►
From YouTube: Blockchain and Mortgage Servicing
Description
Hyperledger FMSIG's August 2022 Mortgage Industry Subgroup update, led by Marvin Bantugan, MI Subgroup Chair.
Karen Belleza and the Ranieri Solutions LLC team gave us a presentation on their new blockchain-based mortgage servicing solution, certainly a very interesting conversation.
Also, we had our weekly update on the state of blockchain in the mortgage industry with James Hendrick.
Timestamps:
00:00 Welcome and presentation
02:25 Community information
03:36 The state of Blockchain in the mortgage industry
10:58 Blockchain and Mortgage Servicing
1:04:00 Future agenda items
Join the FMSIG Mortgage Subgroup Wiki: https://wiki.hyperledger.org/display/CMSIG/FMSIG+Mortgage+Industry+Subgroup
Subscribe to the mailing list to receive the latest updates: https://lists.hyperledger.org/g/financial-markets-sig
Follow the Hyperledger Financial Markets Special Interest Group LinkedIn page: https://www.linkedin.com/showcase/hyperledger-financial-markets-sig/
----
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License
Creative Commons Attribution license (reuse allowed)
A
Okay,
as
always,
we
want
to
start
out
and
note
that
this
meeting
is
being
recorded
and
is
under
the
umbrella,
the
hyperledger
foundation.
So
we
ask
that
everyone
abide
by
two
items:
the
antitrust
policy
and
the
code
of
conduct,
the
anti-trust
policy
states
that
we
avoid
discussions
of
company,
specific
products
and
projects.
We
don't
make
negative
remarks
about
other
companies
and
products
and
for
the
code
of
conduct
means
that
we
treat
each
other
with
respect,
never
discriminate
and
communicate
constructive
constructively.
A
Excuse
me:
we
fully
support
hyperledger's
policy
of
openness,
equity
and
inclusion
and
for
new
participants.
We
welcome
you
if
you'd
like
just
please
introduce
yourself
in
the
chat
if
there
are
anything
any
specific
areas
of
interest,
please
let
us
know
and
we'll
try
and
cover
those
either
in
this
meeting
or
future
meetings.
So
welcome
everyone.
A
A
Okay,
community
information-
I
just
wanted
to
do
a
brief
public
service
announcement.
I
you
guys
have
all
seen
that
capital
markets
say
change
its
name
to
the
financial
market's
sake.
This
update
is
ongoing
if
you're
getting
multiple
emails,
multiple
notices,
please
delete
yourself
from
the
capital
markets,
mailing
list
and
I'm
sure
you're
already
on
the
financial
markets
meeting
this.
So
let's
just
make
sure
that
we
get
through
this
transition
as
smoothly
and
quickly
as
possible.
A
Okay,
additional
information
we
try
to
cover
in
every
meeting
the
next
three
slides.
I
always
mention
for
people
that
are
new
to
the
group.
This
slide
shows
the
different
sites
for
the
linux
foundation,
hyperledger
foundation,
financial
markets
and
the
hyperledge
group
as
well.
So
these
are
great
links
for
additional
information,
especially
the
github.
The
github
is
fantastic
for
hyperledger
to
access
that
information,
you're
going
to
need
an
lfid,
so
this
slide
helps
you
go
through
it
and
the
video
is
very
helpful
as
well.
I
won't
go
through
that
in
detail.
A
Then
the
blockchain
training
free
training.
I
mentioned
this
every
time.
I've
taken
this
training,
it's
fantastic,
couldn't
spell
blockchain
before
now.
I
think
I
can
come
close
okay,
that
gets
us
to
the
state
of
blockchain
in
the
global
mortgage
industry
and
I'm
gonna
hand
it
over
to
my
good
friend,
james
hendrick.
B
Marvin,
thank
you
very
much.
I
love
your
whole
being
able
to
spell
blockchain
all
right
so
jumping
into
some
of
the
new
items
in
the
mortgage
industry
on
blockchain
marvin.
Let's
go
ahead
and
move
on
to
the
first
slide
for
global.
So
again
just
a
refresher
for
everybody.
These
are
all
articles
that
we've
covered
in
our
previous
meetings.
B
You
know.
Last
month's
theme,
we
were
talking
about
consortiums
you're,
going
to
see
a
little
bit
of
a
flavor
of
that
in
this
month's
announcements
and
as
well
in
that
there's
a
variety
of
companies
that
are
starting
to
team
up
together
on
different
initiatives,
we've
also
from
the
global
perspective.
We've
kind
of
been
traveling
around
from
continent
to
continent
on
the
planet,
and
this
month
happens
to
bring
us
back
to
europe.
Marvin
next
slide.
B
So
starting
out
in
london,
bank
of
new
york,
mellon
and
goldman
sachs
have
successfully
completed
the
industry's
first
agency
securities
lending
transaction
using
hqla
distributed
ledger
platform,
so
the
total
size
was
in
the
hundreds
of
millions
of
us
dollars
and
hqla
actually
created
an
isin
level.
Securities
tracker
called
a
digital
collateral
records
or
dcrs
from
loan
securities.
B
If
loan
securities
it
received
from
bank
of
new
york
mellon
and
then
goldman
sachs
provided
a
digital
copy
of
those
trades,
the
isni
our
isin
level
dcrs,
are
the
very
first
of
their
kind
in
the
industry.
They
represent
specific
isin
quantities
held
in
custody
and
those
records
will
enable
holders
and
agencies
to
transfer
ownership
of
any
security
on
the
hqla
distributed
ledger
without
having
the
need,
for
you
know,
conventional
settlement
mechanisms
that
we're
used
to
also
coming
out
of
europe
and
bulgaria.
B
B
Aqru
is
focused
on
the
defy
space
and
they're,
aiming
to
provide
a
more
efficient
and
secure
way
of
providing
financial
services
and
they
believe,
there's
a
sufficient
market
for
crypto
backed
homes,
noting
that
there's
around
147
000
wallets
out
there
currently
holding
300
000
in
bitcoin
or
more
and
aqr
and
blimp
both
believe
this
represents
a
huge
opportunity
to
manage
crypto
back
mortgages.
So
we're
going
to
be
keeping
our
eyes
on
this
one
to
see
how
it
progresses
throughout
the
year
and
we'll
bring
additional
updates
in
future
meetings.
B
So
there
are
three
mortgage
companies
that
are
partnering
up
with
figure
you've
all
heard
of
figure.
By
now,
we've
talked
about
them
quite
a
bit
in
the
this.
These
presentations
guaranteed
rate
home
bridge
synergy,
one
they've,
all
partnered,
with
figure
to
leverage
figures,
heloc
technology
to
create
a
new
branded
product.
Figure's
heloc
application
process
is
entirely
digital
and
the
application
takes
as
few
as
five
minutes
to
complete
and
approval
can
come
within.
A
matter
of
minutes.
B
B
Their
heloc
volume
was
at
58
percent
in
q2
and
has
continued
to
expected
to
climb
in
q3,
as
demand
for
the
product
continues
to
grow,
and
we've
talked
about
that
in
some
of
our
previous
sessions
that
as
we're
watching,
what's
going
on
in
the
interest
rate
market,
that
heloc
is
a
you
know,
prime
area
of
business,
that
companies
are
going
to
be
focusing
on.
Likewise
for
milo,
if
you'll
recall,
we
actually
first
introduced
this
miami-based
fintech
fintech
company
back
in
our
february
presentation.
B
They
require
no
down
payment
other
than
pledging
the
cryptocurrency
as
collateral,
and
the
interest
rates
right
now
are
running
about
6.95,
but
those
can
change
on
an
annual
basis
on
this
product.
What
happens
is
annually
milo
actually
reviews
the
asset
ratio
of
crypto
assets
that
are
pledged
as
a
security
to
the
loan
amount
and
that,
in
turn,
directly
has
an
impact
on
what
their
interest
rate
is
for
the
following
12
months,
they
started
out
with
roughly
about
20
employees
at
the
beginning
of
the
year.
B
Yeah
and
here's
just
a
reminder
about
the
hyper
ledger,
wiki
site.
In
fact,
I'm
going
to
drop
into
the
chat,
the
link
for
everybody
to
quickly
be
able
to
to
access
it.
I
just
want
to
do
a
reminder
about
this
site.
You
know,
as
marvin
walked
through
the
links
in
the
beginning,
you
can
find
access
to
all
of
those
links
from
the
site.
You
can
sign
up
for
the
notifications
that
way
you'll
get
notified
of
our
future
monthly
meetings,
as
well
as
when
we're
publishing
articles
up
to
the
site.
B
Also,
on
the
left
hand,
side
you'll
see
copies
of
all
our
previous
presentations.
All
of
these
presentations
are
recorded,
so
at
any
time
you
like
feel
free
to
to
come
to
the
site,
go
back
into
any
of
our
previous
months
and
see
what
we
were
talking
about
or
discussing
marvin
at
this
point
I'll
go
ahead
and
pass
it
back
over
to
you.
A
Karen
has
an
extensive
background
in
mortgage
and
mortgage
servicing,
which
includes
being
a
founding
employee
and
past
president
of
saline
finance
and
leading
the
company
from
a
startup
to
over
10
billion
in
servicing.
Karen
was
also
a
managing
director
for
cap
mark
finance,
formerly
gmac
commercial
mortgage,
where
she
was
responsible
for
offshore
activities,
including
european
and
indian
operations
and
leadership
roles
for
the
company's
reo
disposition
group
flip
foreclosure
and
bankruptcy
units.
A
C
C
You
know
in
some
pockets
you
really
couldn't
get
access
unless
you
happen
to
have
a
bank
in
town,
so
I'm
just
sort
of
smoothed
out
the
access
to
mortgage
finance
for
us
for
this
and
this
endeavor
here
he
brought
together
a
team
of
industry
veterans,
I'm
one
of
them
and
challenged
us
to
come
up
with
a
solution
that
would
transform
housing
and
of
course
you
know
we
some
of
us,
I
spent
me
you
just
read
my
bio.
He
I
spent
a
lot
of
my
career
in
servicing.
C
I
did
have
a
few
years
in
originations
and
also
about
10
years
in
commercial,
but
in
servicing.
So
you
kind
of
have
a
good
view
of
where
the
pain
points
are
in
this
industry
and
which
we
spent
some
time.
Thinking
about
you
know
the
the
end-to-end
mortgage
process
and
where
are
the
problems
and
of
course
it
would
have
been
easy
to
start
at
the
beginning.
That
was
my
first
instinct
was
we'll
start
where
the
mortgages
originated
and
then
work
our
way
down
the
line.
C
But
but
to
be
honest,
what
we
thought
about
and
and
your
vision
statement
for
this
group
kind
of
got
my
attention
too,
because
you
talked
about
closing
efficiently
as
efficiently
as
an
auto
loan
and
provide
a
superior
customer
service.
We
thought
about
that.
But
then,
where
does
the
loan
go
after
that?
If
you
originated
on
blockchain,
for
example,
where's
it
going
to
go
it's
going
to
wind
up
in
a
not
a
blockchain
system,
but
about
a
mainframe
system.
C
C
So
we
started
with
building
a
servicing
system
and,
as
you
can
see
here
from
the
darker
blue
boxes,
there
are
a
lot
of
entities
involved
in
servicing
the
loans
at
the
bottom
of
this
slide.
We've
shown
just
a
few
of
them,
but
there
are
multiple
vendors
and
there's
the
borrower
and
attorneys
regulators
and
insurance
companies
and
tax
payers.
So
this
is
a
pretty
big
system
and
we're
going
to
give
you
a
look
at
it
in
a
minute.
C
You
know
there
have
been
a
lot
of
improvements
in
the
industry
on
in
in
the
servicing
area,
but
most
of
them
are
around
the
edges.
There's
been
new
tools
bolted
on
over
time,
but
the
core
systems
really
haven't
changed
and
it's
really
difficult
to
change
because
of
the
breadth
and
depth
of
the
system
and
adding
these
new
tools
onto
the
sides
of
it,
create
their
own
problems
and
and
creates
problems
in
maintaining
and
managing
and
being
able
to
make
changes.
C
Regulators
have
been
putting
more
and
more
pressure
on
servicers
over
time.
The
ability
to
accommodate
a
new
change
or
a
new
data
requirement
is
really
important
and
for
a
servicer
to
be
able
to
prove
what
they've
done
to
have
that
that
information
to
be
trusted
is
really
important.
So
yeah
our
goal
is
to
create
a
more
modern
platform
for
housing,
beginning
with
servicing,
leveraging
blockchain
to
improve
the
homeowner
experience
and
servicers
economics.
So
it's
a
big,
a
big
charge.
C
We
are
at
a
very
cool
place
along
your
timeline,
marvin
that
you
were
showing
we're
almost
at
production.
So
we
are,
we
are
pretty
far
along.
We've
stayed
very
quiet.
We
haven't
been
out
on
the
radar,
we
are
not
doing
press
releases
and
talking
about
what
we
will
do,
we're
gonna
get
out
and
talk
about
what
we
have
done,
so
that
you
can
be
sure
that
what
we
talk
about
is
coming
to
market.
C
So
I
talked
about
why
we
started
with
servicing
this
slide
here,
just
kind
of
gives
you
our
view
of
blockchain
and
the
value
proposition
as
it
applies
to
servicing,
and
I
think
you
know
this
is
this-
is
kind
of
our
guiding
our
guiding
light
as
we
think
about
how
we're
going
to
deploy
blockchain.
Here
we
talked
to
we've
got
our
service,
our
subject
matter.
Experts.
Many
of
them
are
here
on
the
call.
Today,
we've
talked
to
many
servicers
of
all
sizes.
To
get
some
feedback
on,
you
know
what?
What
is
the
need?
C
C
They
want
the
customer
experience
to
be
improved
and
we're
going
to
show
you
how
that
will
happen
here
in
our
system
in
a
minute
they
want
to
be
able
to
accommodate,
regulate
regulator,
changes
and
requirements
more
easily.
Today,
if
a
new
requirement
comes
out
an
example,
one
of
one
came
out
a
couple
weeks
ago,
you
have
to
be
able
to
accommodate
a
borrower's
language
preference,
which
means
in
the
system.
You
need
to
know
what
the
language
preference
would
be.
C
C
In
fact,
it's
already
there
and
we
need
to
be
able
to
maintain
an
immutable
audit
trail,
so
we
can
prove
compliance
with
the
regulator's
requirements,
so
we're
going
to
show
it
to
you
now
we're
we've
got
a
an
end-to-end
system
that
we've
built
we're
just
going
to
give
you
a
little
glimpse
of
it,
because
we
don't
have
a
lot
of
time
here
today,
but
this
is
the
result
of
all
that
work.
Thinking
about
what
it
is
that
and
we're
gonna
get
christy
to
to
show
you
the
demo,
but
we've
gotten.
C
We
had
two
primary
servicers
that
worked
with
us,
just
to
make
sure
we're
up
to
date
on
all
the
requirements
and
what
needs
to
be
done.
We
also
consulted
with
vendors
who
are
in
that
ecosystem,
who
who
work
with
the
servicers
and
are
suffering
an
equal
amount
of
pain
from
the
systems
that
are
out
there
today.
So
we're
gonna
bring
bring
you
this.
Is
the
system
live,
so
this
is
a.
This
is
the
landing
page.
We
call
it.
C
This
is
where
you
would
start
out
if
you're
familiar
with
any
of
the
other
systems
you're
starting
out
on
a
green
screen,
a
few
of
them
they've
got
a
new
front
end.
They
put
a
new
front
page
on
it,
so
you're
not
kind
of
looking
at
a
green
screen,
but
this
is
our
landing
page,
and
our
goal
here
was
to
make
sure
that
the
person
who's
on
this
page-
who
brings
this
loan
up,
maybe
you're
talking
to
a
borrower
all
the
relevant
information
that
you
would
need
to
do.
C
The
job
answer
the
question
and
not
make
a
mistake,
is
here
so
each
of
the
items
that
are
on
the
banner
were
thought
through,
and
this
will
give
you
a
quick
view
of
the
loan
status,
any
alerts
or
flags
or
warnings
that
would
be
on
this.
Loan
come
right
to
this
front
page,
so
you
don't
have
to
dig
back
the
way
it
works
today
and
servicing.
Is
you
have
to
dig
back
into
the
comments
and
notes
to
figure
out
what's
going
on,
so
everything
is
here.
C
We
also
know
from
our
experience
that
history
of
the
loan
is
super
important,
so
for
any
one
of
these
modules
that
has
some
loans
history
connected
to
it,
you
can
get
easily
to
the
loan
history
you
can
get
to
a
history
of
just
cash
transactions
or
just
default
transactions,
just
escrow
transactions.
All
of
that
was
built
in
to
the
system.
C
One
of
the
things
that
I
love
to
show
is
documents,
so
in
other
in-servicing
shops.
Today
you
have
a
separate
document
management
system
and
this
will
be
important
for
you
to
take
note
of,
as
we
show
you,
the
poc
on
the
loan
transfer.
Documents
live
in
this
system
and
accessible
from
the
loan
and
even
from
a
module.
C
So
if
you're
in
a
foreclosure
module
christie,
I'm
sorry
I
know
I'm
jumping
all
over
the
place
on
you,
but
in
the
foreclosure
module
you
can
see
foreclosure
documents
without
having
to
leave
the
system
and
log
on
somewhere
else
and
see.
If
it's
there,
you
can
get
a
quick
view
of
whether
there's
a
document
out
there
and
you
can
access
it
from
here,
so
that
eliminates
extra
cost
for
a
separate
system
and
eliminates
a
lot
of
time
and
having
to
skip
back
and
forth
and
find
what
you're.
C
D
Second,
I
can
take
over
you
yeah
so
as
she
was
talking
about
foreclosure
and
documents,
so
here
I'm
going
to
add
a
couple
of
inspection,
things
for
the
property
insurance
claim,
that's
open
on
this
guy,
it's
as
simple
as
this
and
and
now
you
can
see
those
two
are
here
and
if
I
go
over
to
property
insurance
claims
on
this
open
claim
go
down
to
the
bottom.
It's
now
telling
me
that
there
are
three.
D
Let
me
move
this
bar
out
of
the
way
really
quick.
There
are
my
three
documents
right
there
and
then
the
other
really
nice
thing
is.
There
are
some
things
that
you
can
order
out
of
the
system,
inspections,
valuations
and
title
orders,
and
it's
as
simple
as
I
hit
a
button.
I
hit
order
inspection.
I
pick
my
vendor
my
order
date.
D
My
type,
I
can
put
a
comment
if
I
want
to
and
I
hit
order,
inspection
and
then
there
will
be
a
file
that
goes
out
and
goes
to
that
particular
vendor
that
they
can
then
receive
into
their
system
and
then
do
the
inspection
and
then
send
back
that
file.
And
it
matches
up
on
that
and
that
po
number
that
you
see
there
and
it
will
get
the
data
back
and
update
that
order.
For
the
inspection.
A
Just
really
quickly,
I
overall,
I
really
like
the
ui,
it's
very
clean.
I
I
like
things
simple,
because
I'm
so
simple-minded,
so
it
definitely
kudos
on
that.
Every
time
I
think
about
a
loan
servicing
system,
I
think
about
it's
just
a
huge
rules.
Engine
so
tell
me
how
you
guys
handled
the
rules
and
build
up
from
there
and
what
and
then
I'm
sure
that
they're
going
to
be
questions
on
what's
on
chain
what's
off
chain.
I
mean
a
whole
mess
of
technical
stuff
like
that,
but
we
can't.
D
So
the
rules
engine
there's
a
whole
series
of
configs,
there's
roughly
40
of
them,
and
they
each
touch
on
the
different
sections
that
you
see
down
in
here.
So
for
escrow,
there's
a
lot
of
rules
around
escrow,
for
example,
you
have
to
have
your
cushions.
You
got
to
have
your
whether
or
not
you
release
funds
on
an
escrow
overage
right
and
some
some
people
will
be
more
conservative
than
what
the
actual
rule
is,
and
so
we
give
them.
D
They
get
to
decide
what
those
are
and
then
the
system
reads
that
and
says:
oh
this
loan's
gone
into
bankruptcy
and
now
no
regular
payments
can
come
in
and
you
know
whatever
it
is
that
they
decide.
Is
the
sky's
the
limit
really
and
then
we
do
have
some
other
rules
based
on
the
fields
themselves,
like
you
can't
put
alpha
in
a
numeric
field,
those
simple
rules.
That's
that's
most
of
what
the
rules
engine
is
doing
right
now,.
C
E
Right,
I
wanted
to
be
cognizant
of
the
amount
of
technical
material.
We
have
not
that
it's
that
great
for
today,
but
I
think
we're
going
to
dive
into
some
specific
blockchain
topics
that
might
pique
the
interest
of
the
group
here.
So
this
is
just
a
high-level
view
and
I'm
going
to
ask
one
of
our
colleagues
from
ibm
consultant
to
consulting
to
join
in
and
krishna
can
jump
in
and
provide
some
kind
of
like
the
color
commentary
here
as
we
go.
This
is
a
kind
of
a
high-level
look
at
our
target
network.
E
You
know,
starting
out
with
the
first
version
of
the
system.
The
idea
is
to
get
the
servicer's
needs
met,
but
while
we're
doing
that
we're
building
a
system
that
will
provide
future
future
capabilities-
and
you
know
so-
I
guess
the
question:
why
do
we
choose
hyper
ledger
and
I'm
not
trying
to
do
a
sales
pitch
or
anything?
I
just
wanted
to.
You
know,
go
through
the
kind
of
things
that
we
thought
about
and
what
made
sense
to
us
and
what
will
be
part
and
parcel
of
our
application.
E
You
know
primarily,
obviously
the
blockchain
is
providing
tamper-proof
evidence
of
the
mortgage
record
over
its
long
life,
and
I
think
there's
some
folks
on
the
call
here
who
could
take
that
and
run
with
it
in
terms
of
what
extra
value
that'll
provide.
You
know,
in
addition
to
that,
you
know
the
mortgage
servicer,
the
borrower,
the
vendors
regulators
they're
not
on
this
chart,
but
they're.
E
You
know
we
saw
some
real
world
usage
in
large-scale
enterprise
applications.
I
give
an
example.
Trade
lens
is
one
of
them,
demonstrating
high
performance
and
reliability
under
load
and
usage.
I
think
that
hyperledger
is
well
positioned
for
financial
services.
Some
of
the
capabilities
that
we're
using
now
and
we'll
use
in
the
future
channels
and,
of
course,
maybe
private
data
collections.
We
have
a
way
around
that
today.
So
that's
not
so
important.
E
E
You
know
raft,
for
example,
with
its
election
log
replication,
it
provides
crash
crash,
follow
tolerance
which
is
more
than
sufficient
for
the
merlin's
usage,
we're
a
private
permission,
blockchain
approach,
interoperability
for
future
capability.
You
know
ability
to
handle
20
tokens
things
like
that.
E
Certainly,
the
publicly
available
documentation
chain
code
patterns
just
a
wealth
of
information,
it's
available
from
the
from
the
community
and
and
then,
of
course,
the
ongoing
support.
So
some
of
the
reasons
why
hlf
was
our
chosen
direction
forward.
Christian
can
explain
some
of
the
technical
aspects
of
the
diagram
here.
Yeah
thanks
kristin.
F
Yeah
with
respect
to
the
nodes,
you
know,
I
want
to
touch
with
the
nodes,
usually
within
a
consortium
based
blockchain
network,
a
member
organization
maybe
choose
to
participate
directly
or
indirectly
right.
If
the
member
organization
is
a
direct
participant
in
the
network,
meaning
that
it
owns
or
operates
a
node
on
the
network
and
they
have
a
st
car
and
may
influence
the
overall
governance
as
well,
but
they
will
have
to
consider
their
onboarding
and
operation
costs.
F
A
F
Yes,
you
know
so
again:
a
min
master
node
can
be
a
multi-tenant
node
or
a
large
to
medium
or
medium.
The
large
investor
wants
to
have
their
direct
participation,
as
I
mentioned,
you
know,
can
also
own
a
node
on
the
network
so
that
you
know
yeah.
No,
that
comes
with
the
operational
and
onboarding
related
cost,
as
they
just
said,
but
yeah.
E
A
E
E
Just
to
give
you
a
feel
for
what
we're
trying
to
do.
We
didn't
want
to
get
into
too
much
detail
on
that
because
it
takes
away
from
the
overall
presentation,
but
basically
we're
we're
following
the
the
platform
architecture
with
ibm
cloud
for
financial
services,
reference
provides
a
really
great
base
for
us,
because
you
know
the
the
industry
requires
at
a
minimum
stock,
2
type
2
and
we're
doing
some
other
things
as
well.
E
But
the
nice
thing
about
the
clyde
cloud
environment
is
that
the
key
services
are
I'll
say
out
of
the
box
quote
unquote
with
the
appropriate
configurations
are
already
are
already
proofed
and
are
already
part
of
the
ibm.
Stock2
type
ii
is
very
important
for
our
client
base
and
as
well
there's
some
near
aha
service
resiliency.
Obviously,
that's
something
that
has
to
be
carefully
dealt
with
in
terms
of
putting
the
operational
system
together.
E
But
you
know
overall,
security
by
design
is
just
baked
in,
so
that's
really
a
big
help
in
getting
the
product
launched
as
quickly
as
we
can
and
being
able
to
operate
it
and
then,
of
course,
the
application
that
sits.
Inside
of
all
that,
you
know
we
like
to
say
we're
approaching
web
freo,
but
we
won't
claim
that
we're
there.
But
you
know
it's
private
permission.
Blockchain
open
source
software,
microservices
ibm's
been
a
great
help
with
helping
us
pull
that
together.
Api
interoperability
is
the
core
of
the
system.
E
Everything
that
you
can
do
every
screen.
Every
interaction
can
be
done
through
the
appropriate
apis.
Rene
is
looking
at.
You
know,
opening
apis
where
it
makes
sense
with
the
vendor
community
things
like
that,
so
that
we
can
provide
great
support,
but
also
make
it
easy
for
the
industry
to
do
what
it
has
to
do.
So,
all
those
screens
that
christy
was
showing
you
different
things.
Everything
is,
of
course,
api
based.
E
If
you
will
a
cloud
native,
horizontal,
vertical
scalability
christian's,
going
to
talk
about
some
of
the
details
of
the
data
platform
code
maintain
maintainability
karen
talked
about
that
before
that's
very
important
and,
of
course
it's
partly
the
tools
in
the
product
we're
using,
but
it's
partly
the
approach
that
you
take.
You've
got
to
be
able
to
make
changes
to
the
system
quickly
and
that's
all
there
and,
of
course
you
know
from
the
application
standpoint,
security
and
privacy
by
design
and,
of
course,
we
plan
to
psych2
type.
Two.
A
E
F
F
It's
a
transaction
log
keep
adding
the
mutable
related
records
and
then
now
keep
growing
on
that
side
of
the
ledger
and
the
other
component
in
the
hydrologic
fabric
itself
is
the
old
state.
It
couldn't
be
a
couchdb
or
a
level
db,
but
couchdb
helps
enhance
us
in
case.
If
we
want
to
have
some
kind
of
a
rich
query,
but
there
are
options
there,
and
so
the
world
state
will
always
have
a
current
value
where
whatever
we
are
trying
to
store.
F
F
The
reason
for
that
is
like
a
lot
of
relational
database
activities.
We
do
see
on
the
mortgage
industry
right
so
for
that
reason
we
are
going
to
store
majority
of
the
data
into
the
postgres
and
that
particular
loan
content
will
be
hashed
out
and
put
on
the
on
chain
so
that
we
have
a
proof
going
on
there,
along
with
the
op
chain,
store
on
the
postcard
sql.
F
F
E
E
You
know
this
is
a
high
level
reference
architecture.
That
kind
of
gives
you
a
you
know.
So
you
know
krishna
just
covered
the
data
platform
here
and
we're
not
going
to
get
into
the
details
here.
We
don't
have
enough
time,
but
you
can
kind
of
see
the
this
is
essentially
the
system.
If
you
will
so
and
it's
you,
can
you
can
get
details
of
this
just
from
a
reference
architecture
standpoint.
E
You
know
it's
not
magic
secret
sauce.
I
think
what
we're
doing
in
some
of
these
cases
are
pretty
cool,
but
you
know
it's
a
you
know:
ui
code,
there's
application
services
that
support
it.
Security
underlines
the
underscores
the
entire
system.
We
will
be
adding
a
data
analytics
module
to
this
as
well,
and
we've
got
some
pretty
neat
ideas
on
how
that's
going
to
be
fed
in
a
near
real-time
way,
so
that
it'll
be
essentially
real-time
data
without
affecting
the
performance
of
the
system.
E
H
F
So
to
answer
your
question,
the
notes
will
be
on
ibm
cloud
and
in
case
you
are
looking
on
what
tech
component,
it's
like
a
kubernetes
or
open
shift
kind
of
component,
where
the
notes
will
be
getting
on
it.
The
whole
hyperledger
fabric
will
be
installed
on
any
of
those.
Kubernetes
are
open,
shifter.
Sorry
in
case
I
missed
any
other
point.
What
was
the
other
questions
for
him?
I'm
trying
to.
H
E
E
E
We
have
to
look
as
the
industry
evolves
as
to
how
that
would
work.
Obviously,
you're
going
to
want
to
have
an
automated
approach
to
that
when
the
origination
system
is
blockchain
based,
but
you
know
really
the
world
that
we're
looking
at
as
we
get
to
the
end
of
this
year
beginning
of
next
year.
Would
you
know
the
file
dump
is
the
way
to
go
to
get
the
product
launched?
I
hope
I
answered
that
I
mean
yes,
we
have
great
plans
on
how
to
use
this
technology
to
interoperate.
H
A
H
E
F
Yeah
sure
I
know
so,
not
not.
You
know
tooling
message
from
the
ibm
blockchain
platform
where
enough
you
see,
ibp
console
has
been
open
source
into
hyperledger
for
every
community
right,
you
know,
so
we.
What
we
are
going
to
do
in
this
instance
is
we're
going
to
take
the
additional
tool
set,
what
we
had
from
the
ibp,
but
on
top
you
know,
taking
the
ipledge
fabric
by
itself
from
the
you
know,
ibm
as
certified
images.
F
E
E
Technically,
it's
you
know
to
the
user
to
the
system:
it's
not
a
difference,
obviously
to
us
it
is
but
yeah
all
right,
but
it's
nice
to
have
that.
There's
a
question
about
mismo
underlying
data
standard
we've,
but
we've,
you
know
to
say
we're
using
mismo.
It
would
not
be
an
accurate
thing.
However,
we've
taken
the
mismo
standard
data
dictionary
into
play.
Christie
and
her
team
have
spent
a
lot
of
time,
making
sure
we've
at
least
captured
the
data
elements.
E
You
know
it's
a
it's
a
huge
undertaking
to
say
that
you
are
mismo
standard
compliant
and
I'm
not
sure
anybody
could
ever
say
that.
So,
but
I
don't,
I
don't
want
to
leave
you
with
the
impression
we're
not
doing
it.
We're
certainly
paying
attention
to
make
sure
that
we
meet
those
data
requirements
as
they
apply
to
our
system.
E
So,
let's,
in
the
interest
of
time,
we
want
to
get
ready
to
show
you
a
prototype
that
rene
and
ibm
developed
to
show
you
one
of
those
techniques,
one
of
those
things
that
we
think
you're
going
to
be
really
cool
with
the
system
and
really
provide
some
value.
And
it's
just
a
design.
It's
called
merlin
to
merlin
loan
transfer.
E
C
So
I
think
we
put
a
lot
of
little
notes
here
on
the
slide,
but
I
do
want
to
say
something:
that's
very
recent
and
and
relevant
for
anyone
on
this
call
who
is
interested
in
originations
and
customer
retention,
and
you
know
all
the
things
that
that
are
important
to
this
industry.
You
know,
there's
a
jd
powers,
service
customer
satisfaction,
survey
related
to
u.s
mortgages
that
was
released
about
a
week
or
two
ago.
C
Yeah
he's
got
it
up
on
the
screen
and
two
of
the
three
noted
issues
that
are
appearing
in
the
survey
results
and
I
think
they
had
over
eight
or
nine
thousand
borrowers
who
responded
to
it.
Their
problems
are
around
loan
transfers
and,
in
fact,
if
you
dig
into
the
numbers
in
this
report,
you'll
see
that
customer
satisfaction
drops
about
20
percent
when
a
loan
is
transferred
and
that's
because
it's
a
difficult
activity
for
borrowers
in
the
way
the
loans
transfer
from
one
servicer
to
another.
C
You
know
I
don't
know
how
deep
your
knowledge
is
of
servicing,
but
even
if
you
transfer
between
two
servicers
who
are
both
on
the
same
system,
it's
still
like
a
brand
new
thing.
Coming
over
because
the
data
is
used
differently
by
everyone,
even
if
you're
on
the
same
system,
so
the
data
mapping
and
the
loss
of
data
and
misunderstanding
of
the
data
as
it
comes
across
is
very
critical
borrowers.
It's
this
survey
says
only
about
15
of
the
borrowers
whose
loans
are
transferred
will
think
about
going
back
to
the
original
lender.
C
E
F
Sure
yeah,
I
know
the
idea
for
this
is
to
prove
the
architecture
that
it
can
scale
for
large
volumes
with
an
intent
to
keep
proof
on
blockchain.
So
auditors
and
regulators
can
validate
the
authenticity
of
the
data
at
any
given
point
and
ease
of
loan
transfer
by
enabling
both
servicer
services
and
to
get
to
see
their
respective
data
without
any
delay
and
without
property
access
restrictions
at
at
each
level
of
components.
Like
you
know,
we
have
web
api
and
smart
contract
layers
for
each
of
those
components.
F
Each
application
node
have
the
application
stack
components
like
apis
web
and
ui
related
and
connected
to
an
off
chain
store,
like,
as
I
mentioned,
postgres
and
sql
postgresql
and
object,
storage,
deleted
components
and
in
middle.
If
you
see
the
blockchain
node
consists
of
the
hyperledger
fabric,
components
such
as
peers,
smart
contract
ledgers
and
certificate
authority
and
orders.
Many
more
part
of
that
legit
factory
component
framework.
E
So
you'll
see
key
key
items
here:
we're
hashing
the
proof
of
the
data
and
the
actual
data
in
the
postgres
database,
just
to
boil
it
down
to
the
essential,
and
so
with
that
I
think
it's
time
to
have
the
ibm
team
pull
up
the
demo
that
we
built.
Let
me
stop
sharing
here
and
we're
going
to
show
you
the
merlin
to
maryland
loan
transfer
prototype,
which
will
eventually
become
part
of
the
production
system.
But
we
wanted
to
do
some
testing
and
things
like
that.
G
E
G
So,
prior
to
opening
up
the
application,
what
I've
done
is
onboard
the
loan
data
of
the
100
loans.
So
what
we're
looking
at
here
is
the
representative
data
of
100
lines,
so
you
can
see
in
column
a
we
have.
You
know
from
100
down
to
199
is
the
ids
making
up
the
100
loans
they're
all
going
to
be
tied
to
servicer
a
in
the
system
and
then
you'll
see
here
we
have
you
know,
50
or
so
representative
fields
about
that
loan.
Now
you
know
in
a
real
scenario.
We
might
have.
G
You
know
what
1000
or
even
more
fields,
but
you
know,
we've
boiled
it
down
to
50
for
the
sake
of
the
demo
here
so
now
that
the
loans
have
been
boarded
into
the
system,
I'll
go
ahead
and
open
it
up
and
show
you
what
that
loan
transfer
process
looks
like.
So
I'm
going
to
log
in
as
alice
who
is
a
representative
from
servicer
a.
G
G
G
So,
lastly,
I'm
going
to
upload
the
loan
numbers
that
I'd
like
to
transfer.
So
what
I've
done
is
take
a
spreadsheet
here
and
you
can
see
that
I
have
the
100
loans
and
and
just
the
loan
numbers
from
servicer
a
so
we're,
not
inputting
all
of
the
data
here.
It's
it's
just
the
numbers.
So
I'm
going
to
upload
this
spreadsheet
and
and
again
in
the
future.
Maybe
it's
not
a
spreadsheet,
maybe
we're
selecting
the
loans
we
like
to
transfer
from
a
ui.
G
G
So
when
I
initiate
this
one
transfer,
all
of
the
data
will
now
be
visible
to
service
rp,
including
the
documents
and
all
of
the
data,
so
there's
no
physical
transfer
of
the
data
from
a
to
b.
It's
a
permission,
switch
on
the
blockchain
when
I
hit
initiate
here
so
I've
gone
ahead
and
and
initiated
that
and
let's
go
ahead
and
look
at
it.
So
this
is
our
our
transfer.
You
can
see
you
know
again
all
the
data
from
a
to
b,
it's
pending,
and
here
we
can
see
a
table
view
of
the
100
lines.
G
G
F
F
G
You,
and
so
you
know
now,
bob
from
b,
you
know
he's
seeing
all
of
the
data,
so
bob
is
going
to
review
all
of
these
loans.
You
know
and
make
sure
that
these
are
the
100
that
he
would
like
to
accept
in
the
transfer.
So
he
can
view
some
of
the
the
primary
data
in
this
table
format
here
or
what
he
can
do
now
is
go
ahead
and
export
this
to
csv,
and
here
he'll
have
a
view
of
all
of
the
data
available
for
review.
G
E
And
again,
while
spencer's
doing
that,
just
to
make
the
case,
this
is
not
how
the
real
system
will
work.
We
just
took
some
shortcuts,
make
it
easy
from
a
prototyping
standpoint
to
use
the
spreadsheets
for
upload
and
download.
However,
a
lot
of
services
work
that
way
today.
So,
that's
not
to
say
we
wouldn't
have
that
feature,
but
we
certainly
have
an
online
capability
for
this
sort
of
thing.
G
So
bob
is
then
going
to
upload.
You
know
his
respective
low
numbers
and
submit
those
loan
numbers
and,
and
now
you'll
see
that
here,
they're
they're
in
the
system
with
with
each
of
the
new
loan
numbers,
so
the
the
loan
transfer
isn't
complete.
Yet
you
know
b
will
need
to
accept
the
transfer
and
in
this
case,
when
he
ex
when
he
clicks
accept
it
will
be.
You
know,
a
final
immediate
transfer
of
ownership
from
a
to
b,
so
I'll
go
ahead
and
do
that
here.
C
And
so
at
that
point,
servicer
a
will
still
have
a
record.
They
still
have
all
the
records
that
they
created
over
the
period
of
time
they
were
servicing,
but
they
won't
have
any
the
new
activity
created
by
service
or
b,
because
they've
picked
up
responsibility
for
it.
So
b
gets
all
the
historical
information
and
plus,
is
the
active
servicer
going
forward.
A
still
has
their
record.
G
G
E
D
Good
christy,
so
there
will
be
a
fun
settlement,
but
if,
if
you're,
if
the
question
is
related
to
is
merlin
going
to
do
that,
specifically,
I
think
for
this
first
go-round.
The
expectation
would
be
how
it's
done
today,
so
there'll
be
reports
that
corporate
accounting
can
get
the
cash
will
transfer
like
it
normally
does,
and
then
at
some
point
in
the
future.
E
So
I
think
that
we,
just
you
know
spencer,
did
a
great
job
of
just
going
through
that
and
showing
you
step
by
step
and
obviously
underneath
that,
as
christian
explained,
that
blockchain
is
doing
its
thing
and,
of
course,
there's
some
programming.
Some
api
calls
things
like
that:
smart
contracts,
of
course
that
are
doing
the
writing
of
the
hash
to
the
chain
and
but
with
a
you
know,
a
little
bit
of
development
work.
You
have
a
significant
capability
and
it
was
just
again.
E
We
just
use
it
to
highlight
the
consortium,
the
channels,
the
hyperledger,
the
the
approach
that
we're
taking,
and
it
shows
you
some
of
the
future
capabilities
that
you
could
extrapolate
from
that.
And
so
that's
you
know
if
there's
any
other
questions
anything
like
that,
I'm
happy
to
help
answer,
and
I
think
I
will
share
the
next
page
here,
which
has
some
contact
information
on
it
and
with
that
I'll,
just
throw
it
back
over
to
marvin.
Thank
you.
A
One
thing
that
really
stood
out
for
me
as
we
were
going
through
those
slides
in
the
demo
is
you
guys,
made
a
concerted
effort
to
make
architectural
decisions
that
address
responsiveness
from
my
personal
experience,
the
servicing
platforms
that
are
out
there
unbelievably
slow,
and
I
think
you
guys
went
to
great
pains
to
address
that.
So
definitely
congratulations
on
that
that
that
looked
fantastic.
Well,
thank.
E
A
A
B
This
was
a
great
presentation.
I've
actually
been
getting
pinged
with
a
lot
of
comments
as
well
directly
to
me
very
impressive.
What
you
guys
are
lying
out.
I
appreciate
you
guys,
coming
and
doing
the
demo
and
paul
and
follow
up
to
your
ltv
question
on
milo.
Wasn't
able
to
find
the
answer
while
we're
on
this
call,
but
I'll
continue
to
take
a
look
and
see
what
I
can
get
back
to
you.
Yeah,
that's
great!
A
Okay,
the
last
thing
I
wanted
to
cover
because
we
are
already
past
our
time
is
the
next
meeting
is
september,
8th,
that's
going
to
be
james
schoening
and
casey
rock
from
the
hyperledger
in
project.
They're
gonna
demonstrate
their
hyperledger
wallet
and
then
the
next
couple
meetings
we're
tentatively
talking
about
property
records
and
smart
contracts
and
then
a
blockchain
panel
discussion,
potentially
in
november,
maybe
december.
So
with
that,
I
think
we've
gone
through
questions.
I
just
want
to
say
thank
you
to
everyone
apologize
for
running
long,
but
I
think
it
was
definitely
worthwhile.