Figure takes on Fannie Mae and Freddie Mac with 91% cheaper blockchain mortgages!

Figure Technology Solutions CEO Mike Cagney laid out a direct challenge to Fannie Mae and Freddie Mac at Consensus Miami, citing origination costs of $1,000 on Figure's blockchain platform against $11,000 through the government-sponsored enterprises. The firm's HELOC product already approves applications in 5 minutes and funds in 3 days — compared to the industry norm of 30 to 45 days — and the first-lien market it is now targeting is 25 times larger than its existing second-lien business.

Figure is pivoting from balance-sheet lending to a marketplace model, with adjusted EBITDA margins climbing from 30% to 55% in 2025 and guidance of 80–85% within two years. Revenue hit $510 million in 2025, up from $339 million in 2024, and the firm crossed $1 billion in monthly originations for the first time in March.

The expansion comes with open questions. DeFiLlama has declined to count…