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39 ยป VISIT US ONLINE @ DSNEWS.COM IS SILICON VALLEY GOING TO EAT THE MORTGAGE INDUSTRY? I'm frequently asked how Silicon Valley and new fintech innovations such as blockchain technology will affect well-established players, such as the mortgage industry. If you can move money faster with blockchain technology, is it also possible to originate and sell a mortgage faster? e answer is yes, but that's not the most exciting or useful thing that the industry needs right now if they want to survive the coming technology revolution. No one can dispute that mortgages are going digital and new Silicon Valley startups have begun picking away at well-established mortgage technology leaders. It started off innocently enough with phone apps that let users text money to friends, but now tech companies have begun eyeing the mortgage industry in much bigger ways. It's time to ask the question: "what can be done to keep your edge?" History has shown that those who survived change did so by embracing it. Looking at how to incorporate the competitive advantage of new Silicon Valley innovations such as blockchain software will take the steam out of new competitors that have yet to establish market share. Fintech startup Factom Inc. is offering just that. Factom creates competitive innovation that goes beyond the buzzwords. e company's blockchain solutions are making waves across several industries. Factom's blockchain software has been used to build, scale, and secure applications for the Department of Homeland Security, secure medical records, and secure government documents. Now with strategic investment from industry leaders and technology pioneers, they have turned their eye on the mortgage industry. Factom's Harmony software, designed by the team that brought you RealEC, lets you take the durability of paper, the searchability of digital records, and the security and auditability of a secure vault and apply it as a thin layer of technology over your existing systems. With their web application or API's, Factom's solutions plug into your existing LOS and imaging systems and easily convert it into an improved and comprehensive digital vault for mortgage documents and compliance records. Working with your existing imaging or document management solution, Factom Harmony creates a secure, transparent, unalterable record for final loan documents. Factom Harmony suite also has an Audit Room designed for the Post-Closing, Quality Control, and Audit Teams. Using the power of Factom blockchain technology, the process for assembling audit packages, reviewing loan file documentation, collaborating on issues, and exceptions are significantly improved. Harmony utilizes digital signatures, tamper-proof seals, and blockchain immutability to the fullest capacity, making your regulatory and compliance audits predictable and headache-free. Harmony also has a powerful Servicing Room that creates a complete compliance and audit evidence tool for performing and non- performing servicing. It creates point-in-time preservation of servicing records, allowing you to preserve your data and ensure compliance like no other technology. Utilizing the Servicing Room, you define key points in the servicing process (e.g. 30, 60, 90 days delinquent, letter notification, modification offer, referral, etc.). At each point, the data, notes, documents, and call records can be written to the Servicing Room, with the cryptographic proof and tamper evidence of the records, sealed permanently within the Factom blockchain. is automates your proof of compliance so you have it when you need it most. e Harmony Due Diligence Room was designed to make your life easier by bringing together the buyer, seller, due diligence company, and rating agency into one online, virtual deal room that supports credit, compliance, and collateral reviews. All parties can securely view, comment, create, and resolve conditions on each set of records. Conditions and condition-clearing activity are managed, tracked, and secured within the Factom blockchain, creating a permanent record of the due diligence file and all activities as a base for all future reviews, setting you and your team up for success and optimized workflows. Factom Harmony enables you to better coordinate compliance audits, interact with all loan documents and data across multiple sources, deliver final documents faster, and utilize resources more efficiently, giving you the edge you need on Silicon Valley. Jason Nadeau, EVP of Factom, leads the strategy for the mortgage industry including revenue growth, strategic partnerships, and business development strategy. Nadeau comes to Factom from Corsair Associates where as Senior Director he provided strategic consulting to mortgage technology companies. Before Corsair Associates, he served as Group President at Stewart Title and CEO of Stewart Lender Services. Nadeau also served as Founder, President, and CTO of RealEC Technologies (now a Black Knight company) where he and the RealEC leadership team developed the largest electronic partner network for the mortgage industry. SPONSORED STORY