Santiago Santos

Crypto Cuts HELOC Origination Cost From $11K to $730

Why does it cost $11,000 to originate a HELOC? Most industry experts would point to regulatory and compliance hurdles. After all, it's one of the few departments in FIs that keeps growing. @mcagney and @Figure proved otherwise: 45 days → 5 days to issue a HELOC ~$11,000 → $730/loan $20B+ originated, #1 non-bank HELOC When I bring this up with smart skeptics, people who aren't crypto believers and don't want to be, it's usually the moment something clicks. Doesn't hurt that Figure is now a $8B public company. At Inversion, we ask this question constantly: why does it cost X to do Y? The answer we get from industry veterans is always some version of: this is how it's always been done. Or it's regulatory. Or it's compliance. A lot of what's been accepted as fixed costs of doing business are now variable or optional with crypto. Figure proves it. We see an immense opportunity beyond HELOCs. Invert, always invert. Full breakdown by @georgecalle_ and the @inversioncap team: https://t.co/pkTW46h4NL