Matrix Mortgage; the innovators of the Mortgage Industry change the game again!

BY SIMONE J. SMITH

“As an innovator in the mortgage industry, we decided to accept cryptocurrency to better align ourselves with the shift towards the global adoption of digital currency. Blockchain technology with the use of Smart Contracts is going to change the way mortgages are processed.” Shawn Allen (Founder at Matrix Mortgage Global)

Blockchain technology may radically change the processes through which consumers buy a home, as well as the way financial institutions handle mortgages. Most simply defined, Blockchain is a decentralized, unchangeable digital ledger best known as the technology that drives digital currency. Most recently, technology companies in the mortgage space are adopting blockchain, and they are doing a magnificent job of revolutionizing and disrupting the industry.

Matrix Mortgage Global, Canada’s 3x Broker Of The Year, are once again leading the way with their announcement that the company is now accepting: Bitcoin, Bitcoin Cash, XRP and ETH, as well as several dollar-pegged stable coins, for payment of goods and services including Mortgage Agent Registration cost using BitPay.

What Matrix Mortgage Global has come to realize is the potential for cryptocurrency and block chain technology to transform the mortgage industry, making payments faster, more secure, and less expensive on a global scale. The ability to accept cryptocurrency now expands Matrix Mortgage Global into international markets.

Founded in 2008, Matrix Mortgage Global provides Canada-Wide mortgage financing with Solution Based Lending approaches. They have single-handedly revolutionized the accessibility of alternative and private funds offering a diverse suite of mortgage and investment solutions. They continue to play a critical role in educating and financing Canadian borrowers, and as active members of the Mortgage Professionals Canada, Matrix advocates for Canadians borrowers at all levels of government.

Now let’s be honest; Blockchain doesn’t offer a perfect remedy to the problems afflicting the industry. What it does do is provide a model that minimizes some of them. The first major improvement the technology brings is transparency. It decentralizes the storage of information, and it makes all transactions immediately available across all nodes of the chain. Companies and lenders can no longer manipulate information or engage in shadowy practices with data, as it is shared across an entire network and not under their exclusive supervision.

Blockchain technology can also be used to create and support smart contracts during the mortgage process. Smart contracts are self-executing contracts that contain the terms of an agreement written directly into the lines of the code and they work automatically without human intervention. Electronic signatures from all parties verify the contracts. Any changes would only execute when something specific happens, meaning that the contracts would be created automatically and in real-time.

Plus, smart contracts will help streamline, validate and record the mortgage and property transactions without the need for expensive legal council and banks to manually create them. Using Blockchain lowers costs by cutting down and eliminating third-party intermediary, which will cut out some of those extra fees, making the transaction cheaper for the buyer.

Mortgage applications can be tedious taking between 45 and 60 days to complete. The average mortgage application is about 500 pages and is reviewed or added to by tons of different intermediaries: attorneys, appraisers, brokers, agents, and underwriters. Imagine how quick this process will be when you cut out the middleman.

Recording mortgage agreements on the Blockchain does just that and makes it possible for lenders and buyers to interact directly. It also cuts out the massive piles of physical paperwork, replacing it with a single source of information that both parties can easily access instead.

Overall, Blockchain is set to make it easier to close on the home on your own timeline. Using Blockchain effectively means that you can close on the home from anywhere and at any time. Matrix Mortgage has found a way to cut down on time spent haggling over a closing date, making the process easy for everyone involved.

Keep up the good work Matrix Mortgage Global. Continue to innovate and be the leaders in your industry.