CEO Joe Markham – Disrupting the Mortgage Lending Industry with Blockchain
Finding Genius Podcast
Richard Jacobs
4.4 • 1K Ratings
🗓️ 16 August 2018
⏱️ 18 minutes
🧾️ Download transcript
Summary
CEO of Block66, Joe Markham, sits down to discuss how they are breathing life into the mortgage industry with a platform that utilizes Blockchain Technology to streamline the process and provide transparency through the lending process.
The mortgage lending industry has faced its share of problems – from fraud, to lengthy application, approval and funding. Block66 aims to be the first platform offering a thoroughly scrutinized collection of borrowers, pulling applicants' financial and personal information such as pay stubs, tax documents and credit information directly from the source and uploading and storing it on the Blockchain. The idea is to make the entire process much more streamlined and it should lower the costs, as well as the risk to lenders. Each loan is featured as a pool of "proof of loan" (PoL) tokens that is then resold to investors, giving the lenders liquidity and allowing a credible and vetted group of investors to participate.
Join us for an interesting look at the way Blockchain Technology is innovating the mortgage lending process.
Transcript
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| 0:00.0 | Welcome to Almost Here, Around the Corner of Future Technology Podcasts with Richard Jacobs. |
| 0:07.0 | Future Technologies is to transform our lives for better or worse or the focus of this podcast. Almost here means these |
| 0:14.8 | technologies are now here and starting to be used or just around the corner. |
| 0:18.9 | From Bitcoin to artificial intelligence, 3D printing, blockchain, virtual reality, and more. |
| 0:25.0 | Good afternoon, this is Tracy Myrna with the Future Tech Podcast. |
| 0:31.0 | Today I'm very excited to have a special guest. |
| 0:34.0 | Joe, welcome to the show today. |
| 0:37.0 | We're very excited to have you and I'm really looking forward to jumping in and talking about Block 66 and what it is you guys are all |
| 0:45.0 | working on. |
| 0:46.0 | Yeah, thanks so much for having me, I appreciate it. |
| 0:48.0 | So Joe, why don't we start out talking a little bit about, first of all, what is Block block 66 and how did you get involved? |
| 0:55.4 | Yeah so block 66 is we're basically putting mortgages on the blockchain so So I'm a mortgage broker, |
| 1:03.7 | been a mortgage broker for five years now. |
| 1:07.7 | And the way that mortgages are kind of done |
| 1:11.5 | are archaic and very paper heavy and tedious. |
| 1:16.1 | So prior to Block 66 for about the last three years, I've kind of been making notes and |
| 1:21.6 | word maps and things like that of a new mortgage origination platform just to make it easier for brokers and homeowners and potential homeowners and lenders themselves to help facilitate loans. |
| 1:35.0 | And then with everything that came along with blockchain, |
| 1:39.0 | I see that there's a great fit just with some fraud aspects and things like that and |
| 1:45.5 | being able to store mortgage records on chain so that's how Block 66 came about. |
| 1:51.6 | Ed blockchain in general I, between that and your background in the mortgage industry, |
| 1:57.4 | you know, what are sort of the problems that you're seeing that made you think, okay, |
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