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SYNECHRON BLOCKCHAIN ACCELERATOR

Reduce Cost and Improve the Mortgage Execution Experience

 

The mortgage value chain is highly fragmented with various government organizations, real estate, financial and legal intermediaries involved. It is still predominantly paper-based, manual and prone to processing errors. Blockchain technology has the potential to revolutionize the entire mortgage industry - financial institutions stand to gain from reduced costs throughout the mortgage value chain and more efficient interactions with suppliers, agents and customers. The early adopters also have the potential improve customer experience and retention and to win additional business from tech-savvy customers, who expect financial services to be simple, fast and transparent.

As a decentralized, contract-based transaction management system where loans and related payments and approvals are linked together; mortgage origination, initiation and execution is ideal for blockchain. A permissioned mortgage lending blockchain can dramatically reduce costs, fees and fraud; and improve efficiency, transparency and certainty along the whole transaction, for all parties.

The Synechron Blockchain Accelerator for Mortgage Lending

Drawing on Synechron’s combination of financial services expertise and technology know-how we have developed a blockchain mortgage lending application which automates mortgage initiation, execution and servicing for lenders, buyers and their appointed representatives. Blockchain has the ability to completely transform this industry. Financial institutions and intermediaries that start rethinking business operations now can achieve first-mover advantage and avoid losing out.

Blockchain technology has the potential to revolutionize the entire mortgage industry - financial institutions stand to gain from reduced costs throughout the mortgage value chain and more efficient interactions with suppliers, agents and customers. The early adopters also have the potential improve customer experience and retention and to win additional business from millennial and tech-savvy customers, who expect financial services to be simple, fast and transparent.

The Synechron Blockchain Accelerator for Lending brings the power of blockchain technology to bear on the mortgage industry, answering
questions like:

  • How do we move from blockchain hype to pragmatic applications that save us and our client’s cost and e ort?
  • What parts of the mortgage value chain are best suited to blockchain technology now and in the future?
  • How can we get started with blockchain now even if the rest of the mortgage industry is lagging or still in stealth mode?
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HOW WE HELP

Improve the Entire Mortgage Value Chain

Firms who can embrace the new technology gain access to more efficient distribution and execution networks for their financial transactions and shared eco-systems with their customers, partners, suppliers and regulators

The Synechron Blockchain Accelerator for Mortgage Lending financial institutions how blockchain systems can decrease processing times and reduce errors, resulting in:

Reduced costs

  • By automating and securing the mortgage lending processes, a blockchain-based system co-ordinates and identifies the agents and intermediaries and could reduce operational costs, fees and fraud for financial institutions. We estimate savings of $177 million on a loan book of $97.7 billion for a typical mortgage lender.

Improved workflows

  • Blockchain technology is expected to reduce total transaction time throughout the mortgage value chain by 25%, to 30 days from 40. If national governments establish a blockchain-based title registry, this is expected to fall a further 25%, to 20 days.

Enhanced customer experience

Customers want to be served efficiently, securely and transparently in what, for many, is the largest transaction of their lives

The inherent identity, security and audit trail features of blockchain gives more control to buyers and borrowers, providing full visibility of progress and intermediary activities. The customer experience can be improved through:

  • Improved loan search and credit qualification checks and approvals
  • Faster asset appraisal, insurance and loan security
  • Easier document exchange, disclosure and due diligence
  • Reduced fees along the mortgage value chain
  • Increased certainty and reduced fraud during loan funding approval; cash transactions with sellers and intermediaries; and completion of asset and title exchange

To learn more about our Blockchain Accelerator for Mortgage Lending and the work we’re doing email us at finlabs@synechron.com

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INSIGHTS

Read our latest thought leadership article on Mortgage by our subject matter expert.
Click to download this article for free.

/ / MEET OUR BLOCKCHAIN EXPERTS

Our people, are your people.

Coates

Matt Shaw

Associate Partner (Consulting)

London, UK

Alexander

Dennis Martens

Managing Consultant

Amsterdam, The Netherlands

uday_chaudhari

Mahesh Patil

Senior Manager - Software

Pune, India

Amit Dixit

Sharad Sharma

Asst. Manager - Software

Pune, India

Matt Shaw

Associate Partner (Consulting)

London, UK

Parag Deshpande

Dennis Martens

Managing Consultant

Amsterdam, The Netherlands

Mahesh Patil

Senior Manager - Software

Pune, India

Amit Dixit

Sharad Sharma

Asst. Managager - Software

Pune, India

We’re ready to get started, are you?

Get in touch and we can connect you with the right people.