CoreLogic’s partnership transformed Figure Technologies into a top non-bank HELOC lender
Overview
- Figure Technologies needed a real-time, reliable property data solution to scale its marketplace and streamline home loan origination to revolutionize lending.
- By integrating CoreLogic’s API and CLIP™ technology, Figure gained access to instant property data, accelerated HELOC funding, and enhanced marketing efforts. This significantly improved lead conversion and loan processing speed.
- Figure became the nation’s top non-bank HELOC lender, funded over $12.5 billion in home equity, and reduced loan costs. These advancements earned them industry recognition for fintech innovation and efficiency.
In the fast-paced world of fintech, having a great idea is just the beginning. The real challenge lies in effectively implementing that idea to drive growth and deliver results. For Figure Technologies, a fintech company focused on revolutionizing the financial services industry through digital financial solutions, forging a path to success required nimble operations to adapt to customers’ needs faster than more established competitors in the space.
The key to their success was partnering with a trusted provider of comprehensive property data and analytics that could rapidly provide personalized solutions. Enter CoreLogic.
“CoreLogic has worked with us very closely since our inception. Our product has grown tremendously since then, and they’ve been willing to work with us every step of the way. CoreLogic has proven itself a strong partner that has aided our growth.”
Paco Litonjua, Sr. Project Manager at Figure
The Challenge: Innovating in Lending
Since its founding in 2018, Figure Technologies has pursued the vision to create “the most innovative financial technology to maximize value and accessibility for consumers, lenders, and investors.”
However, realizing this vision came with its challenges. Figure aimed to disrupt legacy lending infrastructure and streamline loan origination processes. They wanted to enable quick, customer-centric financial solutions while building a scalable marketplace for their technology. To achieve this, they needed a reliable, real-time property data solution that could integrate seamlessly into their systems.
The Solution: CoreLogic API Integration
CoreLogic stepped in to provide Figure with a custom data solution powered by CLIP™, our persistent property ID. By uniting property records and delivering extensive, real-time data on all properties in the U.S., we enabled Figure to:
- Access instant property and ownership data during prequalification and application processes.
- Supplement assessments and inspections, accelerating funding for home equity lines of credit (HELOCs).
- Create new opportunities with innovative solutions like “Lender as a Service.”
- Enhance targeted marketing efforts to boost lead conversions and prequalification rates.
With CoreLogic’s support, Figure’s HELOCs can now be funded in as few as five days — this changes the game in an industry where speed and accuracy are paramount.
Figure’s team highlights this collaboration as a cornerstone of their success. “CoreLogic has worked with us very closely since our inception. Our product has grown tremendously since then, and they’ve been willing to work with us every step of the way. CoreLogic has proven itself a strong partner that has aided our growth,” stated Paco Litonjua, Sr. Project Manager at Figure.
The Results: Industry Leadership and Recognition
The partnership between Figure and CoreLogic has yielded extraordinary results:
- Nation’s Top Non-Bank HELOC Lender: Figure’s HELOC technology is now privately labeled for over 100 originators and broker partners.
- Funding Impact: In just six years, Figure has funded hundreds of thousands of homeowners and unlocked more than $12.5 billion in home equity.
- Cost Reduction: Figure’s technology saves hundreds of dollars per loan compared to traditional securitization and manual processes, costing $500 versus thousands of dollars.
- Award-Winning Innovation: Figure and CoreLogic have been recognized as leaders in fintech, earning accolades such as:
- Best HELOCs of 2024 (Best for Quick Approval): Money.com.
- Most Innovative Blockchain, Crypto, Metaverse, and Web3 Companies of 2024: Fast Company.
- Ranked among the top 25 global companies in the 2024 IDC FinTech Rankings Program
Transforming the Future of Fintech
CoreLogic’s comprehensive property data and analytics solutions have empowered Figure to transform underwriting processes for HELOCs and personal loans. By integrating rapid, reliable property information at scale, we’ve enabled:
- Faster, more efficient lead qualification and prequalification.
- Enhanced risk assessment for informed decision-making.
- Streamlined closing processes with simplified investor package creation.
Our robust API platform, tailored pricing options, and data-driven insights have positioned Figure and other fintech companies for long-term success in an increasingly competitive market.
CoreLogic empowers fintech companies like Figure to revolutionize lending processes and drive impactful results. Whether it’s streamlining loan originations, enhancing risk assessments, or identifying untapped market opportunities, our solutions are designed to deliver speed, accuracy, and scalability. By choosing CoreLogic, businesses gain a trusted partner dedicated to unlocking their full potential in a competitive landscape. Discover how we can help your business succeed today and in the future.
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Written by: Data Team