Patents break ground in bringing servicing data and records to the blockchain through the power of SIME
TMS, a national financial services and mortgage company, is leading the charge in cutting-edge servicing technology with the provisional approval of three patents. Through the power of the company’s award-winning subservicing platform SIME, Servicing Intelligence Made Easy, the patents will introduce servicing data and records to the blockchain for the first time ever, creating a new level of security and shared data in the industry.
In May last year, TMS filed three patent applications with The United States Patent and Trademark Office over the use of blockchain for servicing. The patents capitalize on the advances of SIME and increase the platform’s infrastructure.
“This is a giant and exciting step forward for servicing technology,” said Ali Vafai, TMS president. “We’re proud to be pioneering these ground-breaking advancements that enhance how servicing data is being used across the country, tapping into the wealth of data that is out there to better benefit consumers and equip lenders.”
SIME first disrupted the servicing industry in early 2017 by delivering a technology solution that provides on-demand customer data, real-time tracking of all borrower interactions and performance, end-to-end compliance, loan level detail and daily reporting to help reduce delinquent loans, and proactively service customers. This revolutionary technology laid the groundwork for TMS to create the new standard for the servicing industry, with the three patents continuing to deliver on this mission.