Staircase Launches AWS Blockchain-Based Technology to Store and Process Mortgage Data
Mortgage Tech Startup Stairs this week launched a blockchain-based digital infrastructure that it says allows lenders to securely store collected mortgage data while processing mortgages faster.
Staircase based in Philadelphia, Pennsylvania deployed “Staircase Persistence”, based on the Amazon Web Service blockchain, which helps companies manage the data points used by their different customers by grouping data into sets, such as transactions, collections and customer accounts . Data stored through Staircase Persistence can then be used for data mining, other mortgage processes, as well as translating data into different languages.
“We collect data, we use block chain to make each of these data points and data collections immutable,” Staircase CEO Adam Kalamchi told HousingWire. “The final application is a subset of the total amount of data that was collected. The data is then integrated into a final request which turns into a loan. »
The company hopes to tap into a market where “there hasn’t been an easy way to store and access ‘big data,'” according to Staircase. As the mortgage origination market is expected to consolidate this year, Kalamchi said its digital infrastructure will help customers save on the expense of capturing and maintaining data to compile the loan file or perform quality control on the data collected.
“Our target market is all mortgage data,” Kalamchi said. “It targets everyone, because what we enable is not just the ability to fully audit a loan file with the full set of data. Whether it’s between a broker and a lender, or a lender or a servicer, this data is something anyone can leverage. »
Staircase, founded in 2020, raised $18 million in Series A funding the following year, led by Bessemer Venture Partners with participation from five companies, including Avid Ventures and Clock tower technology companies as well as angel investors.
Focused on automating mortgage functions, Stairs provides an application programming interface platform that brings together parties involved in the mortgage origination process.
Last month, the startup launched Staircase Language, which allows any business in the mortgage industry to translate data into another language, including mortgage industry standards.
“Having the data stored isn’t as useful if you can’t translate the compiled data into a format that works natively, intuitively with your system,” Kalamchi said.