The importance of the mortgage industry can never be overemphasized to the development of a nation or country. It helps in the development of a country fast if it is well managed. So many people or citizen of a nation can easily have their own houses or properties through a mortgage.
But despite the popularity of this industry, the process of managing the industry still in traditional ways of which is not friendly to both party involved. Mortgage loans still remain complex; it involved a lot of paperwork, overhead costs and inefficiencies. The various documents that are involved t in the processing of the application only if the application is considerable create difficulties and time wastage for both the borrower and the lender. It is still paperwork which is a contract to the recent development of some companies have shifted to the new system but the majority if wallowing in the natural ways.
More also, another challenging the industry is facing is that there too many parties that are involved to have a deal. Those parties which include the buyer, seller, financial institution, rating agency, appraiser, broker etc, making it more complex to strike a deal.
The market itself in the recent years has also become complex. The naturally, the same financial institution, Mortgage bank, would play the position of originator, lender and servicer. Additional, banks offered a loan using the funds that are general by their client’s deposits and managed the mortgage during all years or its lifespan (which can be like 35 years or more). Thus, in the curse of last decades, the mortgage market value chain has created new players and processes. Majority of mortgage loans are no longer kept by the banks in their own balances, they will rather sale it to the third party in the secondary market. This has created distance between the borrowers and lenders. As a result of this many that want to refinance their mortgage do not know where to go and do so. This has created complexity in the market and many have lost their houses. But Homelend has come to solve this problem and salvage the situation forever through the blockchain technology.
Homelend is a platform build to revolutionize the mortgage industry through the use of the blockchain technology. Homelend is a P2P platform that will work by to create a platform that will work implanting mortgage lending business into the smart contracts and this is the major aim of this project. The functionality is to create a set of smart contracts that implement business processes, it lets individuals borrow money from their peers in a trusted community, transparent, and secure process. The prime idea is that borrowers and lenders are not connected by any financial intervener (that is, a bank or a centralized P2P lending platform), but rather by smart contracts that automatically implement an already defined business logic. Any mortgage loan that wants to successfully originate, must embrace a pre-determined path.
As we can see the importance of this project can never be overlook down, but you should rather take advantage and invest in this futuristic investment that will soar greatly in the nearest future. The Initial Coin Offer (ICO) is still on sale on their website. They have the best team that will make this project great. Join us and support this project with your contributions to make this project great. Your contributions will go a long way to help the team successful turn this idea into a product.
Website: https://homelend.io/
Whitepaper: https://homelend.io/files/Whitepaper.pdf
Telegram: https://t.me/HomelendPlatform/
Author Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1077036