New York based Finzat LLC is a private company engaged in creating a blockchain system to streamline, and digitize the U. S. residential mortgage process. Benefits will include enhanced compliance and a simpler, auditable, fault tolerant and an overall more efficient process.
The U.S. residential mortgage industry faces many challenges including the need for updated technology to drive efficiency; reduce overall cost; streamline work flow; and simplify loan origination and servicing processes. There are also concerns among mortgage market practitioners regarding customer identity protection and secondary market trading. Finzat intends to develop a blockchain mortgage collateral management system with one or more U.S. Housing Government Sponsored Enterprises (GSE) in various regions in the United States. These partnerships will provide strong validation for the anticipated 2018 ICO offering.
Finzat’s product is a streamlined digitized mortgage process that will be compliant with U.S. regulatory requirements, GSE procedures and protocols and SAFE: Simpler, Auditable, Fault tolerant, and Efficient. The initial phase will be to capture and manage collateral and compliance data specific to such documents utilizing blockchain technology, eventually followed by a fuller range of mortgage documents and processes. Finzat will combine current advances in mortgage digital processes and latest blockchain technology to create a proprietary end-to-end solution.
This is a particularly opportune time for Finzat’s approach as financial institutions are now filing patents for blockchain applications for processing, file transfer and tracking in blockchain. The financial industry is lagging other industries in blockchain technologies and major mortgage participants are eager for greater standardization by GSEs. The mortgage industry is gravitating towards a mainstream paperless transaction process as blockchain and smart contracts are becoming conventional in the banking and financial markets.