Figure targets Fannie Mae and Freddie Mac in mortgage push, citing massive cost cuts for borrowers
CoinDesk
Figure Technology Solutions is challenging Fannie Mae and Freddie Mac by using blockchain technology to significantly lower mortgage origination costs and increase processing speeds.Summary
Figure Technology Solutions, led by former SoFi CEO Mike Cagney, is entering the first-lien mortgage market to compete directly with Fannie Mae and Freddie Mac. By leveraging its blockchain platform, the company claims it can reduce origination costs from $11,000 to $1,000. Figure focuses on the sub-$300,000 loan segment, offering rapid approvals and funding, and provides originators with a guaranteed buyer for their loans, mirroring the role traditionally held by government-sponsored enterprises.
(Source：CoinDesk)