Figure targets Fannie Mae and Freddie Mac in mortgage push, citing massive cost cuts for borrowers

The firm offers rapid service, targeting the sub-$300,000 loan segment, with HELOC applications approved in 5 minutes and funding in 3 days.

What to know:

• Figure is challenging U.S. giants Fannie Mae and Freddie Mac in the first-lien mortgage market by using its blockchain platform to cut origination costs by 91%.
• The firm offers rapid service, with HELOC applications approved in 5 minutes and funding in 3 days, targeting the sub-$300,000 loan segment.
• Figure is pivoting to a marketplace model, projecting adjusted EBITDA margins of 80–85% as it negotiates DeFi protocol integration with ConsenSys’ MetaMask.

Figure Technology Solutions (FIGR), the blockchain firm helmed by former SoFi CEO Mike Cagney, is planning on taking on Fannie Mae and Freddie Mac in first-lien mortgages.

Speaking at Consensus Miami, Cagney cited origination costs of $1,000 on the firm's blockchain platform against $11,000 through the GSEs, the federally chartered firms that buy mortgages from U.S. lenders.

The pitch combines cost and speed. Figure says HELOC applications get approved in 5 minutes and loans fund in 3 days, against an industry norm of 30-45 days.

The platform also gives originators a guaranteed buyer for the loans they make, the same role Fannie and Freddie play in the traditional system.

The first-lien market is 25 times larger than Figure's existing second-lien HELOC business, which runs through 308 partner originators according to Cagney.

Cagney said the sub-$300,000 segment is the target because the fee structure that supports smaller GSE-channel loans does not work at Fannie and Freddie's cost levels.

Cagney also said Figure's HELOC tokens are the ninth-largest crypto asset on public blockchain by market value, passing DOGE$0.1139 roughly six weeks ago.

That number sits at the center of a fight over what counts as onchain. DeFiLlama founder 0xngmi argued in a September article that Figure's claimed $12 billion in tokenized real-world assets is not visible in any meaningful sense on Provenance, the firm's affiliated chain.

He documented roughly $5 million in BTC and $4 million in ETH on Figure's exchange, plus $20 million in YLDS stablecoin supply. DeFiLlama tracks Figure's TVL at about $140 million and has declined to count the larger figure.

Beyond that debate, margins reflect a shift away from balance-sheet lending. Figure's adjusted EBITDA margin moved from 30% to 55% in 2025 as the firm pivoted to a marketplace model. Cagney guided to 80–85% over the next one to two years.

Revenue was $339 million in 2024 and $510 million in 2025, with sell-side estimates of $650 to $680 million for 2026. Figure crossed $1 billion in monthly originations for the first time in March.

Cagney also said Figure is in talks with Consensys’ MetaMask to integrate Democratized Prime, the firm's DeFi protocol for lending against onchain mortgage and auto collateral.

He also announced a second listing on OPEN, Figure's blockchain-native equity venue. The first listing was for Figure’s FIGR shares alongside a $150 million secondary offering.

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DOGEDOGE$0.1139◢2.52%