Question: How do I price a HELOC in the portal?

Answer: There is no way to price a HELOC loan with our pricer. Once approved to do HELOCs with us and you have access to the Figure Lead portal, you can see different offers for your borrower by completing a lead to see if they qualify.

Question: I’m receiving a “No associated broker licensed for state” error when trying to confirm borrower lead information, but I’m licensed in the state I’m trying to create a lead for. What does this mean?

Answer: If you and your company are licensed in the state you are trying to conduct a HELOC lead on, please reach out to your Clients and/or Portal Support team to troubleshoot the issue.

Question: Can processors obtain logins for the separate HELOC portal?

Answer: No, the Figure Lead HELOC portal is only for licensed Loan Officers (LOs).

Question: If an inquiry returns as a “No offer”, how soon after can the broker create a new inquiry for that same applicant?

Answer: The broker can submit a new inquiry instantly and does not need to wait any specific period of time.

Question: Can a borrower qualify using business bank statements?

Answer: No, business bank statements are not allowed. They would need to link their personal taxes for qualifying.

Question: Can a self-employed borrower qualify using personal bank statements?

Answer: Yes, the borrower can link their personal bank account, assuming they are paying themselves regular paychecks through their business.

Question: Can a borrower reside outside of the US if applying for an investment HELOC?

Answer: Living outside of the US does not prevent applicants from qualifying as long as they have a valid US government issued ID, have valid ownership and the property is in the US.

Question: Can a borrower prepay the balance?

Answer: The borrower may prepay any portion of the balance before it is due without penalty. The acceptance of a prepayment of less than the total outstanding balance does not change the obligation to pay the amounts owed under the agreement when due. If the borrower makes a prepayment that is great than or equal to 10% of the balance, the servicer will recalculate the monthly payment for each remaining billing cycle to account for the prepayments so that the balance is fully amortized over the remainder of the applicable repayment period.

Question: Is there a limit on redraws?

Answer: As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Pime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin, Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

Question: How much can a borrower redraw after the initial draw line amount?

Answer: Additional draw amounts must be a minimum of $500 and can be up to 100% of the original line amount minus whatever is currently outstanding. For example, if the original line amount is $100,000 and the borrower still owes $75,000 the max draw amount would be $25,000. If the amount owed is $99,000 the max draw amount would be $1,000 based on the $100,000 original line amount.

Figure HELOC Customer Service Contacts:

Customer Service - # 888-572-5097

Email - [email protected]