Austin, TX (March 1st, 2017) – Factom, Inc., a blockchain as-a-service (BaaS) technology company announces the release of Factom Harmony, the mortgage industry’s first practical blockchain technology solution. Harmony is built on the Factom Apollo data management solution, a new technology that allows users to store and create immutable mortgage records.
Harmony works with your existing imaging or document management solution to create a secure, transparent, unalterable record for the final loan documents. In short, a perfected digital audit vault for each loan. Based upon blockchain technology, Harmony provides a comprehensive, secure and unalterable document catalogue that works with existing imaging technology.
“The Harmony solution and the underlying Factom blockchain provide lenders with something that was fundamentally missing from the industry,” said Peter Kirby, CEO Factom Inc. “With Harmony, a lender is able to create a final set of documents for each closed loan without worrying about lost documents, altered agreements, or incomplete records.
Factom Harmony is the first practical and effective deployment of blockchain technology into the mortgage industry. Through combining blockchain technology, advanced cryptography tools, and a digital fingerprint for each document or data file, lenders can securely store and expose individual loan files or documents to various third parties, creating a digital vault for all loan documents.
- Creates a permanent record and index of the final loan documents, making audits smooth, reducing quality control, due diligence and review time. Establishing the first immutable loan index for closed loan documents.
- Reduces the cost by creating a single source that organizes the final documentation and provides cryptographic truth that each document is the authentic copy.
- Provides access control to multiple parties that can collaborate on an audit condition and exceptions including an immutable audit trail of all actions on each document in real-time, giving you a true history of every loan.
- Opens a secure audit room or due diligence deal room that are tracked on the Factom blockchain.
“This technology dramatically changes the approach and reduces the costs for audits, third party reviews, litigation costs and due diligence costs.” Said Jason Nadeau, Executive Vice President, Factom Inc. “The combination of blockchain and digital signature technology within Factom’s solution creates a solution where the benefits of digital signatures and electronic vaulting are now available for all documents without having to deploy any eMortgage or eClosing technology”
About Factom, Inc.
Factom, Inc. is an Austin-based blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty. With clients such as the U.S. Department of Homeland Security and the Bill and Melinda Gates Foundation, Factom is the recognized leader in providing data solutions for blockchain.