Factom has announced today they’ve released its first commercial product for the mortgage industry, called Factom Harmony. It is built on the Factom Apollo data management solution and allows users to store and create permanent mortgage records.
Harmony works with existing imaging or document management solution to create a secure, transparent, unalterable record for the final loan documents. In short, the company says the solution is “a perfected digital vault for each loan, a new practical and effective deployment of blockchain technology into the mortgage industry.”
Factom Harmony Overview:
It combines the unique Factom blockchain technology, advanced cryptography tools, and a digital fingerprint for each document or data file, giving lenders a secure way to store and expose individual loan files or documents to various third parties, creating a new type of blockchain vault for all loan documents.
Factom Harmony also establishes an immutable loan index for closed loan documents, creating a permanent record and index of the final loan documents. It makes audits smooth, reducing quality control, due diligence and review time.
It also reduces the costs associated with a mortgage by creating a single source that organizes the final documentation and provides the cryptographic truth that each document is the authentic copy.
Special access controls have been built in so multiple parties can collaborate on an audit condition and exceptions. It is a new type of secure digital audit room and due diligence deal room that tracks auditing activity on each document in real-time, giving a true history of every loan.
Jason Nadeau, Executive Vice President, Factom Inc said:
“This technology dramatically changes the approach and reduces the costs for audits, third party reviews, litigation costs and due diligence costs.” Said “The combination of blockchain and digital signature technology within Factom Harmony creates a solution where the benefits of digital signatures and electronic vaulting are now available for all documents without having to deploy any eMortgage or eClosing technology.”