Bitcoin technology promises amazing evolution in the mortgage process, speeding it up and providing cost savings. How will it impact the future or home buying?

Already working with the Department of Homeland Security and the Bill & Melinda Gates Foundation to secure records on their blockchain, Factom has now set its sights on the trillion-dollar mortgage industry. Having launched its new Factom Harmony solution in March, the company hopes to attract big banks and host their sensitive mortgage data. By increasing the efficiency of document management, Harmony will allow a seamless transaction process between lenders and brokers, without them having to worry about lost documents, altered agreements or incomplete records.

Built on the Factom Apollo data management solution, which allows users to store and create immutable digital records, Harmony “works with existing imaging or document management solutions to create secure, transparent, unalterable records for final loan documents.” In the process, every file is secured within a blockchain container, locking in the order of the final documentation, recording each person who accesses files and rejecting duplicate documents.

Factom refers to this system as “a perfected digital audit vault” for each specific loan. Thus the core product behind Factom Harmony is called Digital Vault, which locks into time the most important closing documents and gives a complete history of every file from origination to close.

Read More