BBVA to Use Prosper’s Tech to Power Digital HELOC Application

BBVA USA announced a new digital HELOC offering today for customers in select states. The tool, which is available through BBVA’s website, is powered by P2P lender Prosper.

The digital HELOC tool aims to simplify the application process for users to obtain a HELOC, and early results of the new product indicate its effectiveness. BBVA is already seeing HELOCs close an average of 14 days faster when compared to its own turnaround times on applications submitted in other channels.

“Customers’ expectations are continuously being shaped by faster delivery and more convenience like they experience in other industries, so naturally they demand the same from financial services,” said BBVA USA Head of Mortgage Banking Murat Kalkan. “This partnership is well aligned with the core of our strategy, which aims to meet rapidly evolving customer expectations. Now, more than ever, customers can quickly and efficiently tap into the equity they have in their homes, which can provide much needed peace-of-mind, knowing they have access to the money they may need for home improvements, debt consolidation, or other major financial needs.”

Prosper and BBVA have been working together for over a year, enabling customers in Alabama, Texas, Florida, New Mexico, Colorado, and Arizona to use the digital application through Prosper’s website. With today’s arrangement, BBVA becomes the first bank partner to integrate Prosper’s technology into its own website.

Differentiating factors of Prosper’s fully digital HELOC platform include a fast application that instantly returns offers and information about rate and prequalification status, access to a dedicated client services team, and electronic documentation uploads and delivery.

“Since our Prosper powered HELOC application launched in early September, we’ve seen a significant improvement in the number of customers who complete the online application, underscoring the power of technology to improve the customer experience,” Kalkan said. “And in a time where banks are increasingly pulling back on their HELOC offerings, for us to come together and make it available more broadly, more conveniently and more efficiently says something about our commitment to customers and their needs.”

Founded in 2005 and headquartered in San Francisco, California, Prosper has originated over $17 billion in loans via its peer-to-peer lending marketplace. The company launched its HELOC product in 2019.

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