Figure Technologies recently spun out their technology, Provenance Blockchain, as they aim to cut down 70 percent of closing costs; “From originating a loan to servicing and financing a particular securitization, we think we can take 70% of the cost out of it,” Wendy Harrington, Figure’s Chief Marketing Officer, said to American Banker. “In addition, you get better transparency into the assets, and we believe there will be enhanced liquidity as well.”; the company is also trying to cut down a process that could normally take 45 days and amass over 500 pages; the loan is originated on chain with all documents in a smart contract; Kevin Shtofman, the U.S. Real Estate Blockchain Lead at Deloitte, believe the AI portion is where the real value lies as it will be the driving force behind cutting down on the number of days. Source.
