A partnership has been announced between, Ranieri Solutions, spearheaded by the “father of the securitized mortgage market,” Lewis Ranieri, and Symbiont, the blockchain and smart contract company with the aim of discovering opportunities on how can the blockchain technology be implemented in the mortgage space.
Blockchain technology is a distributed ledger which possesses the ability to streamline the distribution of data at each and every stage of the mortgage life cycle. However, in-spite of gaining increased interest in the mortgage space, it has still not been utilized.
The partnership between Ranieri and Symbiont looks to find solutions for the mortgage industry challenges by conducting researches regarding the potential of blockchain tech and assisting in the restructuring of the mortgage process.
Blockchain technology is still in its initial stages of introduction to several organizations but is still being experimented in financial institutions for performing jobs related to trading platforms being built and in government and health care for record management. The revolutionary technology has incredible potential which can aid these industries to perform their tasks even more efficiently, which will result in reduced costs and save time as well. The mortgage industry on the other hand, traditionally been slow in accepting new technology.
According to Lewis Ranieri, in a press release, he states,
“The mortgage market, even after significant efforts, continues to lag behind from a technological standpoint making inadequacies that impact mortgage loans throughout their life cycle.”
He went on to add, “By partnering with Symbiont, a leading blockchain pioneer, Ranieri Solutions have full trust, that with this partnership we can redefine this transformative technology to bring about effective improvements in transparency, efficiency, and security to the mortgage markets.”
Blockchain tech can also help the mortgage space by refining data distribution, integrity and support compliance. Arguably the biggest obstacle in utilizing the technology is the lack of knowledge from industry applicants.
The CEO of Symbiont, Mark Smith also gave a statement, which reads, “When Symbiont was founded, I had a dream and vision to develop decentralized technology solutions that could resolve the root problems that were at the heart of the financial catastrophe. Blockchain and smart contract technology is looking more like that solution.”
Smith also added, “To solve these problems with Lewis Ranieri by our side, the brain behind modern securitized markets and his team is a once in a lifetime opportunity for me personally and a pivotal moment in the history of Symbiont as an organization.”