Use Case
Closing Attorneys
Scenario: A reputable closing attorney aims to enhance the efficiency and security of their processes by integrating VUMP into their workflow.
Initiate the Transaction
The closing attorney logs into the VUMP portal and initiates a new real estate transaction. They enter the necessary details and invite all participants involved, including buyers, sellers, and any other required parties, to join the transaction.
Invite Participants to Create Digital Identities
Each participant receives an invitation to join the transaction. They are guided through the process of creating their digital identity by signing up with VUMP, where their biometric record is created and their ID is verified.
Monitor and Review Participant Information
The closing attorney accesses the VUMP portal to view and verify the information submitted by each participant.
Each user is assigned a BeingID grade, indicating VUMP's level of identity assurance. Attorneys can set a minimum requirement for BeingID, flagging users below the required threshold. These safeguards protect attorneys, lenders, and borrowers against identity fraud.
In-Person Identity Verification at Closing
At the closing, the attorney verifies each participant's identity in person through biometrics, ensuring each participant is exactly who they say they are.
This eliminates the possibility of impersonation, improving the attorney's confidence and reducing liability.
Upload and Validate Closing Documents
The closing attorney uploads the necessary closing documents to the VUMP portal. Each participant reviews and digitally validates these documents, which are then added to the Loan Closing Token, ensuring that the records are securely stored and linked to the transaction.
Biometric validation ensures that only authorized individuals can access and confirm transaction details, adding an extra layer of security.
Ensure Compliance and Document Access
Receive Payment Automatically
Once all the transaction conditions are satisfied, the system automatically disburses the closing attorney’s fee to their ChainIT Pay wallet, ensuring a quick and efficient payment process.
Provide insights to customers
Our Difference
Immutable Recordkeeping
Our blockchain-powered system creates VDTs for each closing event, documenting the entire process in a tamper-proof and immutable manner. This record includes details of the participants, documents signed, and key milestones.
Referential Integrity
VDTs are linked to one another, allowing for easy reference and verification of the entire loan closing process. Each event can be traced back to its origin, providing transparency and reliability.
User-Friendly Interface
Our software is designed for ease of use by lenders, borrowers, and closing agents. Participants can confidently engage in loan closings using mobile devices or tablets.
Step-by-Step Use Cases
Explore how other industries can streamline processes and ensure transparency with VUMP.
Real Estate Loan Closings
Streamline real estate closings and disbursements by leveraging advanced identity verification and smart contracts to ensure secure, efficient transactions.
Closing Attorneys
Securely manage the loan closing process, ensuring compliance and reducing fraud through automated identity verification and immutable documentation.
Personal Loan Closings
Our biometric-authenticated eSignature capabilities, paired with unparalleled KYC onboarding, ensure the most secure remote lending operations.
Construction Draw Management
Automate disbursements through smart contracts, ensuring that payments are securely released only when predefined conditions and milestones are met.
WHO WE ARE
Patented by Black Ink Technologies™
About Us
We eliminate opportunities for fraud and ensure that data accuracy and integrity are maintained with easy validation.
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