MERS vs Figure Technology Solutions

What the rubric says

MERS and Figure Technology Solutions are both scored in Secondary & Capital Markets. MERS carries an overall of 3.9, Figure Technology Solutions an overall of 3.6. The widest gap between them is Integrations and ecosystem, at 1.9 of a point. That axis measures how well it reaches the rest of the stack. MERS takes it, 4.9 to 3.

Where the five axes separate

On Integrations and ecosystem the record favours MERS, 4.9 against 3. On Return on spend the record favours MERS, 3.6 against 3.3. On Production impact the record favours Figure Technology Solutions, 4 against 3.8. On Functionality and depth the record favours MERS, 3.8 against 3.7. Adoption and support is level at 3.3 for both.

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

MERS does not publish pricing. Its listed model is membership plus transaction fees, not published on the site. 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 MERS: Cloud registry accessed by members, with electronic document delivery. Deployment for Figure Technology Solutions: Cloud platform with a blockchain-native registry and marketplace. Segment focus for MERS: Any originator or servicer that registers liens or handles eNotes. 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

MERS: eRegistry is the legal record of eNote Controller and Location, 3.2 million registered. MERS: Intercontinental Exchange ownership settles any question about the registry’s financial durability. MERS: eDelivery moves documents in multiple formats, including SMART Doc and PDF. MERS: RON video storage closes a real retention gap for eClosing lenders. 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

MERS: No fee schedule is published; budgeting means contacting membership directly. MERS: Membership brings continuing quality assurance and reporting duties, staff cost rather than software cost. MERS: The registry records interests and does nothing to price or sell a loan. MERS: No integrated systems are named, so LOS and eVault connectivity is a vendor conversation. 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 MERS: Any lender doing eClosings, because the eRegistry is the only system of record for an eNote. Best fit for Figure Technology Solutions: A lender that wants HELOC origination and a ready buyer in the same system.

What each entry concludes

MERS: MERS is infrastructure, not a product you weigh against alternatives, because there are none. MERS: MERSCORP Holdings, owned by Intercontinental Exchange, runs the national registry tracking servicing rights and beneficial ownership. MERS: The MERS eRegistry is the legal system of record for the Controller and Location of an authoritative eNote. MERS: If you plan to originate and sell eNotes, membership is not a choice. MERS: The only real decision is how well you operate inside it. 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

MERS finishes ahead on the published rubric, 3.9 to 3.6. The margin comes mostly from Integrations and ecosystem. Same rubric, same weights, no sponsorships.