This fintech company aims to make HELOCs easier to access. The advisory board, on the other hand, is designed to seek input from industry leaders.
Financial services company SoFi Technologies on Wednesday debuted a new digital HELOC product and a new advisory board of top real estate leaders.
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A HELOC, an acronym for “home equity line of credit,” allows homeowners to withdraw cash from the value of their home, often through a lengthy or cumbersome process to get the cash from a local bank. But SoFi said in a statement that its new HELOC service will give its members “direct access to their home equity through a seamless, fully digital end-to-end process within the SoFi platform.”
The statement added that the new digital HELOC will help members “move quickly and confidently through verified pre-approval, competitive interest rates and flexible down payment options, while continuing to support member needs through refinancing and continued access to equity.”
SoFi describes itself in a statement as a “one-stop shop for digital financial services.” The company is essentially a high-tech advanced bank with 13.7 million “members” – people who use the company to borrow, save, spend, invest and protect their money. ” SoFi also offers an array of products including conventional mortgages, FHA and VA loans, jumbo loans, and more.
The company saw the perfect time to debut its HELOC product. The statement claims that three-quarters of homeowners plan to continue living in their homes for the next three years, meaning many will turn to HELOCs to finance things like renovations. The statement added that SoFi’s mortgage originations doubled in 2025 compared to the previous year.
In addition to the digital HELOC, SoFi also announced a 50-person advisory board comprised of “top real estate market leaders covering luxury homes, affordable homes, and single-family homes.” Council members will advise SoFi on topics such as “market insights and product innovation opinions” and serve as brand ambassadors, according to a statement.
Council members include Compass agent Andrew Jevin, Sotheby’s agent Courtney Pulitzer, and Real Brokers agent Katie Day.
Holly Meyer Lucas
“Real estate agents are constantly asked by lenders for buyer references, but they are rarely asked how banks can provide value,” Compass founding principal and board member Holly Meyer Lucas said in a statement. “SoFi leads by example and creates a culture of collaboration. By bringing industry leaders to the table in meaningful ways, SoFi is making the path to homeownership more attainable.”
Eric Schuppenhauer, SoFi’s executive vice president, added that the company is combining the deep expertise of its advisory board members with SoFi’s technology to “help our members achieve their ambitions while giving agents the tools to better support their clients.”
“The best way to build the future of mortgage lending is to innovate our products and listen to the people,” Schuppenhauer said in a statement.
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