Blockchain for Mortgages: Compelling, But PrematureJanuary 12, 2017
Leo Loomie, Senior Vice President, Client Services at Digital Risk LLC, was recently published in Coindesk’s article titled “Blockchain for Mortgages: Compelling, But Premature?” regarding the imperative need of Blockchain in the Mortgage industry for the efficiencies and data integrity that it promises.
The huge size and vast amount of data within the mortgage industry demand for Blockchain technology. Loomie says "These are high-dollar transactions that are very painful. And anytime you can remove friction from the process is where you're going to get traction." clearly indicating his optimism about the technology and its potential.
Experts see three ways in which they believe Blockchain can benefit the mortgage business:
Blockchain could help ensure documents and data are "vetted through compliance checks" with "proof built directly into the process." The ability to create a "fingerprint of your mortgage" that can be transferred "instantaneously" between institutions is equally appealing. Also, reducing costs will likely be the driving force behind mortgage industry adoption of Blockchain, says Loomie.
However the best way to look at it might be to see it as an evolutionary process and not a revolution that will transform the industry all at once.
To get in-depth details along with Loomie’s first hand thoughts- read the full article here.