Figure Technologies, Homebridge end merger plans
Figure Technologies, Homebridge end merger plans
Abstract
The firms will maintain a partnership for blockchain integrations and expansion of Figure's home equity line of credit offerings, the fintech company's CEO and co-founder Mike Cagney said in a message published Friday. The merger was announced last August, days after Figure closed on a $200 million Series D financing round. The lender will work with Figure in deploying a new version of the fintech's correspondent home equity line of credit product for the wholesale market and integrating with the lien and eNote registry system that is touted as an alternative to MERS databases. Figure last month said it recorded its sixth-consecutive record month of demand for HELOCs, a countercyclical product that consumers turn to when mortgage rates rise, the firm's chief operating officer told National Mortgage News. Figure in March sold digital mortgages to asset management giant Apollo through the Provenance Blockchain, which it helped create. Two mortgage fintechs in April also announced they would allow customers to register their loans with Figure's blockchain registry known as DART, or Digital Asset Registration Technologies. Cagney founded Figure in 2018 after departing SoFi Technologies, another fintech he created, the prior year.
