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Below is our recent interview with Joe Markham, CEO at Block66:
Q: Joe, could you tell us something more about Block66?
A: Block66 is a blockchain-powered mortgage origination platform that’s designed to also reduce mortgage fraud by providing lenders with an immutable audit trail. By acting as a mortgage hub, the company’s blockchain technology will store government regulations, internal guidelines provided by lenders, and information on applicants and their property obtained directly from the source.
Q: What was the inspiration for creating and developing Block66?
A: Besides mitigating mortgage fraud, Block66 was created to offer new opportunities to borrowers and end the paper-driven, time-consuming process of getting a mortgage industry. On average, the approval and funding process takes 30-45 days because of the various steps, criteria, and people involved. However, Block66 will make this process more efficient by giving everyone visibility into the progress of an application, as well as insight into the information that’s still needed, the lender’s criteria, and the regulations that must be followed.
Q: What are a few problems that blockchain will solve for the mortgage industry?
A: In 2017, there were 13,404 mortgage applications in the U.S. that contained fraud. But with the use of blockchain, mortgage applicants will have fewer opportunities to submit fraudulent information. Blockchain can store and showcase applicants’ pay stubs, tax information, and other relevant documents directly from the source, resulting in a safe, secure, and immutable audit trail for lenders to reference without suspecting any fraudulent behavior.
Blockchain also has the ability to speed up the mortgage process by increasing transparency. If the multiple players in the mortgage industry are able to reference one platform to verify that their criteria has been met, then applications will be approved and funded faster than they currently are.
Q: What is the future of the mortgage industry with the rise and implementation of blockchain?
A: The sky’s the limit. It’s still very early, but Block66 hopes to be at the forefront of bringing borrowers and lenders together while also utilizing blockchain technology. Early adopters will assist in its growth and help shape what could truly revolutionize a market that hasn’t seen any change in 50+ years in terms of process and technologies.
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Q: What can we expect from Block66 in the future?
A: Block66 is working hard to build the world’s best mortgage matching engine. It’s our goal to provide a fast, efficient mortgage transaction for all parties involved, while saving time and therefore reducing origination costs. We hope to fund the first mortgage “on chain” within 6-9 months.
We are also constantly searching for the best talent to add to our team so that we can truly build the most technologically advanced platform. We hope to work with regulators, various governing bodies, and all related parties to bring this great technology to fruition no matter the jurisdiction. This will include working toward the digitization of real world assets (real estate) to allow trading of digitized mortgages.
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