Market Problem
Currently, a loan is passed between an initial originator and potentially multiple servicers with each actor rebuilding their own record of the loan. Converting that loan into a digital instrument improves consistency and efficiency, simplifies workflows for title searches and provides better visibility into the performance of the loan.
Symbiont's Blockchain Solution
Symbiont created a blockchain solution for the
mortgage market.
Symbiont is creating a decentralized mortgage record that securely shares data among servicers, investors and other key parties.
Features and Benefits
Efficiency and transparency
Real-time access to multiparty updates, changes and corrections to support enhanced transparency into loan performance for servicers, investors, regulators and borrowers
Enhanced data security
No single point of failure, end-to-end security
Cost savings
Digitizes and automates terms of the mortgage through smart contracts, leading to reduced operational and regulatory burden
Accuracy
Creates a single source of truth for a mortgage through its entire lifecycle and eliminates information loss when mortgages are sold and transferred