Use Case
Real Estate Loan Closings
Scenario: A leading real estate mortgage lender aims to enhance the security and efficiency of its closing processes by leveraging VUMP.
Lender Initiates the Process
The lender invites the closing attorney, borrowers, and other relevant parties to join the transaction on VUMP’s centralized platform, reducing the risk of communication errors and ensuring everyone is on the same page from the start.
Participants Create Their Digital Identities
Each participant is prompted to create a digital identity on VUMP. This involves completing KYC and KYB processes, including biometric verification and document uploads.
Secure and verified digital identities prevent fraud and unauthorized access, ensuring that only legitimate parties are involved in the transaction.
Closing Attorney Reviews Information
The closing attorney accesses VUMP to review each participant’s digital identity and verify their information before the closing event.
The attorney knows that the information is accurate and has been independently verified, reducing the risk of identity theft or fraud.
In-Person Identity Verification
At the closing event, the closing attorney uses VUMP to verify each participant’s identity in person, utilizing their biometrics as the key to unlock access to the closing event.
Combining digital and in-person verification adds an extra layer of security, ensuring that the individuals present are who they claim to be.
Document Upload and Digital Validation
The closing attorney uploads the closing documents to VUMP. Borrowers and other participants digitally validate the documents using their verified identities.
The use of digital signatures and validation creates a tamper-proof record of the transaction, increasing transparency.
Loan Closing Token Creation
The validated documents are added to a Loan Closing Token on VUMP, which securely records the entire closing process on the blockchain.
The immutable nature of the blockchain ensures that the closing records are secure, auditable, and compliant with regulatory requirements.
Automated Disbursement
Once all conditions are met, VUMP automates the disbursement process, releasing funds to the appropriate parties, including sellers, agents, and lenders, directly into their digital wallets.
This automation not only accelerates the disbursement timeline but also eliminates manual errors, ensuring that all financial transactions are completed accurately and efficiently.
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 a variety of industries that 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™
Black Ink Technologies is the developer of multi-patented integrated hardware and software platform,ChainIT, for verifiably connecting physical world objects, services, and events to the digital world with immutable blockchain technology. The company offers end-to-end permanent zero-trust products and services and connects the physical to the digital for Web 3.0, metaverse, or tokenization, thereby facilitating contract automation and value transfer to improve efficiency and limit stakeholder risk.
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Schedule Your Free Demo
Book a demo with our team to explore how VUMP ensures reliable outcomes in loan closing.
About Us
We eliminate opportunities for fraud and ensure that data accuracy and integrity are maintained with easy validation.
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Individual Digital Identity
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Loan Closing Token
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