---
title: "Why is 2026 the year of Figure's first mortgage loan?"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39247182.md"
description: "Why is $Figure Tech Solutions - CL(FIGR.US)'s first mortgage loan growth so fast? When re-reading the transcript of Figure's Q4 2025 earnings call, I found an interesting statement. CEO Michael Tannenbaum, when talking about first-lien HELOC, said: This loan already accounted for 19% of total transaction volume in Q4 '25, compared to only 12% in the same period last year. The growth rate is extremely fast..."
datetime: "2026-03-13T13:33:12.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39247182.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39247182.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39247182.md)
author: "[Alpha 投研](https://longbridge.com/en/profiles/14883021.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39247182.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39247182.md)


# Why is 2026 the year of Figure's first mortgage loan?

# **Why is the Growth of First-Lien Mortgage Loans at** $Figure Tech Solutions - CL(FIGR.US) **So Rapid**

While re-reading the Q4 2025 earnings call transcript of Figure, A-Fa discovered an interesting statement. CEO Michael Tannenbaum, when discussing first-lien HELOC, said: This loan already accounted for 19% of total transaction volume in Q4 '25, compared to only 12% in the same period last year. The growth rate is extremely fast. See the chart below:

(Figure Q4 Earnings Call Transcript)

In the next paragraph, he revealed the reason for such rapid growth, which is the advantages in price, speed, and flexibility compared to similar products:

(Figure Q4 Earnings Call Transcript)

First is the cost advantage. Traditional peers charge a $10,000 fee for a loan, while Figure's fee is only one-tenth of that (see screenshot above).

Additionally, like Figure's flagship second-lien HELOC product, the first-lien HELOC is also highly efficient: traditional competitors take 30-45 days to disburse funds, while Figure only needs 5 days (according to official promotional materials).

In terms of flexibility, it offers conveniences that traditional "cash-out refinance" products lack. See the chart below:

The most important information is below:

((Figure Q4 Earnings Call Transcript, CEO's original words)

Existing partners have a $300 billion stock of first-lien mortgages. This means that even without new customers, as long as Figure captures a small piece of the existing partners' first-lien mortgage business, transaction volume will grow exponentially (Q4 '25 transaction volume was only $2.7 billion).

(Figure Q4 Earnings Call Transcript)

The CEO then made the most imaginative statement: "Our products are becoming increasingly competitive compared to Fannie Mae."

Due to the rapid growth of the first-lien HELOC product, the CEO announced that "2026 will be the year of the first-lien mortgage."

A-Fa will publish a detailed article this weekend on the competition between Figure and Fannie Mae in the first-lien mortgage space. Stay tuned!

**Disclaimer (Risk Warning):**

1\. The content of this article is solely a record of personal investment thoughts and a compilation of publicly available market information. It does not constitute securities investment advisory qualifications. Financial data and industry information cited herein are sourced from public channels, striving for accuracy but not guaranteeing real-time updates, accuracy, or completeness.

2\. Forward-looking statements contained in this article may differ significantly from actual results. Readers are advised to exercise caution when referencing.

3\. Any investment targets and views mentioned in this article do not constitute investment advice or trading guidance. The author holds the securities mentioned herein and has no trading plans within the next 72 hours. The market involves risks, and investment requires caution. Investors must think independently and make their own decisions.

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