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The fintech lender is using conversational AI to pull borrowers back from the edge of abandonment and turn stalled applications into funded loans.
Somewhere between filling out a home equity application and actually getting the money, a lot of people quietly give up. They get distracted, confused, or just decide it’s too much hassle. Figure Technology Solutions has decided to stop accepting that as a fact of life.
Figure, the fintech lender behind one of the faster HELOC platforms in the country, is partnering with Sierra, the enterprise AI company behind Sierra.ai, to deploy AI agents specifically designed to re-engage borrowers who abandon the application process. The goal is straightforward: recover stalled applications and convert them into funded loans before the borrower walks to a competitor or simply forgets the whole idea.
Why loan abandonment is the mortgage industry’s quiet crisis #
Figure’s platform already moves fast by industry standards. The company can approve HELOCs in as little as five minutes and fund them in as few as five days. Yet speed alone does not solve the abandonment problem if borrowers never finish submitting their documents or stop responding to follow-ups.
That is where the Sierra integration comes in. Sierra’s platform is built for multi-step, multi-week engagement that mortgage origination demands, supporting multi-week or multi-month interactions with applicants. The AI agents work alongside human loan officers rather than replacing them, handling the re-engagement mechanics so that the humans can focus on the applications most likely to close.
Figure has already run earlier versions of this playbook internally. Prior initiatives within the company produced a 1.5x improvement in recapture rates for abandoned applications, meaning that for every ten abandoned borrowers they previously recovered, the new approach was pulling back fifteen.
Sierra’s track record and what it brings to the table #
Sierra has built a reputation specifically in financial services, with Rocket Mortgage among its notable clients for handling complex, multi-step loan application processes.
Figure’s own AI ambitions run deeper than this single partnership. The company has reported a 95% or better improvement in manual document review through internally developed AI tooling.
The competitive stakes in fintech lending #
Figure (NASDAQ: FIGR) has originated tens of billions in HELOC volume and works with hundreds of lender partners. Figure’s blockchain-enabled platform was designed for faster document verification and title work, which feeds into those five-minute approval and five-day funding claims.
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