00:35:36 · Anthony Pompliano, Michael Tannenbaum
[00:35:36] S1: Yeah. Well well, it it... It's weird. Right? Because, we have this, like, k shaped economy [00:35:41] S0: Yeah. [00:35:42] S1: In, in America. And there's some people who, you know, have been very fortunate, made a bunch of money, have a bunch of assets in there. They'll look at something, and they're like, oh, the difference between $12,000 and a thousand dollars on the mortgage. Like, I'm... You know, if they're buying a multimillion dollar home, they're like, it's kind of a rounding error. Right. As you mentioned, you're buying a $100,000 home, that is a massive difference. And so I do think that, a lot of times the affordability is, affordability critiques are critiqued by people who don't have Right. Coming to the affordability. Yeah. What do you mean? Is it like, why are you guys complaining? It's like, well, you're in a different situation, and so these people have very, very different view of, you know, kinda the the state of America, the cost of America. In fact, I think the midterm elections, that was part of [00:36:25] S0: it. Right? [00:36:26] S1: It was people saying, look, the only way they can have their voice heard is to go into that ballot box and say, hey. I'm not happy with the way that things are going.
00:36:33 · Michael Tannenbaum
[00:36:33] S0: Yeah. And I also think the role of agents here is is relevant too. You've seen mew... You know, meta release Muse. And as people are thinking about, like, is it... You know, is is $1,250 worth it to me? Obviously, that's a lot of money for anyone. But when you think about an agent acting on your behalf that has more time than you do, more patience, this is something that we saw back at SoFi where the number one reason why people didn't refinance their student student loans was simply inertia. Right? It just... The amount of money they would save just wasn't worth it to go through the process. But, theoretically, if you're gonna save $15 a month, like, that actually can add real value, especially over thirty years. So now if you can have agents and and Figure is very much preparing for this future, if agents are gonna be operating on behalf of, say, even some consumers and looking at saving money, looking at affordability, I think they will naturally find their way to the figures of the world that cut costs and save time, and they will have a relentless appetite to do that. So we're really excited about the opportunity that people can use their home equity with an agent, pay off debt, save themselves money, and not have to do nearly as much. And we think we're very much building for that future, both for ourselves and on behalf of our partners, like I've been saying, who are looking to figure to figure out how the world is moving so quickly with AI, with blockchain.
00:37:55 · Anthony Pompliano, Michael Tannenbaum
[00:37:55] S1: When you think of the business, let's say, in two, three years, how will somebody talk about it? Is it going to be still, you know, 70 plus percent HELOC mortgage stuff? Is it just like the largest consumer, you know, lending platform, marketplace? Like, yeah, [00:38:11] S0: I think People will be focused on multiple asset classes trading on chain with a lot of standardization and liquidity in these asset classes, the likes of which people have not seen outside of something like Fannie Mae. Meaning, Figure will become the standard through which new fintech companies, banks, credit unions launch new products. And so when someone is looking to get into small business lending, they'll say, okay. Well, we could do it. We could we could launch a figure program tomorrow with liquidity, with capital, with technology, and that will be it will be the rails and the piping behind so many different lending products as a part of that broad marketplace that we're building. [00:38:57] S1: Makes makes sense to me. What's your message to, to people who are watching this who are, investors? I think that's, like, the most interesting crowd because I see a lot of people talking online. And Yeah. Some people are very bullish. Some people have questions, whatever. Like, maybe what... As the leader of the business, like, what's your message to that?
00:38:57 · Anthony Pompliano, Michael Tannenbaum
[00:38:57] S1: Makes makes sense to me. What's your message to, to people who are watching this who are, investors? I think that's, like, the most interesting crowd because I see a lot of people talking online. And Yeah. Some people are very bullish. Some people have questions, whatever. Like, maybe what... As the leader of the business, like, what's your message to that? [00:39:11] S0: My message is we're building a very capital efficient, high growth marketplace that is going to endure over a long period of time. And we see... We're firing on all cylinders in terms of growth and margin, and we couldn't be more excited about the future. [00:39:29] S1: That's a pretty good pitch there, my friend. Alright. Thank you. Thank you for taking the time to do this. We'll do it again in future. [00:39:33] S0: Alright. Thank you, sir.