Announcement comes a year after the two first announced collaboration to build HELOC digital solution
BBVA USA first bank to power its digital HELOC application using Prosper’s technology
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 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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