MAXEX vs Figure Technology Solutions

What the rubric says

MAXEX and Figure Technology Solutions are both scored in Secondary & Capital Markets. MAXEX carries an overall of 4, Figure Technology Solutions an overall of 3.6. The widest gap between them is Return on spend, at 0.5 of a point. That axis measures what the spend returns, which is not the same as being cheap. MAXEX takes it, 3.8 to 3.3.

Where the five axes separate

On Return on spend the record favours MAXEX, 3.8 against 3.3. On Production impact the record favours MAXEX, 4.4 against 4. On Adoption and support the record favours MAXEX, 3.7 against 3.3. On Integrations and ecosystem the record favours MAXEX, 3.4 against 3. On Functionality and depth the record favours MAXEX, 3.9 against 3.7.

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.

Pricing posture

MAXEX does not publish pricing. Its listed model is transaction-based exchange fees, not published. Figure Technology Solutions does not publish pricing. Its listed model is not published for partners; consumer loan rates are published, platform economics are not.

Deployment and who each one targets

Deployment for MAXEX: Cloud exchange with centralized clearing and settlement. Deployment for Figure Technology Solutions: Cloud platform with a blockchain-native registry and marketplace. Segment focus for MAXEX: Mortgage banks selling non-agency product, and the institutions buying it. Segment focus for Figure Technology Solutions: Home equity originators and institutional credit buyers willing to work on Figure’s blockchain rails. The two entries name different buyers.

What each record credits

MAXEX: Tradeweb’s February 2026 release counts roughly 400 lenders and over 30 institutional investors. MAXEX: The same release states loan sales into more than 250 private-label securitizations. MAXEX: One seller agreement kills per-counterparty legal negotiation, the real non-agency bottleneck. MAXEX: Backed by J.P. 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.

What each record holds against them

MAXEX: Fees are not published; the exchange takes its cut inside the transaction. MAXEX: No LOS integrations named, so tape preparation and delivery stay manual. MAXEX: Homepage volume and participant counters show zero placeholders, not live figures. MAXEX: Strongest in non-agency; a mostly agency seller gets a much weaker case. 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.

Which one fits which shop

Best fit for MAXEX: A lender that needs a reliable jumbo or non-QM exit without negotiating ten separate counterparty agreements. Best fit for Figure Technology Solutions: A lender that wants HELOC origination and a ready buyer in the same system.

What each entry concludes

MAXEX: MAXEX is a digital exchange for residential whole loans. MAXEX: One seller agreement and standardized contracts replace bilateral counterparty relationships, with a single clearinghouse behind the trade. MAXEX: Sign once and you reach the whole buyer network instead of maintaining separate documents per institution. MAXEX: It earns its keep in non-agency product, jumbo through non-QM and DSCR, where liquidity is genuinely fragmented. MAXEX: A standing bid in that market has real value. 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.

The short answer

MAXEX finishes ahead on the published rubric, 4 to 3.6. The margin comes mostly from Return on spend. Same rubric, same weights, no sponsorships.