Factom Harmony and the Mortgage Industry
The mortgage industry is complex with many moving pieces. From loan origination to servicing to secondary and compliance and audit, unalterable proof is necessary to indicate what happened when and by whom. Proving your record keeping system hasn’t been compromised is even trickier. With blockchain, you can prove the state of your data, files and your system by ensuring the validity, integrity and history of this information.
Learn more about the future of Blockchain in the Mortgage Industry
Equator Press Release
Learn how Factom Harmony is adding blockchain data preservation to EquatorPRO’s default servicing solutions.
Housing Wire Tech 100
Factom wins a spot on HousingWire’s 2019 Tech100 list for their collaborative blockchain platform creating an unalterable record for loan documents.
7 Things Your Boss Wants to Know
Are you prepared to answer your boss’ most basic blockchain questions? Find out with these seven common misconceptions.
Blockchain Isn’t Magic
For years, blockchain has been hailed as a magical technology. Despite the hype, there are many practical applications. Learn about the science behind the magic.
Vodii Press Release
Factom Harmony allows TxM GlobalSign to create an immutable audit record of activities, data, events, and decisions, therefore improving efficiency and security.
Women in Housing Award
Factom’s COO Laurie Pyle named a 2017 Leading Lady in Housing by MReport.
The number of documents and the amount of data received, generated and consumed during mortgage origination and servicing processes is staggering. Underwriting and regulatory compliance reviews, servicing transfers, and due diligence reviews, to name a few, have forced lenders, servicers and other parties contributing during the mortgage life-cycle to make significant and ongoing investments in systems and processes to defend their decisions.
Factom’s blockchain API integrates directly with your existing software, allowing you to share, audit, and exchange sensitive data and documents that are stored privately behind your firewalls with the power of blockchain technology. This comprehensive platform reduces the liability of lost documents as well as incomplete or older versions, reduces review time and prevents costly disputes.
By integrating data to a blockchain, you can preserve consumer interaction and consumer submitted information for future disputes. These digital assets can include data, documents, call recordings and other records. By registering these assets, companies are able to provide third party assurance that a digital asset existed in a specific form at at a specific point in time with complete confidence of its integrity.Entries are validated through cryptographic proofs, called hashes. Using the cryptographic proof and metadata, Factom creates a virtual tamper-proof seal on your digital assets while keeping them secure behind the firewalls within the original organization’s data center. By comparing a document, file, or set of data, any party you invite can easily confirm if it matches the registered hash.
Factom’s unique model of developing individual data chains mirrors existing record keeping models. Our system integrates directly with your applications, data or document stores via a simple API, seamlessly incorporating within them a blockchain backend. With these capabilities, you’ll see reduce costs associated with reviews and audits, servicing transfers and UW submissions through reduced time and increased accuracy of file and digital asset assembly. Blockchain makes mortgage record keeping as painless as possible.