TMS (The Money Source), a national financial services and mortgage company, reports that it has provisional approval for three patents related to the use of blockchain for mortgage servicing.
The patents pertain to the use of blockchain in tandem with the company’s Servicing Intelligence Made Easy, or SIME, platform.
The platform provides on-demand customer data, real-time tracking of all borrower interactions and performance, end-to-end compliance, loan level detail and daily reporting to help reduce delinquent loans and proactively service borrowers.
TMS claims this is the first time that blockchain has been applied to servicing data and records. This will create a new level of security and shared data in the industry, the company says in a release.
In May last year, TMS filed three patent applications with the U.S. Patent and Trademark Office over the use of blockchain for servicing. The patents capitalize on the advances of SIME and increase the platform’s infrastructure, the company says.
“This is a giant and exciting step forward for servicing technology,” says Ali Vafai, president of TMS. “We’re proud to be pioneering these ground-breaking advancements that enhance how servicing data is being used across the country, tapping into the wealth of data that is out there to better benefit consumers and equip lenders.”
TMS made news in January when it announced that it is now an approved buyer of Ginnie Mae’s Co-Issue program, Pool Issued for Immediate Transfer (PIIT), adding to its range of product offerings for partners.
The approval allows TMS to buy pools at issuance, allowing partners to seamlessly sell whole loans, and serves as a continuation of the fintech company’s recent push to acquire and finance mortgage-servicing right transactions.