Figure Targets First-Lien Mortgages with Blockchain Platform

Figure has announced its focus on first-lien mortgages, leveraging its blockchain platform to originate loans at a significantly reduced cost of approximately $1,000, compared to $11,000 through the GSE channel. According to NS3.AI, Mike Cagney, the company's representative, highlighted their strategy to concentrate on loans under $300,000, identifying this market as 25 times larger than Figure's existing second-lien HELOC business. The company also emphasized that its marketplace model ensures originators have a guaranteed buyer for the loans they generate.