LoanDepot Partners With Figure on ‘5x5’ Home Loans Promising 5-Minute Approvals and 5-Day Funding

Overview

• LoanDepot announced a strategic partnership with Figure Technology Solutions to embed Figure’s underwriting engine into its mello platform and point-of-sale system.
• The first product, the 5×5 HomeLoan, promises approval in about five minutes and funding in about five days according to the companies.
• Borrowers can use the product for purchases, refinances, or to tap home equity, which could help them compete with cash offers on speed and certainty.
• LoanDepot plans nationwide availability through nearly 1,800 licensed loan officers who hold about 12,500 state licenses.
• Figure’s blockchain-based and automated underwriting aims to cut manual steps and fulfillment costs, though timing and benefits depend on successful integration and market conditions.