HOUSTON and SAN FRANCISCO, Nov. 10,
2020 /PRNewswire/ -- BBVA USA, the U.S. subsidiary of Madrid-based BBVA, today announced it is
offering a digital Home Equity Line of Credit (HELOC) through its
website, powered by Prosper, a leading online marketplace for
consumer loans. Prosper's digital HELOC platform, which was
developed to simplify the process of applying for and obtaining a
HELOC, is now available to BBVA USA customers in select states via the
BBVA-branded version of the platform.
The announcement comes a year after the two collaborated on and
launched a digital HELOC solution that provided customers the
ability to complete an online application in minutes and receive
instant pre-qualification. Early results already indicate that the
digital solution is helping BBVA close HELOCs 14 days faster on
average when compared to the Bank's own turn times on applications
submitted in other channels.
This announcement makes BBVA the first bank partner to use
Prosper's technology as part of its own website. Customers have
been using the digital application for over a year through
Prosper's website with BBVA as its exclusive bank partner in
Alabama, Texas, Florida, New
Mexico, Colorado and
Arizona.
"We are excited to expand our relationship with Prosper by using
their digital platform to power our online HELOC application
process, as we both strongly believe that digital can lend
convenience, speed and efficiency to customers' banking
experiences," said BBVA USA Head
of Mortgage Banking Murat Kalkan. "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. 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."
"Consumer spending on home improvement has risen over the past
six months as people spend more time at home during the pandemic. A
home equity line of credit is a great option for financing a large
project as it offers flexibility and access to low rates," said
David Kimball, CEO of Prosper. "With
Prosper's digital HELOC platform, it's easier than ever to apply
online, get an immediate offer, and secure a HELOC. We're thrilled
to extend our partnership with BBVA to now have our digital
experience available to BBVA customers through their website."
"The future of home equity lending is part of the race to better
customer experience, so our partnership with Prosper and aspiring
to provide a seamless experience to our customers in their HELOC
applications is one of the core drivers of our strong growth in
Home Equity business even as we see a lower overall production in
the industry." said BBVA USA
Director of Home Equity Originations David
Garcia Hernandez. "We are looking forward to unlocking the
true potential of Home Equity through this platform."
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
- Easy 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
- Electronic documentation uploads and disclosure delivery
- Ability to apply from anywhere without the need to visit a
branch
BBVA and Prosper began working together in 2019, knowing that
each could leverage its own strength to make the process of
applying and obtaining a HELOC quicker and easier. BBVA contributed
its understanding and experience in equity lending, while Prosper
lent its acumen in digital consumer lending and creating great
customer experiences.
"We always say that consumers are the ones who benefit when
banks and tech come together, and it's something we regularly put
into practice. 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."
To learn more about the digital HELOC product available from
BBVA, visit
https://www.bbvausa.com/loans/home-equity-line.html.
About BBVA USA
In the
U.S., BBVA (NYSE: BBVA) is a Sunbelt-based financial
institution that operates 637 branches, including 328 in
Texas, 88 in Alabama, 63 in Arizona, 61 in California, 43 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25
largest U.S. commercial banks based on deposit market share and
ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been
recognized as one of the leading small business lenders by the
Small Business Administration (SBA) and ranked 14th nationally in
terms of dollar volume of SBA loans originated in fiscal year
2019.
BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. BBVA
USA, Member FDIC and an Equal
Housing Lender. NMLS #402936
About Prosper Marketplace
Prosper's mission is to
advance financial well-being. The company's online marketplace
lending platform connects people who want to borrow money with
individuals and institutions that want to invest in consumer
credit. Through Prosper's flagship personal loan marketplace,
borrowers get access to affordable fixed-rate, fixed-term personal
loans. Investors have the opportunity to earn solid returns via a
data-driven underwriting model. To date, over $17 billion in personal loans have been
originated through the Prosper platform for debt consolidation and
large purchases such as home improvement projects, medical expenses
and special occasions. Through its new digital HELOC platform,
Prosper is using its expertise in consumer lending to improve the
process of applying for and securing a home equity line of credit,
as well as deepening its commitment to simplifying consumer finance
and advancing financial well-being.
Prosper Marketplace, Inc. was founded in 2005 and is
headquartered in San Francisco.
The platform is owned by Prosper Funding LLC, a subsidiary of
Prosper Marketplace, Inc. Personal loans originated through the
Prosper marketplace are made by WebBank, member FDIC. Visit
www.prosper.com and follow @Prosperloans to learn more.
Prosper notes are offered by Prospectus.
Prosper Marketplace, Inc. NMLS#111473
(http://www.nmlsconsumeraccess.org)
All HELOCs are underwritten and issued by our banking
partner.
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SOURCE BBVA USA