LoanDepot is partnering with Figure Technology Solutions to launch a home loan product that they say can approve borrowers in as little as five minutes and deliver funding in as few as five days.

The Irvine, California-based lender will integrate Figure's proprietary credit and loan underwriting engine into its own proprietary mello technology platform and point of sale system, LoanDepot said in a press release Thursday. 

This will allow LoanDepot to offer a variety of "innovative express path home loan products" to borrowers, including the 5x5 HomeLoan, which offers speed, as funds are typically delivered in five to seven days, savings, with no appraisal, standard title or standard closing costs, and flexibility, as it provides multiple loan and rate options, along with no prepayment penalties, according to the release. 

"LoanDepot already has the most differentiated customer acquisition and retention business model in the marketplace today, with a world-class brand and the only at-scale diversified channel strategy in the industry," Founder and CEO Anthony Hsieh said in the release. 

"Our partnership with Figure builds on these unique assets and provides a meaningful strategic lever for our business, allowing us to help more customers, close more loans, materially reduce the cost to produce and deliver profitable market share growth," he added.

The lender will offer the 5x5 HomeLoan to customers in all 50 states through its 1,800 licensed loan officers, who hold about 12,500 state licenses. The product can also be used to access home equity, refinance an existing mortgage or purchase, giving borrowers an option with similar benefits of a cash purchase, the release said. 

"We're proud to partner with LoanDepot to help power their innovative home equity product," Anthony Stratis, vice president, lending partnerships at Figure, told National Mortgage News. "LoanDepot's approach toward customer acquisition and retention is differentiated in the market and we are delighted to help them deliver a digital, blockchain-based solution to achieve their borrowers' needs and scale their platform. We look forward to deploying our blockchain-based solutions with LoanDepot more broadly in the future."

Figure works with more than half of the top 20 independent mortgage banks in the country. It also has a large home equity business of its own, reporting $2.4 billion in home equity line of credit lending in the third quarter of last year.  

In addition to the development with Figure, LoanDepot has been partnering with builders as well over the past two years, with the most recent being West Texas-based Betenbough Cos. late last month.

The lender also announced its return to the wholesale lending business in March, expecting a wave of refinance activity that will drive origination growth.