“But I think the concept of blockchain is a concept for our time,” Sarkar said. “There are implementation issues and things like that, and there’s a fluctuation in the market that reflects that it’s not mature to the point where it can be used immediately, but the development is continues at a ferocious pace. And that’s what I tell our customers and everyone else in the industry we interact with. You need to stay on top of what’s going on in the industry. You don’t want to be that company that wakes up one day and says, “Oh, now it’s implemented, and you’re late. And people who try and fail instead of in front of me say, “Well, what failed here,” right?
“And the experimenters, some of them are going to break through and be the building society of the future. I have no doubt about it. I would really watch them if I was an established mortgage company and watch where they are and be ready with the system technology. So, when the time comes, you can attack the market with flying colors.
Sarkar also discussed how these technologies can help mortgage companies get a head start on “fictitious borrowers” or “tech-scammers ahead of the curve.”
“So essentially a straw borrower puts forward another person’s identity and buys a house in their name,” he said. “They are looking at the gap in the lack of data sharing between mortgage providers and the disparate systems where property data is held and profited from.
“There are so many of these scams and fraudsters, they are smart people, sometimes smarter than the industry, and they are ahead of the game. I wish they would use their smarts to do more positive things, but it’s an example that shows significant shortcomings in the industry because we don’t share data and our systems don’t talk to each other like they should.
“But I think the concept of blockchain is a concept for our time,” Sarkar said. “There are implementation issues and things like that, and there’s a fluctuation in the market that reflects that it’s not mature to the point where it can be used immediately, but the development is continues at a ferocious pace. And that’s what I tell our customers and everyone else in the industry we interact with. You need to stay on top of what’s going on in the industry. You don’t want to be that company that wakes up one day and says, “Oh, now it’s implemented, and you’re late. And people who try and fail instead of in front of me say, “Well, what failed here,” right?
“And the experimenters, some of them are going to break through and be the building society of the future. I have no doubt about it. I would really watch them if I was an established mortgage company and watch where they are and be ready with the system technology. So, when the time comes, you can attack the market with flying colors.
Sarkar also discussed how these technologies can help mortgage companies get a head start on “fictitious borrowers” or “tech-scammers ahead of the curve.”
“So essentially a straw borrower puts forward another person’s identity and buys a house in their name,” he said. “They are looking at the gap in the lack of data sharing between mortgage providers and the disparate systems where property data is held and profited from.
“There are so many of these scams and fraudsters, they are smart people, sometimes smarter than the industry, and they are ahead of the game. I wish they would use their smarts to do more positive things, but it’s an example that shows significant shortcomings in the industry because we don’t share data and our systems don’t talk to each other like they should.