Mike Cagney didn’t expect to be releasing a cryptocurrency-backed 30-year fixed-rate mortgage product so soon. The plan was for Figure Technologies to launch such a product only after completing the merger with multichannel mortgage lender Homebridge Financial Services.
But Cagney can’t wait: regulatory approval on the Homebridge deal hasn’t occurred yet, and frankly, demand for crypto mortgages is too strong. He’s launching in early April.
“I’ve just been blown away by how many people are in a situation where they have significant crypto assets, and their lenders just won’t take it into consideration,” Cagney, co-founder and CEO of blockchain-built Figure, told HousingWire. “Crypto is some of the best collateral because it’s not only liquid, but liquid 24 hours a day.”