Loan Factory Direct - Figure HELOC

Basic information

QM program

N/A

Loss payee

Figure Lending LLC ISAOA/ATIMA P.O. Box 2095 Carmel, IN 46082

CPL or subordinate clause

Figure Lending LLC ISAOA/ATIMA P.O. Box 2095 Carmel, IN 46082

Lock policies & fees

Lock policies

Lock extension

N/A

Relock

N/A

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Please use the Heloc Chat for any questions regarding the Heloc/Piggyback loans.  NotebookLM Chat  https://notebooklm.google.com/notebook/798cf3da-2422-4a46-8ff0-3846f5f3195a  You will need to be logged into loanfactory email/browser to access.  

Digital HELOC

White-labeled the Figure HELOC product, now be able to offer solutions for:

• Custom LO Consumer Facing Referral Link
• Increased loan amounts up to $750,000 *(Please note any loan amount over $400,000 will require an appraisal, subject to change)
• Piggyback loans up to 90% CLTV on both purchase and refinance transactions up to 800k. This means for anyone in a high-balance or jumbo loan scenario, you can now split the loan into two with the piggyback option.  
• More options for rate buy-downs, empowering your borrowers to qualify for higher HELOC amounts and secure lower rates
• Payoff existing liens and debt to qualify

2.00% COMP ON HELOC's **HELOC for homes listed for sale* (commission is 50bps-No EPO)

Primary down to 600, Investment 680 Fico.   1st, 2nd, 3rd Liens & Piggyback 2nd's

• 5 DAY FAST FUNDING
• Business Bank Statement for Self Employed (*680 Fico)
• NO APPRAISAL, NO TITLE, NO LENDER FEES, ONLINE NOTARY CLOSINGS* HELOC'S OVER 400K NEED APPRAISAL NEW LOAN LIMIT 750K
• EARN 2% DOING HELOCS THROUGH FIGURE WITH FINTECH 
• NO PPP, 100% DISTURBUTION AT CLOSING W REDRAW OPTION  *EPO on HELOC if borrower pays 90% of HELOC in first 4 months.   NO EPO on Properties Listed For Sale
• 10, 15, 20, 30 YEAR FIXED RATE OPTIONS. FULLY AMORTIZED FROM DAY 1 (P&I Payment - No I/O)

• SIMPLY 1 PAGE APPLICATION, FREE SOFTPULL, AVM 
• AVAILABLE FOR PRIMARY, SECOND HOMES, INVESTMENT & HOMES LISTED FOR SALE 1-4 UNITS, CONDO, PUDS
• 1ST, 2ND AND 3RD LIEN AVAILABLE
• Piggy Back loans up to 90%CLTV up to 800k Loan Amounts available on Primary, Secondary and Investment Property(85%CLTV)
• Use higher credit score borrower on community property states.  
• 90 days on title, close in individual name or Trust
• Redraws available depending on loan term.  3 year on 10 year, 4 years on 15, 20 year, 5 year on 30 year terms.
• Asset accounts can supplement income(retirement accounts, Brokerage, Savings & CD's)

Lender's overlays

Available in Texas for primary properties only

There are 14 states where spousal income cannot be used even if the spouse is on the title: CT, DE, GA, HI, IN, ME, MD, MA, NY, OR, PA, RI, UT, VA

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews