Figure Targets Fannie Mae and Freddie Mac with Blockchain Mortgage Platform
Figure Technology Solutions, led by former SoFi CEO Mike Cagney, is challenging Fannie Mae and Freddie Mac in the first-lien mortgage market using its blockchain platform. At Consensus Miami, Cagney highlighted the platform's origination costs of $1,000 compared to $11,000 through the government-sponsored enterprises (GSEs). Figure's platform promises rapid approvals and funding, with HELOC applications approved in 5 minutes and loans funded in 3 days, significantly faster than the industry norm.
Cagney aims to capture the sub-$300,000 mortgage segment, where traditional GSE fee structures are less viable. Figure's HELOC tokens have become the ninth-largest crypto asset by market value, surpassing Dogecoin. Despite debates over the visibility of Figure's $12 billion in tokenized assets, the firm reported a revenue increase from $339 million in 2024 to $510 million in 2025, with projections of up to $680 million for 2026. Additionally, Figure is in discussions with MetaMask to integrate its DeFi protocol, Democratized Prime, and announced a second listing on its blockchain-native equity venue, OPEN.
