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Padgett Law Group2024-03-29T16:48:14+05:30

In the case of PLG, the loan processing formats developed by various units (companies and branches) were not in line with each other. In this blockchain-based project, our role was to build a transparent and secured platform that acts as a universal format of loan processing and mortgage management.

Business Overview – Padgett Law Group

Padgett Law Group (PLG) is an elite, full service creditors’ rights law firm with full-service creditors rights’ practices. PLG is engaged in managing real estate loans.
They hired us as tech partner to build blockchain powered solution to help mortgage groups and financing companies manage, buy, sell and validate loan portfolio in completely paperless process.

As per the agreement, this blockchain-based solution for mortgage industry has to be transparent and secured platform that acts as a universal format of loan processing and mortgage management.

The Challenge

On-boarding mortgage lender loans portfolio was a major challenge as it requires separate translation algorithm to convert to universal format to store on distributed ledger.

Ownership transfer to buyer mortgage or financing group was requires three way handshake protocol to complete process. After transfer seller could only access repayments made during its ownership but not any future repayments.

Also, granting time based access to original documents to buyer’s validator using smart contract was a challenge.

The Challenge

Our Approach

The challenge was tough, but the project was very interesting. Our blockchain developers gave more than 100% to ensure success and client satisfaction.

This is how we overcame hurdles using enterprise blockchain development approach.

Unique features of PLG Mortgage Blockchain

loan format data

Universal loan data format

Storing of loan repayment history on secured, distributed and immutable ledger in a universal format

Bulk uploads of loan

Leverage blockchain assets to ensure secured bulk upload of loans, and storing property mortgage & loans documents on blockchain

Transfer of ownership

Ensures seamless ownership transfer of mortgage portfolio with the help of smart contracts

trust

Enhanced trust

Once the loan ownership is transferred, the former won’t be able to access confidential data of the later

Data security

Security

Role based security and access control for timely and limited access of documents using smart contracts

real-time communication

Real-time communication

Smart contract development for mortgage allows businesses and users to communicate with each other conveniently in real-time

Smart-contracts

Smart contracts

Manage event codes like payment of installment, monitoring late payments, inspection of property, application of loan, etc

desktop app

Desktop App

Desktop manager app for loan management, loan transfer, access control and real time messaging

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About PLG Mortgage Blockchain

This solution is targeted for the mortgage industry to on-board, store and manage their mortgage loans portfolio including all original documents and repayment history
It acts as a bridge between different mortgage and financing companies to buy and sell loans portfolio after proper due diligence by their verification team.
Loan repayment history is stored in the universal format and then converted to buyer’s format using translators.