Figure Technology Solutions (FTS), the parent company of Figure Lending LLC, announced on Thursday that it will begin making its Digital Asset Registration Technologies (DART) platform — which it describes as “a combined lien and eNote registry service” — available to private and wholesale lending partners. It will initially be made available for its home equity line of credit (HELOC) product first before being rolled out to other lending products.
DART is a mortgage processing product designed to offer the industry an alternative to offerings from Mortgage Electronic Registration Systems (MERS), with this latest move ostensibly designed to expand the reach of Figure’s own ecosystem.
By buying into Figure’s technology platform, lenders can “originate, pledge, and sell loans with DART’s monitoring service,” which is designed to facilitate the “progression of asset transfers within a secure technology infrastructure,” the company said.
As DART becomes more broadly implemented, Figure claims that “lending partners and loan buyers participating in Figure’s platform can benefit from a streamlined […] alternative to manual assignments and conventional loan tracking databases,” the company said.
“We believe that expanding the use of DART technology through our partners will not only increase safeguards and transparency, but also foster a faster and more efficient process that benefits all stakeholders,” said Jackie Frommer, president of Figure Technology Solutions, in a statement.
Synergy One Lending is the first partner to use the platform, Figure said. The company expects additional partners to come aboard over the next several months. The DART System is pre-integrated with Figure’s origination and loan-sale services.
“We were excited to implement DART because it offers a host of advantages over traditional methods, such as the cost-effectiveness and the elimination of manual processes and data reconciliation,” said Steve Majerus, CEO of Synergy One Lending.
Late last month, Figure Technology Solutions took a step toward becoming a public company by submitting a draft registration statement with the U.S. Securities and Exchange Commission (SEC) regarding a proposed initial public offering of its equity securities.
