option comparable to cash offers on speed and certainty of close.

loanDepot, a national retail lender that recently rejoined the wholesale channel, will roll out the 5×5 HomeLoan in all 50 states. The product will be distributed through the company’s sales force of nearly 1,800 licensed loan officers, who collectively hold about 12,500 state licenses.

The partnership ties Figure’s blockchain-based infrastructure and automated underwriting capabilities to loanDepot’s existing proprietary tech stack and diversified distribution channels. Figure has focused on using blockchain rails and automated underwriting to compress cycle times and lower fulfillment costs, particularly in home equity and consumer credit.

“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,” Anthony Hsieh, the company’s founder and CEO, said in a statement.

“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.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.