A mortgage application requires hundreds of documents and very sensitive data. W-2s, income statements, asset statements, bank statements, Social Security numbers – and all of that has to change hands numerous times over a variety of channels: fax, email, mobile phone. To process a mortgage from start to finish, you’re looking at many documents, all with multiple versions, created by multiple parties and multiple entities editing and revising. Combined, that could be thousands of document versions, data points, all variable to revision.
If there's an area that cries out for the efficiencies of blockchain, it's the mortgage industry. But are institutions ready for such major change?