New Jersey-based Homebridge Financial Services Inc. will merge with San Francisco-based fintech company Figure Technologies in a deal expected to bring blockchain technology to the mortgage servicing industry.
Terms of the deal were not disclosed.
“We are bringing together the most robust, powerful and efficient technology ever seen in lending and pairing that with a $25 billion-a year loan originator with 150,000 customers who we can introduce to new payment and lending products,” said Mike Cagney, co-founder & CEO of Figure. “We’re going to deliver to this all-star loan origination team at Homebridge a tech platform on Provenance Blockchain that is going to double their capacity for fulfilling loans.”
According to Euromoney.com, blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Over the past 30 years, Homebridge has become one of the largest privately held, non-bank lenders in the United States, with more than 2,500 associates throughout its corporate offices, more than 180 retail branches, and two wholesale divisions, Homebridge Wholesale and REMN Wholesale. It had funded more than $25 billion in home loans at the close of 2020.
“To combine the technology expertise and consumer experience of Figure with our exceptional retail loan origination and wholesale teams throughout the country is going to be a revolutionary event in the history of the U.S. mortgage industry,” Homebridge CEO Peter Norden said. “This is going to deliver real benefits and efficiencies for our customers and accounts.”
Figure began its lending service in 2018 with home equity lines of credit (HELOC) and later expanded to student loan refinancing, mortgage refinancing, and personal loans. Over $5 billion in loans and securities have been originated, serviced, financed, and traded on Provenance Blockchain.
Figure leverages Provenance Blockchain for loan origination, servicing, financing, and now private-fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multibillion-dollar business. Learn more online at www.figure.com.
More information on Homebridge can be found at www.homebridge.com.
