Figure Shifts From Lender To Toll Collector
Figure
This is the clearest sign that Figure is shifting from lender to toll collector for mortgage market plumbing. DART sits in the part of the workflow where loans change hands after origination, when an originator sells a HELOC pool to an investor and the lien and eNote records must be updated correctly. If DART is already embedded at major independent mortgage banks, Figure can earn registry and marketplace fees on outside loan volume, not just on loans it underwrites itself.
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DART is solving a specific back office pain point. Mortgage transfers usually involve manual assignments, separate databases, and slow reconciliation across originators, warehouse lenders, and buyers. Figure built DART as a combined lien and eNote registry on Provenance so ownership updates and collateral checks happen in one system with faster settlement.
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That makes DART closer to infrastructure than a consumer lending feature. Figure Connect lets outside originators auction loan pools, and DART processes the record changes underneath. By March 31, 2025, Figure had onboarded 23 marketplace participants and processed about $260 million of third party HELOC volume on Figure Connect within 10 months of launch.
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The closest analog is mortgage workflow software like Snapdocs or Vesta, which win by becoming the system other participants must plug into. Snapdocs coordinates lenders, title companies, and notaries at closing, while Vesta aims to be the operating system for origination. Figure is trying to own the transfer and funding layer after the loan is made, where every trade can generate another fee event.
The next step is for Figure to turn DART adoption into a broader secondary market network. As more originators, warehouse providers, and institutional buyers use the same registry and trading rails, Figure gets closer to being the default infrastructure for private credit transfers in HELOCs first, then in other asset backed loan categories built on the same stack.