Figure Technologies, a blockchain-focused fintech, wants to cash in on the
Earlier this week it announced a rollout of a Lending-as-a-Service (LaaS) platform, which gives mortgage originators access to its HELOC system and allows lenders to originate HELOCs based on their desired loan terms, pricing parameters and fulfillment requirements.
The first mortgage shop to jump onboard is Guaranteed Rate, per a company announcement.
In the third quarter, over $1 billion worth of HELOC volume was originated across Figure's channels, pointing to ongoing demand for the product, according to Jackie Frommer, head of lending at the fintech.
"We are thrilled to give even more lenders access to our cutting edge lending technology via the expansion of the LaaS model, and to have seen over $1 billion in HELOCs originated across all channels of the Figure platform during the third quarter, particularly amidst the volatility and uncertainty across today's markets," she said in a press release.
Earlier this year, Figure launched a
The four companies are CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage and The Loan Store.
In the partnership program, which is already live at these firms, the loans are originated in the participating lender's name, using Figure's technology.
Mike Cagey, co-founder and CEO of Figure, noted the recent rollout of its LaaS platform is a "first step toward building a robust private capital market on the blockchain."
"We are also working with several top banks with the goal of creating a consistent and predictable takeout market for assets that are originated on Figure's platforms," he added.
As interest rates have accelerated and removed refinance incentives for most borrowers,
