The current mortgage environment is largely paper-driven, plagued with outdated processes, complicated relationships between service providers, and insecure data exchanges. This causes risk and inefficiencies in day-to-day operations by not trusting decision-critical data, forcing the acquisition and diligence of the same data multiple times. The growth of AI/ML in financial services only compounds the issue because it depends on the quality of the data supplied.
Companies and GSEs realize that the opportunity to change the mortgage lending and securitization industry needs to be simple, secure, and shareable in a way that gives the underlying mortgage loans and securities inherent trust, and an audit trail to disrupt the $15 trillion market.
A secure data platform that protects and audits the data at the lowest level to ensure an enterprise’s most valuable asset – data – is beyond reproach.
With Walacor’s trusted data management solution, companies can define a new standard for end-to-end mortgage transactions.
Walacor helps overcome several blockchain hurdles in the mortgage industry, enabling trusted data management and standardized smart contracts with end-to-end internalized data audit reporting capabilities. Walacor’s secure data storage solution can be trusted by both the company and its clients. Every document submitted to the platform – from initial underwriting to securitization – is treated as a new immutable, auditable record, providing transparent and trusted access to all data provenance.
Accurate, trustworthy, and secure data is essential in the mortgage industry. By tracking the provenance of every change made to mortgage data, companies can detect and correct errors, prevent fraud, and demonstrate compliance with regulatory requirements.
With Walacor’s immutable platform, MortgageTech companies can ensure all sensitive personal and financial information submitted cannot be altered or deleted, essential for maintaining data integrity and preventing fraud.
Dealing with complex data sets or having multiple parties involved in data processing can increase the risk of errors and fraud. With Walacor’s side-by-side feature, companies can reduce the risk of errors or fraud by quickly identifying changes and errors in different versions of the data.