With these new features, borrowers can now pay off and consolidate more types of debt, including liens, credit cards, personal loans, auto loans and home improvement loans. The Intellidebt expansion aims to offer a more flexible alternative to traditional cash-out refinancing.
Highlights of the new features include expanded lien payoffs and consolidation, along with a streamlined requalification process, which are designed to push higher conversion rates and sales volumes for lenders.
Debt consolidation remains the primary reason homeowners use home equity lines of credit (HELOCs). With consumer debt rising and more mortgage recasts or buydown expirations approaching, Figure’s updated DDP aims to help lenders address their…