The blockchain revolution may soon be coming to mortgage lending. And it could take the form of a very old-school lender – Homebridge Financial Services. The Mike Cagney-led fintech lender Figure Technologies, most recently valued at $3.2b, announced that it intends to merge with Homebridge.
“What we didn’t have was a bank and originator ready to embrace the blockchain from an asset standpoint. And so nobody wanted to be a first mover to originate a loan on blockchain. And there are a lot of proof of concepts out there where people were doing it in parallel, but the loan still existed off chain and we didn’t think that was really an effective proof of concept.”