One of the trickiest sectors for fintechs to break into has traditionally been mortgage servicing. While virtually every other area of consumer spending has found a faster, more convenient alternative in emerging fintech products — from retail to banking to insurance — mortgages are still locked in traditional legacy systems that are often expensive, time-consuming, and unwieldy, especially for consumers with poor or no credit.
That’s exactly the problem that blockchain-powered fintech Figure Technologies has been hoping to solve. With the announcement of its new partnership with mortgage fintech Ready Life, the company will now be able to offer Ready Pay mobile app users the ability to secure a mortgage without a credit score.
“For too long, people who consistently pay their rent on time have been shut out of homeownership," said Chief Executive Officer of Ready Life Ashley Bell in a press release on the new partnership. "As we make banking and financial services accessible and equitable for all, we are aiming to open homeownership to many more people, providing them a chance at the American dream and fundamentally changing how people view mortgages.”