Fighting Mortgage Fraud With Blockchain Technology

Jun 21, 2018

Equator, an Altisource business unit, has announced an agreement with Factom Inc. to integrate the Factom Harmony blockchain-as-a-service (BaaS) platform into the Equator PRO solution

There is a new tool in the war against mortgage fraud and it involves one of the hottest technologies on today’s market.

New York City-based Block66 is now offering a new blockchain platform of the same name that is designed to leave an audit trail for lenders, thus providing a more efficient and transparent way to shrink the likelihood of mortgage fraud. According to the company, the blockchain technology acts as a hub that stores government regulations, internal guidelines provided by lenders and information on applicants and their property—the latter data provided directly from the source.

The company added that future upgrades to the platform will also use loan-based smart contracts to create tokenized securities that can be used for creating mortgage-backed lending instruments that lenders can trade on token exchanges to gain additional liquidity.

"We created Block66 to offer new opportunities for borrowers and end the time-consuming and paper-driven processes in the mortgage industry," said Joe Markham, Founder and Chief Executive Officer of Block66. "Our platform will make it easier for everyone to find what they need so mortgages can be approved and funded faster. By storing the history of each transaction on the blockchain, we will provide a valuable audit trail for lenders, which will help mitigate mortgage fraud."

About the author

Phil Hall

Link copied

Published

Jun 21, 2018

Analysis and Data

Mortgage Rates Surpass 7% For First Time This Year

Freddie Mac reported the 30-year fixed-rate mortgage averaged 7.10%.

Freddie Mac today released its Primary Mortgage Market Survey, revealing the 30-year fixed-rate mortgage (FRM) averaged 7.10%, breaching the 7% threshold for the first time this year. “The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from...

Analysis and Data

Existing Home Sales Decline By 4.3% In March

Northeast the only region to see an uptick in sales over prior month, per a new report from the National Association of Realtors

Fewer people bought homes this March than the month before and during March 2023, a new report from the National Association of Realtors (NAR) reveals. Total existing-home sales receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year...