How does IBM support HLP data security efforts?
Home Lending Pal was selected as 1 of 15 companies globally by IBM to join their Hyper Protect Accelerator. This program empowers companies with game-changing security and encryption solutions while helping them drive innovation and scale. Being part of the class of 2020, we were given solutions such as IBM Cloud Hyper Protect Services powered by LinuxONE. IBM helps Home Lending Pal keep your most sensitive data safe by providing the highest level of security, uptime, and availability.
What is Blockchain?
A blockchain is a distributed database that maintains a continuously growing list of secured records from tampering and revision. It consists of data-structure blocks containing data or programs, with each block holding batches of individual transactions and the results of any blockchain executables. Every node in a decentralized system has a copy of the blockchain. No centralized “official” copy exists, and no user is “trusted” more than any other.
Why we store your information on Blockchain?
A distributed ledger system’s high level of security provides benefits to establishing a secure data network. Home Lending Pal encourages banks and mortgage lenders to adopt blockchain technology to secure consumer’s data and provide more transparency into their backend processes.
Why use blockchain in the mortgage process?
By eliminating human error, facilitating automatic detection of fraud, and creating a virtually impenetrable fence around data, identities, and transactions, blockchain technology has laid the foundation for a future of smart contracts.
What are Smart Contracts?
A smart contract is a computer program or a transaction protocol intended to execute automatically, control or document legally relevant events and actions according to the terms of a contract or an agreement.
Why does HLP use Smart Contracts?
Smart contracts (also known as digital contracts) help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.
What is the HeLP Token?
Our “HeLP token” is a security token that represents your ownership in real-world assets. The typical mortgage process is tracked either on paper or within a centralized database. Our HeLP token uses a blockchain system – a decentralized database – to track who owns which asset and alert all parties when changes are made. Fraud is reduced in the process.
Why is HLP a marketplace and not a loan originator?
Using blockchain-based security tokens (HeLP Token) expands many banking functions and enables faster finalization of real estate transactions. Being a marketplace based on technology that allows smart contracts can automate various regulation and reporting aspects for lenders. A Form 1003 is the standardized loan application that any lender will require you to fill out. Our educational process combined with the HeLP token will make it easier for consumers to find the best mortgage offer based on the elements of Form 1003 without repeating the same steps to apply with different lenders.
Home Lending Pal takes the safe-keeping of our members’ personal information very seriously. We use 256-bit or higher encryption to protect during the transmission of data to our site and encrypt data at rest. If we suspect any suspicious activity on your account, then we’ll alert you as soon as possible. Plus, for additional protection, you can turn on SMS two-factor authentication for our website.
We have a dedicated security team that investigates and responds to issues as quickly as possible.
External Security Assessments
We work with independent third-parties who regularly assess our site for vulnerabilities. Plus, our external bug bounty program rewards independent security researchers if they report detected security issues.
External Security Auditing
Home Lending Pal consistently reviews its security program for compliance with ISO 27001, SOC Type I and II.