Figure announces merger with Homebridge Financial Services
By Pavithra R
Figure Technologies, transforming financial services through the power of blockchain technology, has announced entering into an agreement to merge with Homebridge Financial Services in a landmark deal that will reshape the technology landscape of the nation’s mortgage industry.
“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. 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,” said Mike Cagney, co-founder and CEO of Figure.
Over the last 3 decades, Homebridge Financial Services has grown to become one of the largest privately held, non-bank lenders in the United States. Homebridge has had more than 2,500 associates throughout its corporate offices, more than 180 retail branches and 2 wholesale divisions, Homebridge Wholesale and REMN Wholesale. Homebridge funded more than $25 bn 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. This is going to deliver real benefits and efficiencies for our customers and accounts. The Homebridge team is gaining a tech platform partner that will help us maximize our customer experience and set us apart from the competition,” said Peter Norden, CEO of Homebridge.
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. Its mission is to build products that offer unprecedented speed and ease, powered by blockchain technology. The firm is using Provenance, a public, open source, permissionless, decentralized blockchain, for its digital asset marketplaces including home lending, capital table management, fund management and administration, banking and payments.
IBSi Daily News Analysis
October 03, 2023
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