Creating a Seamless Mortgage System through the Block chain

Housing is a basic necessity for all .the poor the rich the lower class the middle class high and mighty in the society all need housing. in Abraham Maslow's hierarchy of needs safety is mentioned but a homeless man can not feel safe so unarguably housing is a basic need of every person. while most folks might live a relatively comfortable life without say a television or not being able to pay their wards' school fees the moment a man lacks shelter he is seen as a destitute in the society.

Affordability of this basic necessity has become a big challenge to most individuals and households majorly due to escalating cost of materials for building dwindling incomes of most households escalating cost of acquiring land and the rest .All these have impacted negatively on the price of houses thereby making cash purchase a near impossible act for most people. the banks and other financial bodies however have come to the rescue through a banking instrument called mortgages. mortgages are financial/debt instruments secured by the collateral of specific real estate property that the borrower is obliged to pay back with predetermined set of payment . over the period of many years the borrower repays the loans plus interest until he or she eventually owns the house . This arrangement is expected to lessen the burden of home ownership for the individual .while mortgages in themselves have eased the difficulties associated with home ownership a lot of challenges have bedevilled the system as presently being run.

For example a particular mortgage will involve banks, credit rating agencies government tax officials and many more. these various intermediaries have led to a system that is clogged by red-taping and neckbreaking bureaucracy that usually culminate in many months being spent trying to process and prosecute a particular mortgage arrangement. cases of payment defaults are an everyday occurrence in the mortgage business perhaps due to lack of proper and accurate due diligence before a mortgage is granted .

These payments defaults were at the heart of the 2008 financial crisis that hit the global housing industry like a tsunami leading to the collapse of many banks and insurance companies. when they are defaults in payments home foreclosures kicks in with their devasting consequences not just for the mortgagor but also for the banks. The present system is also burdened by too many paper work, while digitization should be the default mode in most other sectors the same cannot be said of the housing industry . Disruption is needed to speed up the mortgage business to create a more efficient and cost effective ecosystem where value will be guaranteed for both the prospective home owner and the lender.

A p2p lending network built on the block chain with its distributed ledger system and smart contracts will usher in a transparent mortgage system where most of the present deficiencies in the mortgage business would have been tackled. This is what Homelend intends to accomplish.
HOMELEND is being developed by a team with vast and extensive experience in block chain technology and finance. The chief executive officer is Itai Cohen who holds an MBA in finance, a BA in economy.

HOMELEND IMPORTANT LINKS:
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WEBSITE:https://homelend.io/
TELEGRAM:https://t.me/HomelendPlatform/
MEDIUM:https://medium.com/homelendblog
WHITEPAPER:https://homelend.io/files/Whitepaper.pdf
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