WASHINGTON—As blockchain’s presence becomes more prevalent in the financial services sector, mortgage lenders are considering adopting the technology, a new report reveals.
According to Fannie Mae’s Mortgage Lender Sentiment Survey (MLSS) special topic analysis, lenders are even considering working with cryptocurrency.
The Key Findings
Among the key findings:
- Twenty-five percent of lenders said they were familiar with (blockchain) technology and its possible applications in the mortgage business. A majority of lenders (68%) said they have not yet looked into the technology; of the lenders who have, 41% said they plan to adopt it within 3-5 years.
- Lenders cited blockchain’s potential use for borrower and collateral data as having more applicability than its use as a potential financial instrument. In fact, respondents were most intrigued by the idea of a digital wallet containing borrower information enabling “direct-to-source” validation, Fannie Mae said.
- 31% of lenders believe that mortgage companies are likely to accept cryptocurrency from consumers as mortgage payments over the next three years.
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