Figure Technology Solutions is moving deeper into the U.S. mortgage market with a plan to challenge Fannie Mae and Freddie Mac in first-lien loans.
- Figure says blockchain can cut mortgage origination costs from $11,000 to about $1,000 per loan.
- The firm targets sub-$300,000 loans, where traditional mortgage fees can weigh heavily on borrowers.
- Figure’s push comes as Coinbase and Better prepare crypto-backed mortgage products tied to Fannie Mae.
Speaking at Consensus Miami, a conference hosted by CoinDesk, Figure CEO Mike Cagney said the firm can cut mortgage origination costs from about $11,000 through the government-sponsored enterprise channel to about $1,000 on its blockchain platform.
Figure is focusing on the sub-$300,000 mortgage segment. Cagney said that market is less attractive under the current Fannie Mae and Freddie Mac cost structure, where fixed fees can weigh more heavily on smaller loans.
The company says its system gives originators a guaranteed buyer for loans, similar to the role Fannie and Freddie play in the traditional market. That model could help lenders move loans faster without holding them for long periods.
Speed remains central to Figure’s pitch
Figure says its home equity line of credit process can approve applications in five minutes and fund loans in three days. That compares with a common industry timeline of 30 to 45 days.
The company’s April operating update showed consumer loan marketplace volume of $1.34 billion, up 12% from March and 108% from April 2025. The data shows Figure’s lending marketplace grew before Cagney’s latest mortgage push.
Additionally, Cagney also said Figure’s HELOC tokens rank among the largest crypto assets on a public blockchain by market value. However, that claim faces debate over what should count as “onchain.”
DeFiLlama founder 0xngmi has questioned Figure’s claimed tokenized real-world asset value, saying much of it is not visible in a way DeFi trackers can verify. DeFiLlama has tracked Figure’s TVL at a far lower level than the company’s larger RWA claims.
Figure expands tokenized asset strategy
The mortgage plan builds on Figure’s broader push into blockchain-based capital markets. As previously covered, Figure launched OPEN Network for on-chain stock issuance and planned to list its own equity on the platform.
In another related update, Animoca Brands and Provenance Blockchain Labs said they would build NUVA, a real-world asset vault marketplace. The planned vaults include Figure-backed HELOC products and the YLDS stablecoin.
Figure is also moving toward a marketplace model. Cagney said contribution margins rose from 30% to 55% in 2025, with a target of 80% to 85% over the next one to two years. The firm is also in talks with Consensys’ MetaMask to integrate Democratized Prime, its DeFi lending protocol for onchain mortgage and auto collateral.
The push comes as crypto-linked mortgage products gain attention. A recent report noted that Coinbase and Better Home & Finance are preparing a mortgage product tied to Fannie Mae-backed loans. The structure would let some buyers pledge crypto holdings as collateral instead of selling them before closing.
