loanDepot Inc. (NYSE: LDI) announced a strategic partnership with Figure Technology Solutions to offer express path home loan products through its technology platform. The partnership integrates Figure's credit and loan underwriting engine into loanDepot's mello technology platform and point of sale system.

The collaboration introduces the 5x5 HomeLoan product, which the company states can deliver approval in as little as five minutes and funding in five to seven days. The product eliminates standard appraisal, title, and closing costs for borrowers.

The loan product offers amounts ranging from $25,000 to $750,000 with both fixed and variable rate terms available. Customers can use the product for home purchases, refinancing existing mortgages, or accessing home equity. No prepayment penalties apply to the loans.

loanDepot plans to offer the 5x5 HomeLoan in all 50 states through its sales force of approximately 1,800 licensed loan officers who hold about 12,500 state licenses. The Irvine, California-based company reports having funded $577 billion directly to consumers since its establishment.

"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," said Anthony Hsieh, founder and CEO of loanDepot.

Figure Technology Solutions specializes in transforming financial services through blockchain technology. The partnership aims to expand loanDepot's product offerings while reducing production costs through Figure's automated underwriting capabilities.

The information is based on a company press release statement.