Sagent partners with Figure on mortgage servicing SaaS & transformative Blockchain vision
By Pavithra R
Sagent, a fintech software company modernizing mortgage and consumer loan servicing for America’s top banks and lenders, has announced two major strategic deals with digital lending and payments disruptor, Figure.
Sagent will power Figure’s mortgage servicing as it aggressively grows mortgage market share, and the firms will partner to accelerate Figure’s transformative blockchain vision.
“Together, we will reinvent the consumer mortgage servicing experience with Figure’s innovation speed and Sagent’s servicing depth. We’ll also begin bringing scale mortgage assets onto the Provenance Blockchain to reduce mortgage industry costs by up to 100 basis points from origination through securitization,” said Figure co-founder and CEO Mike Cagney.
- Combines Figure’s ultra-modern mortgage and non-mortgage consumer experience with Sagent’s core servicing and default servicing platforms that power $1+ tn in outstanding mortgages.
- Enables banks and lenders to safely manage and quickly grow all types of agency and non-agency servicing, and diversify into non-mortgage loans using the same tech stack.
- Brings scale mortgage assets onto the public Provenance Blockchain, developed by the Figure team, which Cagney says will double fulfillment capacity for Figure-owned mortgage operations.
“Partnering with Figure not only adds a hyper-growth mortgage player as a Sagent customer, it also lets Sagent innovate faster than ever for all customers on our three major performing, non-performing, and consumer platforms. Sagent is the only major industry platform prioritizing modernization over margins, and this deal rapidly accelerates our execution on rewiring banks and lenders for the agility and speed required in the fintech age,” said Sagent CEO and President Dan Sogorka.
Together the companies will lead loan servicing modernization by powering borrowers to manage their entire home and loan lifecycle from their phone, and powering servicers to manage performing and nonperforming loan detail for consumers, regulators, investors, and partners.