Block66 is constructinga brand new blockchain-enabled market for mortgages. Institutional and personal lenders can use the service to supply loans to a variety of debtors, launched by Block66 dealercompanions. By means ofthe sensible use of good contracts, loans might be taken from origination to facilitation, shortly and effectively. All loans are additionally represented as tradable tokenized securities, offering a liquidity mechanism as normal. The flexibility to commerce fractions of loans and lower order and issuing charges makes investing extra inclusive, offeringa beautifulfundingcar for all method of traders. Because ofthe usage of cryptocurrency, Block66 eliminates the necessity for a checking account, overcomes geographical lending restrictions and reduces counterparty danger to mere minutes. For debtors, the clear and aggressive nature of the marketplace will profitthe patronand provides them the confidence that they’re getting close tosufficientthe very bestsupply achievable.
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What makes Block66 unique
Block66 will be a matching engine for borrowers and lenders promising a three-fold saving on conventional mortgage application times. Block66 aims to become the world’s most sophisticated platform for brokers, and lenders to operate efficiently to the satisfaction of borrowers. All loans will be issued on the blockchain, and funds are drawn down via the resulting smart contract. All documents related to the mortgage transaction will be validated and stored on the blockchain providing immutable history and authenticity. Storing a hash of documents relating to the loan ensures full transparency from both lender and borrower while creating a much cleaner path during a regulatory audit and spot checks.
The mortgage market in the USA is $9.9 trillion dollars, $32.9 trillion worldwide, and growing but risk-averse institutions are reluctant to lend to many creditworthy consumers. Willing small lenders struggle to enter the space at scale. Existing processes and technology are cumbersome and siloed, compounding the problem for borrowers.
Block66 streamlines the entire mortgage software and operations stack. For brokers, a one-stop-shop, including credit scoring, property appraisals, and lender matching. For lenders of all sizes, a sustainable loan pipeline, auditing tool, and mortgage securitization platform. For borrowers, a quick, hassle-free way to access the best credit opportunities.
Block66 is on a mission to shake up the mortgage lending landscape by building the world’s first blockchain enabled mortgage lending network. The network will span borders, connecting private and institutional lenders with borrowers worldwide. All mortgages will be issued and managed on the blockchain.
Brokers are facing growing pressure to forgo on their commission. A competitive marketplace for lenders combined with a streamlined application process can reasonably be expected to produce more competitive offers. In turn, you’d expect improved offers to relieve pressure on brokers’ commissions. What’s more, a streamlined mortgage lending process should also enable brokers to have a bigger pipeline, helping make up for compressed margins.
The platform is designed to perform basic verification of borrowers and borrower files. Should an application be unusual, an edge case, then the application will be passed to a pool of virtual underwriters. This is a group of Block66 vetted professionals whose fees are paid for by the broker, or borrower.
The broker guides their client through the information gathering stage of the application. The dApp prompts the borrower for specifics around their borrowing needs and aspirations. Borrowers will be prompted to enter affordability data such as short and long-term credit balances, monthly expenses, regular income, and dependents.
The platform uses third party APIs to carry out identity checks (KYC) to confirm the borrower identity, and to help brokers meet their regulatory requirements and detect fraud.
Where possible, the system will perform cross-checks of affordability data by querying credit rating agency APIs and, in time, bank feeds to check income and monthly expenditure.
Create crypto/fiat exchange account
Block66 will create accounts for all borrowers with a Block66-approved crypto exchange. This account will be used for loan repayments by the borrower after the mortgage is issued, and will act as a bridge between the conventional fiat banking system and the Ethereum/Block66 ecosystem.
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