Mortgage is a very centralized business and is full of intermediaries. Globally, this leads to three big problems: increased costs, increased processing time and a lack of transparency. That is why mortgage is the ideal patient for ENDO Protocol.
To agree on a mortgage, the bank needs to analyze a credit history, calculate all the risks, evaluate the property, make the necessary documents and much more. All this work is manual, time consuming and costly.
Each intermediary who participates in the transaction adds from 1% to 2% to the general cost due to his own fees. Not just the money, they also add days of waiting, since each of intermediary is always loaded with other tasks.
The documentation itself often lacks of transparency. When a person applies for a mortgage, brokers, credit agencies, a bank and other third-party agents want to examine the person. Access to his banking information is provided manually, via an e-mail request, and takes time to wait for a response.
How can ENDO Protocol revolutionize mortgage?
Blockchain stores all the necessary data in a distributed network, where every node can instantly update data and share it with other nodes. Those who wish to get acquainted with the data can easily access it right in the network. All documents and any other data is securely stored and reachable 24/7 via ENDO Docs application.
Each document in the ENDO Protocol will have its own identifier, which will help to quickly track all recent changes. This makes digital document of ownership include a complete list of recent owners, if there were any, as well as current market evaluation of the property. In order to verify the new owner, the fast and smart ENDO KYC app can be used.
A decentralized network can also get rid of the need to deal with intermediaries by using smart contracts. Smart contracts can be pre-programmed to transfer funds or rights only when certain conditions have been met. For example, funds can be transferred to the borrower only after the relevant department of the bank has approved the mortgage and the application has been digitally signed. And a customer can track the process of approving.
This is an indisputable fact – ENDO Protocol has a huge potential for the revolutionizing the mortgage industry and can benefit both parties, – customers and financial institutions.
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