It has not only eased the operations for our client but also helps in accomplishment of assets and title exchanges at better prices without any intermediary intervention.
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.
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 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.
Storing of loan repayment history on secured, distributed and immutable ledger in a universal format.
Leverage blockchain assets to ensure secured bulk upload of loans, and storing property mortgage & loans documents on blockchain.
Ensures seamless ownership transfer of mortgage portfolio with the help of smart contracts.
Once the loan ownership is transferred, the former won’t be able to access confidential data of the later
Role based security and access control for timely and limited access of documents using smart contracts.
Smart contract development for mortgage allows businesses and users to communicate with each other conveniently in real-time.
Manage event codes like payment of installment, monitoring late payments, inspection of property, application of loan, etc.
Desktop manager app for loan management, loan transfer, access control and real time messaging.
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.
It has not only eased the operations for our client but also helps in accomplishment of assets and title exchanges at better prices without any intermediary intervention.
Dramatic reduction in costs, fees and fraud; and improved efficiency, transparency and certainty among all parties.
“They have continued to provide excellent service and support throughout the development initiatives and have always strive to meet our varying needs as the project has progressed.”