►
From YouTube: How will blockchain impact mortgage lending?
Description
Check out the June issue of Hyperledger Capital Markets SIG's Mortgage Subgroup Update where we did an analysis and discussion of Fannie Mae's Mortgage Sentiment Survey - "How will blockchain impact mortgage lending?".
00:00 Introduction.
5:26 The state of blockchain in the global mortgage industry.
25:08 Analysis and discussion: how will blockchain impact mortgage lending?
Find Fannie Mae's Mortgage Sentiment Survey and more information about blockchain in the mortgage lending industry on the CMSIG Mortgage Industry Subgroup Wiki: https://wiki.hyperledger.org/display/CMSIG/CMSIG+Mortgage+Industry+Subgroup
Subscribe to the mailing list to receive the latest updates: https://lists.hyperledger.org/g/capital-markets-sig
Follow the Capital Markets calendar: https://lists.hyperledger.org/g/capital-markets-sig/calendar
----
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License
Creative Commons Attribution license (reuse allowed)
A
A
Oh
no
problem.
Thank
you
for
joining
and
looking
forward
to
collaborating
with
you.
I
think
this
is
a
real
opportune
time.
We're
going
over
that
survey
that
I
referenced
and
we'll
we'll
actually
send
out
a
link
to
that
survey
where
the
number
one
blockchain
application
for
people
in
the
mortgage
industry
was
a
digital
wallet.
So
a
great
time
to
be
speaking
to
you.
C
A
A
Okay,
okay,
so
I
show
901.
I
know
people
tend
to
roll
in
as
we
get
going.
So
why
don't
we
just
go
ahead
and
get
started,
hello,
everyone
and
welcome
to
the
june
capital
markets
mortgage
subgroup
meeting
before
we
get
started.
I
I'd
like
to
express
our
appreciation
to
the
capital
markets,
special
industry
group
and
the
hyperledger
foundation
for
their
ongoing
support
and
making
this
group
possible.
A
As
always,
please
note
that
this
meeting
is
being
recorded
and
it's
under
the
umbrella
of
the
hyperledger
foundation.
So
we
ask
that
everyone
abide
by
the
antitrust
policy
which
we're
sharing
on
the
screen
now
and
the
code
of
conduct
the
antitrust
policy
states
that
we
avoid
discussions
of
company,
specific
products
and
prior
pricing.
A
We
fully
support
hyperledger's
policy
of
openness,
equity
and
inclusion
and
for
new
participants.
We
welcome
you
and,
if
you'd
like
to
introduce
yourself
on
the
chat,
please
do
so
and
if
there
are
any
areas
of
interest
you
would
like
to
discuss.
Please
let
us
know
through
the
chat
as
well,
so
welcome
everyone.
A
Here's
our
agenda
for
today,
we've
already
gone
through
the
welcome
and
meeting
and
housekeeping.
I
have
a
brief
psa
on
hyperledger
community
information,
we'll
go
through
the
state
of
the
blockchain
in
the
global
mortgage
industry.
James
hendrick
will
walk
us
through
that
we'll
do
a
deep
dive
on
the
fannie
mae
survey.
How
will
blockchain
shape
mortgage
lending
and
then
we'll
talk
about
future
agenda
topics.
A
Okay,
just
a
brief
psa
in
the
capital
market's
sake.
A
proposal
was
submitted
to
change
the
name
from
capital
market
special
industry
group.
I
think
people
are
leaning
towards
the
financial
services
name,
so
as
things
get
more
finalized,
we'll
communicate
this
information
as
it
becomes
available,
but
I
just
wanted
to
let
people
know.
A
The
next
three
slides
I
always
mention
are
for
those
that
are
new
to
the
group
or
would
like
more
information.
This
slide
provides
links
to
different
resources
for
the
hyper
led.
Excuse
me
for
the
linux
foundation,
the
hyper
ledger
foundation,
the
capital
markets
special
interest
group,
which
we
fall
under
the
mortgage
subgroup
here.
Second
from
the
bottom
and
our
hyper
ledger
wiki,
the
mortgage
subgroup
link,
contains
notes
for
our
group
recordings
from
previous
sessions
and
curated
articles
about
blockchain
in
the
mortgage
industry.
A
These
are
great
resources
and
we'll
reference
several
of
these
during
the
course
of
our
presentation.
If
you
want
to
access
these
resources,
you
will
need
a
linux
foundation
id
or
lfid.
So
this
slide
will
walk
you
through
how
to
get
that,
for
those
of
you
that
are
new
to
blockchain.
Here
are
some
links
to
free
blockchain
training,
that's
offered
by
the
hyperledger
foundation.
C
C
D
Yeah
good
morning,
everybody,
this
is
angel
alban.
I
just
wanted
to
comment
a
little
bit
on
this
slide,
because
if
you
were
to
rewind
to
when
we
started
to
put
this
thing
together,
probably
about
this
time
last
year
there
was
probably
one
or
two
pins
on
the
map.
So
in
just
a
short
period
of
time.
You
know
we
have
activity
in
almost
every
sector
or
every
part
of
the
value
chain
for
mortgage
not
just
on
a
global
scale,
but
in
the
us
as
well,
and
that
is
definitely
exciting
right.
D
D
So
if
you
are
listening-
and
you
are
a
blockchain
service
provider-
feel
free
to
reach
out,
but
we
are
going
to
be
taking
this
to
the
next
level
by
providing
an
analysis
of
what
are
the
turnkey
blockchain
enabled
solutions
that
are
available
in
the
marketplace
today
right
so
marvin
talked
a
little
bit
about
the
blockchain
journey
everybody's
on
the
journey
everybody's
in
a
different
point
in
that
journey,
but
we
do
know
that
some
have
already
gone
to
market.
So
what
does
that
mean?
What
is
their
go
to
market
strategy?
Is
it
a
turnkey?
D
What
what
does
that
look
like,
and
so
we're
going
to
be
inviting
some
of
these
players
that
are
in
the
market
today,
advertising
and
and
talking
to
clients
and
onboarding
them
to
tell
us
a
little
bit
about
what
they
could
share
in
terms
of
their
blockchain
journey,
but,
most
importantly,
think
of
this
kind
of
like
a
a
consumer
reports,
type
approach
right.
So
we're
going
to
talk
a
little
bit
about
this
later
in
in
in
the
in
the
meeting
here.
But
you
know:
there's
thousands
of
financial
institutions
out
there.
D
The
awareness
is
growing,
the
it's
going
to
be
coming
to
be
top
of
mind,
and
so
what
are
the
blockchain
solutions
that
the
industry
can
start
taking
advantage
of
today?
And
so
we're
really
excited
to
make
that
announcement
and
if
anybody
has
any
feedback
on
this
particular
slide,
all
this
information
is
available
in
the
wiki,
like
james
said
so
back
to
you,
james.
C
E
Yes,
I
mean
it's
not
bonds
per
se
in
the
in
the
registered
securities
sense
of
bonds,
but
they
they
have
just
done
a
tokenized
sale.
They've
done
they've
done
the
first
mortgage-based
tokenized
sale
as
opposed
to
a
figure
which
has
done
consumer
debt,
but
so
there
actually
has
been
a
more
you
know
the
whole
actually
calling
it
bonds.
E
I
would
say
I
probably
wouldn't
call
it
bonds.
I
would
call
it.
You
know
tokenized
or
fractionalized
sales
instead
of
bonds
on
this
on
this
slide,
because
that
that's
what
you're
not
going
to
see
is
you're
not
going
to
see.
Well,
maybe
you
will
it,
but
but
seeing
blockchain
applied
to
bonds.
Instead,
blockchain
will
be
applied
to
something
that's
going
to
replace
bonds,
tokenized
sales.
E
C
E
C
Marvin,
if
we
can
go
ahead
and
move
on
to
the
global
slide,
so
you
know
here's
an
update
of
that
global
timeline.
Again.
These
are
topics
that
we've
been
talking
about
in
each
one
of
our
monthly
meetings.
You
can
find
the
information
for
each
one
of
these
actually
on
the
wiki
site.
You
know
the
two
new
ones.
Actually
we're
going
to
talk
about
today
are
coming
out
of
australia.
C
I
it
was
funny,
I
kind
of
noticed
over
the
last
couple
months
that
we
have
pretty
much
covered
blockchain
activity
from
the
global
perspective
out
of
every
continent
on
the
planet
now,
except
for
australia
and
antarctica.
So
I
wanted
to
make
sure
we
gave
our
aussie
friends
an
opportunity
to
show
what
they're
doing-
and
I
promise
you
if
anybody
ever
starts
doing
blockchain
in
the
mortgage
industry
in
antarctica
I'll,
be
bringing
you
those
articles
as
well
marvin,
let's
go
ahead
and
move
into
the
next
slide.
C
So,
let's
start
out
with
coming
out
of
australia.
Melbourne
based
matthias
group.
They
develop
in
new
technologies,
web
3,
blockchains,
systemized,
automation,
looking
at
technologies
that
could
increase
the
efficiencies
and
the
mortgage
process,
their
company.
Actually
matches
up
businesses
with
lending
technologies
across
commercial
mortgages,
vehicle
financing
government
grants
just
to
name
a
few.
C
To
give
you
guys,
some
contacts
in
australia,
mortgage
brokers
are
required
to
get
lawyers
involved
from
both
the
buyers
and
the
sellers
side
along
with
valuations
and
quantity
surveyor
reports,
then
they
work
with
the
funders
who
actually
underwrite
the
deal
when
all
sides
are
in
agreement
and
that
the
information
is
accurate.
That's
when
it
officially
becomes
locked
into
the
blockchain
and
the
funds
are
released.
C
The
matthias
group
is
exploring
how
blockchain
technology
will
be
positioned
for
debt
and
transactions
in
the
real
estate
industry
in
the
future
and
how
blockchain
transactions
could
look
through
tokenization
debt
and
transactions
and
digital
debt
offerings,
along
with
the
utilization
of
smart
contracts.
So
a
great
article
to
see
what
they're
doing
also
coming
out
of
western
australia,
the
real
estate
institute
of
western
australia
or
reiwa
they're,
bringing
compulsory
or
compulsory
professional
development,
blockchain
blockchain
training
to
the
western
australia,
real
estate
professionals,
so
similar
to
continuing
education
that
we
have
here
in
the
u.s
cbd.
C
The
courses
give
students
an
overview
of
how
the
application
of
blockchain
technology
can
assist
property
management,
buyers,
sellers
and
tenants.
They
kicked
off
this
program
at
the
beginning
of
the
year
and
to
date,
they've
already
had
210
real
estate
professionals
that
have
gone
through
the
training
and
an
additional
255
sales
representatives
that
have
attended
blockchain
tokenization
training
as
well
rei.
C
Wa,
ceo
kath
hart
has
been
noted
as
saying
it's
essential
that
the
real
estate
profession
adapts
and
evolves
with
the
changing
technology
environment,
to
ensure
that
the
agents
can
carry
cater
to
the
changing
needs
of
the
clients.
Techstack
is
the
company?
That's
actually
providing
the
training
and
they're
known
to
say
that
those
who
adapt
first
with
the
best,
have
the
best
chance
of
capitalizing
on
the
growing
opportunity
that
blockchain
provides.
C
C
Let's
take
a
look
at
the
us
industry.
So
again
our
updated
timelines.
All
of
the
items
in
blue
you'll
be
able
to
find
on
our
wiki
site.
These
are
articles
that
we
have
covered
before
some
of
the
stuff
that
I'm
going
to
talk
about.
Now,
it's
going
to
be
coming
out
of
reno,
as
well
as
some
updates
from
the
mba
secondary
and
capital
markets
conference
that
occurred
in
new
york
city
next
slide
marvin.
C
The
portal,
which
I
mentioned,
has
been
dubbed
the
biggest
little
blockchain
it's
going
to
allow
both
the
public
and
city
staff
to
be
able
to
access
historic
registry
records
when
launched
this
summer.
It'll
allow
the
public
to
view
every
transaction
recorded
in
the
historic
registry
process
and
the
city
leaders
are
touting
that
it's
the
first
city-run
and
resident-focused
blockchain
platform
in
the
u.s.
C
I
do
want
to
mention
cook
county
illinois
they're,
also
looking
at
putting
property
deed
records
on
a
blockchain
as
well.
So
we
are
starting
to
see
this
a
little
bit
more.
We
previously
in
a
couple
sec
or
a
couple
months
ago,
in
our
sessions
we
talked
about
riverside
county
and
what
they're
beginning
to
do
with
title
on
the
blockchain
prior
to
the
pilot
and
I'm
sure
those
of
you
that
have
been
in
the
industry.
A
long
time
will
appreciate
this.
C
C
A
James,
if
I
could
interject
on
this
reno
one
what's
really
interesting
about
this
situation,
is
that
the
reno
blockchain
pilot
was
developed
by
a
company
called
block,
apps
block
apps
built.
We
know
solution
using
their
strato
blockchain
platform
and
they
did
that
pro
bono.
I
I've
reached
out
to
block
apps
to
see
if
they'd
like
to
speak
at
one
of
our
future
sessions.
I
have
a
meeting
with
one
of
those
guys
next
week,
so
stay
tuned.
We
may
be
able
to
get
some
more
detailed
information,
yeah.
C
Great
update,
marvin
appreciate
that,
and
then
you
know
the
very
article
or
the
very
last
article
I
wanted
to
cover
today
so
back
in
may,
at
the
nba
secondary
and
capital
markets
conference
and
expo
that
took
place
in
new
york
city,
they
had
a
panel
discussion
which
includes
seth
appleton
who's.
The
president
of
mismo
lori,
laurie
from
liquid
mortgage
we've,
actually
had
lori
on
our
previous
presentations,
david
fragall
from
digital
assets
at
western
alliance
bank,
fred
matera
from
redwood
trust
and
christopher
mccentry
who's,
the
vp
of
technology
at
ice
mortgage.
C
This
is
a
very
similar
group
that
also
spoke
at
the
nba
tech
conference
in
vegas
back
in
april
that
we
broadcasted
from
well
implement
or
some
of
the
topics
that
they
talked
about
as
well.
Implementing
blockchain
across
the
industry
definitely
does
come
with
challenges:
increased
security
and
the
efficiency
that
it
adds
provides
value
to
the
origination
and
securitization
process.
C
We
previously
discussed
the
redwood
trust
and
liquid
mortgage
use
of
blockchain,
and
you
know
paul
was
referencing
that
a
minute
ago
they
had
a
40
431
million
dollar
transaction
that
occurred
last
year
and
as
a
group,
they
also
knowledge
some
of
the
risks
associated
with
block
tech
chain
technology
and
how
federal
regulation
for
both
blockchain
and
cryptocurrencies
are
just
being
realized.
I
think
we've
seen
this
a
lot
in
particular
in
the
last
couple
of
weeks
as
we've
seen.
C
What's
the
volatility
that's
been
going
on
in
the
cryptocurrency
market,
and
you
know
we
anticipate
over
the
next
year
or
two,
both
at
state
levels
and
federal
levels,
you're
going
to
start
to
see
quite
a
bit
more
of
this.
I
know
in
last
month's
presentation
we
talked
a
little
bit
about
some
of
the
state
regulations
that
are
starting
to
come
to
fruition
and
washington,
wyoming
and
other
states
that
are
out
there
and
the
next
slide.
Marvin.
D
Hey
james,
I
I
just
wanted
to
add
a
couple
comments
back
to
the
reno,
so
infosys,
a
global
provider
of
information
technology
services
was
working
with
riverside
county
and
they
announced
that
they've
completed
a
pilot,
we're
going
to
provide
some
more
information
there,
we're
reaching
out
to
them
as
well
to
see
if
they
can
come
here
and
share,
share,
share
their
learnings
and
and
their
progress
in
terms
of
the
commercial
aspects
of
their
blockchain
solutions
for
counties
in
the
us.
There's
roughly,
I
don't
know
30
31
3200
counties,
so
this
will
be.
D
C
Yeah
fantastic
update
angel
thanks
for
throwing
that
in
you
know.
Lastly,
the
slide
that
you're
looking
at
here.
This
is
the
wiki
page
for
the
mortgage
subgroup.
In
fact,
I
just
dropped
a
quick
link
into
the
chat,
so
feel
free
to
click
on
that
save
it
as
a
favorite.
But
all
of
these
articles
that
we
have
discussed
are
available
on
the
site
here.
C
Taking
a
look
at
the
mortgage
indices,
subgroup,
wiki,
really
quick.
You
know
I
do
encourage
everybody
go
in.
You
know
enroll
the
instructions
that
marvin
provided
at
the
beginning
of
the
presentation,
walk
you
through
how
to
enroll
for
this
site
once
you
are
enrolled,
as
we
add
content,
as
I
update
with
new
articles,
you'll
automatically
get
notifications.
C
In
addition,
you'll
also
get
notifications
of
this
monthly
meeting,
as
it
occurs,
along
with
a
calendar
invite,
but
taking
a
little
bit
of
a
look
at
the
site.
On
the
left
hand
side
you
can
see
in
the
mortgage
subgroup
meeting
notes,
we
do
have
pages
for
each
one
of
these
presentations.
So
if
you'd
like
to
see
any
of
the
past
videos,
you
can
access
them
directly
from
here.
C
In
addition,
hyper
ledger
does
have
a
youtube
channel
where
they
post
all
of
these
videos
as
well
and
then
over,
on
the
right
hand,
side
you're
going
to
have
the
industry
research,
some
of
the
articles
that
I've
been
talking
about,
as
well
as
other
items
that
we've
curated
along
that
list
on
the
right
hand,
side.
In
fact,
the
survey
report
that
marvin's
about
to
walk
us
through
you'll.
Actually,
when
you
scroll
down
on
the
right
you'll,
find
a
link
to
that
as
well.
A
Thanks
james,
that's
always
great
information
like
getting
the
reader's
digest
version
of
what's
going
on
in
in
the
mortgage
industry.
So
next
we'd
like
to
do
a
deep
dive
on
fannie
mae's,
q4
2021
lender
sentiment
survey.
How
will
blockchain
shape
mortgage
lending
I'm
going
to
spend
the
next
couple
slides
going
over
the
mechanics
science
of
the
survey
and
then
we'll
do
a
deep
dive
into
the
findings
and
what
they
mean.
A
A
Second
set
of
questions.
What
blockchain
ideas
are
most
appealing
to
lenders
to
improve
or
expand
their
mortgage
business?
This
gets
really
interesting.
How
do
lenders
view
decentralized
finance
defy
to
what
extent
do
they
think
defy?
Has
the
potential
to
disrupt
incumbent
financial
institutions
and
the
last
set
of
questions?
How
likely
do
lenders
believe
that
mortgage
companies
will
start
accepting
cryptocurrency
from
consumers
as
a
mortgage
payment
method
over
the
next
three
years?.
A
A
Okay
key
points
from
the
survey
I
won't
go
into
all
of
them,
but
I'll
cover
the
most
salient
and
then
we
can
have
a
discussion
about
anything
else
or
people
would
like
to
provide
their
feedback
on
this.
I
think
this
is
really
interesting,
and
I
think
why
we're
all
here,
20
of
mortgage
lenders,
have
looked
into
or
started
using
blockchain.
A
A
What
I
think
is
really
interesting,
though,
is
the
next
set
of
questions
or
the
next
set
of
data.
What
the
respondent
said
would
be
the
most
appealing
applications
for
the
before
blockchain
here's,
how
they
tabulated
that
information
fannie
mae
used
what
they
call
a
maximum
of
different
scaling
that
assigns
a
value
to
each
of
the
ideas
or
applications
of
blockchain
ideas.
With
the
score
greater
than
100
indicates
a
stronger
than
average
preference,
whereas
those
with
less
than
100
had
a
less
than
average
preference.
So
you
can
see
the
top
three
here.
A
B
D
B
B
B
Now
I
manage
a
linux
foundation,
project
called
the
iam
project
and
we're
we're
going
a
little
bit
deeper
than
just
credentials.
We're
going
at
the
actual
data,
a
type
of
data
that
a
person
would
would
need
would
share
and
like
in
terms
of
mortgages
data
elements
like
your
your
marriage
status,
your
flood
zone,
your
you
know
the
types
of
things
that
go
into.
You
know
you
know
giving
a
mortgage
on
a
house.
B
Obviously
your
your
resident
location,
your
state
residents
data
like
that
and
then,
but
but
the
technology
we're
using,
because
maybe
we're
not
all
data
scientists
in
this
call
here.
But
if
you,
if
you
have
a
company-
and
you
have
data
in
in
a
unique
application,
it
is
uniquely
defined
and
that
data
is
not
going
to
match
up
very
easily
with
other
databases,
it's
called
disparate
data.
B
The
approach
we
take
is
using
a
technology
called
ontology
and
ontologies
can
be
universal
because
they
don't
model
data,
they
model
reality
and-
and
my
colleagues
and
I
have
recently
gained
approval
for
an
iso
standard
top-level
ontology
and
we're
now
standardizing
a
mid-level,
ontology
and
below
that
will
be
the
domain.
Ontologies
and
mortgaging
is,
is
a
domain,
so
we
could
develop
a
standard
ontology
for
mortgages.
B
So
that's
that's
the
big
idea
and
we're
already
looking
at
a
use
case
for
insurance
so
like
if
we're
doing
and
we're
going
to
be
doing
homeowners
insurance.
So
that's
probably
most
of
your
data
elements
right
there.
So
we'd
like
to
collaborate
with
you
guys
and
we
do.
We
are
setting
up
a
testbed
environment
and,
and
we
could,
we
could
run
a
simple
test
or
a
simple
tech
demo
to
actually
show
how
this
would
work.
C
E
B
E
But
you
see
that
you
see
the
challenge
where
it's
very,
it's
having
you
know,
first
off
having
that
data
having
those
wallets
be
truly
unchained
runs
this
this
conflict
with
legal
requirements
and
and
by
those
those
legal
requirements.
Right
now
are
just
california
and
europe,
but
I
promise
you
it
will
grow
because
consumers
want
the
ability
to
to
go
to
be
able
to
have
their
information,
forgotten
and
and.
D
B
B
C
A
Yeah
and
I
think,
as
we
all
realize,
that
this
is
just
start,
the
beginning
of
the
discussion
and
collaboration
and
I'm
sure
these
types
of
issues
will
be
brought
up
and
we'll
be
able
to
have
really
good
discussions
around
them.
But
I
know
we've
had
almost
religious
discussions
around
what's
on
chain
versus
op
chain,
so
definitely
looking
forward
to
the
collaboration
james.
A
Yes,
you
and
I
as
well
okay,
great
so,
let's
keep
going
through
this,
so
the
next
two
items
under
the
most
appealing
ideas
for
blockchain
industry
are
somewhat
related
with
a
max
death
score
of
145
people
thought
that
having
a
blockchain
based
title
registry
for
search
and
validation
and
then
another
kind
of
related,
a
digital
property
record.
I
think,
as
james
was
mentioning
earlier
in
this
call,
there
are
already
pilots
around
the
blockchain
title
registry,
reno
riverside
county,
as
angel
mentioned.
A
Okay,
cool:
why
don't
we
go
ahead
and
go
to
what
was
below
the
line?
So,
as
I
mentioned,
items
that
had
a
max
death
score
of
less
than
100
were
those
which
indicate
a
less
than
average
preference.
So
surprisingly,
with
a
max
death
score
of
93,
a
loan
marketplace,
a
blockchain
based
marketplace
for
buying
and
selling
loans,
but
we
know
that
those
are
already
being
built.
So
I
I
think
this
is
something
that
may
just
be
due
to
the
population.
A
Next,
a
max
death
score
of
81
leveraging
blockchain
to
track
loan
performance
and
receive
information
after
loan
stops
performing.
So
I
don't
know
if
this
would
have
any
type
of
mortgage
servicing
aspect
to
it.
It
probably
does
and
then
the
last
item
with
the
max
death
score
of
five.
So
I
I
don't
think
anyone
really
is
thinking
about
doing
this
with
that
score,
develop
infrastructure
necessary
to
accept
digital
currencies
as
deposits,
payments
or
collateral.
So
let
me
pause
there
and
see
if
anyone
has
any
comments
or
questions
about
these
blockchain
ideas.
A
D
It
okay
yeah
so
to
put
that
a
little
bit
in
perspective
right
so
for
those
of
you
guys
are
on
this
call
and
listening
early
adopters
in
any
new
technology
represent
two
and
a
half
percent,
and
so
right
now
we're
probably
less
than
you
know,
10
basis
points,
so
the
industry
actually
adopting
being
an
early
adopter.
So
we
we
are.
We
are
the
early
adopters
in
the
room,
so
congratulations
to
everybody,
love
that
can
do
attitude
and
and
and
the
and
how
you
embrace
new
technologies.
D
A
Absolutely
thanks
angel
that
those
were
fantastic
points,
so
the
the
last
set
of
questions
had
to
do
with
what
lenders
thought
about
the
potential
for
defined
crypto
44
respondents
believe
that
d5
has
a
very
high
or
moderately
high
potential
to
disrupt
financial
institutions,
but
the
kicker
said
the
last
one.
60
of
respondents
believe
that
it's
not
quite
likely
or
even
worse,
unlikely
that
mortgage
companies
will
be
accepting
crypto
as
mortgage
payments
over
the
next
three
years.
A
So
I
think
that
ties
with
the
last
bullet
in
the
section
of
above
that
infrastructure,
necessary
to
accept
crypto,
got
a
max
death
score
of
five.
So
I
think
those
two
kind
of
reinforce
each
other.
A
lot
of
people,
don't
think
that
there's
going
to
be
a
lot
of
crypto
activity
within
the
mortgage
industry.
A
A
These
are
very
straightforward
and
general
recommendations
that
one
can't
really
argue
with
first,
as
we've
been
saying
and
as
a
lot
of
people
have
been
saying,
educate
yourself
about
blockchain
and
its
potential
in
the
mortgage
industry.
The
fact
that
the
people
on
this
call
are
on
this
call
or
participating
previous
calls.
You
guys
are
already
taking
that
step.
A
Consider
finding
partners
with
the
line
interest
to
help
them
successfully,
execute
their
blockchain
use
cases
again
we're
trying
to
do
this
as
a
team,
so
you
guys
are
are
following
this
step
as
well,
and
I
think
that
that
last
point,
as
you
start
to
deploy
or
as
you
start
to
do-
pocs
as
we
covered
in
our
last
meeting-
that's
should
also
be
emphasized.
Parent
partners
for
the
pocs
do
what
other
people
have
done
to
lessen
the
learning
curve,
follow
the
pocs
that
we
developed
and
then
reach
out
to
us.
A
That
was
before
the
interest
rate
increases.
I
think
this
is
a
very
different
and
more
challenging
environment,
for
example,
as
we
were
talking
at
the
beginning
of
this
call,
figure
and
home
bridge
announced
that
they've
canceled
their
merger.
There
was
a
housing
wire
podcast,
which
I
highly
recommend
everyone
listen
to
where
the
figure
slash
home
bridge
merger
was
originally
tasked
as
a
test
case
for
leveraging
blockchain
at
scale
in
mortgage
when
it
was
announced
in
2021.
A
A
Also
the
survey
findings
viewed
through
the
prism
of
figure
and
home
bridges.
Announcement
may
cause
some
people
to
question
the
viability
of
blockchain
in
mortgage.
I
don't
think
I'd
go
that
far.
I
think,
given
the
marketplace,
mortgage
companies
are
being
more
cautious
and
rightfully
so
I
think
many
of
us
on
this
call
have
been
through
a
down
cycle.
A
You
want
to
be
more
cautious
it,
but
it's
also
an
ideal
time
to
invest
in
technologies
that
will
save
money,
make
processes
more
efficient
and
better
position.
A
company
for
the
next
episode.
Okay,
I'm
getting
off
my
soapbox
now
I'll
turn
it
over
to
you
guys.
What
comments
questions
do
you
guys
have.
C
Yeah
marvin,
I
you
know,
think
the
point
that
you
called
out
about
this
survey
was
completed
in
the
fourth
quarter
of
last
year
is
something
very
much
worth
noting
because,
as
you
mentioned,
we've
seen
a
significant
change
in
the
industry
over
these
last
several
months
with
interest
rate
increases
and
we're
starting
to
see
a
little
bit
of
a
downturn
in
you
know
the
number
of
applications
that
are
being
put.
In
fact,
I
recently
read
an
article
that
talked
about
for
the
first
time
since
2019.
C
It
was
approximately
20
percent
of
the
offers
on
new
homes
out
there.
Homeowners
sellers
are
actually
having
to
lower
their
sales
price
for
the
first
time
in
three
years,
so
we
are
starting
to
see
an
impact
in
the
market
as
well.
As
you
know,
as
we
mentioned
the
the
crypto
markets,
you
know
which
previously
you
know,
people
have
separated
the
crypto
market
from
the
the
stock
exchange
and
saying:
hey
it's
not
as
volatile.
C
A
E
C
E
E
A
Yeah
there
was
also
another
interesting
article
by
larry
sumner.
I
think
he
was
the
former
treasury
head.
He
says
that
the
fed
is
not
correctly,
anticipating
inflation
that
they're
not
being
aggressive
enough.
It
was
a
real,
interesting
article
if
I
can
get
a
copy
of
it
I'll
send
it
out
to
this
group,
but
larry
sumner
he's
been
very
prescient
about
interest
rates
in
the
past
and
for
someone
of
that
magnitude
to
say
we're
not
being
aggressive
enough
on
inflation.
E
D
A
A
Next
item
future
agenda
topics:
we
always
ask
for
people
for
feedback
on
future
meetings
and
we're
definitely
starting
to
get
that
our
next
subgroup
meeting
is
in
july.
So
at
the
july
sub
group
meeting,
I've
spoken
with
jim
mccoy
at
block
daemon
he's
going
to
be
introducing
the
distributed
finance
or
d5
subgroup.
A
So
I'm
not
sure
if
he's
on
this
call,
but
he's
reserved
for
july
and
then
will
gessner
from
renery
solutions
is
on.
The
caller
was
on
an
earlier
call
earlier
part
of
today's
call
he's
going
to
be
talking
about
blockchain
and
mortgage
servicing
in
august
and
james.
Thank
you
for
joining
us,
maybe
you're
someone
that
can
speak
in
detail
about
what
you're
doing
on
one
of
our
future
mortgage
subledger
calls.
C
E
Yeah,
no,
I
just
I
kind
of
a
question
and
I
I
jumped
on
late
to
get
today
guys.
Sorry,
you
know,
given
the
market
shifts,
you
know
and
some
of
these
proof
of
concepts
already
being
a
hard
sell.
At
least
an
economic
term
sometimes
have
you
seen
really
a
shift
in
in
and
kind
of
making
things
a
little
more
tangible,
short
term.
E
E
A
I
I'll
take
a
stab
at
that
then
I'll
turn
it
over
to
the
rest
of
the
team.
I
I
think,
at
least
from
my
experience
we
have
seen
the
ship
there's
been
a
lot
more
emphasis
on
roi
in
the
discussions
that
I've
been
having
in
peop
with
people.
The
question
that
I
keep
hearing
consistently
is:
okay,
what's
the
real
benefit
of
blockchain?
I
can
do
this
with
my
current
technology
at
less
the
cost.
A
What
are
you
guys
in
blockchain
bringing
to
the
table,
and
I
that
that's
one
of
the
things
that
I
hear
and
honestly
it
can
sometimes
be
challenging
to
answer
that
question,
because
we
are
still
in
the
proof
of
concept
stage,
but
I
think,
once
you
start
expanding
blockchain
from
point
solution
to
a
much
broader
solution,
it
really
does
become
a
more
value-added,
a
cheaper
solution.
What
redwood
trust
did
in
terms
of
being
able
to
demonstrate
significant
cost
savings,
100
basis
points
just
from
the
audit
and
compliance
perspective?
A
D
D
What
does
it
take
to
implement?
What
is
the
time
and
cost
to
implement
and
what
type
of
savings
are
they
going
to
get
so
there's
very
what's
promising
is
that
there
is
a
lot
of
activity
popping
up
across
the
entire
value
chain
of
mortgages
and
we'll
be
updating
this,
but
we're
still
in
that
early
adopter
phase,
poc
pilot
phase.
There
are
some
organizations
that
are
already
in
production,
first
generation
technologies,
and
you
know
those
take
time
to
bed
in
and
work
out
and
fully
integrate.
D
So
what
what
we
are
going
to
be
doing
is
doing
a
scan
of
of
all
these
organizations
and
find
out
where
they
are
today
and
what
they're
willing
to
share
so
that
we
can
help
the
industry
get
awareness
of
who
the
players
are.
Where
are
they
positioned
what
they
can
provide,
what
is
turnkey
and
how
organizations
can
start
to
get
value
if
you're
a
mortgage
lender
today,
whether
you're
an
imb
or
a
bank?
It's
it's!
D
It's
a
tough
economic
model
right
now,
probably
looking
at
cost
savings,
as
as
a
way
to
you
know
improve
the
the
bottom
line.
Some
are
looking
for
growth,
but
technology
is
really
going
to
help.
You
move
the
needle
a
lot,
and
so
how
does
blockchain
technologies
compete
to
the
traditional
technologies
that
are
out
there
today,
whether
they're
legacy
or
or
just
developed
in
the
last
couple
years?
A
And
lucas,
I
I
wanted
to
add
another
couple
points
to
what
angel
was
saying
when
we
held
our
last
meeting.
We
walked
through
several
proof
of
concepts
that
we
at
cevintes
had
gone
through
and
what
was
really
telling
in
those
proof
of
concepts,
were
the
first
couple
ones
pretty
much
reinforced
what
the
detractors
were
saying
about
blockchain
response
time,
cost
of
blockchain.
A
Those
were
all
things
we
experience
in
the
pocs
we
set
up
using
ethereum
as
the
blockchain
platform.
Ethereum
has
transactions
per
second
about
seven
to
12..
When
we
put
two
people
on
our
poc
in
response
time,
latency
it
just
shot
through
the
roof.
We
had
people
sitting
around
waiting
for
a
couple
minutes,
not
a
couple
seconds
for
just
one
or
two
simultaneous
transactions.
A
We
switched
from
ethereum
to
hyperledger
fabric,
which
has
a
transactions
per
second
of
well
over
10
to
12
000
per
second,
and
all
of
those
latency
problems
went
away.
So
I
think,
as
people
get
smarter
and
people
get
further
along
on
these
pocs
they'll
start
to
address
a
lot
of
those
issues
that
people
brought
up
before
about
blockchain
and
then
what
we're
also
finding
to
address
the
roi
issue
is,
once
you
start
marrying
blockchain
with
other
technologies,
especially
ai
and
rpa.
A
D
They
have
resources
and
investment
and
teams
dedicated
to
this.
There
are
also
large
banks
that
have
private,
semi-secret
or
our
full
stealth
mode.
Blockchain
initiative
is
going
on
right
now
that
we're
not
all
privy
to
or
not
yet
available,
but
there
it
is.
Some
of
these
major
capabilities
are
are
common
knowledge.
A
And
the
last
point
I
want
to
add
that's
why
I
wanted
to
share
the
sample
population
information
so
that,
as
you
take
a
look
at
this,
and
I
highly
recommend
that
people
take
a
look
at
the
actual
study
from
fannie
mae.
It
was
the
larger
institutions,
the
larger
banks,
the
larger
depository
institutions
that
were
further
along
in
the
blockchain
journal,
and
also
that
had
a
more
positive
view
of
blockchain
because
they
had
experienced
it
and
to
angel's
point.
A
A
C
A
Oh
absolutely
yeah,
the
discord
channel
is
relatively
new
when
we
first
started
this
group,
a
lot
of
the
discussion
was
taking
place
through
the
hyper
ledger.
Rocket
chat.
Discord,
I
think,
is
a
much
better
social
media
tool
and
we're
constantly
monitoring
that.
So,
if
you
guys
have
questions,
you
guys
are
going
through
your
own
poc
you're
experimenting
with
some
of
the
sample
cases
from
hyperledger
drop,
something
in
the
into
the
discord
chat
and
let
us
know-
or
if
you
are
having
questions
or
just
want
to
talk
about
your
experiences.