Figure Pioneers HELOC Securitizations
Figure
The real edge is not just faster loan origination, it is faster balance sheet turnover. Figure turns each HELOC into a digital asset at origination, records it in DART on Provenance, then funds, sells, and securitizes through the same stack. That cuts handoffs that normally require custodians, document checks, and manual collateral review, which makes it easier to package loans into bonds and bring in repeat institutional buyers.
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In practice, the blockchain piece matters most after the borrower closes. Traditional lenders often sell whole loans one by one or in smaller negotiated pools. Figure can move standardized HELOCs into rated securitizations, including a $355M deal in June 2025 that was its fourth HELOC securitization of 2025, which means capital comes back faster for new lending.
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That changes the competitive battleground. Better, Rocket, and banks can match front end speed, but Figure is differentiated in the back end, where ownership records, lien data, and loan pools are already in a format investors can verify and trade more easily. The advantage is less about a prettier borrower experience, and more about a smoother factory for funding and resale.
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It also shifts Figure from lender toward market infrastructure. DART and Figure Connect let outside originators use the same rails, so Figure can earn from loan trades and securitization activity beyond its own direct originations. That is closer to the role of a transaction network than a standalone mortgage company.
The next step is for Figure to apply the same tokenize, fund, and distribute model to more lenders and more asset classes. If more mortgage originators and credit investors adopt these rails, secondary market liquidity becomes a product in itself, and Figure's strongest position becomes owning the operating system for private credit movement, not just originating HELOCs.