viva network -A better way to buy a home

juv3ntus11 (37)in #crypto • 6 years ago

A lot of people want to buy a new house,but unfortunately they don't have the all the money to pay ,a solution is to make a mortgage .Go to bank bring all paper they asking for ,pay all expensive comision and wait for the dosar to be approved.
All this action its a lost of money and time and this is the problem what viva network are trying to solve.

Viva’s goal is to free millions of borrowers located in regions with high interest rates from their reliance on inefficient local financial systems.

Viva will build a platform who will utilize smart contracts to crowdfund home loans, connecting borrowers and investors directly within a decentralized, trustless ecosystem and cuts out the middlemen, resulting in a lending process that is more profitable and efficient for all partie.

The proces on the platform ist this:

application provide full documents and assisting mortgage applicants through the application process.
Viva mortgage professionals will doin-house due diligence to gain confidence regarding the value of the asset.
Initial approval comes from the Viva Hub based on the documentation provided
For mortgages to be submitted for crowdfunding, the Viva Hub professionals will have the home appraised by an independent appraiser to ensure that the value of the home being purchased is in line with, or in excess of, the stated value. The cost of this process will be borne by the borrower, which will appear on the closing disclosure as part of
the closing costs. The appraiser will visit the property as part of this process.
Viva Hub employees will conduct a title search to ensure that there are no outstanding liens on the property.
Based on the applicant’s risk profile, Viva underwriters will determine the recommended terms of the mortgage using a data-driven machine learning classification system before it is listed as an “investment grade” Fractionalized Mortgage Share asset.
To ensure protection for investors, all proposed terms must pass minimum qualification tests to be listed on the Viva Network for crowdfunding. These minimum qualification tests are designed to protect investors from FMS terms that
are too low to be considered a reasonable investment. If these tests are not met, the mortgage will not be approved as proposed and more reasonable terms will be required.
The Viva Framework then requires a licensed mortgage underwriter to enter a standardized set of data points into the proprietary Viva grading algorithm.
Viva converts the mortgage into 100,000 FMS- which represent shares of a blockchain-based smart contract asset.