• Home
  • Affiliate Disclosure
  • Contact Us
Technology | Software Reviews | Product Reviews | Internet Marketing
  • Home
  • Tech
    • All
    • Mobile
    Payment Systems

    A Comparison Of Different Types Of Payment Systems

    Data Literate Workforce

    Significant Advantages Of A Data Literate Workforce

    What Is Data Literacy

    What Is Data Literacy And Why Is It essential For Every Business?

    Full Stack Development

    7 Tools And Technologies For Full Stack Development

    Salesforce Export Data

    Salesforce Export Data: Hevo’s Guide For Beginners

    Cloud-based CRM Software

    What Is A Cloud-based CRM Software

    Logistics Technology

    4 Benefits Of Incorporating Logistics Technology For Companies

    Surge Protectors

    Surge Protectors And How They Work

    Recruitment Assessment Tools

    Harver Tool Alternatives 2022: 10 Best Recruitment Assessment Tools

  • Fintech
    El Salvador

    El Salvador – The Country Where You Can Use Bitcoins Legally!

    Cryptocurrency Is Becoming A Financial Force

    5 Signs Cryptocurrency Is Becoming A Financial Force To Be Reckoned With

    What All You Need To Know For A Healthy Crypto Investment

    Easy Ways To Enhance Your Crypto Earnings

    India And Bitcoin News

    Can Bitcoin And Altcoin Replace Fiat Currencies?

    How College Students Can Make Money As Part-Time Crypto Traders

    What Is Candlestick In Trading?

    What Is Defi (Decentralised Finance)

  • Blockchain
    Cryptocurrency And Cyber Insurance: A Form Of Mutualism

    Cryptocurrency And Cyber Insurance: A Form Of Mutualism

    Crypto Loans

    4 Essential Benefits Of Crypto Loans

    Blockchain Security

    Why Blockchain Security Is Good For You

    Blockchain Technology

    Blockchain Technology Explained

    VC Funding For Blockchain

    3 Proofs That Blockchain Will Soon Revolutionize Mortgage Lending

    Blockchain Could Help Advertisers

    The Blockchain Could Help Advertisers Lock Up Our Attention

    Blockchain Technology

    How Blockchain Technology Is About To Transform Sharemarket Trading

    Deloitte's 2020 Global Survey

    Deloitte’s 2020 Global Survey: Blockchain Becomes Top Strategic Priority For Majority Of Organizations

    VC Funding For Blockchain

    Top Blockchain-Based Security Solutions In 2020

  • E-Commerce
    E-commerce Website Development

    Top Tips For Your E-commerce Website Development Process

    How To Make Money With Dropshipping

    How To Make Money With Dropshipping

    Digital Marketing For Ecommerce

    The Value In Investing In Digital Marketing For Ecommerce

    16 Best eCommerce Software Platforms For Online Business

    16 Best eCommerce Software Platforms For Online Business

    ecommerce ideas

    6 Things To Consider When You are Running an E-Commerce Business

    3dcart- ecommerce Platforms

    Best e-Commerce Software Platforms For Online Business

    starting a clothing business

    8 Things You Should Know If Starting a Clothing Business

    Use Bubble Wrap

    How To Use Bubble Wrap To Ship Fragile Items

  • Lifestyle
    Hoboken apartments

    Family-Friendly Activities In The Tri-State Area

    Harry Potter Costume

    The Best Harry Potter Costumes To Bring Your Magical Fantasies To Life

    fun things to do on birthday

    10 Amazing Things You Must Do On Your Birthday

    Better Hair Quality

    Women Need A Better Hair Quality All The Time

    Is Your Office Job Killing You Slowly

    Is Your Office Job Killing You Slowly?

    Healthy Work-Life Balance

    Top Tips To Maintain A Healthy Work-Life Balance

    arbie Sole Tattoo

    Barbie Sole Tattoo Trends Blowing Up On Instagram

    Dumbest Fashion Trends In History

    From Muslin Dresses To Corsets: 17 Dumbest Fashion Trends In History

    How to apply foundation in the best way

    How To Apply Foundation In The Best Way?

  • Inbound Marketing
    • All
    • Content Marketing
    • Email Marketing
    Grow Your Email List

    8 Actionable Ways (Tested) To Grow Your Email List In 2022

    Competitive Analysis

    A Complete Guide On Competitive Analysis For Beginners

    EDM Marketing

    How EDM Marketing Is Different From Email Marketing? Which One Is Better?

    The State of Digital Marketing in Bangkok

    The State Of Digital Marketing In Bangkok

    Meme Marketing

    Meme Marketing – Why Are Brands Smiling About It

    Better Content Marketing

    Top 14 Essential Tips For Better Content Marketing

    Email open rates

    Personalization In Email Marketing: How To Increase Email Open Rates?

    Tech Blogging: An Era Ends? Or, A New Begining!

    Blog Strategy For Sustainable Content Marketing Business

    Influencer Marketing

    How To Improve Your Content Strategy With Influencer Marketing

  • Online Marketing
    • All
    • Mobile Marketing
    • Search Engine Marketing
    • Search Engine Optimization
    • Social Media Marketing
    Community For Your Business’s B2B Marketing

    How To Build And Use Your Community For Your Business’s B2B Marketing

    Digital Marketing Channels

    Best 5 Digital Marketing Channels For Your Brand In 2022

    Knowing the SEO Basics

    Knowing The SEO Basics

    SMS Marketing Mistakes to Avoid

    SMS Marketing Mistakes To Avoid

    YouTube Marketing

    10 Ways How To Get Started With YouTube Marketing

    What To Expect from Technical SEO Services

    What To Expect from Technical SEO Services

    seo roi

    Why Should You Measure And Track Your SEO Success

    External Link

    What Is External Link, And How Does It Improve SEO?

    A Comprehensive Beginner’s Guide To Learn The Basics Of Digital Marketing

  • Software
    Salesforce: How Does It Work

    BigQuery To Salesforce: How Does It Work?

    Scheduling A Painless Job

    Top 10 All-In-One Automated Platforms That Make Scheduling A Painless Job

    Invalua

    Ivalua Alternatives 2022: 10 Best Spend Management Software

    Booket

    Booket Alternatives 2022: 10 Best Salon Management Software

    Recruitment Assessment Tools

    Harver Tool Alternatives 2022: 10 Best Recruitment Assessment Tools

    Wordtune

    Wordtune Alternatives 2022: 10 Great AI-Powered Writing Tools

    Eduflow

    Eduflow Alternatives 2022: 10 Best Learning Management Solutions

    Payroll process

    This Is How You Can Make The Payroll Process More Strategic And Organized

    Best HR Software

    How To Choose The Best HR Software For Your Work?

No Result
View All Result
  • Home
  • Tech
    • All
    • Mobile
    Payment Systems

    A Comparison Of Different Types Of Payment Systems

    Data Literate Workforce

    Significant Advantages Of A Data Literate Workforce

    What Is Data Literacy

    What Is Data Literacy And Why Is It essential For Every Business?

    Full Stack Development

    7 Tools And Technologies For Full Stack Development

    Salesforce Export Data

    Salesforce Export Data: Hevo’s Guide For Beginners

    Cloud-based CRM Software

    What Is A Cloud-based CRM Software

    Logistics Technology

    4 Benefits Of Incorporating Logistics Technology For Companies

    Surge Protectors

    Surge Protectors And How They Work

    Recruitment Assessment Tools

    Harver Tool Alternatives 2022: 10 Best Recruitment Assessment Tools

  • Fintech
    El Salvador

    El Salvador – The Country Where You Can Use Bitcoins Legally!

    Cryptocurrency Is Becoming A Financial Force

    5 Signs Cryptocurrency Is Becoming A Financial Force To Be Reckoned With

    What All You Need To Know For A Healthy Crypto Investment

    Easy Ways To Enhance Your Crypto Earnings

    India And Bitcoin News

    Can Bitcoin And Altcoin Replace Fiat Currencies?

    How College Students Can Make Money As Part-Time Crypto Traders

    What Is Candlestick In Trading?

    What Is Defi (Decentralised Finance)

  • Blockchain
    Cryptocurrency And Cyber Insurance: A Form Of Mutualism

    Cryptocurrency And Cyber Insurance: A Form Of Mutualism

    Crypto Loans

    4 Essential Benefits Of Crypto Loans

    Blockchain Security

    Why Blockchain Security Is Good For You

    Blockchain Technology

    Blockchain Technology Explained

    VC Funding For Blockchain

    3 Proofs That Blockchain Will Soon Revolutionize Mortgage Lending

    Blockchain Could Help Advertisers

    The Blockchain Could Help Advertisers Lock Up Our Attention

    Blockchain Technology

    How Blockchain Technology Is About To Transform Sharemarket Trading

    Deloitte's 2020 Global Survey

    Deloitte’s 2020 Global Survey: Blockchain Becomes Top Strategic Priority For Majority Of Organizations

    VC Funding For Blockchain

    Top Blockchain-Based Security Solutions In 2020

  • E-Commerce
    E-commerce Website Development

    Top Tips For Your E-commerce Website Development Process

    How To Make Money With Dropshipping

    How To Make Money With Dropshipping

    Digital Marketing For Ecommerce

    The Value In Investing In Digital Marketing For Ecommerce

    16 Best eCommerce Software Platforms For Online Business

    16 Best eCommerce Software Platforms For Online Business

    ecommerce ideas

    6 Things To Consider When You are Running an E-Commerce Business

    3dcart- ecommerce Platforms

    Best e-Commerce Software Platforms For Online Business

    starting a clothing business

    8 Things You Should Know If Starting a Clothing Business

    Use Bubble Wrap

    How To Use Bubble Wrap To Ship Fragile Items

  • Lifestyle
    Hoboken apartments

    Family-Friendly Activities In The Tri-State Area

    Harry Potter Costume

    The Best Harry Potter Costumes To Bring Your Magical Fantasies To Life

    fun things to do on birthday

    10 Amazing Things You Must Do On Your Birthday

    Better Hair Quality

    Women Need A Better Hair Quality All The Time

    Is Your Office Job Killing You Slowly

    Is Your Office Job Killing You Slowly?

    Healthy Work-Life Balance

    Top Tips To Maintain A Healthy Work-Life Balance

    arbie Sole Tattoo

    Barbie Sole Tattoo Trends Blowing Up On Instagram

    Dumbest Fashion Trends In History

    From Muslin Dresses To Corsets: 17 Dumbest Fashion Trends In History

    How to apply foundation in the best way

    How To Apply Foundation In The Best Way?

  • Inbound Marketing
    • All
    • Content Marketing
    • Email Marketing
    Grow Your Email List

    8 Actionable Ways (Tested) To Grow Your Email List In 2022

    Competitive Analysis

    A Complete Guide On Competitive Analysis For Beginners

    EDM Marketing

    How EDM Marketing Is Different From Email Marketing? Which One Is Better?

    The State of Digital Marketing in Bangkok

    The State Of Digital Marketing In Bangkok

    Meme Marketing

    Meme Marketing – Why Are Brands Smiling About It

    Better Content Marketing

    Top 14 Essential Tips For Better Content Marketing

    Email open rates

    Personalization In Email Marketing: How To Increase Email Open Rates?

    Tech Blogging: An Era Ends? Or, A New Begining!

    Blog Strategy For Sustainable Content Marketing Business

    Influencer Marketing

    How To Improve Your Content Strategy With Influencer Marketing

  • Online Marketing
    • All
    • Mobile Marketing
    • Search Engine Marketing
    • Search Engine Optimization
    • Social Media Marketing
    Community For Your Business’s B2B Marketing

    How To Build And Use Your Community For Your Business’s B2B Marketing

    Digital Marketing Channels

    Best 5 Digital Marketing Channels For Your Brand In 2022

    Knowing the SEO Basics

    Knowing The SEO Basics

    SMS Marketing Mistakes to Avoid

    SMS Marketing Mistakes To Avoid

    YouTube Marketing

    10 Ways How To Get Started With YouTube Marketing

    What To Expect from Technical SEO Services

    What To Expect from Technical SEO Services

    seo roi

    Why Should You Measure And Track Your SEO Success

    External Link

    What Is External Link, And How Does It Improve SEO?

    A Comprehensive Beginner’s Guide To Learn The Basics Of Digital Marketing

  • Software
    Salesforce: How Does It Work

    BigQuery To Salesforce: How Does It Work?

    Scheduling A Painless Job

    Top 10 All-In-One Automated Platforms That Make Scheduling A Painless Job

    Invalua

    Ivalua Alternatives 2022: 10 Best Spend Management Software

    Booket

    Booket Alternatives 2022: 10 Best Salon Management Software

    Recruitment Assessment Tools

    Harver Tool Alternatives 2022: 10 Best Recruitment Assessment Tools

    Wordtune

    Wordtune Alternatives 2022: 10 Great AI-Powered Writing Tools

    Eduflow

    Eduflow Alternatives 2022: 10 Best Learning Management Solutions

    Payroll process

    This Is How You Can Make The Payroll Process More Strategic And Organized

    Best HR Software

    How To Choose The Best HR Software For Your Work?

No Result
View All Result
Technology | Software Reviews | Product Reviews | Internet Marketing
No Result
View All Result
Home Blockchain

3 Proofs That Blockchain Will Soon Revolutionize Mortgage Lending

March 18, 2022
in Blockchain
VC Funding For Blockchain
Share on FacebookShare on Twitter

Blockchain is one of the hottest tech topics globally, there are seemingly endless applications of this technology and that has contributed greatly to its popularity.

There have been some great applications of blockchain in top companies that are in a variety of finance subsectors.

One great example of this is the application of blockchain in mortgage lending. Ever since the focus of blockchain developers shifted to mortgage lending, there has been some positive growth signaling a huge revolution up ahead.

What is the proof that indicates that blockchain will soon revolutionize this field? Here is some concrete evidence to back this up:

Disintermediation Of Mortgage Lending

The current mortgage lending field has many intermediaries that applicants have to deal with before getting their loan approved. These intermediaries are third-party service providing companies that help with various stages of getting a mortgage. Although the intermediaries involved in mortgage lending seem like a necessity, blockchain developers beg to differ.

They believe that mortgage lending could be much more efficient and trustworthy if it were not for those third-party service providers. Such service providers include legal representatives, underwriting firms, and other third-parties.
The most common downside of having such intermediaries is the costs incurred when applying for a mortgage. Both customers and lending institutions might incur a lot of costs when paying for services rendered by these third-parties.

That makes this mortgage lending model inefficient and possess inconsistencies. To resolve all of them, blockchain has offered a very powerful solution of doing away with all third-party intermediaries. The best essay writing reviews highlight that by using disintermediation in this field, both customers and lending companies can save thousands of dollars when applying for a home loan. Blockchain uses smart decentralized technology systems such as the Distributed Ledger Technology (DLT) and smart contracts.

When these two technological systems have been used conjointly, they can help remove any and all intermediaries involved in mortgage lending. Removal of these intermediaries can dramatically reduce costs when applying for a mortgage. Centralized systems that are currently being used by traditional mortgage lenders have bottlenecks that make this process costly.

That is why a decentralized system makes applying for a mortgage cost-effective because it does not require jumping all legal and underwriting hoops. All the information that needs to be acquired from third-parties can be made available on the transparent DLT that mortgage lenders can use.

Other intermediaries such as those found in the middle of mortgage lenders and banks can be also be removed. There are some countries and companies that are currently piloting this blockchain-powered mortgage lending system.

By using bits and pieces of blockchain here and there, they are hoping to gradually improve to having a fully blockchain-powered lending system. Hopefully, soon enough, these systems will start being mass-produced and implemented all around the world. For now, you can be thrilled that the development of this type of technology is starting to take form and might be ready for full-scale implementation at any time.

Expedited Verification

A real estate legal expert at law essay writing service says that an average mortgage loan application can easily take up many weeks depending on the lending company and local laws. Waiting up weeks just to hear the verdict of whether your mortgage loan was approved can be heartbreaking and unnecessarily time-consuming.

That is why an expedited system of verifying applicants and letting them know instantaneously whether they have been approved or not was a great need. How was blockchain used to solve this problem? Blockchain technology was designed to work in a fast-paced environment with data streaming in from multitudes of sources. Each piece of data stored on this blockchain DLT can be retrieved instantaneously whenever needed and displayed to the appropriate parties.

At the same time, uploading data can also be done in a fast-paced manner. These features make blockchain DLT a prime solution for expediting verification on mortgage applications. A technical writer for a custom essay service says that one of the most common reasons why verification takes so long in traditional mortgage applications is because of the number of third-parties involved. Data needs to be manually collected from them when needed, which increases the time it takes to verify applicants. Even when valuing the house, that takes a lot of time because a valuation needs to be conducted and so forth.

Whereas all these problems could be resolved by simply storing the latest and relevant data on the blockchain DLT. When a customer applies for a loan, they can retrieve all information stored on this digital ledger. For example, the latest house evaluation can be found readily available on the DLT system and all other supporting legal documents. Everything needed to verify and complete the application process can be found instantaneously and used to make a decision right then and there.

As mentioned in reports by dissertation writing services, the mortgage lending customer experience can then be significantly improved and companies can meet monthly targets easier. Expediting this type of lending can only be done using these secure and transparent systems that can be used to automate mortgage loan applications.

Expediting the process for mortgage lending also has a lot to do with removing intermediaries mentioned above because they also create a timeframe bottleneck. Using DLT can dramatically improve current lending systems and some companies have already started implementing this technology.

Limiting The Risk-Exposure Of Data Collection

The collection of data has always been of great concern amongst both companies and consumers. If companies collect data they do not need, they’re risking infringing privacy regulations. For mortgage lenders, there is very little they can do about this.

That is because they need updated and latest information about applicants and properties that are going to be part of those loans. Therefore, they constantly need to collect data that they’re going to use to either approve or decline a loan application.

However, this creates security concerns for them because they might have a breach and sensitive information can be stolen from them. Not to mention the costs of storing that data and maintaining it to be up to date. Also, collecting data from third-parties is very costly.

All of these factors were signaling a call for help and blockchain developers responded to this outcry. Currently, storing information on the blockchain is very secure and it is nearly impossible for hackers to crack into this system. That is because it is decentralized and does not have a single storage location.

Thus, this reduces risk-exposure and liability in the event of a security breach. Also, storing information on the blockchain can make it easily accessible and third-parties can contribute to keeping that information up to date. For example, if there is a change of ownership on the house, this information can be added as a different block on the blockchain.

Instead of removing the last piece of information to add new data, a new block is added. That helps maintain perfect records and promotes transparent working procedures. Companies can then have access to crucial data at any point without having to approach third-parties directly. At the same time, companies will not have to maintain servers that could be hacked, resulting in losing sensitive data.

Blockchain can service mortgage lending in this manner by providing an impenetrable storage location that is decentralized and has no security defects. That can help improve compliance of privacy policies established by the local government and within your own mortgage lending company.

The Bottom Line

Blockchain is revolutionizing all industries on this planet and mortgage lending was no exception. Companies can improve their working systems to provide a great user experience that provides instantaneous verification. That saves both customers and businesses a lot of time.

Using blockchain also promotes transparency and that removes all intermediaries that add unnecessary costs and time to this application process. Lastly, blockchain is virtually impenetrable and that provides world-class security for the data you need about customers.

Author Bio

Michael Gorman is a highly-rated academic writer currently working with https://www.essaygeeks.co.uk where he provides science essays and lab report help to students. He has another assignment with Ph.D. dissertation writing services where he’s the lead thesis and dissertation writer. Having spent years in the industry, he is able to deliver high-quality writing consistently and is rated amongst the best.

Previous Post

Focus Supplements: Which Natural Ingredients Boost Brain Power?

Next Post

How To Improve Your Content Strategy With Influencer Marketing

Related Posts

Cryptocurrency And Cyber Insurance: A Form Of Mutualism
Blockchain

Cryptocurrency And Cyber Insurance: A Form Of Mutualism

June 25, 2022
Crypto Loans
Blockchain

4 Essential Benefits Of Crypto Loans

March 18, 2022
Blockchain Security
Blockchain

Why Blockchain Security Is Good For You

March 18, 2022
Blockchain Technology
Blockchain

Blockchain Technology Explained

March 18, 2022
Blockchain Could Help Advertisers
Blockchain

The Blockchain Could Help Advertisers Lock Up Our Attention

March 18, 2022
Blockchain Technology
Blockchain

How Blockchain Technology Is About To Transform Sharemarket Trading

March 18, 2022
Deloitte's 2020 Global Survey
Blockchain

Deloitte’s 2020 Global Survey: Blockchain Becomes Top Strategic Priority For Majority Of Organizations

March 18, 2022
VC Funding For Blockchain
Blockchain

Top Blockchain-Based Security Solutions In 2020

March 18, 2022
Four Ways Blockchain Could Make The Internet Safer, Fairer And More Creative
Blockchain

4 Ways Blockchain Could Make The Internet Safer, Fairer And More Creative

March 18, 2022
Next Post
Influencer Marketing

How To Improve Your Content Strategy With Influencer Marketing

Recent Posts

Community For Your Business’s B2B Marketing

How To Build And Use Your Community For Your Business’s B2B Marketing

August 2, 2022
Get Your Small Business Out Of Debt

How To Get Your Small Business Out Of Debt

August 1, 2022
Tax Tips For Small Business

Tax Tips You Should Know For Small Business Owners In 2022

July 29, 2022
Guide To Selling

Your Guide To Selling Merch As An Artist

July 26, 2022
Payment Systems

A Comparison Of Different Types Of Payment Systems

July 23, 2022

Get Updates

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Loading

Disclosure

We sometimes use affiliate links in our content. This won’t cost you anything but it helps us to offset the costs of paying our writing team. Thanks for your support!

About Witszen

Witszen-logo

Follow Us

Useful Links

  • Home
  • Affiliate Disclosure
  • Contact Us

Browse by Category

Get Updates

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Loading
  • Home
  • Affiliate Disclosure
  • Contact Us

© 2022 Witszen

No Result
View All Result
  • Home
  • Tech
  • Fintech
  • Blockchain
  • E-Commerce
  • Lifestyle
  • Inbound Marketing
  • Online Marketing
  • Software

© 2022 Witszen