Loan originators and investors can now buy and sell HELOCs in the Provenance marketplace
Figure Technologies has launched the first loan marketplace that facilitates buying and selling of loans through its Provenance blockchain platform.
The fintech company said that it would “regularly release pools of Figure HELOCs for bids wanted in competition (BWIC) and add other loan types over time.”
“The Provenance Loan Marketplace is another step in our efforts to support fast, easy liquidity in the loan marketplace using the Provenance blockchain platform,” said Mike Cagney, CEO and co-founder of Figure. “It’s a huge step forward in transitioning the buying and selling of loans from the opaque and time-consuming over-the-counter process to a low cost, real-time settlement and highly efficient marketplace that delivers unparalleled transparency for loan originators, investors and regulators.”
Transactions and loans are protected by security protocols, including two-factor authentication and digital certificates for identity. And since it is built in a blockchain platform, all records are immutable and provides a complete audit trail for any transaction.
Figure also said it is actively looking for additional originators and investors to buy and sell assets in the Provenance loan marketplace.
“Our financial institution clients are embracing the capability, security and efficiency of the Provenance Marketplace,” said Bob Kleinert, Managing Director, Capital Markets of Piper Sandler. “It fits seamlessly with our clients’ existing tech stacks and provides real-time access to buyers and sellers of loans with increased transparency and lower friction. We see tremendous opportunity for blockchain to transform markets and are excited to help build out the Provenance Marketplace.”
To date, Figure has originated, closed, and funded over $1 billion in HELOC, student loan refinance on Provenance.