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SFNet's 40 Under 40 Awards Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
June 14, 2024
Source: Businesswire
Launch Represents a Significant Step Toward Liquid, Tradeable Private Credit
NEW YORK--(BUSINESS WIRE)--Figure Technology Solutions (“Figure”), the technology platform streamlining the private credit and housing markets, today announced the launch of Figure Connect, a first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace of private credit loans.
Figure Connect brings Figure’s broad and deep capital markets buyer universe directly to Figure’s loan origination partners. With Figure Connect, originators can receive forward commitments from buyers, lock active bids, control loan pricing to balance profitability and volume, and deliver pools of loans into those commitments. This functionality is facilitated with common, standardized sale terms and documentation. Figure believes its loan origination partners now have unparalleled control over their business with committed liquidity, transparency, and informed loan pricing management – all integrated within Figure’s loan ecosystem.
Leveraging the power of the Provenance Blockchain, a distributed, proof-of-stake blockchain, Figure Connect is designed to drive efficiencies for loan buyers and sellers and reduce an often months-long settlement process into days. Figure Connect helps disintermediate the loan delivery process, standardizing key characteristics of loan pools and sale terms, and creating greater price certainty ahead of the initial loan origination. Ultimately, Figure believes this engenders market liquidity by adding certainty of funding to loan originators and collateral composition to loan buyers.
“Figure Connect marks another transformative step towards creating the first highly liquid private capital marketplace for loans, as we now offer unique certainty of funding to loan originators and standardization to loan buyers,” said Michael Tannenbaum, Chief Executive Officer of Figure.
“Figure Connect displaces legacy lending infrastructure and processes, without the burden of multiple intermediary parties at the end user's expense, and lays the foundation for a permanently liquid marketplace,” added Mike Cagney, Executive Chairman of Figure.
Figure Connect’s initial partners include The Loan Store, Movement Mortgage, Bayview Asset Management and Saluda Grade. The Figure Connect marketplace is now available to all other participants in Figure’s lending ecosystem.
“We are thrilled to be one of the first partners to have access to this pioneering marketplace, which we expect will ensure liquidity, optimize pricing, and provide unrivaled transparency, significantly benefiting our business. Figure continues to offer us more and more reasons to work with them,” said Phil Shoemaker, Chief Executive Officer of The Loan Store.
About Figure Technology Solutions
Figure Technology Solutions (“Figure”) provides a disruptive and scaled technology platform built to enhance efficiency and transparency in financial services. Its platform is used by a broad network of loan originators and capital markets buyers. Figure is the largest non-bank originator of home equity lines of credit.1 With Figure’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. If you’re interested in joining our partnership ecosystem, please visit https://www.figure.com/partner-heloc/ or email partners@figure.com.
1Data accurate as of 2022