Figure's advantage in HELOC capital markets

Once same day approval becomes table stakes, the winner is the lender that can turn closed loans into cash fastest and cheapest. In HELOCs, that means fewer manual steps after approval, cleaner lien and note handling, and tighter distribution to banks, funds, and securitization buyers. Figure still stands out because its DART registry and Provenance based marketplace compress work that is usually handled through paper assignments, custodians, and slower investor onboarding.

• Front end speed is no longer rare. Better markets a One Day HELOC, Rocket has nationwide eClosing infrastructure, and SoFi markets HELOC access up to 90% LTV through Spring EQ. That narrows product differentiation at the borrower interface and pushes competition into fulfillment, funding, and pricing.
  1 sacra 5 better 6 rocketmortgage 7 sofi
• Figure’s edge is what happens after origination. DART updates lien and ownership data in real time on Provenance, and Figure says it has turned a weeks long paper assignment process into minutes while cutting hundreds of dollars per loan. More than 96% of loans in its ecosystem now originate as DART loans.
  3 figure 4 figure
• This matters because HELOC economics are made in capital markets. Figure has built a marketplace with nearly 200 participating institutions and has used the same infrastructure for blockchain based securitization and partner distribution. That lets it recycle capital faster than lenders that still depend more heavily on whole loan sales and manual secondary market workflows.
  2 sacra 3 figure 4 figure

The next phase of HELOC competition looks less like a race to shave hours off approval time and more like a race to become the operating system for home equity funding and trading. If Figure keeps widening its network of originators and investors, its advantage compounds because every additional partner makes its capital markets rails more useful to the next one.