The Moon platform, a company owned and operated by blockchain startup Findora, has moved into the mortgage industry with a blockchain-based product for homebuyers. The offering, called Moon Mortgage, is the first decentralized, blockchain-backed mortgage loan offered to the public.
Moon Mortgage allows homebuyers to apply for and receive a mortgage loan using cryptocurrency as collateral. The loan amount will be determined using Findora’s proprietary credit scoring system, powered by its distributed ledger technology (DLT) and smart contracts. The Moon Mortgage platform also allows borrowers to make payments on their loan in cryptocurrency (such as Bitcoin or Ethereum) or fiat currency.
The platform is designed to give borrowers a more secure and transparent mortgage experience, with instant access to applications and documents, automated loan processing, and a digital escrow service. The platform also protects lenders, allowing mortgage providers to secure loans with a digital asset as collateral, which is more easily monitored and tracked by DLT. The platform also uses “trustless architectures,” which provides a high level of security and mutual trust between lenders, borrowers, and brokers.
The Moon mortgage platform promises to be a significant player in the mortgage industry, bringing increased security, transparency, and efficiency to the mortgage loan process. With the support of Findora’s distributed ledger technology, Moon Mortgage aims to help lenders and borrowers protect themselves from risk, reduce paperwork, and simplify the mortgage process. This could be an important step forward for the mortgage industry, and could potentially result in an overall improved home buying experience.
You can read this full article at: https://www.housingwire.com/articles/moon-platform-launches-crypto-backed-mortgage-product/(subscription required)
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