Quick video tutorials with tips and tricks for getting the most out of Home Lending Pal as you look to buy a home.
Yes, our data security initiatives are lead by IBM. We were selected as 1 of 15 companies globally for their Hyper Protect Accelerator, in which they lead data protection and security initiatives for startups. Thanks to IBM, we are SOC compliant and have bank-level security protocols in place. Our use of distributed ledger technology also creates an additional security layer beyond what most banks currently have.
The public beta is a pre-release version of the Home Lending Pal distributed ledger marketplace, which will be officially released this winter. The public beta gives users who are willing to try out beta software a chance to use the upcoming features of our distributed ledger marketplace’s capabilities.
Feedback from beta users has already influenced our product roadmap and transparency request we are seeking within the mortgage industry. Special requests can be made by emailing firstname.lastname@example.org.
Please email any issues to email@example.com. Screenshots similar to this video will help us address issues faster.
We make new updates to the platform weekly by 5 PM EST on Fridays. Changes include adding new lenders, new industry partners, interface updates, calculation adjustments, and functionality improvements suggested by our users. Survey responses and emails to firstname.lastname@example.org are considered.
Our tools and advice will always be free for you to use.
We are charged by different vendors to collect the data we are giving you access to and that is completely ok with us. It is yours and is used by lenders to make loan decisions for you. Why shouldn’t you have access to it?
An independent AI-powered mortgage advisor analyzes your finances and credit to determine approval odds, affordability risk, and more. The system is capable of helping you plan for homeownership as well as submitting an application to different lenders. Our recommendations are objective and unbiased but based on your current financial and credit standing. Since we don’t originate the loan ourselves your data remains private and no sales representatives will be calling you.
Mortgage overlays are specific rules a lender follows on top of the industry guidelines for lending money in the form of a mortgage. Along with the rules set forth by Fannie Mae, Freddie Mac, FHA, VA and USDA, each lender will usually have additional internal mortgage overlays that are applied to mortgage loans from them. The mortgage overlays are determined by the lender’s risk tolerance as well as the current economic conditions. This means that the mortgage overlays can become more lenient in prosperous times and get stricter in tough economic times.
Distributed ledger technology (DLT) is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality.
Each node processes and verifies every item in a distributed ledger, thereby generating a record of each item and creating a consensus on each item’s integrity. A distributed ledger can be used to record static data, such as a title registry, and dynamic data, i.e., real estate transactions.
This computer architecture represents a significant revolution in record-keeping by changing how information is gathered and communicated.
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and all transactions are trackable and irreversible.
Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
No. However, blockchain technology is much more than cryptocurrencies. It will enable people, companies to put IDs, certificates, real estate data, and other important information of the real-world assets on the blockchain. The technology which made that possible are non-fungible tokens, and we believe they are the future of the blockchain economy.
A non–fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio and other types of digital files.
We are looking to make ERC-721 the protocol upon which we build our HeLP Token.
Yes. The Hyperledger Fabric platform has the ability to provide solutions to modular architecture-based blockchain applications. It was conceived to encourage cross-industry participation within a single environment. It would not be wrong to say that it has successfully achieved its goal by bringing various industry sectors onto a single framework, with its unique structure, high flexibility, and scalability features. We believe the mortgage industry should be next!
81% of first time millennial homebuyers regret their monthly mortgage amount and mortgage loan type, according to CNBC. Our artificial intelligence addresses this by constantly scanning the market to identify hidden costs associated with homes you are interested in. Once you input your data our technology does the heavy lifting of determining affordability options for you.
Once you add a home it is stored in your account until it is removed from the Multiple Listing Service (MLS) system. Our algorithm reviews all the homes you have added and ranks them in order based on affordability.
No matter who you are, what lender you work with, or how much you’ve been pre-approved for at end of the process you’ll have to provide financial documentation for verification. We believe that automating this function and doing it earlier in the process benefits you, the borrower.
Yes. Homeownership is more than just knowing a down payment amount and your monthly mortgage. It is easy for anyone to forget this. We pull in and verify finances to paint a more vivid picture of what homeownership will truly look like for you based on liquid assets and recurring income.
We use this information to establish a highly secure connection with your bank. Your login credentials are not stored and blockchain makes you an anonymous user on our network. To create your HeLP token we instantly analyze your past two years of transaction information. We then identify and verify items about you considered during the home lending process. This helps us provide instant approval odds and lender matches before you upload any additional financial documents.
Your login username and passwords are stored securely in a separate database using multi-layered hardware and software encryption. We only store the information needed to save you the trouble of updating, syncing, or uploading financial information manually to start. We’re partnered with the same company that provides this information to apps including Coinbase, Robinhood, Chime, LendingClub, Acorns, Venmo, and many more.
Current partners are companies that include mortgage lenders, realtors, and credit repair specialists. We spend a great deal of time verifying they have the proper industry required credentials as well as a good track record of service excellence among other things. We bring them onto our private blockchain to bring greater transparency and privacy in the process for you.
No. Many borrowers feel pressured to make a premature decision during the home buying process. Control the process and interactions on your timeline while still getting the insight you need to make an educated home buying decision. Your information remains anonymous and private until you decide to share your HeLP token with one of our partners.
No. Purchasing a home is one of the largest financial transactions you’ll make in your life. We want to ensure you are well educated when it comes to understanding what you can truly afford. Connecting your financial information provides our algorithm with more data points to assist with budgeting for homeownership. There is no rush with us.
No. We use a soft credit pull to get the information that informs our algorithm of any red flags in your credit history.
The Home Lending Pal algorithm was built by a team of underwriting, and home buying experts focused on borrower financial health education. Our Cognitive AI uses criteria considered during underwriting to give you the same feedback you would receive from humans.
Experian provides FICO credit recommendations directly as part of our strategic partnership.
HLP provides advice on specific mortgage loan program options based on financing needs, location (State-related programs), lender guidelines, and more. Once a loan program has been identified, we’ll estimate down payment and closing costs. We then verify the assets you need for a mortgage application. If assets are not available, our system will provide a checklist for you to follow.
If you select to be contacted by one of our partners you are giving them private access to your HeLP token which contains your profile information along with our recommendations. Sending your documents through our blockchain network gives you control and maintains the integrity of your data. We can instantly verify the location of a particular document, who created it, and when it was last modified, detecting any attempt to manipulate it.
No. So you will still have to give financial documentation to a direct lender later in the process. However, uploading your documents helps ease the friction of the process. You can share your HeLP token with multiple lenders instead of having to gather and send the same documents repeatedly. We gather the information each lender requires and provide a checklist to follow.
Lenders join our blockchain network and pay us a small fee to access your HeLP token once you give permission. For example, each time a potential borrower requests to be connected with a real estate professional, having found this individual through us, we get paid a fee. The fee does not change the price you pay to get a home loan nor does it affect the way we rank partners – we always order results from lowest to highest fit for your needs. Simple.
It should feel natural to shop around for the best mortgage option just like you do with anything else online. We’ll remember all your details, so you can retrieve updated mortgage approval likelihood information when you come back. Your time is valuable, so we make it as quick and easy as possible to know where you stand. We know that everyone values their time as much as their money, so we’ve made sure every step of our advisory service is as quick and easy to use as possible. Not ready to buy just yet? We’ll remember your information and automatically update it when you get back. This makes it easier to guide you with recommendations or update you with progress along the way.
Financial account details are updated every time that you login to your HLP account. Credit information is updated automatically every thirty (30) days. Our artificial intelligence automatically scans for all items that will be reviewed during the underwriting process.
Creating an account, participating in focus groups or surveys, requesting lenders to join our network, and word-of-mouth referrals are the best methods. This data allows us to amplify the consumer’s voice with regulators, lenders, and others on the necessity to adopt distributed ledger technology faster for consumer transparency and data control.
Flagstar Bank (6th largest lender) is anchoring our pilot for the distributed ledger (aka blockchain) based database. We will be releasing in phase to target a fully functional process with any lender in our network by Spring 2022. We will have to get third-party vendors involved and approval from industry regulators.
We will always maintain our commitment to protecting your privacy
Let us be specific. Here’s what we may collect:
|CATEGORY OF PERSONAL INFORMATION||COLLECTED AND REQUIRED TO PROVIDE OUR SERVICES||SOLD TO THIRD PARTY (WE WILL NEVER DO THAT)||WE MAY SEND IT TO ONE OF OUR SERVICE PROVIDERS|
|Document uploads, audio and video recordings||✔||✖||✔ included in smart contracts|
|Bank account login||✔ Simulate underwriting||✖||✖|
|Home(s) of interest||✔ Simulate underwriting||✖||✖|
|Biometric information (such as voice and handwriting recognition)||✖||✖||✖|
|Characteristics of protected classifications (e.g., age, gender, race, ethnicity, physical or mental handicap, etc.)||✔|
Age, gender, race
Analytics providers, industry regulators
|Commercial information (e.g., products or services purchased, or other purchasing or consuming histories or tendencies)||✖||✖||✖|
|Credit card number||✖||✖||✖|
|Debit card number||✖||✖||✖|
|Driver’s License Number / State ID||✔ optional upload to remain anonymous||✖||✔|
Third-Party Authentication (not lender)
|Electronic network activity (e.g., browsing history)||✔ |
Only on our website / apps
|Email address||✔||✖||✔ Anonymized unless you give access|
Third-Party Authentication (not lender)
Third-Party Authentication (not lender)
|Geolocation data||✔||✖||✔ Analytics providers|
|Tax information||✔||✖||✔ included in smart contracts|
|Identifiers (e.g., name or alias)||✔||✖||✔|
Third-Party Authentication (not lender)
|Credit Report Details||✔||✖||✖|
|Smart Contracts||✔||✖||✔ Only parties you give access|
|National origin, citizenship, immigration status||✖||✖||✖|
|Online identifier (e.g. IP address)||✔||✖||✔ Analytics providers|
|Other financial information||✔ Sometimes to help you with underwriting||✖||✔ included in smart contracts|
|HeLP Token (Encrypted Financial Profile)||✔||✖||✔ Anonymized unless you give access|
|Postal address||✔||✖||✔ included in smart contracts|
|Signature||✖||✖||✔ included in smart contracts|
|Social Security Number||✔ Only used for soft FICO pull||✖||✔ included in smart contracts|
|Telephone Number||✔||✖||✔ Anonymized unless you give access|