Blockchain in Mortgage Success Story of Padgett Law Group
Blockchain-based universal format for mortgage loan data.
In the case of PLG, the loan processing formats developed by various units (companies and branches) were not in line with each other. In this blockchain-based project, our role was to build a transparent and secured platform that acts as a universal format of loan processing and mortgage management.
Business Overview – Padgett Law Group
As per the agreement, this blockchain-based solution for mortgage industry has to be transparent and secured platform that acts as a universal format of loan processing and mortgage management.
The Challenge
Ownership transfer to buyer mortgage or financing group was requires three way handshake protocol to complete process. After transfer seller could only access repayments made during its ownership but not any future repayments.
Also, granting time based access to original documents to buyer’s validator using smart contract was a challenge.
Our Approach
The challenge was tough, but the project was very interesting. Our blockchain developers gave more than 100% to ensure success and client satisfaction.
This is how we overcame hurdles using enterprise blockchain development approach.
Unique features of PLG Mortgage Blockchain
Universal loan data format
Storing of loan repayment history on secured, distributed and immutable ledger in a universal format
Bulk uploads of loan
Leverage blockchain assets to ensure secured bulk upload of loans, and storing property mortgage & loans documents on blockchain
Transfer of ownership
Ensures seamless ownership transfer of mortgage portfolio with the help of smart contracts
Enhanced trust
Once the loan ownership is transferred, the former won’t be able to access confidential data of the later
Security
Role based security and access control for timely and limited access of documents using smart contracts
Real-time communication
Smart contract development for mortgage allows businesses and users to communicate with each other conveniently in real-time
Smart contracts
Manage event codes like payment of installment, monitoring late payments, inspection of property, application of loan, etc
Desktop App
Desktop manager app for loan management, loan transfer, access control and real time messaging
About PLG Mortgage Blockchain
Results – A journey from Ideas to Success
It has not only eased the operations for our client but also helps in accomplishment of assets and title exchanges at better prices without any intermediary intervention.
Dramatic reduction in costs, fees and fraud; and improved efficiency, transparency and certainty among all parties
Technologies we used
Hyperledger Fabric
Golang
Node JS
React
Client Testimonial
“They have continued to provide excellent service and support throughout the development initiatives and have always strive to meet our varying needs as the project has progressed.”
