Fintech lender Opt Technologies goes fleshy force in to the mortgage lending – and now servicing – blockchain revolution. Absolute top one week after its announcement that it might maybe well presumably presumably merge with lender Homebridge Financial Products and providers, the company published a partnership with loan servicing instrument developer Sagent.
In line with the Tuesday press release, Sagent will energy Opt’s mortgage servicing to grow out its blockchain pattern. The partnership will even allow for borrowers to administer to their loan lifecycle by their mobile devices on Sagent’s performing, non-performing and consumer platforms.
“We’ll also launch bringing scale mortgage property onto the Provenance Blockchain to diminish mortgage commerce charges by up to 100 basis aspects from origination by securitization,” said Mike Cagney, Opt’s co-founder and CEO.
The fintech lender has been on a technology overhaul in fresh months, having snagged a $200 million Sequence D spherical steady two weeks within the past. Merchants and mates of the spherical, together with Apollo Global Management, Inc., Blockchain.com and Rockaway Blockchain amongst others helped boost Opt to an approximate $3.2 billion valuation.
For patrons, the relief of blockchain is accuracy; the percentages of having defects within the loan are decrease simply because fewer inputs along the approach are coupled with transparency throughout. No longer to claim, the value of producing that loan has been confirmed to be more cost effective.
At the time of the funding spherical, Mike Cagney worthy, “This investment goes to give us the property we own to additional gas our mission of leveraging blockchain to reinvent the monetary products and providers commerce.”
Cagney, who founded and led student loan lender SoFi, has been outspoken about his function to prefer one or two mortgage lenders for Opt and check the blockchain platform at scale. As a technology supplier, Cagney explained at HousingWire‘s Spring Summit in March that it’s laborious to gain the honour of mortgage producers because they’re either booming or busting.
“I’d steady moderately own bid protect an eye on of it,” Cagney said. “We already own our own mortgage origination industry that’s growing soft impulsively impartial now. But we’re going to attain some acquisitions for scale. We own a SPAC that turned into steady launched that will presumably presumably additionally be doing some acquisitions throughout the mortgage vertical. No longer necessarily. But, I’d search recordsdata from you to study as a minimum one predominant transaction from us this year.”
Moreover Opt’s fresh acquisition and partnership, the company hinted that these had been steady the “first in a series of Opt mortgage progress strikes.”