Figure Technology Solutions is collaborating with Sierra to implement AI agents aimed at re-engaging borrowers who stop the loan application process. The initiative seeks to convert stalled applications into funded loans by maintaining communication with applicants.
The AI agents from Sierra are designed to manage multi-week interactions, assisting human loan officers by handling re-engagement tasks. This allows staff to prioritize applications that have a higher probability of closing.
Figure previously achieved a 1.5x improvement in recapture rates for abandoned applications through internal initiatives. The company also reported a 95% or better improvement in manual document review using its own AI tools.
Figure operates a blockchain-enabled platform that supports HELOC approvals in five minutes and funding in five days. The company has originated tens of billions in volume and works with hundreds of lender partners.
