An exciting project that leads me in introduce you to the mortgage system that is outdated because it involves multiple intermediaries which directly affects the cost for both buyers and lenders. Plus, with these extra intermediaries comes more inefficiencies, paperwork, and a drawn-out process. This, along with antiquated qualifications, can make it difficult for many, especially in younger generations, to receive a mortgage loan.
Homelend is a cryptocurrency blockchain platform that is trying bring the revolutionary technology into the mortgage lending space. Where users can enjoy the benefit of user-friendly, efficient and cost-effective. Homelend is about giving the users an efficient, transparent and better communication to all the entities involved in the overall mortgage process.
Homelend works by first bringing the two parties of borrowers and lenders together, without extra middlemen. Then, by utilizing distributed ledger technology (DLT) and smart contracts, the entirety of the process is streamlined. The result is an efficient, cost-effective and safe way to efficiently borrow and lend money for the purpose of buying a home.
The utilization of the Blockchain technology in Homelend’s platform will allow secured transactions to happen within it. This also eliminates the need of resources to which mortgage loans can get adjusted to a lower and more affordable price. And because Homelend’s mortgage lending process is purely digital, the efficiency of which will allow lenders to have a loan at a low interest.
Moreover, as the mortgage process involves too many documents that need to be error-free and free from intruders, the Blockchain technology will keep everything safe and secured through what is known as the Mutual Distributed Ledger. Documents will be decentralized allowing access to all parties involved thus giving off transparency and security free.
The ecosystem of Homelend’s lending platform is that of P2P Lending architecture. This allows transactions to be done without the need of middlemen or overseeing in-between entities, which is a first for the digital mortgage industry. The smart contract technique will deliver automatically the approval or disapproval of a loan with respect to an algorithm of inputted business logic – if a property purchase activity is possible, can the loan be successfully paid back by the borrower and whether a loan can be recovered satisfactorily in case of a default. Also, smart contracts allow the use of digital currencies for payments. The Homelend currency is called The Homelend Token (HMD).
Homelend Token
Token: HMD
Price: 1 ETH = 1,600 HMD
Platform: Ethereum
Accepting: BTC, ETH, Fiat
Minimum investment: 1,000 USD
Soft cap: 5,000,000 USD
Hard cap: 30,000,000 USD
Country: Switzerland
Whitelist/KYC: KYC & Whitelist
Conclusion
Homelend is an interesting platform which aims to use blockchain to process mortgage-related data in a more reliable, transparent, strong community and secure way than ever before. It can be seen that Homelend aims to create a next mortgage market where borrowers and lenders can interact using blockchain and smart deals. Make mortgages more accessible to the buyer generation.
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Authored By: Richard Dra Ayebaesin
Bitcointalk Username: Steavenson19
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1785579