Founded by Lewis S. Ranieri, considered the “father” of mortgage-backed securities, financial services firm Ranieri Solutions announced last week that it’s partnering with institutional blockchain applications company, Symbiont. The two companies plan to work together to incorporate blockchain technology into the mortgage industry to eliminate “inefficiencies” in the mortgage market.
“The mortgage market, despite significant efforts, continues to lag behind from a technological standpoint creating inefficiencies that impact mortgage loans throughout their life cycle,” Ranieri said, in a statement. “By partnering with Symbiont, a proven blockchain pioneer, Ranieri Solutions believes that together we can implement this transformative technology to bring necessary efficiencies, transparency, and security to the mortgage markets.”
Symbiont CEO Mark Smith said he’s thrilled that his company has the opportunity to partner with Ranieri. “When Symbiont was founded, it was my dream and vision to develop decentralized technology solutions that could solve the root problems that were at the heart of the financial crisis. Blockchain and smart contract technology is proving to be that solution,” he said. “To solve these problems alongside Lewis Ranieri – the genius behind modern securitized markets – and his team is a once in a lifetime opportunity for me personally and a seminal moment in the history of Symbiont as an organization.”
Symbiont is a financial technology company founded by a team of experts in capital markets and blockchain technology, according to the announcement. Industry leaders such as Vanguard and the state of Delaware have chosen to partner with Symbiont.
The announcement didn’t specify exactly how the two companies plan to incorporate blockchain technology into the mortgage market, but in recent months a number of companies have been exploring the concept of creating tokens that represent fractional ownership in property.