Currently, when mortgages are originated, only some are fully digitized, leaving most to be manually registered. When a mortgage company wants to sell the loan to investors, there is an enormous amount of manual work needed to verify all documents exist, are signed, and the information is accurate. This results in higher costs of credit to would be home buyers, effectively preventing many from being able to afford to own rather than rent.
What it does
Our solution combines the features of a notary, document archival system, and data registrar, so that at the time of transferring loans from seller to buyer, the amount of manual work is reduced significantly, allowing buyers to pay more for mortgages (higher prices mean lower interest rates for borrowers).
How I built it
We created a dapp on top of a cosmo client running the Tendermint blockchain to create a UI model for loan originators and other institutions to understand how to incorporate into their processes
Challenges I ran into
Tutorials for the components we were using had multiple bugs that prevented easy evaluation of key concepts making a fully operational prototype impossible in the time frame
Accomplishments that I'm proud of
We were able to scope out the full feature set of our proposed solution and identify the components necessary for accomplishing the solution.
What I learned
Learned about the cosmos ecosystem and the development of blockchain technology evolution, learned about extensive experiments in the mortgage industry doing things with blockchain we didn't know before which helped direct our focus.
What's next for DeNote
Do more studying of the cosmos SDK, work with industry partners to gauge interest in adopting at various stages in the mortgage lifecycle,