Tech

Figure Technologies and Homebridge Financial Services to merge

Figure Technologies, Inc., a leader in transforming financial services with the power of blockchain technology. (Figure ™) today announced that it has signed an agreement to merge with Homebridge Financial Services in a groundbreaking transaction to rebuild its mortgage technology landscape. industry.

Co-founder Mike Cagney said: Figure CEO. “We will provide this All-Star Loan Origination team at Homebridge with a Provenance Blockchain technology platform that doubles the ability to fulfill loans.”

Over the last three decades, Homebridge Financial Services has grown to be one of the largest private non-bank lenders in the United States. Homebridge employs more than 2,500 people throughout its headquarters, has more than 180 retail stores and two wholesale divisions, Homebridge Wholesale and REMNHholesale. Homebridge funded more than $ 25 billion in mortgages at the end of 2020.

“Combining Figure’s technology expertise and consumer experience with the best retail loan composition and wholesale teams across the country will be a revolutionary event in the history of the US mortgage industry. It brings real benefits and efficiencies to our customers and accounts, “said Peter Norden, CEO of Homebridge. “The Homebridge team has acquired technology platform partners to help maximize the customer experience and differentiate us from our competitors.”

Figure launched a lending service on the Home Equity Credit Line (HELOC) in 2018 and has since expanded to student loan refinancing, mortgage refinancing and personal loans. Over $ 5 billion in loans and securities are organized, serviced, funded and traded based on history.

Houlihan Lokey was a financial adviser to Homebridge. Zukerman Gore Brandeis & Crossman, LLP, was a legal advisor to Homebridge. Citi served as chief financial adviser, JP Morgan Securities LLC also advised figures, and Davispoke & Wardwell LLC served as legal adviser to figures. Bradley Arant Boult Cummings LLP served as a regulatory license counsel for both Homebridge and Figure.

Figure Technologies and Homebridge Financial Services to merge

Source link Figure Technologies and Homebridge Financial Services to merge

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