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From YouTube: Proposal for a Mortgage Sub-group - CM SIG 10Aug2021
Description
The Hyperledger Capital Markets Special Interest Group announces a proposal to create a Mortgage sub-group. To discuss the details of the proposal Angel Alban President of Zventus and Marvin Bantugan co-Founder will be at our meeting on August 11 at 10 am EDT.
They will provide a quick overview of the mortgage industry and workflow to illustrate the potential use cases for blockchain technology. Also highlighted will be public data on mortgage blockchain projects globally and in the Americas specifically the US.
Meeting Notes: https://wiki.hyperledger.org/display/CMSIG/2021-08-11
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
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#Hyperledger #HyperledgerCapitalMarketSIG #Blockchain
A
A
A
The
second
one
is
the
code
of
conduct,
which
is
basically
something
that
says
that
we
should
be
treating
each
other
with
respect,
even
when
we
are
disagreeing,
which
is
always
a
good
thing.
So
without
waiting
too
much,
I'm
going
to
present
here,
angel,
album
and
marvin
bontagon
are
going
to
propose
a
new
mbs.
A
Subgroup
and
they
will
go
through
the
details
of
mbs
and
why
it
is
appropriate
to
put
it
on
the
blockchain
and
so
on
and
so
forth,
and
why
it
belongs
in
the
greater
umbrella
of
capital
markets
which
they
have
started,
which
they'll
start
to
do.
But
you
know
they're,
they're,
probably
going
to
spin
off
if
they
feel
that
that
is
necessary.
B
B
B
My
background
is
in
mortgage
banking,
I've,
our
team.
We
have
a
bigger
team
than
is
represented
here
today.
We've
all
worked
at
some
of
the
largest
mortgage
brands
around
the
world.
I've
had
the
privilege
of
living
in
london
and
being
part
of
a
joint
venture
with
barclays
mortgage
for
four
years
learned
a
lot
about
mortgages
how
they
operate
in
different
countries.
B
In
europe
a
little
bit
in
asia,
so
there
is
a
lot
of
similarities
in
the
mortgage
world
from
a
professional
standpoint
where
we're
helping
people
with
their
biggest
investment
in
their
lifetime,
which
is
a
home
loan,
and
it's
a
very
personal
asset.
It's
the
home,
that's
where
family
is
and
in
many
countries
around
the
world,
it's
multi-generational,
so
it's
a
very,
very
important
asset
class
as
well
as
a
very
important
financial
instrument.
B
C
Thanks
angel,
this
is
marvin
vancouven.
Thank
you
guys
for
allowing
us
to
present
today.
We
really
do
appreciate
that
this
wonderful
opportunity
to
work
with
you
guys.
My
background
is:
I
came
from
boys
consulting.
I
started
working
with
deloitte
working
with
different
financial
services,
clients
straight
out
of
graduate
school
and
after
deloitte
I
went
to
go
work
with
a
dot-com
startup
back
in
2002
called
at
stake.
They
were
an
information
security
company.
C
B
C
C
C
Let's
see
very
good
okay,
it's
a
slight
delay
in
updating
the
pages,
so
thanks
angel.
So
what
we
wanted
to
do
on
this.
One
is
really
just
talk
about
what
we
want
to
accomplish
within
the
mortgage
subject,
but
I'm
not
going
to
go
over
every
bullet
here.
I
don't
you
guys
want
to
listen
to
me.
Read
all
these
bullets,
but
from
our
attendance
at
the
hyper
ledger
global
forum.
C
B
A
C
Talked
a
little
bit
about
what
a
mortgage
means
to
the
general
population,
but
we
wanted
to
share
some
data.
I
think
a
couple
of
people
on
this
call
probably
have
a
mortgage
background.
I
know
different
has
a
very
strong
mortgage
background
so
that
some
of
this
information
may
not
be
new
but
I'll
be
covered
really
briefly
anyway.
C
So,
if
you
take
a
look
at
this
slide,
you
can
see
that
there
are
over
13
000
financial
institutions
in
the
u.s,
that's
a
significant
number
and
that
doesn't
even
include
the
third-party
vendors
that
help
support
the
mortgage
market,
we'll
cover
that
on
the
next
slide,
the
overall
size
of
the
mortgage
market
11
trillion.
That
is
pretty
significant
and
also
on
the
next
slide,
we'll
see
that
in
comparison
to
the
overall
economy,.
C
C
On
the
previous
slide,
you
saw
that
there
was
a
significant
number
of
financial
institutions,
13
000,
add
to
that
to
4
500
title
companies
independent
abstractors.
These
are
companies
that
help
support
the
mortgage.
So
if
you
add
that
too
you're
talking
about
almost
17
000
companies
that
support
the
mortgage
market
and
then
on
the
right
hand,
side
over
8
million
new
home
loans
every
year,
so
again
pretty
significant
size.
C
Thank
you
angel
at
excellent
point,
yeah
still
within
that
same
ethos
of
openness
and
inclusion
on
this
fight
against
more
data,
you
can
see
that
11
trillion
in
terms
of
the
number
of
outstanding
mortgages.
I
compare
that
with
the
latest
u.s
gdp
forecast
of
22.785
trillion,
so
the
mortgage
market
is
huge
half
the
size
of
the
annual
gdp.
C
C
B
B
C
Mortgage
bankers
association,
that's
the
key
source
for
a
lot
of
our
data.
You
can
see
the
gdp
growth
rate,
but
really
focus
down.
In
the
last
line.
Total
origination
in
2020
3.8
billion
3.4
billion
estimated
in
2021
that'll,
probably
come
in
a
little
higher.
You
can
see
it
starts
to
tail
off
a
bit,
but
really
this
slide
is
again
just
intended
to
show
you
guys
just
the
size
of
the
overall
mortgage
market
and
some
of
the
relevant
data
as
well
angel.
Anything
you
want
to
add
to
the
mortgage
data.
B
So
this
was
some
of
our
research.
We
wanted
to
share
it
here.
You
know
as
starting
the
mortgage
sub
group.
We
need
to
start
creating
some
contacts
about
the
mortgage
market.
We
invite
others
to
provide
or
share
research
that
that
is
available
for
sharing
in
other
countries.
We
have
some
research
in
europe
that
we're
going
to
be
adding
in
here
as
well,
but
we
again
as
as
part
of
this
mortgage
subgroup,
we
want
to
be
able
to
have
information
that
provides
the
context
of
the
mortgage
market,
the
size,
the
players.
B
B
So
I
think
at
this
point
here
what
we'd
like
to
do
we're
not
going
to
get
into
a
lot
of
detail
here,
but
what
we
wanted
to
do
is
just
share
with
you
a
little
bit
from
the
consumer
perspective
and
a
little
bit
from
a
mortgage
bank
operating
model
perspective.
What
are
some
of
the
challenges
in
the
process?
What
does
that
look
like
you
know?
How
can
we
learn
from
this
and
and
as
we
continue
to
learn
and
start
the
conversation,
then
we
start
asking
the
questions
you
know:
where
can
we
apply
blockchain?
B
Where
can
we
identify
pocs?
Where
can
we
start
extending
technologies
that
are
blockchain
enabled
or
create
new
blockchain
applications
and
solutions?
Okay?
So
let's,
let's
look
at
this
a
little
bit
from
the
us
mortgage
consumer
standpoint
right,
so
everybody
can
shop
online
for
a
mortgage
you
can
apply
for
a
loan
online.
B
Closing
online
has
been
clo
has
been
increasing
in
the
us
over
the
last
couple
years,
primarily
driven
by
covid
to
create
contact,
less
closing
opportunities,
but
we're
still
probably
two
three
percent
of
all
mortgages
are
closing
online.
That
figure
is
expected
to
close,
but
from
a
customer
experience.
This
is
a
major
pain
point
next
slide,
so
at
a
high
level,
eight
million
loans
annually
on
average
right
in
the
us.
So
that's
a
pretty
big
number,
pretty
good
scale.
B
As
I
said,
a
large
majority
of
these
loans
are
being
done
still
any
printing
the
documents
signing
the
documents,
shipping,
the
documents
you
know
all
of
this
creates
delays.
All
of
this
impacts
the
customer
experience
right.
More
importantly,
for
the
mortgage
bank
players
and
the
ecosystem,
it
creates
more
processes,
more
cost,
more
handoff,
more
verification
points
next
slide.
B
So
here,
let's
this
is
really
where
we
start
to
talk
a
little
bit
about
the
security
instrument
right
from
a
capital
markets
perspective
right.
So
what
we've
really
been
talking
about
is
the
origination
of
the
mortgage
right,
and
so
this
gives
you
a
little
bit
of
insight
in
terms
of
who
are
some
of
the
actors
in
this
process
in
the
loan
origination
process.
B
There's
a
lot
of
handoff
points,
a
lot
of
verification,
a
lot
of
identity
checks,
a
lot
of
potential
for
fraud,
and
so,
and
so
one
of
the
things
that
happens
is
the
security
instruments
get
created.
They
leave
this
secured
network
and
they
need
to
go
to
the
local
county
recorder's
office
to
get
recorded
right.
So
so
in
there's
about
3
900
county
recorders
across
the
u.s.
Some
of
them
are
electronically
enabled
some
of
them
are
not
so
that
creates
another
layer
of
complexity.
B
Next
slide,
and
so
what
we're
doing
here
is
we're
we're
zooming
in
a
little
bit
not
going
to
go
through
this
in
in
detail.
But
the
purpose
of
this
slide
is
just
to
share
with
the
team
here
and
the
broader
mortgage
group
and
the
capital
market
groups
that
the
origination
of
a
mortgage
is
a
complicated
process.
There's
a
lot
of
actors
in
the
process,
a
lot
of
verification
steps,
we're
talking
about
obtaining
income
information
from
a
bar
obtaining
their
assets,
verifying
their
employment,
doing
a
property
inspection
doing
the
valuation.
B
Looking
at
the
title,
looking
at
the
title
of
the
property
you
know
is:
are
there
any
liens
on
the
property,
so
a
lot
of
complexity
in
this
process,
and
so
we're
going
to
be
using
this
as
a
way
to
start
the
conversation
to
identify
across
the
value
chain?
You
know
where
are
the
biggest
pain
points
and
where
are
the
opportunities
to
start
a
conversation
around
blockchain.
C
And
angel,
if
I
can
interject,
if
you're
going
to
take
a
look
at
this
workflow,
one
of
the
things
that
we're
also
doing
is
identifying
where
some
of
the
potential
solutions
are.
That
may
already
exist,
and
I'm
sure
you
guys
have
been
seeing
a
lot
of
the
press
releases.
The
notification
about
different
organizations
within
the
mortgage
industry
that
are
implementing
different
blockchain
solutions
and
all
of
those
are
really
interesting
across
the
different
process.
Silos
that
you
guys
are
taking
a
look
at
now.
So
we're.
C
C
B
So
dr
lassity,
many
of
you
guys,
may
know
her.
She
was
a
keynote
speaker
at
the
global
ledger
event.
That's
when
we
became
aware
of
the
center
of
excellence
that
she
runs,
we're
a
big
fan
of
her
research.
We've
started
reading
it
we'd
like
to
schedule
a
visit
and
really
learn
at
a
deeper
level
what
they're
doing
there,
but
I
think,
based
on
her
experience
in
driving
blockchain,
pocs,
being
a
research
center
being
a
center
of
excellence.
B
I
think
she
really
sums
it
up
really
nicely
her
experience
and
how
that
could
be
applied
to
the
mortgage
industry
right
and
so
verifying
identities
attesting
to
that
authenticity
of
an
asset
right
that
is
really
the
biggest.
That
is
the
crux
of
the
mortgage
process
and
we're
looking
forward
to
partnering
with
the
doctor
and
her
research
group
and
identifying
best
practices
and
how
we
can
cross-fertilize
ideas
and
solutions
from
her
work
to
the
mortgage
subgroup.
C
I
I
think
it
definitely
makes
sense
to
have
mortgage,
be
a
part
of
the
capital
market
sig,
as
this
slide
underscores
and
then,
as
we
continue
to
grow,
then
we
can
exchange
information
between
capital
markets
and
and
the
mortgage
sig
the
insurance
subgroup
within
capital
markets
and
mortgage.
So
we
really
want.
D
C
C
This
could
just
be
the
starting
point
of
helping
to
roll
out
blockchain
with
the
different
realtor
groups
on
the
lower
left-hand
side,
builder,
blockchain
kind
of
recorder
blockchain,
and
it's
really
starting
to
include
the
different
parties
that
are
part
of
the
mortgage
value
chain
that
we
alluded
to
at
the
beginning
and
what
we
included
here
in
the
upper
right
is.
We've
already
started
to
identify-
and
I
think
I
mentioned
this
on
earlier-
slides
some
of
the
different
organizations
that
are
already
rolling
out
different
point
solutions.
You
guys
probably
heard
about
fluidity.
C
B
B
B
We
have
title
companies
first,
american
or
republic,
who
are
collaborating
and
looking
at
blockchain
for
solutions.
And
if
you
go
over
to
the
left
side
and
you
look
at
the
blockchain
county
recorder's
office,
we
have
the
first
county
in
the
united
states
riverside
county
who
is
working
on
a
blockchain
project
as
well,
so
they're.
Definitely
the
there
are
blockchain
initiatives
across
this
entire
value
chain.
Everybody
plays
a
role
in
this
process
right
now.
B
There
is
no
central
group
where
the
community
come
together,
and
that
is
one
of
the
purposes
of
the
mortgage
subgroup
is
to
start
creating
that
awareness,
bringing
these
players
together,
bringing
them
into
the
conversation
and
so
that
we
can
start
exploring
blockchain
solutions.
So
I
think
the
other
exciting
news
that
we
have
on
a
global
front
is
in
spain,
so
they're
looking
to
allow
mortgage
mortgages
to
be
paid
by
crypto
right
and
so
again.
B
If
anybody
has
any
news
around
the
world
regarding
mortgages,
you
know,
please
send
it
our
way.
One
of
the
things
that
we
want
to
create
is
kind
of
a
central
place
to
go
to
see
the
developments
that
are
happening
around
the
world,
and
if
we
can
create
that
awareness
we
can
start
reaching
out
to
those
folks
and
and
bringing
them
into
the
conversation.
C
Okay,
benefits
of
blockchain-
I'm
not
going
to
spend
a
whole
lot
of
time
on
here
since
most,
if
not
all
the
people
on
the
call
or
you're
pretty
familiar
with
blockchain.
You
guys
have
been
working
on
this
for
quite
a
while,
and
you
guys
probably
already
know
these
benefits.
You
guys
have
already
already
implemented
projects
related
to
these
benefits,
but
just
really
quickly,
I
think,
reduced
servicing
costs
is
one
of
the
key
aspects
you
can
see.
C
Some
of
the
costs
in
a
non-performing
loan
versus
a
performing
loan
reduced
servicing
cost
via
blockchain
would
help
significantly
lower
that
through
automation,
after
easy,
securitization
so
again
related
to
capital
markets
and
then
another
key
aspect
is
regulatory.
Compliance
with
transparency,
trustless,
environment,
the
regulatory
compliance
becomes
a
lot
easier
and
it
significantly
lowers
that
cost.
C
C
It
will
help
simplify
the
process,
so
you
can
log
on
anywhere
any
any
time
to
sign
up
for
a
mortgage
and
facilitate
it
through
that
pretty
long
process
review
and
sign
your
documents
online.
This
is
already
starting
to
happen
in
the
defining
space
with
companies
like
docusign
and
design
capabilities,
and
then
documents
being
recorded
and
delivered
to
the
investor.
I
think
this
is
one
of
the
key
things
that
we
already
spoke
about.
Angela,
you
want
did.
B
B
So
one
of
the
things
you
know
we
talked
about
the
mortgage
right
so
marvin.
We
talk
about
the
experience
right,
there's
so
many
aspects
to
this,
not
just
the
consumer
experience,
but
you
know
what
does
that
mean
to
business
right?
We
want
to
have
a
business
conversation
as
well
as
a
technology
conversation
and
then,
within
those
conversations
we
always
want
to
keep
center.
B
Is
the
customer
experience
right
and
so,
when
we
think
about
blockchain
as
a
use
case
it
has
we
we've
studied,
we
trade
that
is
up
and
running
by
ibm
in
europe
and
a
lot
of
the
a
lot
of
the
goals
and
objectives
of
that
project.
To
make
things
secure,
make
it
simple
make
it
easy,
make
it
open
and
accessible
right
all
those
concepts
and
applications
apply
in
the
mortgage
use
case
right.
B
This
is
a
u.s
centric
perspective,
but
it
really
applies
on
a
global
basis
right
and
so
that's
one
of
the
things
I
just
wanted
to
add.
Very
importantly,
our
conversations
are
going
to
be
around
the
business,
the
technology
and
then
the
consumer,
the
borrower
who
is
getting
those
services
and
the
experience
that
blockchain
is
going
to
bring
to
that
end,
consumer
that
end
user
and
how
it's
going
to
transform
their
life,
make
it
easier
make
it
more
secure,
make
it
more
transparent.
B
And
so
that's
that's
what
we're
looking
to
do
in
in
this
mortgage
sub
group.
We
invite
everybody
to
bring
their
ideas
on
on
what
the
conversation
should
be,
but
that's
those
are
going
to
be
the
the
main
conversation
points.
If
you
will
so
with
that,
I
think
our
time
is
done.
I
I
want
to
thank
hyperledger
vip
ben
kerthy,
karen
for
helping
us
get
to
this
point.
B
D
C
Is
primarily
within
residential
mortgages,
but
this
does
not
exclude
commercial
mortgages.
I
think
that
that's
something
that
there
is
some
similarities
in
the
process
and,
more
importantly,
some
similarities
in
the
problems
and
potential
solutions,
so
we
are
definitely
open
to
including
commercial
mortgages.
Within
this
effort,
angela.
B
Yeah,
I
I
think,
obviously
our
backgrounds
are
residential
mortgages,
there's,
definitely
application.
I
hope
we
can
inspire
our
commercial
colleagues
to
create
a
subgroup,
that's
more
focused
in
the
commercial
space
and
and
look
at
look
at
what
we
can
learn
from
the
capital
market.
Sig
the
other
cigs
across
the
hyperledger
community
and
have
them
start
a
conversation
around
commercial
mortgages.
B
A
So,
stepping
back
a
little
bit,
there
is
a
tendency
for
there
to
be
for
us
to
fragment
into
silos.
Right,
I
mean,
like
you
just
said,
suggested,
for
example,
the
commercial
mortgages
could
become
their
own
subgroup.
There
is
also
the
opposite
centripetal
force.
That
brings
us
together,
which
is
of
course,
the
hyperledger
umbrella
itself.
A
A
You
know
payment
systems,
settlement
systems,
various
other
topics
and
that's
not
even
just
confined
to
capital
markets,
but
to
anything
that
is
other.
You
know
that
is
goes
by
the
name
of
blockchain.
Of
course
we
are
not
talking
about
the
technical
underpinnings
which
which
also
share
in
terms
of
the
in
terms
of
the
infrastructure.
A
You
know
it's
supposed
to
be
infrastructure.
So
what
do
you
you
know?
There
are
some
initiatives
there
in
uniting,
not
only
just
within
the
sig
but
with
between
six-
and
I
hope
you
guys
will
take
a
look
at
that
effort
here
in
hyperledger
and
we
are
trying
to
build
a
systematization
of
knowledge
corresponding
to
these
features
that
we
mentioned
before,
which
is
performance
and
scale.
A
A
D
D
A
A
Well,
that's
a
you
know,
going
back
to
the
let's
say,
scoring
processes
and
de-biasing
of
scoring
algorithms
with
machine
learning
is
a
very
important
topic
which
I
am
actually
working
on
in
another
area,
but
I
am
in
touch
with
you
know:
fair
housing
authority
whose
main
concern
is
credit,
denials
to
people
mostly
for
mortgages.
I
assume
because
they
can
also
be
for
credit
cards
or
anything
else.
But
anyway,
that's
a
like.
You
said
it's
it's
it's
another
one
of
those
topics.
So
here
are
some
of
the
questions
so.
E
We
also
know,
of
course,
that
one
of
the
biggest
industries
in
the
world
is
the
the
pooling
of
mortgages
and
the
creation
of
more
tradable
pools.
So
I
guess
the
point
to
make
here
on.
The
back
of
that
is
to
reiterate
your
comment
earlier.
Is
that
there's,
if
we're
looking
to
create
automated
solutions
to
make
the
operating
environment
better,
that
the
interfaces
between
the
the
types
of
solutions
have
to
be
solid
right
then?
E
E
Like
if
I
think
about
the
process
chain
of
mortgages
as
an
asset
similar
to
the
process
chain
of
loans
and
to
close
as
an
asset,
there
is
a
point
at
which
it
becomes.
You
know
where
institutional,
where
it
shifts
to
institutional
focus
and
if
I
say
capital
markets,
sig
is
really
focused
in
some
respects
on
in
the
institutional
side
that
if
we
don't
get
that
that
transition
right,
we
end
up
with
you,
know
a
reflection
of
the
problem
we
have
today,
which
is
lots
of
fragmented
activity,
and
you
know
and
a
difficulty
to
know.
E
In
a
deep
way-
and
so
the
concern
is,
if
we're
going
to
focus,
have
a
there's
going
to
be
a
group-
that's
focused
on
mortgages
and
one
presumes
that
it's
area
of
deep
focus
is
going
to
be
the
thing
leading
up
to
the
loan
having
been
issued,
and
maybe
it's
and
the
life
cycle
of
the
loan.
Then
it
needs
a
deep
integration
with
the
capital
market
side,
and
I
think
that
that
was
your
point
earlier,
which
you
said
in
one
sentence,
and
I
said
in
three
or
four
minutes
of
blather.
B
No
dan
dan-
that
was
great
and
that's
exactly
right.
So
the
the
the
manufacturing
of
the
mortgage
is
a
critical
component
right
that
has
to
integrate
seamlessly
into
the
post-closing
investor
delivery
functions
and
integrate
seamlessly
into
the
issuance
processes.
Then
integrate
seamlessly
into
you
know
the
reporting
of
the
asset,
the
performance,
the
analytics
yeah.
You
know
the
investor
accounting
all
that
good
stuff
right,
so
today,
they're
all
they
get
cut
off
right.
You
originate
the
loan
boom.
We're
done.
You
send
it
over
to
post
closing
they
re-underwrite
the
loan
right.
B
You
send
it
over
to
investor
delivery.
They
rerun,
they
re-underwrite
the
loan.
You
send
the
loan
over
to
a
wholesale
investor,
they
re-underwrite
the
loan
right
and
so
yeah
point
taken.
I
completely
agree-
and
I
think
this
is
one
of
the
reasons
why
you
know
we're
part
of
the
capital
market.
Sig-
is
that
there
are
those
synergies,
it's
it
is
part
of
a
broader
chain
right
and
it
is
a
big
chain
and
being
being
part
of
this
conversation.
E
C
A
I
do
see
some
questions
on
the
chat
which
I'll
read
out
and
because
you
guys
are
focused
on
the
presentation
I'll
try
to
help
you
out
here
unless
you
want
to
continue
on
the
same
vein
or
you
want
to
say
something
about
these
questions,
which
is
money
is
asked.
How
do
you
plan
to
address
regulations
across
many
jurisdictions.
B
So
I
again,
we
want
to
invite
everybody.
That's
part
of
this
ecosystem.
Regulators
are
very,
very
important,
and
so,
depending
the
jurisdiction
that
we're
operating
in
we
want
representation.
We
want
them
to
have
a
voice
at
the
table.
We
want
them
to
be
aware,
it's
an
educational
opportunity
to
bring
the
regulators
into
the
process
and
look
for
their
guidance
right
and
educate
so
that
we
can
innovate.
C
And
this
is
one
of
the
questions
we
first
raised
when
we
first
started
speaking
with
hyper
ledger
from
the
hyperledger
forum.
We
didn't
see
participation
from
regulatory
bodies
from
governmental
bodies
and
we
wanted
to
make
sure
that
you
guys
were
open
to
that.
Because
for
this
to
be
successful,
we
do
have
to
have
participation
from
the
regulatory
bodies
fannie
mae,
freddie,
mac
and
may
all
of
those
guys
need
to
be
a
part
of
this.
A
Yeah
actually
ron
was
on
the
call
has
written
extensively
on
regulations,
not
just
in
america,
but
acro
I
mean
they
have
produced
a
book
that
looks
at
blockchain
regulations
across
the
world,
but
it's
not
obviously
focused
solely
on
this,
but
I
have
two
other
several
other
questions.
So
let
me
just
go
ahead
and
say
that
land
titles
are
also
an
important
part
in
blockchain.
A
Let's
connect
so
basically
something
about
registries.
I
guess
because
it
is
a
fragmented
landscape
when
it
comes
to
it
registries,
because
it's
counties,
local
governments,
that
keep
their
industries-
and
there
should
be
some
kind
of
a
connection
between
that
and
a
poll
that
is
composed
of
multiple
mortgages
that
are
in
different
parts
of
the
country,
and
the
only
thing,
obviously,
that
you
know
is
during
the
closing
process.
There
is
a
title
title
insurance
or
something
else
that
ensures
that
that
that
is
solid.
B
Yeah,
absolutely
so
what
we've
seen
at
least
in
the
u.s
and
we're
welcome
to
other
activities,
are
happening
around
the
globe,
but
in
the
us
the
riverside
county,
which
is
based
in
california,
has
started
an
initiative
for
blockchain
technology.
They
recognized
from
what
we've
seen
in
the
research
that
we've
done
there.
B
We
haven't
spoken
to
anybody
yet
but
we'd
like
to
invite
them
to
come
here
and
present
and
tell
us
what
they
see
and
share
their
experience
and
how
they're
going
about
it
is
based
on
what
they're,
reporting
and
what's
available
in
the
public
right.
They
recognize
that
you
know
being
a
large
county
managing
data
on
legacy
systems
right
not
having
the
accurate
title
at
some
points
in
time,
also
protecting
their
constituents
from
potential
equity
stripping
right.
B
C
C
That
said,
does
blockchain
eliminate
the
need
for
title
insurance,
because
if
you
have
the
history
behind
the
patient
property
and
it's
been
validated
and
contained
within
the
blockchain,
and
does
that
completely
eliminate
the
need
for
title
insurance
and
then
some
of
the
data
that
was
included
in
that
there
were
several,
I
think,
realtors
or
people
within
the
title
industry
or
the
real
estate
industry.
That
said
that,
in
their
25
30
years
of
experience,
no
one
had
seen
a
title
insurance
claim.
C
A
D
A
Well,
the
optionality
of
mortgages
is
what
makes
them
complicated
and
the
basically
the
gamma
of
mortgages
anyway.
Let's
not
go
into
the
she's
also
asked
other
questions
where,
where
on
the
ledger,
you
put
the
environmental
credit,
is
there
a
seller
trying
to
reduce
a
carbon
footprint
offering
a
trade?
B
Yeah
those
are
good
questions
and
I
think
that's
something
that's
an
aspect
of
the
discussion
right
when
you
start
getting
into
mortgage
product
development,
mortgage
security,
issuance
trading,
etc.
You
know
what
what
are
the
features
and
characteristics
of
that
mortgage?
How
can
you
make
a
mortgage
more
sustainable?
How
could
it
be
more
green,
and
how
can
this
you
know?
How
can
blockchain
be
an
enabler
for
that.
D
Yes,
thank
you
viviane,
thank
you
angel
and
marvin
for
a
great
presentation.
What
I
see
here
is
it's
a
great
opportunity
to
connect
the
points.
Okay
to
do
the
bridging
the
silos
that
15
was
not
referring
to,
because
homes
are
a
very
important
part
of
cities
and
financing
is
a
great
entry
point
in
some
of
the
cases
in
the
world
like,
for
instance,
I'm
going
to
talk
about
ghana.
D
Let's
every
mortgage
that
you
approve,
let's
register
the
land
title:
okay,
so
that
the
next
time
it
comes
into
the
market.
It's
already
solved.
Okay,
so
that's
that's
a!
I
think,
a
very
clever
way
of
connecting
urban
and
political
issues
with
with
finance
and
so
I'd
like
very
much
what
you
presented,
because
it
opens
up
a
whole
chain
of
events
related
to
homes,
families,
cities
and
for
those
different
parts
and
components.
A
B
Right
so
so
I
think
that's
a
great
question.
You
know
just
some
of
the
things
that
we've
seen
at
the
end
of
the
day.
Blockchain,
you
know
if
you
go
at
it
alone,
as
an
institution
you're
going
to
be
in
a
centralized,
siloed
technology
platform
from
a
mortgage
originator
perspective
right
blockchain's
about
consortia
right
having
other
parties
be
part
of
it,
be
open,
share
information.
B
So,
let's
think
about
one
of
the
big
fraud
risks
that
occur
in
in
in
the
us,
from
a
mortgage
application
standpoint.
So
there's
what's
called
double
lapping
triple
lapping
right,
so
you
have
a
consumer
who's
applying
for
a
loan,
equity
stripping
or
cash
out,
refi
on
one
property,
but
they're
applying
with
multiple
lenders
right.
So
each
lender
is
in
their
own
system.
Each
lender
is
processing
their
own
application.
B
If
all
these
loans
close
at
the
same
time
right
that
fraud
event
was
successful
right
and
so
by
one
one
benefit
in
this
fraud
scenario
of
being
part
of
a
blockchain
is
that
these
applications
will
be
shared
among
the
lenders
and
the
rod
can
be
identified.
It
could
be
investigated
and
put
on
a
path
for
resolution
to
mitigate
or
eliminate
fraud
right.
B
B
A
lot
of
churn
is
the
anxiety
of
the
mortgage
process
itself,
the
anxiety
that
this
loan
is
going
to
close
right,
because
if
the
loan
doesn't
close,
there
is
no
economic
event
right,
and
so
you
know
is
alfonso's
loan
on
track
right,
and
so
so
that
requires
a
status,
a
proof
of
work,
a
proof
of
event
right
and
so
everybody's
gonna
call
everybody's
gonna
email.
Everybody
is
going
to
follow
up
multiple
times
to
make
sure
that
alfonso's
loan
is
on
track
to
close
tomorrow
at
2pm,
right
and
then
at
I.
B
I
won't
get
into
all
the
details,
but
there's
a
significant
amount
of
that.
So
can
blockchain
with
its
proof
of
work.
Proof
of
event
technologies
be
a
a
truth
that
everybody
can
rely
on
that
everybody
has
access
to,
so
that
we
eliminate
that
operational
anxiety
of
this
loan
closing
and
everybody
has
that
proof
of
work
that
a
alfonso's
loan
is
scheduled
for
2
pm
tomorrow
and
that's
what
we
know
at
this
point
in
time
and
it's
done
and
all
the
churn
goes
away
right.
A
A
It's
not
just
the
homeowner,
but
also
the
financier,
because
once
you
close,
you
originate
those
loans
and
then
you
can
sell
them
into
a
secondary
market.
And
if
you
can
make
those
processes
so
fast,
then
it
allows
for
essentially
monopolies.
I
mean
you
know
I
mean
I
don't
want
to
call
it
that
way.
But
that's
what
happens
when
you
have
these
kind
of
incentives
driving
the
market?
A
A
A
B
B
What
we're
really
worried
about
now
between
now
and
then
and
the
time
my
loan
closes
or
in
the
future
is,
did
my
income
change
right?
But
if
my
income
doesn't
change,
then
why
is
my
income
need
to
be
repooled
re-verified
multiple
times
within
the
loan
origination
process?
Why
does
it
have
to
be
re-verified
during
the
investor
delivery
process?
You
know,
why
does
it
have
to
be
re-verified
in
the
due
diligence
of
delivery
of
whole
loans
to
secondary
investors?
B
Right
so
so
what
do
we?
If,
if
we,
if
it's
been
verified
once
in
the
blockchain,
you
know
the
question
is:
can
we
rely
on
that?
Is
that
the
truth
right
and
if
it
is
on
blockchain
and
we
are
all-
are
comfortable
with
the
blockchain
and
the
integrity
of
the
blockchain
and
how
it
works,
then
we
can
rely
on
that
data
point
all
the
way
until
my
last
payment
of
my
30th
year
of
going
into
this
mortgage
right
unless
there's
a
change
right.
B
So
what
we
want
to
do
is
really
start
looking
at
data
and
saying
hey,
if
it's
part
of
the
blockchain,
it's
a
proof
of
event,
it's
proof
of
status.
It's
proof
of
data,
let's
let's
build
on
top
of
that,
but
as
we
start
to
build
on
that,
we're
also
streamlining
and
removing
friction
anxiety,
processes,
re-verification
of
work
and
we're
streamlining
things,
and
it
gives
us
a
better
opportunity
to
start
connecting
these
dots
right.
So
how
do
we
connect?
How
do
we
connect
to
the
land
registries?
How
do
we
connect
to
the
valuation
of
the
property?
B
How
do
we
connect
to
the
secondary
market
players?
How
do
we
connect
to
the
warehouse
lenders?
How
do
we
connect
to
the
issuance
and
the
government
sponsored
agencies
enterprises?
How
do
we
connect
to
you
know
the
rating
agencies?
How
do
we,
how
does
all
that
data
connect
and
if
we
look
at
the
mortgage
subgroup
as
an
opportunity
to
start
that
conversation,
it's
it's
definitely
gonna,
be
an
interesting
conversation
for
sure.
But
that's
that's.
That's
the
opportunity
here
right.
The
network
of
network
effects
with
blockchain
and.
C
And
just
to
add
to
the
points
that
angel
made,
it's
removal
of
that
friction
that
I
think,
will
address
some
of
the
creation
of
monopolies
that
you
were
alluding
to
in
one
of
the
reasons
why
countrywide
was
so
successful
and
it
eventually
became,
as
you
say,
a
monopoly
because
it
had
better
systems
than
anyone
else
and
now
you're.
Seeing
the
creation
of
similar
entities
like
loan
depot
and
they're
one
of
the
biggest
loan
originators
non-bank
originators
in
the
us
and
that's
because
they
have
better
than
anyone
else.
C
A
All
very
delightful,
unfortunately,
we
are
out
of
time,
looks
like
there
are
some
people
here
on
another
call,
probably
I
don't
know,
but
you
know,
unless
there's
someone
else,
we
can
continue
this
conversation
for
five
more
minutes,
but
I
don't
know
I
mean
I
haven't
looked
carefully
to
see
whether
there
are
others
who
are
taking
over
this
is
there?
Is
there
a
call
scheduled
on
this
on
this
particular
zoom
link.