Josiah Gallegos
@josiahmarqus
I specialize in mortgage finance, real estate & market analysis while empowering DeFi, crypto, and blockchain technology.
216 Following 1.2K Followers
One of the cleanest takes on Figure yet.
Connect isn’t just a product — it’s the business model shifting.
Partners now drive 78% of volume. Inventory days cut in half. High-margin fees jumped from 5% to 28% of revenue. Almost no warehouse capital tied up.
The market is still treating @Figure like a capital-heavy specialty lender. Meanwhile it’s becoming a capital-light marketplace for home equity flow.
Kiavi adds the first-lien engine. Second liens are recovering. And take rates are rising even as the mix shifts lower.
Wall Street is pricing the old company. The new one is already here.
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