Factom, a blockchain-as-a-service (BaaS) technology company, released a new suite of products designed to work with existing imaging or document management solutions to create a secure, transparent and unalterable record for final loan documents.
Built within the company’s mortgage-based solution, Factom Harmony, this new suite of products includes Audit Room, Due Diligence Room and Servicing Room. Factom’s new document management technology works as a simple extension of existing imaging technology.
The Harmony mortgage suite of products utilizes the blockchain based DigitalVault to create unique solutions for regulatory compliance, quality control, due diligence, and servicing audits and compliance.
Audit Room is designed to support compliance evidence, quality control functions and allow internal and third parties to audit files, facilitate origination, and support post-closing reviews based upon the immutability of blockchain technology.
The new Due Diligence Room is designed for loan sales, securitization, and non-performing loan trading. It builds upon the power of blockchain technology to create a perfected chain of credit, collateral and compliance review data and documents.
The new Servicing Room solution creates a unique and unalterable record of borrower communications, documentation, and data. Designed for both current and delinquent loans, the Servicing Room creates an indisputable and permanent record of all servicing events with a public witness via the Factom blockchain.
"The Servicing Room significantly reduces servicing costs by creating provable evidence of compliance. It also reduces the preparation time and risks of audits, servicing transfers, and foreclosure processes," said Tiana Laurence, co-founder and CMO of Factom.
Factom is headquartered in Austin, Texas, with supporting offices all over the world, including Sunnyvale, California, Shanghai and Beijing, China, and London.
For more information, visit factom.com.