Blockchain Mortgage Data Verification System
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Solution Overview
Problem
The conventional mortgage loan process is time-consuming, typically taking at least 30 days to close, causing inconvenience and frustration for home buyers, lenders, and insurance companies due to the need for various approvals, appraisals, and title searches.
Innovation Solution
A computer-implemented method using blockchain technology to determine if a customer and a real estate property are 'mortgage ready' by accessing and verifying information on a blockchain, streamlining the approval process by calculating mortgage loan amounts and appraisal values, and continuously updating data to facilitate faster closings.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional mortgage loan process is used with multiple approvals, appraisals, and title searches, then reliability of mortgage approval is improved, but processing time increases to at least 30 days
Solution Approach 1:
The system performs preliminary actions by continuously monitoring and updating mortgage-ready data in advance before a formal mortgage application is submitted. Customer financial information, property appraisal data, and title search results are pre-verified and stored on the blockchain, so when the application is submitted, much of the due diligence is already complete, dramatically reducing processing time while maintaining reliability
Solution Approach 2:
The system implements continuous monitoring of mortgage-ready data through automated smart contracts on the blockchain. Instead of periodic manual reviews, the system continuously updates customer financial status, property values, and title information, ensuring data is always current and ready for immediate processing, thereby reducing delays while maintaining thoroughness
2Measurement precision
If traditional manual mortgage processing is used, then accuracy of information verification is improved, but productivity decreases with at least 30-day closing period
Solution Approach 1:
The system replaces manual mechanical verification processes with automated blockchain-based validation. Smart contracts automatically verify customer financial data, property appraisal information, and title search results through cryptographic validation and cross-referencing with trusted data sources on the blockchain, maintaining high accuracy while enabling instantaneous processing and dramatically improving productivity
Solution Approach 2:
The system creates verified copies of mortgage-related data (customer financial information, property appraisals, title searches) and stores them on the blockchain. These immutable digital copies can be instantly accessed and validated by all parties without requiring original physical documents or manual verification, ensuring accuracy through cryptographic proof while enabling rapid processing
Data Source
AI summary
A system and computer-implemented method for continuously updating information about one or more of a customer approved for a mortgage and a real estate property identified as mortgage ready using computer technology and/or machine learning algorithms or artificial intelligence. The method includes monitoring information corresponding to one or more of the customer or the real estate property; identifying new information about one or more of the customer or the real estate property; updating a computer file and/or memory location/address to include the new information about one or more of the customer or the real estate property; and recalculating one or more of the amount in which the customer is approved for the mortgage or the appraisal value of the real estate property based upon one or more of new information received and the updated information from the computer file and/or memory location/address.