Figure Lending’s DART Solution Rolling Out to Lending Partners
Figure Lending’s DART Solution Rolling Out to Lending Partners
Figure Lending, a company known for its innovative use of blockchain technology in the mortgage industry, is rolling out its Digital Asset Registration Technologies (DART) solution to lending partners. This move comes two years after Figure Lending first utilized the Provenance blockchain to track mortgage ownership in conjunction with asset manager Apollo.
Figure Lending, a subsidiary of Figure Technology Services, has already made a significant impact in the home equity loan market, with $9 billion lent so far. The company packages some of these loans as asset-backed securities (ABS), which are tokenized on the Provenance blockchain. DART, one of Figure’s offerings, provides a streamlined solution for originating, pledging, and selling loans in the form of eNotes, making transactions more efficient and secure.
DART’s introduction to lending partners marks a significant step in the mortgage industry, offering a more efficient alternative to the existing systems. By utilizing blockchain technology, DART enables instantaneous transactions without settlement risk, revolutionizing the way loans are processed and transferred.
While DART competes with the dominant MERS mortgage registry system in the U.S., Figure believes that its technology offers a transformative opportunity for the industry. Jackie Frommer, President of Figure Technology Solutions, stated, “Expanding the use of DART technology through our partners will increase safeguards and transparency, fostering a faster and more efficient process that benefits all stakeholders.”
In addition to its lending activities, Figure has ventures in payments and crypto, including Figure Markets and a crypto lending product. The company is leveraging its existing mortgage licenses to provide loans against crypto holdings, further expanding its reach in the financial market.
With the support of its first partner, Synergy One Lending, Figure is poised to revolutionize the mortgage industry with its DART solution. As the company continues to innovate and expand its offerings, it is clear that Figure Lending is at the forefront of digital transformation in the lending sector.
