Homelend – A Disruption in Mortgage Industry
Overview:
Homelend is a blockchain platform which is trying to revolutionize the mortgage industry. Today if any one wishes to buy a house by taking mortgage loan must go through lot of paperwork. The number of intermediaries between buyer and seller have also increased which includes banks, broker, rating agency etc. This has resulted into complexity in the mortgage industry. Homelend is developing a blockchain based platform where the complex system will become much simpler for the borrowers. HDM tokens will be used to get access to the Homelend platform.
Shortcomings in the current System:
Borrowers need to carry out lot of paper work to initiate mortgage loan. This consumes a lot of time to get a mortgage loan. Also, the current system is centralized which means all the documents and information are held by a single entity like a bank. This involves a risk of the centralized system getting hacked and bringing in losses.
Homelend is bringing in blockchain to avoid any manipulations and hacking of the system and it is also eliminating the enormous paper-based work.
Homelend’s Mortgage Lending Platform:
Homelend is a peer-to-peer lending platform where the lender and the borrower can directly connect with other to initiate the mortgage loan. This will remove all the intermediaries such as banks and brokers. The transparent and immutable nature of blockchain will provide security and will store all the information. The borrowers and the lender will be connected by a smart contract in this platform. The loan will be approved in this platform when a pre-determined path or process is followed. This process includes information flow and financial flow between the borrower and the lender.
Peer-to-Peer Lending Methods:
Crowdfunding Method: When a borrower applies for mortgage loan in this platform, the loan is divided into several parts called as “slices”. These slices are then acquired by many different investors. This method is called crowdfunding. The loan is not approved until all the slices are bought by the investors.
Pooling Method: This method allows lenders to acquire slices before the mortgage loan gets approve with the help of smart contract. All the mortgage loans will be classified into different groups based on the risk level. When a mortgage loan gets pre-approved lenders can invest by using a smart contract and sending cryptocurrency in that smart contract. This smart contract will unable the lender to invest in slices of the same category in future.
Auction Method: This method is similar to crowdfunding. The only difference here is that the lenders will be able to change the conditions of the pre-approved loan to provide benefits to the borrower such as giving lower interest rate than the interest rate determined on the platform.
Team:
Itai Cohen - Chief Executive Officer
Itai holds an MBA in Finance, a BA in Economy, and is a CPA (Israel). He has wide global financial experience, including eight years as senior manager at KPMG. He has been a team leader in complex consulting projects, including worldwide tax planning, IPOs & M&As.
Netanel Bitan – Chief Technology Officer
Netanel holds a BSc in Computer Science. He has more than eight years of experience as a senior engineer and team leader in several high-tech companies, including Perion, an Israel-based ad-tech company. He has expertise in Big Data, microservices, P2P platforms and blockchain technology.
Ricardo Henriquez - Chief Innovation Officer
Ricardo holds an MBA in International Business (EAE/UPC-Spain). He is professor of strategic management at EAE Business School, Barcelona, and has more than five years of experience in innovation and entrepreneurship coaching and consulting.
Token Matrix:
Symbol - HMD
Total Supply - 250,000,000
Standard - ERC-20
Face Value - 1 ETH= 1,600 HMD
Accepted Currencies - BTC, ETH, USD
Softcap - US$ 5,000,000
Hardcap - US$ 30,000,000
Verdict:
Pros:
• The team behind this project has experience in various fields such as Finance, computer Science, Blockchain, IT and software industry.
• This project has 9 advisors from different backgrounds such as blockchain, online marketing, real estate etc.
• The MVP of Homelend platform is available on the website of this project in the demo section.
• The whitepaper of this project is explained well, and it is easy to understand.
Cons:
• The social media hype of this project is low. It has around 1600 followers on Twitter and around 3000 members on Telegram.
• The roadmap of this project has detailed information but quarterly information about upcoming events is not given.
• The partnerships of this project are not very strong. It has partnered with BrightNet, genesiszero, netObjex and Market Across.
Website: https://homelend.io/
Whitepaper: https://homelend.io/files/Whitepaper.pdf
Telegram: https://t.me/HomelendPlatform
ANN Thread: https://bitcointalk.org/index.php?topic=3407541
Bitcointalk Username: rshetty3344
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1907004
ETH address: 0x137F3CC2750C9b9bF639Cd4Bf8CB63c56823aC3c