Figure Lending, an indirect subsidiary of Figure Technologies, is preparing a $236.7 million securitization deal backed by recently originated revolving home equity lines of credit (HELOCs).
The portfolio included 3,568 HELOC loans, which were originated by Figure and other nonbank lenders (Guaranteed Rate, Homebridge Financial Services and Movement Mortgage) using Figure’s online origination application and underwriting guidelines.
Figure’s product line includes HELOCs, student loan refinances, conforming and jumbo first-lien mortgages, and unsecured personal loans. The company routinely sells the HELOC, personal, and mortgage loans it originates with servicing rights retained. As of Dec. 31, 2022, Figure originated, funded, and serviced more than 69,000 HELOCs totaling about $4.7 billion.
Source: mpamag.com