Case Study
Testing Smart Contracts in Mortgage Lending
Automate the manual and laborious process of underwriting and executing a mortgage loan.
Mortgage contracts are an extremely complex business transaction with many different interests involved, including the lender, the mortgage underwriter, local government, appraisers, inspectors, and the mortgagee. The challenge is that all these different interests use separate systems, databases, and a mountain of paper to complete a single transaction… repeated many times a day.
- Solution
Our team of experts successfully developed a POC, utilizing a decentralized application (dApp) and HyperLedger, a Smart Contract technology, all of which leverage a blockchain to streamline and automate the process of underwriting, execution, and filing of mortgages and deeds of trust.
- Outcomes
This POC proves that it is possible to dramatically reduce the mortgage processing time from weeks/months to days. Additionally, this technology greatly decreases the chances of error and/or fraudulent transactions. Most significantly, Smart Contracts can reduce the cost of a mortgage transaction by almost 80%.
- Industry
- Mortgage Lending
- Real Estate
- Capabilities
- Blockchain
- Smart Contracts
- Decentralized Apps (dApps)
- Process automation
- UX/UI
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