Factom, Inc., a Blockchain as-a-service (BaaS) technology company announces the release of Factom Harmony Audit Room, Due Diligence Room, and Servicing Room. Built within our mortgage-based solution, Factom Harmony, this new suite of products will allow new digital functionality that was never possible before.
The Harmony suite of products works in conjunction with DigitalVault, Factom’s first product which creates a comprehensive, secure and unalterable document catalog. Factom’s new document management technology works as a simple extension of existing imaging technology. Their mortgage suite of products utilizes the Blockchain based DigitalVault to create unique solutions for regulatory compliance, quality control, due diligence, and servicing audits and compliance.
The Factom Harmony Audit Room is designed to support compliance evidence, quality control functions and allow internal and third parties to audit files, facilitate origination, and support post-closing reviews based upon the immutability of Blockchain technology.
The new Due Diligence Room is designed for loan sales, securitization, and non-performing loan trading. It builds upon the power of Blockchain technology to create a perfected chain of credit, collateral and compliance review data and documents.
The new Servicing Room solution creates a unique and unalterable record of borrower communications, documentation, and data. Designed for both current and delinquent loans, the Servicing Room creates an indisputable and permanent record of all servicing events with a public witness via the Factom Blockchain. The Servicing Room significantly reduces servicing costs by creating provable evidence of compliance. It also reduces the preparation time and risks of audits, servicing transfers, and foreclosure processes.
Factom, Inc. is an Austin-based software company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Factom creates resilient software and systems that are secure and shareable through the power of innovative Blockchain technology.
Factom is working with the Department of Homeland Security and the Bill and Melinda Gates Foundation to create new ways of securing records. Their new Blockchain-based software system for recording, managing, and sharing records is ready for the future, with safeguards to make sure sensitive information is appropriately shared, respecting the privacy and safety of all.