Caliber Home Loans Begins Lending on Provenance Blockchain Platform
SAN FRANCISCO, Sept. 5, 2019 /PRNewswire/ -- Caliber Home Loans, Inc. (Caliber), one of the nation's leading mortgage companies, has become the first lender outside of Figure to originate loans directly on Provenance, the industry's leading blockchain platform.
By originating, servicing and financing loans on Provenance, Caliber looks to deliver an outstanding consumer experience while lowering costs, reducing risk, and improving financing execution throughout the entire loan process.
Caliber is originating Caliber Home Equity Line of Credit loans as the first customer licensing Figure SaaS, a best of class loan origination system natively integrated into blockchain. Figure SaaS offers loan origination platforms in home equity and mortgage, and will soon offer multiple other asset classes and product offerings. All will feature full integration into Provenance to deliver origination, servicing and financing benefits.
"We are delighted to be partnering with Figure and offering our customers a distinctive, industry-leading product," said Sanjiv Das, CEO of Caliber Home Loans. "We think the ease and speed of this process is truly unique. Unlike traditional home equity lending timeframes which often stretch out for weeks, our borrowers can now complete the entire process digitally and access their funds in days. We think that's a great solution and gives our customers tremendous flexibility."
Mike Cagney, CEO of Figure, said, "Figure is excited to inaugurate our third-party Figure SaaS platform with Caliber, one of the world's leading mortgage lenders. Caliber's customers are now experiencing our fast, customer-friendly process as well as the efficiencies of the Provenance blockchain platform."
Caliber Home Loans, Inc. is a privately-held financial services company with headquarters in Coppell, TX. The company is an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA. The company carries multiple servicer ratings from Standard & Poor's, Moody's, Fitch and DBRS. To learn more about Caliber, visit www.caliberhomeloans.com.
Figure Technologies, Inc. creates innovative consumer financial solutions while providing its members with financial education and financial empowerment. Its mission is to build and promote innovative financial products on blockchain that benefit consumers and eliminate rent-seeking, illiquidity and other inefficiencies present in current financial markets. The company's flagship product, the Figure Home Equity Line, uses Provenance.io, the blockchain protocol Figure created. Based in San Francisco, Figure was co-founded by Mike Cagney, former co-founder and CEO of SoFi, along with Alana Ackerson, Cynthia Chen and June Ou. Figure has over 200 employees in offices in California, Nevada, Montana and Utah. Figure has raised over $130 million since its founding in January 2018.
Provenance.io is the leading blockchain for the financial services industry. Provenance is in production today and used by a variety of financial institutions. Hash is the underlying token on Provenance and provides a means for distribution of economics and governance. Provenance.io is administered by Provenance Blockchain, Inc., an entity that serves at the pleasure of the Hash holders. Learn more at www.provenance.io.
• Rob Cushman, SVP of Marketing and Corporate Communications, Caliber Home Loans, Rob.Cushman@caliberhomeloans.com, +1.469.912.3253
• Otto Pohl, Head of Corporate Communications, Figure Technologies, email@example.com, +1.917.915.4400
SOURCE Figure Technologies, Inc.