Two years ago, we wrote about Figure Lending using the Provenance blockchain to log the current ownership of a mortgage in its Digital Asset Registration Technologies (DART) solution in conjunction with asset manager Apollo. Now, DART is rolling out to lending partners.
Stepping back, Figure is a multifaceted company. Figure Technology Services founded the Provenance blockchain and its subsidiary Figure Lending advances home equity loans (HELOCs), with $9 billion lent so far. It packages some of those up as asset backed securities (ABS), with the ABS tokenized on the Provenance blockchain.
One of its many offerings is DART, which provides a solution for originating, pledging and selling loans. The loans are in the form of eNotes, a kind of promissory note that makes transferring it as a non fungible token on DART easier. Figure says it’s a more efficient alternative to the existing offerings. For example, the loans are e-signed, and there’s no need for manual reconciliations. Given it uses blockchain, transactions can be instantaneous without settlement risk.
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