New Blockchain Lab aims to modernize the mortgage industry
Business consulting firm Zventus announce a blockchain lab designed to revolutionize the mortgage sector. Global business provider Zventus announced a new blockchain initiative on Monday titled “Mortgage Blockchain Lab.” The proposal is meant to collate the resources of several mortgage experts, technology firms and academic institutions to collaborate on blockchain research and development focused on the mortgage sector. The California-based firm, whose product and service offering spans a broad business spectrum including business consultancy, human resource strategy and tech support,....
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The draft bill intends to allow property owners to pay mortgages with crypto and authorize the real estate sector to use their own crypto for mortgage purchases in Spain. Spanish lawmakers are backing a new legal initiative to legitimize the cryptocurrency and blockchain industry by proposing a new bill on digital transformation.The new draft bill was introduced by Spanish political party the People’s Party (PP). It aims to drive innovation in multiple industries through regulating emerging technologies such as blockchain and artificial intelligence and cryptocurrencies like Bitcoin....
Michigan-based United Wholesale Mortgage (UWM) said it plans to accept crypto for payments before 2021 ends. This would make it the first major U.S mortgage lender to offer this service. The crypto industry has arguably struggled to find its feet as far as mainstream use cases are concerned. That by no means reflects the significant […]
Blockchain technology and smart contracts are helping to expand the residential mortgage market beyond the grip of big banks and governments. Decentralized mortgage lender Bacon Protocol has minted its first seven mortgages as nonfungible tokens, or NFTs, offering investors and borrowers new options for accessing the residential mortgage market. The interest rate for each NFT mortgage ranges from 1.5% to 3.1% on properties in four U.S. states, the company disclosed Wednesday. That’s the interest rate borrowers pay after minting their mortgage through Bacon Protocol. By comparison, the....
United Wholesale Mortgage previously announced plans to test Bitcoin and Ether for mortgage payments in August. United Wholesale Mortgage (UWM), one of the largest wholesale and purchase lenders in the United States, is ditching Bitcoin (BTC) payment plans after running a test.UWM officially announced Thursday that the company has successfully conducted its first-ever cryptocurrency mortgage pilot, accepting five crypto payments in October and one in September.The firm did not disclose more information about the test, neither specifying what cryptocurrencies were part of the pilot nor what....
If there's an industry that cries out for the efficiencies and data integrity that blockchain tech promises, it's undoubtedly the US residential mortgage business. First off, there's the size of the business. At last count, according to the Federal Reserve, there were about $10tn-worth of residential mortgages outstanding, with about $2tn in new loans being originated in a good year. Then, there's the amount of data – most of it sensitive – that goes into and supports every loan. "A mortgage application requires hundreds of documents and very sensitive data," Leo Loomie, senior....