The Mortgage Industry Subgroup (MIS) is focused on technical and business-level issues within the Mortgage Industry and on developing applicable use cases for blockchain technology in the Mortgage Industry (MI). It will bring together technical, academic, and industry-related expertise to address challenges with the MI. These include trust and transparency challenges due to the involvement of multiple entities, no clear mechanism to track end-to-end activities of every entity, and complex operations due to the involvement of many partners, vendors, customers, distributors, and network providers. These aforementioned problems can be addressed through the application of blockchain technology.
1.1 Mission
The mission of the MI-subgroup shall be to:
Identify specific opportunities where the application of blockchain technologies can meaningfully advance the state of the mortgage industry
Provide a foundation for real-world use case identification, blockchain technology alignment, and operational validation of technology fit for purpose
Provide recommendations for the ethical use and implications of blockchain technologies
Promote the community education of, and participation in blockchain technologies, policies, and protocols
Serve as an open channel of communication between the membership of this Special Interest Group and the leadership of Hyperledger to inform leadership on prospective improvements of Hyperledger frameworks and toolsets, within the context of the mortgage industry
1.2 Goal
The MI-SIG will use decentralized, permissioned HL blockchains to propose and build user-friendly apps that respond to the relative disorder of permissionless environments, where the interests of participants are hard to safeguard.
Following comparative analyses of the technical challenges (and hypothetical solutions) facing MI participants, these DLT apps/dapps will be created for lenders, title companies, capital market companies, and third-party providers regardless of location or size. This implies a focus upon UX/UI concerns over command-line tools, all in the name of access and inclusivity.
Proposal to Capital Markets SIG for a Mortgage Subgroup
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