Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5143921
Complaint Overview
Complaint ID: 5143921
Company: Figure Technologies, INC
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Colorado
ZIP Code: XXXXX
Date Received: 2022-01-24T12:00:00-05:00
Date Sent to Company: 2022-01-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Figure ( https : //www.figure.com/ ) advertises a home equity line of credit ( HELOC ) product. On XX/XX/2022, I submitted an application to receive a rate quote. However, once I submitted my application, it became apparent that their HELOC product more closely resembled a home equity loan product. If lent to, I must take 100 % of the HELOC proceeds at closing. For instance, if my total line was {$100000.00}, I would have been forced to take {$100000.00} at closing. They claim it's an " open line '' because if I make principal payments, I may then borrow up to the initial $ 100k during the " draw '' period. I believe this is intentionally deceptive advertising and does not meet the criteria of a HELOC product, where an initial draw is optional. Please investigate and potentially make them reclassify their existing " Figure Line of Credit '' product.
Frequently Asked Questions
What is Complaint #5143921 about?
Complaint #5143921 was filed against Figure Technologies, INC regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-01-24T12:00:00-05:00.
How did Figure Technologies, INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Figure Technologies, INC?
Yes, visit the Figure Technologies, INC company profile at readthecomplaint.com/company/figure-technologies-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.