Figure Technology Solutions Introduces a Streamlined Mortgage Loan Registry to Lending Partner Ecosystem
Figure Technology Solutions ("Figure"), provider of a disruptive and scaled technology platform built to enhance efficiency and transparency in financial services, today announced that it will begin making its DART System, a combined lien and eNote registry service, available to private and wholesale lending partners, initially for the HELOC product and eventually to other lending products.
DART is a pivotal solution for mortgage processing, designed to alleviate the burdens associated with manual assignments and document management, and to deliver an alternative to Mortgage Electronic Registration Systems (MERS) to the industry. Leveraging this service as part of Figure's broader technology platform, lenders can seamlessly originate, pledge, and sell loans with DART's monitoring service, ensuring the smooth progression of asset transfers within a secure technology infrastructure. As DART becomes more broadly implemented, lending partners and loan buyers in Figure's ecosystem can benefit from a streamlined and markedly efficient alternative to manual assignments and conventional loan tracking databases.
"Offering DART to our partners represents a transformative opportunity in the mortgage industry, helping to usher in an era of digitization and expedited transactional processing," said Jackie Frommer, President of Figure Technology Solutions. "We believe that expanding the use of DART technology through our partners will not only increase safeguards and transparency, but also foster a faster and more efficient process that benefits all stakeholders."
The first partner to register loans using this technology is Synergy One Lending, with additional partners anticipated to launch in the coming months. With the implementation of DART for lending partners, Figure seeks to empower any partner to originate, register, and track a loan without additional manual work or third-party system monitoring, as the DART System is automated and integrated with Figure's origination and loan-sale services.
"We were excited to implement DART because it offers a host of advantages over traditional methods, such as the cost-effectiveness and the elimination of manual processes and data reconciliation," said Steve Majerus, CEO of Synergy One Lending.
About Figure Technology Solutions
Figure Technology Solutions provides a disruptive and scaled technology platform built to enhance efficiency and transparency in financial services. Figure Technology Solutions aims to leverage the loan origination activities of its subsidiary, Figure Lending LLC, and its vast network of loan origination partners to deliver and scale new products. Its platform is designed to create more transparent and efficient capital markets through the unique combination of its cutting-edge technology, and the growing pool of assets originated on its platform. Figure Lending is the largest non-bank originator of home equity lines of credit*. With Figure Lending's HELOC product, consumers can get approved for a loan in as few as 5 minutes, with funding in as little as five days. The company was founded in 2018 by serial technology entrepreneurs Mike Cagney and June Ou, the visionaries behind the successful transformation of SoFi into a multi-billion-dollar business. To learn more, please visit www.figure.com.
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* Data accurate as of 2022 |
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