Figure Technology Solutions vs Milliman Mortgage Solutions
Secondary & Capital Markets head-to-head · axis by axis, same rubric for both
Figure Technology Solutions, Inc. (Nasdaq: FIGR)
Milliman, Inc.
| Axis | Figure Technology Solutions | Milliman Mortgage Solutions |
|---|---|---|
| Production impact | 4.0 | 3.0 |
| Functionality & depth | 3.7 | 3.3 |
| Integrations & ecosystem | 3.0 | 2.2 |
| Adoption & support | 3.3 | 2.6 |
| Return on spend | 3.3 | 2.7 |
| Overall | 3.6 | 2.9 |
Figure Technology Solutions wins 5 of 5 axes. Same rubric, same weights, no sponsorships.
What the rubric says
Figure Technology Solutions and Milliman Mortgage Solutions are both scored in Secondary & Capital Markets. Figure Technology Solutions carries an overall of 3.6, Milliman Mortgage Solutions an overall of 2.9. The widest gap between them is Production impact, at 1 of a point. That axis measures whether the tool moves volume, pull-through or cycle time. Figure Technology Solutions takes it, 4 to 3.
Where the five axes separate
On Production impact the record favours Figure Technology Solutions, 4 against 3. On Integrations and ecosystem the record favours Figure Technology Solutions, 3 against 2.2. On Adoption and support the record favours Figure Technology Solutions, 3.3 against 2.6. On Return on spend the record favours Figure Technology Solutions, 3.3 against 2.7. On Functionality and depth the record favours Figure Technology Solutions, 3.7 against 3.3.
In Secondary & Capital Markets the rubric weights Production impact heaviest, at 35 percent. That is why the two overalls sit where they do.
How the weights turn axes into a score
Production impact carries 35 percent of the Secondary & Capital Markets score. It measures whether the tool moves volume, pull-through or cycle time. Functionality and depth carries 30 percent of the Secondary & Capital Markets score. It measures whether it handles the messy loans and not just the clean file. Integrations and ecosystem carries 15 percent of the Secondary & Capital Markets score. It measures how well it reaches the rest of the stack. Adoption and support carries 10 percent of the Secondary & Capital Markets score. It measures whether the team adopts it and gets unstuck. Return on spend carries 10 percent of the Secondary & Capital Markets score. It measures what the spend returns, which is not the same as being cheap.
Names, because the URL and the brand differ
Milliman Mortgage Solutions was formerly MSR.
Pricing posture
Figure Technology Solutions does not publish pricing. Its listed model is not published for partners; consumer loan rates are published, platform economics are not. Milliman Mortgage Solutions does not publish pricing. Its listed model is quote only; consulting-led engagement with software licensing.
Deployment and who each one targets
Deployment for Figure Technology Solutions: Cloud platform with a blockchain-native registry and marketplace. Deployment for Milliman Mortgage Solutions: Cloud software (MS2) plus the M-PIRe analytics suite and consulting engagements. Segment focus for Figure Technology Solutions: Home equity originators and institutional credit buyers willing to work on Figure’s blockchain rails. Segment focus for Milliman Mortgage Solutions: Capital markets and MSR teams that want stochastic modelling behind their hedge. The two entries name different buyers.
What each record credits
Figure Technology Solutions: Company states 200-plus partners use its origination systems, $22 billion-plus financed. Figure Technology Solutions: Nasdaq disclosure under FIGR beats any private vendor here for transparency. Figure Technology Solutions: Origination and secondary sale share one ecosystem, removing handoffs that slow sales. Figure Technology Solutions: DART handles custody and lien perfection natively; Figure Connect provides a standing bid. Milliman Mortgage Solutions: Attribution splits market P&L from pull-through and hedge effects, what boards ask about. Milliman Mortgage Solutions: Full stochastic modelling, recalibrated daily against implied volatility surfaces, not lookup valuation. Milliman Mortgage Solutions: One platform covers pipeline and MSR risk, from conventional and GSE collateral to non-QM. Milliman Mortgage Solutions: Milliman’s own site confirms the MorVest Capital acquisition, extending the MSR service line.
What each record holds against them
Figure Technology Solutions: Closed ecosystem, with no third-party LOS or hedge advisory integrations named. Figure Technology Solutions: Scope is home equity and adjacent credit, not agency or jumbo first liens. Figure Technology Solutions: No partner-side pricing; the only published rates are consumer HELOC terms. Figure Technology Solutions: Mid-transformation: the Figure Markets merger and announced Kiavi deal keep the perimeter moving. Milliman Mortgage Solutions: No integrations named; the client delivers pipeline and position data itself. Milliman Mortgage Solutions: A practice area rather than one product, so scope depends on the engagement. Milliman Mortgage Solutions: No pricing or tiers, and no visible entry point for a mid-size lender. Milliman Mortgage Solutions: Consulting-led delivery ties model quality to assigned staff you cannot inspect in advance.
Which one fits which shop
Best fit for Figure Technology Solutions: A lender that wants HELOC origination and a ready buyer in the same system. Best fit for Milliman Mortgage Solutions: A desk that has to explain hedge performance to a board and cannot do. with a lookup table.
What each entry concludes
Figure Technology Solutions: Figure is an all-or-nothing decision, not a tool you bolt onto an existing stack. Figure Technology Solutions: It is a vertically integrated home equity platform trading on Nasdaq under FIGR. Figure Technology Solutions: It runs its own registry and its own secondary marketplace. Figure Technology Solutions: Partners originate on Figure’s system, lien position lives in DART, and loans move to institutional buyers through. Figure Technology Solutions: The deciding question is whether you adopt Figure’s rails end to end. Milliman Mortgage Solutions: Milliman is an actuarial firm, and its mortgage practice sells modelling rigour rather than trading workflow. Milliman Mortgage Solutions: The Mortgage Secondary Markets Solution is cloud-based hedging software that recalibrates rate and pricing models daily against. Milliman Mortgage Solutions: Attribution separates market-driven P&L from the P&L caused by pull-through change and by hedge execution. Milliman Mortgage Solutions: M-PIRe sits alongside as analytics for whole loans and MSRs, extending to credit risk transfer securities. Milliman Mortgage Solutions: The firm keeps buying capability here, most recently MorVest Capital.
The short answer
Figure Technology Solutions finishes ahead on the published rubric, 3.6 to 2.9. The margin comes mostly from Production impact. Same rubric, same weights, no sponsorships.
Both tools are scored on the same weighted rubric, production impact carries the most weight. Comparisons are never sponsored. Disclosure →