Figure’s Home Equity Line of Credit (HELOC) leverages automation and proprietary technology to reduce the traditional 45-to-60-day funding timeline to as little as five days. The process begins with a five-minute digital application requiring basic identification and income data, utilizing a soft credit check and Automated Valuation Models (AVM) to bypass time-consuming appraisals and full title searches. Borrowers navigate a 100% digital workflow that includes instant offer generation, API-driven identity verification, and automated income validation through linked bank accounts or payroll providers. A critical efficiency is the integration of eNotary services via video chat, which facilitates immediate document signing. Once the mandatory three-day rescission period concludes, the loan is funded, demonstrating a streamlined alternative to legacy lending that eliminates out-of-pocket closing costs by building origination fees directly into the loan amount.
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