Figure is bringing the mortgage market on chain
Go Figure.
When it comes to getting a mortgage, the traditional process has been slow and paper-heavy. However, Figure, a fintech firm based in New York, is changing the game by moving the entire system on-chain, making it faster and more cost-effective.
Origination now takes just five days, compared to the typical 45, and costs around $1,000 instead of the usual $12,000.
CEO Michael Tannenbaum, 38, shared, “This is blockchain actually lowering costs and helping people. This is the future of capital markets.”
In Washington and on Wall Street, there is a growing momentum to move antiquated financial infrastructure on-chain, where ownership is transparent, standardized, and instantly transferable. Figure, having originated nearly $18 billion in mortgages and other assets since 2018, is leading the way.
Figure now accounts for roughly 75% of all loans being originated and recorded on the blockchain. The company standardizes the process, eliminating the need for bespoke paperwork and streamlining approvals.
This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC’s power players (and those who aspire to be).
