loanDepot Integrates Figure Underwriting to Offer 5x5 HomeLoan with 5-Minute Approval and 5-Day Funding
loanDepot is integrating Figure’s blockchain-based underwriting engine into its mello® platform to launch the 5x5 HomeLoan, offering approvals in five minutes and funding in as few as five days. The product, available nationwide through 1,800 licensed loan officers, supports home purchases, refinances and equity access.
1. New Express Path HomeLoan Partnership
loanDepot has partnered with Figure Technology Solutions to integrate Figure’s blockchain-based credit and loan underwriting engine into its mello® platform, creating the 5x5 HomeLoan product that delivers approval in as little as five minutes and funding in five days, streamlining the mortgage process.
2. Technology and Operational Advantages
By embedding Figure’s proprietary engine, loanDepot aims to materially reduce production costs and accelerate throughput. The digital workflow supports purchase and refinance transactions as well as home equity access, leveraging advanced automation to enhance underwriting accuracy.
3. Nationwide Distribution Through Licensed Loan Officers
The 5x5 HomeLoan will be available in all 50 states via loanDepot’s 1,800 licensed loan officers holding approximately 12,500 state licenses. This broad distribution network positions the company to drive market share growth and improve customer acquisition and retention.