The Pomp Podcast · Nov 4, 2026 · 40m · 34m saved
With Michael Tannenbaum, CEO of Figure
Photo via figure.com
A mortgage or HELOC done through Figure costs about $1,000, against an industry average of roughly $12,000 — triple what that average was a couple of years ago. Michael Tannenbaum, CEO of Figure, told Anthony Pompliano on The Pomp Podcast that the gap comes down to embedded technology and blockchain, not a cheaper version of the same process.
"A mortgage done through our process is about $1,000[;] industry average is 12,000 — that's kind of 3x over the past couple years." — Michael Tannenbaum
Michael has run lending businesses through SoFi and Brex before taking over at Figure, the marketplace whose partners originate more home equity lines of credit than anyone else in the country.
The full interview is covered here so you can skip it. 40 minutes of audio, 7 minutes of reading.
Here are the 6 takeaways that matter.
Key Takeaways
Figure's mortgage process costs about $1,000 versus a $12,000 industry average and takes 9 days versus 45
Putting loan data on-chain cut third-party diligence costs by 80%, Michael says
Figure is growing on a "Rule of 150" pace by acting as a marketplace, not a lender, across roughly 500 partners
Figure originates nearly $2 billion a month and has done $30 billion to date, rated AAA by S&P and Moody's
Figure has never lost money on its crypto-backed loan product, Michael says
AI agents will push borrowers toward lower-cost lenders like Figure, Michael predicts
1. The Affordability Pitch
Michael said rising home prices have built up roughly $35 trillion in home equity nationally, while higher mortgage rates have locked homeowners into their existing low rates — pushing many to tap that equity instead of refinancing, often to consolidate debt.
$35 trillion in home equity is outstanding, and the current rate environment is driving demand for it, Michael says
"There's about 35 trillion of home equity outstanding. And in the rate environment that we're in, home equity is red-hot." — Michael Tannenbaum
Figure's own process, he said, costs about $1,000 against an industry average of $12,000, and takes about 9 days against a roughly 45-day industry average that includes a government-mandated 3-day waiting period.
Figure's process costs $1,000 against a $12,000 industry average, Michael says
"A mortgage done through our process is about $1,000[;] industry average is 12,000 — that's kind of 3x over the past couple years." — Michael Tannenbaum
