Provenance Aims to Cut Down Closing Costs

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.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.