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Prosper and BBVA USA launch digital home equity line of credit platform

Publish date: 14 November 2019
Author: BBVA (USA)

Prosper, a leading online marketplace lending platform connecting borrowers and investors, together with the U.S. subsidiary of Madrid-based BBVA, announced their collaboration in providing a Home Equity Line of Credit (HELOC) available through Prosper’s website.

Prosper and BBVA USA have worked closely together to build an end-to-end HELOC solution that allows customers to complete an online application in minutes and receive an instant pre-qualification. The digital platform saves customers weeks compared to the traditional application process and offers HELOC consumers access to competitive rates and no origination fees.

BBVA USA is Prosper’s exclusive bank partner in the bank’s main footprint states of Alabama, Texas, New Mexico, Colorado and Arizona, and also worked side-by-side with Prosper, lending equity product knowledge and expertise as the digital solution was developed. The bank will soon offer the digital HELOC to a selected group of its own customers via a BBVA branded version of the platform.

“We are thrilled to have a partner like BBVA that believes, as we do, in the power of technology to improve efficiency and deliver a great customer experience,” said David Kimball, CEO, Prosper Marketplace. “Working closely with BBVA, we’re excited to be able to offer our customers the opportunity to quickly and easily apply for a HELOC online, which can be a smart and affordable financing option for things like home improvement and debt consolidation. We look forward to expanding this product offering to more states and continuously improving the experience.”

“BBVA is the leader in digital banking globally, and as such, we’re focused on a transformation that leverages digital to help us drive growth and improve the banking experience for our customers,” said BBVA USA Head of Retail Banking Çağri Süzer. “The digital HELOC with Prosper is reflective of the type of transformation we think will carry us into the future, but more than that, we’re excited to work with a fintech stalwart like Prosper to help people quickly and easily access the equity that they have built up in their home.”

Available home equity reached an all-time high of $6.3 trillion in the second quarter of 2019.[1] While many homeowners have equity available, the traditional process of getting a home equity line of credit has been a confusing, lengthy and cumbersome process.

Prosper has used its expertise in technology and consumer loans to create a fast and simple process for obtaining a HELOC, while BBVA is using its extensive experience in equity lending to deliver knowledge and a great customer experience to HELOC borrowers. The partnership is a unique example of how a fintech and bank are working together to provide a long-term relationship product like HELOC to customers with ease and efficiency.

The platform recently launched in a limited number of states including Alabama, Arizona, Florida and Texas, and will roll out to additional states in the coming months. Key benefits of the HELOC platform include:

An online application that can be completed in minutes with instant offers and information about rate and prequalification status
- Competitive rates with bank-paid closing cost offered by BBVA
- Flexible monthly payments and the opportunity to access to a line of credit in weeks versus the months it traditionally takes
- Access to a dedicated client services team that can help users get immediate answers to their questions and understand the benefits of getting a HELOC
- Confidence of having a HELOC originated and serviced by a reputable lender like BBVA

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