Homelend Project: Modernizing The Mortgage Lending Industry Through The Blockchain


A mortgage is a loan that a lender, such as a bank or building society, provides to allow you to buy a property. The lender advances you an amount of funds for the purchase, on which they then charge interest over an agreed period. You agree to make monthly payments to the lender for the term of the mortgage. The loan is secured against the property, which means that if you don’t keep up your mortgage payments, the lender can legally take possession of your home. There are two basic types of mortgage which include;Repayment – Also known as a “capital and interest” mortgage, this is the most common type. The monthly payment is calculated so that the mortgage balance (sometimes referred to as the ‘capital’ or ‘principal’) is repaid over the term, along with the interest charged on the loan amount. Repayment mortgages are straightforward and offer a degree of security – as long as you keep up your payments, your mortgage will be paid off within the agreed term. Interest-only – With this type of mortgage, your monthly payment only pays off the interest charged on the loan. The mortgage balance doesn’t reduce, and you need to make other arrangements to pay off the amount owed at the end of the term. Interest-only mortgages are usually taken alongside an investment plan (such as an ISA or bond). As investments may not perform well enough to pay off the whole balance, interest-only mortgages are riskier and lenders may impose additional conditions or restrictions on this type of lending. Today mortgage lenders won’t allow you to borrow the full purchase price of the property, which means you must have a deposit to put down. Some mortgages on the market require only a 5% deposit, but 20–25% is more typical. Better mortgage deals are available if you’re able to pay a larger deposit. One of our basic needs as human beings is shelter. For most people, the only options for housing besides living with their families, friends or relatives are either renting or buying a place using a mortgage loan. Few are able to make a cash home purchase. Indeed, in the U.S., cash transactions account for only a third of home purchases. Even when someone is able to pay cash, a small mortgage loan might continue to be preferable as mortgage interest payments can, in some places, be deducted for income tax purposes. That's why I want to introduce to one fantastic crypto project that is the talk of the town. The project is called Homelend. The aim of Homelend project is to create a platform that allows individuals to borrow money from their peers in a trusted, transparent, and secure way. The key idea is to create a situation where that borrowers and lenders are not linked by means of a financial intermediary (i.e. a bank or a centralized P2P lending platform), but rather by blockchain smart contracts that automatically execute a predefined business logic. Many areas in the financial world have been disrupted by the Internet revolution. However, mortgage lending, despite being one of the largest areas, is still generally conducted under the same traditional system. The mortgage value chain has grown in complexity during the past three decades, due to the trend towards securitization,which has significantly amplified financial supply. Nevertheless, mortgage lending processes remain mostly paper based and involve many players, making them complicated, tedious and slow. This has several negative consequences for the borrower as well as for other parties involved. For instance, many borrowers are burdened by the sheer amount of paperwork they need to manage. But the large amount of documents that need to be filled and the number of entities involved in the mortgage origination process are a consequence of two facts. First, there’s a real need for information gathering, analysis and checks to guarantee that the mortgage loan will be repaid. Second, this continues to be a paper-based legacy process that has not been sufficiently modernized and aligned with technological progress. Both facts contribute to cost increase. With the so many problems or issues associated with the mortgage lending business, it calls for total modernization of the industry. Homeland is trying to do that through the blockchain technology. Blockchain technology has an enormous potential to address both of these facts. Due to its distributed nature, a blockchain ledger can significantly ease the transfer of and access to information for each of the parties involved in the mortgage value chain. Also, with its unique capability to generate trust, transparency, and record immutability, it is an effective move toward digitization, not only of mortgage documentation but of all related business processes. If you want to know more about the Homelend project please refer to the official white here: https://homelend.io/files/Whitepaper.pdf
Homelend project is going to make use of smart contract as earlier mentioned to manage all its payment actions. It will employ the use of Homelend token(HMD) in its ecosystem. HMD is a utility token to be used as fuel of the P2P lending platform. You can contribute and receive HMD tokens by visiting here: https://homelend.io/

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The Homelend team is made up of very strong and powerful personalities who are vast in various knowledge and are very ready to execute the project to a successful completion. They include; Itai Cohen, Netanel Bitan, Ricardo Henriquez, Amir Nahmias, Micheal Tanfilov, Kanat Tulbassiyev, Ram Stivi, Solmar Alvarado Quifano,Vinod Morkile, Eliran Madar, Yoram Uzan, Moti Friedman, Danny Coddy, Roghuram Bala,Asher Dory, Ido Samuelson, Marc Kenigsberg and Adina Hahan. With this powerful combination the team is set to carry on the project to success. That's why you need to invest in this amazing project now: https://homelend.io/
For more information visit;
Official Website:https://homelend.io
Official Whitepaper: https://homelend.io/files/Whitepaper.pdf
Ann Thread: https://bitcointalk.org/index.php?topic=3407541
Facebook page: https://web.facebook.com/HMDHomelend/?_rdc=1&_rdr
Twitter page: https://twitter.com/homelendhmd
Telegram group: https://t.me/HomelendPlatform/
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=994327

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Cryptogeek101
A blockchain Technology consultant from Nigeria.
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