On Wednesday, Ranieri Solutions announced a partnership with blockchain and smart contract company Symbiont to explore opportunities to use Symbiont’s platform to “systemically improve all aspects of the mortgage industry.”
“Ranieri’s deep knowledge of the mortgage market coupled with Symbiont’s expertise in deploying enterprise blockchain networks led to the partnership between the firms,” the two companies explained in a press release.
Ranieri Solutions, a financial services technology investment firm, was founded by Lewis Ranieri, better known as the "father of the securitized mortgage market." The firm invests, develops and applies technology solutions focused primarily on the real estate and mortgage markets.
“The mortgage market, despite significant efforts, continues to lag behind from a technological standpoint creating inefficiencies that impact mortgage loans throughout their lifecycle,” Ranieri said. “By partnering with Symbiont, a proven blockchain pioneer, Ranieri Solutions believes that together we can implement this transformative technology to bring necessary efficiencies, transparency, and security to the mortgage markets.”
Symbiont's CEO Mark Smith said the two companies were eager to take on the challenges of the mortgage industry.
“When Symbiont was founded, it was my dream and vision to develop decentralized technology solutions that could solve the root problems that were at the heart of the financial crisis. Blockchain and smart contract technology is proving to be that solution,” Smith said. “To solve these problems alongside Lewis Ranieri, the genius behind modern securitized markets and his team is a once in a lifetime opportunity for me personally and a seminal moment in the history of Symbiont as an organization.”