Figure targets Fannie Mae and Freddie Mac in mortgage push, citing massive cost cuts for borrowers
Key takeaways
- The firm offers rapid service, targeting the sub-$300,000 loan segment, with HELOC applications approved in 5 minutes and funding in 3 days.By Francisco Rodrigues|Edited by Stephen Alpher May 5, 2026, 5:10 p.m.
- 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.
- Figure says HELOC applications get approved in 5 minutes and loans fund in 3 days, against an industry norm of 30-45 days.
The firm offers rapid service, targeting the sub-$300,000 loan segment, with HELOC applications approved in 5 minutes and funding in 3 days.By Francisco Rodrigues|Edited by Stephen Alpher May 5, 2026, 5:10 p.m. 2 min read Make preferred on Mike Cagney on the Mainstage at Consensus Miami 2026.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.