The growing complexity in the mortgage industry evidenced by the increasing number of people seeking home-loans, the difficulty of working with multiple parties, endless lists of required documents, and the continual need to review them, we need new solutions to improve customer service yet maintain profitability.

According to research collected by Factom, today’s average mortgage application file includes a staggering 500 pages. Every year the mortgage industry generates 10 million new loans and creates 5 trillion new pages of mortgage documentation; that requires them to keep 40 million pages of mortgage history.

Years later when a loan officer needs to recreate a decision on a file, they have to search through mounds of papers proving the debt ratio or what version of the appraisal captured the correct value. It’s like looking for the proverbial needle in a haystack.

The entire mortgage industry is drowning in documents causing processing setbacks leading to delays in the release of funds. There are even cases of mortgage fraud due to forgery in ownership records. It’s no surprise the industry is faced with
significant challenges, and easy to see why the system is failing and costs are rising.

What if there was a better way?

What if it was possible to file and retrieve those 40 trillion pages, that could be installed with no effect on existing systems, was impossible to hack, and was permanently preserved and accessible across the globe?
The better way is Factom Harmony!

Factom Harmony uses blockchain technology to provide a comprehensive and secure digital platform as a single powerful solution that is going to revolutionize the mortgage industry.

Through the incorporation of advanced cryptography tools, and a digital fingerprint for each document or data file, it gives lenders a secure way to store and display individual loan files or documents to various third parties, creating a new type of blockchain vault for all loan documents. Source

Built on the Factom Apollo data management solution, Factom Harmony allows users to not only store documents and data securely, it also provides full confidence and integrity for every transaction and piece of data being accessed or shared.

Factom Harmony has built in special access controls that allows users to manage and interact with all loan documents and data across multiple sources; delivering final documents faster and utilizing resources more efficiently.

The platform eliminates the cost of document assembly and consolidates document storage allowing for an efficient and seamless transaction process between lenders and brokers, without the worry of lost documents, altered agreements, or incomplete records.

Factom Harmony allows users to store and set-up unchangeable digital records for existing document management systems that creating secure sets of unalterable loan records. Factom refers to this system as “a perfected digital audit vault” created for each loan. Throughout the process every file is secured with hashes that track in real- time the most important documents and gives a complete history of every file from the beginning to the end of the loan process.



The Advantages of Factom Harmony Include:

  • Uses a powerful document platform, serving numerous organizations on a distributed network, performing data, digital asset and file management services.
  • Manages digital assets by creating organizational and file hierarchy models.
  • Assures digital asset originality and integrity through a validation and verification process.
  • Supports transfers of ownership and confirms digital asset ownership.
  • Performs digital asset access for your organization and authorized third parties.
  • Uses sophisticated due diligence and audit features, manages complex transactions for groups of assets.
  • Supports issue management, exceptions and comments for each individual digital asset.

“This technology dramatically changes the approach and reduces the costs for audits, third party reviews, litigation costs and due diligence costs. 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.” ~ Jason Nadeau, Executive Vice President, Factom Inc.

Factom, Inc. is an Austin-based software company that’s on a mission to make the world’s mortgage industry honest. Factom Harmony is the first practical and effective deployment of blockchain technology in the mortgage industry. Built by people with decades of experience and with the understanding of the unique and complex problems plaguing the mortgage industry; it offers a user-friendly and easy to integrate solution.

The adoption of Factom Harmony into the mortgage industry has the potential to overhaul its complex nature by increasing efficiency, transparency, and adding security to the process. Factom Harmony is ready for the future, with safeguards to make sure sensitive mortgage information is appropriately shared and secured respecting the privacy and safety of all.