Figure Rolls Out Lien, eNote Registry Service

Fintech Figure Technology Solutions introduced a combined lien and eNote registry service for private and wholesale lenders.

The company’s Digital Asset Registration Technologies system allows lenders to originate, pledge, and sell loans through a monitoring service that ensures the smooth progression of asset transfers. It is designed as an alternative to Mortgage Electronic Registration Systems.

The company calls it a “pivotal solution for mortgage processing” that can save lenders time and money by eliminating manual work and document processing.

“Offering DART to our partners represents a transformative opportunity in the mortgage industry, helping to usher in an era of digitization and expedited transactional processing,” said Jackie Frommer, Figure president.

“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.”

DART is automated and integrated with Figure’s origination and loan-sale services. It is currently only available for HELOC lending but will eventually be available for other products.

Synergy One Lending is the first Figure partner to register loans through DART, but the company expects more in the coming months.

“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.

Figure Technology Solutions, the parent company of Figure Lending LLC, uses automated underwriting and blockchain technology to quickly close HELOCs. It does not exclusively work in lending. Earlier this year, the company sought approval from regulators to issue an interest-bearing stablecoin.

Figure Lending was the largest non-bank HELOC lender as of 2022. It filed for an IPO in March 2024.