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 partnered with Lewis Ranieri, the creator of the modern mortgage market, to create a blockchain solution for the
Symbiont is creating a decentralized mortgage record that securely shares data among servicers, investors and other key parties. The Ranieri and Symbiont partnership is converting legacy mortgages into auditable, immutable, and verifiable Symbiont Smart SecuritiesⓇ where the complete lifecycle of the loan can be recorded and shared automatically with authorized 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
Digitizes and automates terms of the mortgage through smart contracts, leading to reduced operational and regulatory burden
Creates a single source of truth for a mortgage through its entire lifecycle and eliminates information loss when mortgages are sold and transferred