Figure targets Fannie Mae and Freddie Mac in mortgage push, citing massive cost cuts for borrowers

The firm offers rapid service, targeting the sub-$300,000 loan segment, with HELOC applications approved in 5 minutes and funding in 3 days. 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.(Coindesk)