Yesterday blockchain startup Figure Technologies announced its subsidiary Figure Lending had secured a $100 million facility from JP Morgan for conforming and jumbo mortgages. Conforming mortgages can be bought by Fannie Mae and Freddie Mac, whereas jumbo mortgages cannot. The startup uses its website to originate home equity loans, mortgage refinancing and personal loans.
Figure says it has secured $1.5 billion of lending facilities across five funding deals, including a billion-dollar facility from Jefferies. The company said its mortgage lending business grew 100% month on month in the fourth quarter of 2020, without providing specific figures.
All the mortgages are logged on its Provenance blockchain, which is also used to package up the debt as mortgage backed securities.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
