 and welcome to the November 2023 Hyperledger Financial Markets Mortgage Subgroup Meeting. That's always a mouthful. Before we get started, I'd like to express our appreciation to the Financial Markets Special Industry Group and the Hyperledger Foundation for their ongoing support and making this group possible. We have some great speakers today from Estaca Pasa Mortgage, Aloxin Ha, and Gopal Anandan. You guys are going to have to correct me if I'm pronouncing those names. But I'm really excited about today's meeting. Let us get started. As always, please note that this meeting is being recorded and under the umbrella of the Hyperledger Foundation. So we ask that everyone abide by the antitrust policy, which I'm sharing, and the Code of Conduct. The antitrust policy states that we avoid discussions of company-specific pricing products and projects. We don't make negative remarks about other companies or products. And the Code of Conduct means that we treat each other with respect, never discriminate, and communicate constructively. We openly support, we fully support Hyperledger's policy of openness, equity, and inclusion. And for new participants, if you'd like to introduce yourself, please do so in the chat. And if there's anything specific areas of interest that you would like us to include or discuss, please do so. Okay. Again, welcome to the Hyperledger community. Here's our agenda for today. James Hendrick will provide an update on developments in the mortgage industry in the U.S. and globally. Then we'll have a presentation from Alok Sinha, the Chief Ecosystem Officer and founder of Estaca Pazza and Gopal Anandan, the COO of Estaca Pazza. And then lastly, we'll do some planning for December 2023 and January 2024. We always cover this slide in each meeting because we want to reinforce that we're all on the same blockchain journey. We just may be at different points along that path. For today's topic, it's really going to expand or cover this entire path. This group is meant to help everyone on their blockchain journey to demonstrate the feasibility of blockchain technology specifically through mortgage industry use cases and define potential implementation paths for financial services and mortgage industry companies. I'll quickly go through some Hyperledger information. The next three slides, I always mention for those that are new to the group, but I'm not going to spend a whole lot of time on them. This slide covers the different resources through the Hyperledger Foundation. And the second one from the bottom is the link to the Wiki specifically for the mortgage industry subgroup. There you'll find meeting notes for our group, recordings from previous sessions and curated articles. And I think James will speak to this a little bit as well. This next slide, if you want to access that information on the previous slide, you will need an LFID. This slide will tell you how to do it. Also, there's blockchain training that the Linux Foundation offers. This is one of the ways that I got introduced to blockchain. I highly recommend this training. It's a great introduction and it's free. Last thing I want to mention is Hyperledger Fabric Certification. I think this is fantastic certification that shows some of the key fundamental areas within blockchain and that you do have a strong understanding of that. So I highly encourage you to get this certification. Hey, with that, James will walk us through the state of blockchain in the global mortgage industry. Thank you, Marvin. Welcome everyone. You know, as we move on to the first slide, one of the interesting things I've been reflecting on, we started doing these presentations in 2021. And back at that time, we weren't really seeing anything from the MBA, from GSEs, things of that nature on these newer technologies in particular blockchain. And, you know, here we are two years later and we're in our last meeting of the month and or last meeting of the year. And we're starting to see more and more now coming out of the MBA. We talked about the last couple of sessions about MISMO, had some of those presentations, we're really hoping to get somebody from MISMO to be presenting with us next year. But the first two articles I'm going to start off with today are actually available on the MBA white paper site. This one written by Devin Caster, he's from CoreLogic. He writes an article that really starts with the relative newness of Web 3 technologies and the unresolved business model conflicts as being two of the key inhibitors for why there isn't widespread adoption yet for these. The paper discusses developing a consortium or other form of nonprofit framework that focuses on open and interoperable standards development for Web 3 technology, as well as addressing inherent business model conflicts by establishing a newer shared governance and shared revenue model for Web 3 technologies in the US residential mortgage industry. You know, some of the industry challenges, we've been talking about this over the last last couple of years, the newness of the technology, adoption by organizations to be looking at these technologies, but he does present some great use case potentials within the mortgage industry, as well as where his real focus on the article is a proposed solution of developing a nonprofit model or the formation of an industry nonprofit. And he leverages examples from the past of FHFA's GSC loan performance data utility, the MISMO organization, MERS. It's some great information. I highly recommend taking a look at this one. It will take a while to do a deep dive. It is 41 pages. And Devin does a great job of going into details for these use cases and why he's recommending the nonprofit proposed solution. Moving on to the next one, Marvin. So this article comes from TrueAI. They're talking about how digital data has transformed the business models and the customer experience across lending. Data is digital nowadays and processes operate with little to no human intervention. This digitization in consumer credit has freed up markets, greatly expanding choice, while significantly reducing underwriting times. The mortgage industry, though, has remained an island of continuity in this river of change. If we just want to get honest about it, loan apps increasingly are going online, but behind the scenes are human-led processes that are counted not in minutes or even hours, but really over days and weeks. The paper reviews why data becomes a bottleneck and how AI and lending intelligence dramatically improve efficiencies and reduce costs. The article does go into detail on six possibilities with lending intelligence from streamlining applications, increasing productivity, strengthening customer relationships, to gathering confidence on the secondary markets. Again, fairly detailed white paper. It's roughly about 22 pages long. You can access both of these either from our mortgage industry subgroup wiki page, which I'll show in a couple of moments, or directly from the MBA white paper site. Moving on to the next slide. Thanks, Marvin. All right, this next article comes from the closing signing service. This article really focuses on remote online notarizations or ROMs and how blockchain's global availability is ideal for cross-border transactions. While the article focuses heavily on completing notarizations between countries, the focus can still be attributed directly to the mortgage industry marketplace. He talks about how signers are able to get documents notarized with different parties simultaneously anywhere in the world at the same time. In traditional notarization, documents often need to undergo a time-consuming and costly authentication process when crossing borders. Blockchain simplifies this by providing a universally recognized and verifiable record of notarization, making processes more efficient and cost-effective by eliminating intermediaries and cross-border notarizations and reducing fees and increasing transparencies. The article concludes with the benefits of blockchain and what it provides to Ron, including trust and credibility, fraud prevention, enhanced security, and of course, having an immutable record. And then our last article this month is what roles do technology play in the mortgage industry? This is coming from Meadowbrook Financial Mortgage Bankers Court. Really kind of talks about the early days of mortgage industry and the only advances you really saw, the large leaps, was the development of LOS systems back in the 80s. But what's been noticed is during COVID, they call it the COVID effect. It had a significant impact on mortgage providers and the mortgage industry in general and the role of technology and what it can play. Through an InfoSys survey, I wanted to share some of these statistics. Through an InfoSys survey, 99% of lenders agree that technology plays a critical role in improving the process. 74% think it can simplify the process and 67% feel it can reduce data entry work. Most borrowers as well want to use the internet to learn about their options, submit their documents and get pre-approval. And as we look at the future generations, around 70% of Gen Z and 60% of millennials want to complete the entire process using a mobile app. More than 80% of borrowers prefer signing documents electronically instead of visiting physical locations. And 50% of Gen X and Gen Z and millennial borrowers like the fact that online processes eliminate the need for in-person interactions. While one of the other statistics over 25% of existing home buyers would like a mix of both digital and traditional tools when they're applying for a mortgage. So article does a great job of really going into the pros and cons of completing a mortgage online, as well as talking about the roles of AI, machine learning, process automation, and blockchain, discussing both the benefits to financial institutions, as well as the benefits to borrowers. Moving on to the next slide, Marlon. So this slide is our Wiki site. The link is there at the bottom. We'll be dropping it into the chat for you. But all of the articles that we have discussed and more are available on the right hand side. In addition, on the left hand side, there are links to all of the previous recordings over the last two years, as well as at the very bottom, there's a link to all the previous articles that we've discussed as well. In the upper right hand corner is the information Marvin spoke about on the LFID and how to get access. You can click on that link there and it will take you right in. In addition, behind the scenes, we've collated well over 200 different articles over the last two years on blockchain, AI, the impacts to the mortgage industry, where we see the trends going. So if you're looking for research information, feel free to reach out. We're happy to share that. Also, if you're coming across interesting articles or things going on in the industry, we'd love for you to reach out to Marvin and I and share that with us as well. And it may be one of the future topics that we discuss in these monthly presentations. All right, Marvin, I will pass it back over to you. Thanks, James. As always, that is fantastic information. And I think it's very timely because as we've been going through this for the past couple of years, I'm starting to see more and more of a tectonic shift within the industry. There are increasing number of companies that I think are really going to start to change how mortgages are done. And that's why we have Istaca Pazza here to speak with us today. I'd like to introduce Alok Sinha and Gopal Anandan, the chief ecosystem officer and chief operating officers of Istaca Pazza respectively. Alok has held multiple CXO positions in global companies in the immediate past, including chairman and CEO of a listed software company with entities around the globe. He has 35 years of experience in the software and technology industries. He's also a visiting professor at various business schools and is a noted author. Prior to his role as the COO at Istaca Pazza, Gopal was a senior director at Cognizant Technology Solutions, where he was responsible for digital strategy and transformation. Gopal's experience also includes senior roles at Innovation 24-7 and Aqua Management Consulting Group. So welcome Alok and Gopal. Thank you very much, Marvin, for having us on the call. And you make me sound, you make me look better than what I am actually. So thank you again. So is it okay to start now? Yes, I will stop sharing and you can share. There you go. Gopal, you need to. And thanks James also for the update, fantastic update. By the way, we are also members of SFA, which is Structured Finance, MBA and MISMO. And we were at the MISMO conference, sorry, at the MBA conference in New York late May when someone from MISMO actually came to our booth and said that we should be part of the MISMO blockchain subgroup. And by the way, the white paper you see, well, we've been part of that too. So we've sat through that and some exciting things. Yeah, absolutely. So in fact, yesterday was a MISMO blockchain meeting, yesterday morning. So yeah, I'll dive into this. Marvin, you did a great job at calling out both mine and Gopal's name. And I know your names are usually tongue twisters, but there was no necessity for us to have the company name an equal tongue twister. And there is a story around that. So we started the company four years ago in India. And remember at that point in time, India was extremely punitive of anything we had to do with blockchain. So we wanted to call ourselves advanced blocks because we had an equivalent company in the US, but they just wouldn't give us any name. So we went native. And in Sanskrit means bricks or blocks. And in Sanskrit means a lattice or a chain. So just means blockchain and we threw it into the Mandarin space faces and they gave us the name, you know, it was it was defiance for us. So we get something with blockchain. And so that is it, you know, that that's what we are. And you know, we are a blockchain based platform that hosts ecosystem. Gopal, next slide. So and you know, we are a SAS B2B B2B to C platform that hosts ecosystem. And we define the ecosystems very carefully. And we separate two parts of the ecosystem, you know, so the horizontal horizontal ecosystem and the vertical ecosystems. So horizontal ecosystems on our platform are all that help catalyze the transactions. So these are the guys who actually move the transaction, they may not be doing anything more than that. So for example, banking gateways, their horizontal ecosystem, or for example, you know, back in our home home turf, title companies, appraisal companies, rating companies, these are all horizontal ecosystem. Whereas the vertical ecosystem participants are those who actually move the money. So on the HME side, the brokers to the correspondent lenders from the correspondent lenders to the investors to the issuers to the bondholders, these are the vertical ecosystem players, the participants. So we separate these two very, very carefully. And incidentally, I know all of us, or most of us have forgotten about the father of modern marketing, you know, Northwestern Professor Philip Kotler. I mean, every, every MBA school carries Philip Kotler's books, right? But he called us as country as a platform, two years ago, at the Thinker's 50 forum. And, you know, that's a great commendation that he's given. In fact, in his latest book called Regeneration, he actually calls us out. For some reason, he talks about me, I have no idea why, but he does talk about the platform also. And he, there he calls it community as a platform. So he steps level down and calls it community as a platform. And that's what the intent is for this platform. The reason why he called it community, because it can host public companies, private companies, as well as plural companies. You remember Mintsberg talking about NGOs and plural companies. And it all stems from the fact that a blockchain can, you know, it's very, it's potential is the traceability, right? And that's that, and the fact that documents are immutable. And that's, that's what, that's the reason why he talks about all of this, right? Now, Gopal next page. So, and everyone remembers the 2008 market crash, right? Remember, $19.2 trillion of household wealth evaporated. And the net reaction that the government had was 2000 pages. And I'm sure every one of us remember, 2000 pages of new regulations and covenants and whatnot, right? They actually injected inefficiency intentionally because they wanted to reduce the speed at which, you know, this was going. And there is a reason why. And we're next slide, we'll talk about that reason. But, and when we looked at this, and in fact, we came into the HME because of the fact that one of our customers was selling it, it's a correspondent lender, which is doing roughly a billion dollars a year was, was selling their, their loans to a number of investors and it would take anywhere between 14 days to 28 days to transfer the loan. And obviously, right? The loans, the closing documents, there are a group of bunch of 50 docs, which are in a PDF form, which are amenable to alteration and change. And so when it is sold to the investor, the investor goes through all the checks once again, thereby taking so much of time, right? And I'll talk about it in a second. So that's how it began. And we realized that this cannot be sold in pieces. So, you know, there has to be a new way. It has to be holistic. It has to be end to end. And it has to also do, you know, at least look at the intent why the government intentionally introduced inefficiency to reduce the speed of operation. Next slide, please. And that's the reason. I mean, look at this. This is the reason, right? The total end to end is roughly between 13 and 14 trillion dollars. That's 65% of the United States GDP, right? And there's no chance for the government to allow this to be, you know, played around with. Remember the 2008? And remember, 2008 actually crashed the GDP too, and that was the reason. I mean, 65% of a country's GDP is quite a lot, right? And that's the reason. So how do we do that? And that's what we will show you today. So we, the core of the platform is Hyperledger. And I'm proud to say I'm part of this, and I'm a new member to your subgroup. But I'm proud to say this is a very powerful and a very important piece that we've done. Now, it's not only the permission platform that we have used, but we've also used the public side, the Ethereum and the Polygon, but very, very, very, very differently. So remember, no banker, no institution will accept movement of anything in mass scale. I mean, there are experiments going around and we're working with a lot of people, including some of the top names, but they will not allow pieces to move on the public chain. So we have actually made the public chain more safe. We made it safer by using Hyperledger and we'll show you how we are doing it. So the Hyperledger actually makes the chain much safer than what it is at the moment. So just to give you a quick snapshot of what we are able to do, basically take out 250 bps end to end. We'll talk about how the cash flows get disrupted. So on a 13 trillion, and I'm not saying everyone will be on our platform, but I'm saying the blockchain can actually unravel between 25 and 60 days of cash flow from this 13 trillion, which is flowing in the system. Now, that's a huge amount of money, huge amount and that's a huge amount of impact. And there are some other pieces there. There are pieces like, and this is this is Fanny data. For example, only 18% of the borrowers go back to the same lender. So 82% actually filtered away at each stage. And that's a big loss. So is there a way you can retain? Because if you can retain, you can suddenly increase the top line by 50%. And remember, a house gets refinanced once every three and a half years. Now, that's Black Knight data, which means at least eight times during the life cycle of the loan. Now think about it, only 18% stay back. Think about if each iteration, the borrow goes to the same lender, if you can do something like that, look at the amount of money and look at the amount of cost that you're reducing from the entire piece. And that's what we'll talk about. Next slide. So this is something which all of you know. I know we are part of the mortgage home mortgage ecosystem. So this is very well understood, but I'll just spend like a few minutes in trying to explain what we are doing. Remember, there are four parts to this ecosystem. The fourth one we've not yet shown, but you have the originators who originate one loan at a time. You have the investors who buy the loan and the investors can do one of the three things. They pull the loan, they sell it to JSCs. They pull the loan and these are non-qualified or non-QM or jumbo loans, which they sell to investment bankers like JP, for example, and we have a customer who does that, or they retain and securitize the pool. Now what is the difference between these three? If they're selling to JSCs, this is 1% on their net margins. If they are selling to the IBs, this is probably a percent and a half. But if they are retaining and securitizing, that's 3.5% off the top line that they are... It could be more, but that's at least 3.5% that they are retaining. So look at the gap in these three. So if they are issuing, if they are securitizing, it goes through a legal due diligence process, it goes through rating agencies, when the agency is rated, then it goes to the IB who create the entire New York Trust, the whole nine yards, and generate the mortgage-backed bonds. Now the fourth part are the buyers and sellers of bonds, which is the hedge funds, the mutual funds, and the pension funds. And that's the fourth part, which we haven't put over here. But basically, these are the guys who buy bonds. But here is a funny part in this whole process. Who are the borrowers who are seeking loans? People like you and I. And who are the buyers of bond? They are either the pension fund, which means money from you and I, or the mutual funds, which again means money from you and I, or the hedge funds, which means high net individual funds. So basically, it's from people to people. And that's what is driving this economy. And we can save money when it goes to the people only. And while everyone makes money, it also helps the people. And that's the intent of this whole piece. Now look at how this happens. So loans are originated one at a time by the originators. They're not allowed deposits because they're not banks. So when they give the loans away, it's on table funding or on a warehouse line. Now here is one something unique about the United States. The warehouse lenders always charge more than the rates at which the borrowers have been given loans. So the borrowers have been given loans at 6%. The warehouse would usually charge 6.5% or 7%. And which means that the originators need to sell the loan immediately to the investors because they are bleeding cash. What do the originators get? They get 3% of the loan value. So on a $3,000 loan, they'll get a $9,000 plus whatever is the loan amount. But here is what happens. The investor, as I said earlier, takes anywhere between 14 and 28 days to go through the full due diligence again. Basically, they go through the due diligence of the borrower, the home, the underwriting, and it takes that amount of time. And this is where the hyperledger comes in. So if we were to originate the loan on chain, there is immutability of the documents, there's traceability of the documents. And the chain is so when the loans are sold, and this is how we are keeping, by the way, and we'll talk about a little bit more about how we are holding this, when the loans are sold, essentially, all the documents are available to them. Now, this is where we very cleverly also use the public chain, but we'll come to that in a second. So what does the investor do? And that's what we talked about, right? The investor either sells to GSC, sells to IB or securitizes. Now, if he sells to IB, that's another two months. So they are selling loan pools to IB. So they're selling like 200 loans to IB and investment to the banker, which is anywhere between four weeks to six weeks of due diligence effort once again. So there is another six weeks added. So think about it, you have four weeks anywhere between one week to four weeks in the first step, anywhere between three weeks to six to eight weeks in the second step. And if you are securitizing, the rating agencies and the legal due diligence teams, they take another six weeks to do. So think about the amount of flat, which is there, which can be removed just because you've originated the loan on chain, right? And that's the intent. And by the way, we have the bondholders. So we have the hedge funds we have. So we kind of completed the whole cycle. The hedge funds can actually see what is coming through the chain. If they have, you know, $500 million, they can see what is coming through the chain much in advance of when the final thing is converted into a pool, right? So this is the part that we are doing next. And this is the architecture. So whatever I have spoken about, one, three and five, the upper part of five, this is what the hyperledger blockchain is. So, you know, you look at borrower chain, we have all the documents on chain, everything's including the rate lock is on chain. These are then given to the investors, they buy on the basis of this. There are other things like, you know, you can do advance bidding on the loans just like the MCT, they have a marketplace. We have created a DLT marketplace. So the loans are available much before. So these are for smaller brokers who are selling smaller parcels of loans. That's available. And that goes to investment bankers and then there is securitization where you do the selection due diligence, rating and securitization. That's what we talked about. But here are two other pieces that we do. And this is basically going across to the public chain. We use Ethereum and we use Polygonmatic. Now, there are two pieces why we do that. Remember, we said that 18% of borrowers return to the same lender, right? So this is a borrow retention technique. So we charge a certain number of BIPs for every participant over here. And out of the BIPs that we charge, 20% of whatever we charge. So these BIPs are charged in fiat currency, but we mint our tokens called PASA tokens. We just went live with PASAs about last Sunday. The first PASA was minted. The first 500 million PASAs were minted. So we went live with that. Now, these PASA tokens are then given to the borrowers and these tokens are then staked between the borrower and the lender with a promissory that if you come back to the same lender for a refinance or any other transaction, you'll get anywhere between 50 BIPs to $5,000, whichever whatever is the agreement between them, which can be set off against closing costs, right? So this is a mechanism that we are using to retain the borrowers and so basically reducing the friction. The second part that we are doing is also minting a real-world asset loan NFT. Remember, homes cannot be tokenized. When you tokenize, you basically, when you sell the token, you sell the inherent, the underlying asset also with it. But I think other than only two countries, Lachaston and Switzerland, a sale of a digital token does not entail sale of a physical asset. U.S. definitely not. You need a promissory, right? Or any other country in the world definitely not. But think about loan. Loan is unique on a home, right? It's a digital asset and look at how it moves. It moves from, so that when the loan is created, it's an asset for the correspondent lender, then it moves the investor, then it moves to the investment banker, then it moves into fractionalized, right? So basically what we are doing is we're creating real-world asset here. We are creating our RWA NFT here. When it comes over here, where the loan gets converted into a pool, that's NFT of NFT and then it gets fractionalized into bonds. These are fungible bonds. Bonds are fungible between the pools, right? So it gets fractionalized with QCIP and that fractionalization occurs here. We do some other smart things over here. Basically, I talked about the fact that we use Hyperledger to make transactions on the public chain firmer, safer, right? And we use Zika Rollup over here. We use Zika Rollup, right? So for every bit of information or the document that's collected over here, we create a hash key and at the instance when the loan is getting initiated, that's the Zika that we store on the public side. Remember, the public guys always come back and say, this is a private chain, you can spoof. And to beat that, and by the way, so remember, the best ways to use the strengths of whatever is available, right? Weakness is very difficult to remove strengths and that's what we've done. So as the loan process begins, the Zika Rollup first, you know, that's where we start rolling. And once the loan is completed, the loan process gets completed, so it's disbursed, all the document hash keys are stored in the Hyperledger last block and that block hash key is stored in the in the public chain, right? So that's the Zika, that's a classic Zika Rollup we're doing. I mean, so you have a side chain, the side chain actually for us is the main chain, and that's what is storing all the documents, right? So that's one part. The other part, and I, yeah, I have time, I just just two minutes more. The other part is on the servicing side. So remember why 2008 occurred, right? So there were loan pools. The pools had been converted into bonds. The bonds were converted into, you know, CDO, CDO square, CLOs, whatever, right? And the moment a loan fell off the pool, because it was either refinanced or it was foreclosed or forebearance, whatever, by the time the people, the bondholders figured out, it was anywhere between six to eight months. CLO CDOs was worse, right? They were badly hit, but the direct bondholders six to eight months, right? Now, what we are doing is we have gamified this. So every time a borrower pays the loan, okay? And by the way, the payments don't go through our platform. We have yet not become a payment gateway. We don't want to become a payment gateway. And I'll come back in a second to what we want to be. So the moment the borrower pays, a part of it is updated into the loan NFT. And we have servicers. They basically are the validators. And once they validate, we give two, we do two things. One, we give tokens to the borrowers as well as to the servicers. But why should the servicers be validators? Because we update into the Merse database, absolutely free, of course, the loan data, the payment data, which means now we are able to get merely real-time data, okay? And so think about if you had a million bondholders on Hyperledger, we'd be, you know, bleeding for infrastructure. So this is the place where we are allowing bondholders to be on the public side. And they're using zero-knowledge proof to access very specific pool data from the private side. We're not giving them a login access, but we are giving them a ZKP access to do this, right? Now, that's what it is. But there are other pieces that we talked about in the last, that there are other pieces. And I like Gopal to show some of the demos that we had. So, you know, just remember, we are loaned to Securitization Superhighway. You put loans on one side, and you have service data on the other side. And we have all the horizontal and vertical participants on the platform. So think about it as a loan transformation platform. Over to you, Gopal. Thanks, Alok. Is my voice audible to everyone? Yeah. Awesome. Okay. Yeah. So, continuing from where Alok left, okay. What I wanted to spend was like around five to 10 minutes talk through the platform itself and what we have enabled in terms of the flow that Alok talked about. Okay. There is a small video available on our website, okay, which you can access. This is our website. This is a small video, okay. And that essentially talks through whatever Alok spoke and some of the views of the platform itself. But for the next five to 10 minutes, I'll walk through some, you know, some pre-recorded videos of the platform itself. Okay. Now, just to give an overall view of how the platform is built out, remember, Alok mentioned about C5 component, which is the Hyperlegia Fabric component. And there is a D5 component, which is built on Ethereum Polycon. Okay. And both talk to each other, the ZKP, the messaging, everything happens through a quantum cryptography tunnel on it. Okay. That way, we keep it even more secure and ensure that it's not vulnerable for hacks. The third component that you see here is the, you know, our, since our starting point is our loans. So any kind of loan origination system, okay, is integrating here. If you look at this platform, the Hyperlegia Fabric, it's a million plus line of code that it didn't build out. Okay. And it's got these seven layers around it. It's got a smart integration. So in the context of home mortgage, the loans, as Alok said, are directly ingested onto the Hyperlegia Fabric, either by way of, you know, API integrations, or we have smart automation bots, okay, by which you can just insert all the loans in one go, right? Which basically means that we don't restrict the platform to be, I mean, the platform may not always want to start from a correspondent bank. If an investor wants to come in directly, okay, and has a bunch of loans, which it wants to purchase and then sell it off to a larger issuer, okay, they can just directly come out of the Hyperlegia Fabric and with their own organization, plugging down to our, the channel that we have set up, right, and start running the automation and the bot. And that's how they kind of work through it. The persona is essentially, Alok talked about the vertical ecosystem and the horizontal ecosystem. So the correspondent banks, okay, the warehouse bank, investors, secondary market investors, all these are vertical personas, okay. And on the horizontal personas, we'll have the tidal companies, underwriters and so on and so forth. If you visualize this from a blockchain configuration standpoint, network configuration standpoint, these are all nodes for us, right, there will be one common node, there could be separate nodes also. At some point time, we do visualize that the horizontal nodes will become large by itself, okay, there will be conversations around tidal companies coming together and forming a node of their own and contributing to the highway, right, there will be underwriters, there will be appraisers contributing to the highway and in a completely, you know, trust manner in that sense. So what I'll do next is I'll go through the couple of videos, starting with I've got some four short videos and I'll run them very quickly for you. This is and by the way, I should also mention that the access to the platform all happens directly from our website, this is a website, and you can directly access a borrower can access and any of those participants, the vertical or the horizontal participants can access directly from the from the website itself, right. And once they access, okay, this page kind of the video that I'm going to show you right now is how a loan is purchased, right. So loan can be purchased in two ways, okay, it can be directly transferred if it's already tacked to an investor, if a correspondent bank already has rate locked with an investor, the investor know that this loan is eventually going to come to me, they just make a transfer or the other way out is a correspondent bank can say that, okay, I'm going to bid this loan and I'm going to invite a bunch of investors to bid on this loan, right, okay. So this this part of the platform feature talks about how that particular loan is once the loans are ingested, okay, how the bidding happens. So what you see on the screen is essentially all the loans that have been ingested through that integration layer a either via an API or via the automation bot, okay, and all the information that you see the header information that you see here, okay, and if you click on any one of these loans, okay, I'll just go back a bit. This is dummy data just to let everyone know. Yeah, this is all, yeah, this is all test data. So yeah, yeah, thank you for talking about it. Dummy documents, so there's no PI shown here. Yeah, absolutely. And so if you click on any of these loans, the entire document right from the loan origination, right. So every loan origination till the time it is funded goes through some seven or eight stages, rate log, disclosure, stacking, ICD, FCD, payout, and each one of them has got a multitude of PDF documents and versioning. So even if a PDF, let's say, an employment certificate is twice uploaded, even with the dot aerospace change, it is considered as a separate version in the blockchain and we record every every view of that particular document. So this view gives the correspondent bank all the loans that are ingested and they can go ahead and start creating a bid with a validity, a bid validity date, okay, and start selecting investors who are part of the vertical ecosystem and part of the already registered onto the platform, right. So here they're calling in a couple of investors, one is called Obsidian, another is called, another investor called Shanu investor, okay, and confirm and the bid is created, right. Now, once the bid is created, remember that the investor is, so that's where the bid is, you can see the bid, the bid is open for 13 days, okay, and then the investor gets an email because the investor is registered, they log in, okay. So the investor logs in, sees the bid, okay, it sees the bid, that's the bid, okay, available and yeah, and that is where they get to see. So here is where the beauty is, right, all the documents originated the loans on the blockchain, every document is available. So the investors are able to see each and every piece of the document. For the purpose of this test environment, I have only shown two stages, but imagine that there are going to be seven to eight stages. Since we are already live with this platform and there are a couple of correspondent banks already working on the platform, I know for a fact that each of these loans comprise of at least 100 to 100, 200 megabytes of files and 70 to 80 different kinds of PDFs altogether, right. I mean, that goes into a different realm of how AI can be used further, that's a separate topic altogether, right. So that's how they can view and they feel confident that this loan looks good. So whatever you see right now is all coming out from the blockchain, from the Hyperlegion. So we have an IPFS, etc., etc., so the documents are pulled from the IPFS. So you just saw a view of the closing document there, right, okay. And they make a bid, they make a bid, submit and that's it, okay. And when you go back to the original correspondent bank, okay, they can see that the bid has come and they can go ahead and award it to the particular investor. Now two things happen here. One of course is on the real world, on the C5 side, the ownership of the loan comes to the investor. Remember that Alok said that whenever a loan is funded, we create an NFT, loan NFT on the public blockchain side, okay, right. And because the bid has been won and in this case, this investor has got it. On the public blockchain side, the NFT ownership wallet address also changes from the correspondent bank to the investor then and then itself, okay. So that way, and at any point in time, from the public blockchain through the ZKP, you can always see what the information is. In the loan NFT, we don't have any information on the public blockchain, but for the loan amount, okay. And a hash, okay. And a hash of all the documents that have been pushed into the C5 side of the loan, okay. And that also can be handshaked via ZKP to ensure that it is actually accurate and imperfect. So this is one way how the loans are purchased and bid. So once the investor gets all these loans, they move to the next step, right. So what the next step is? They will go ahead and start looking at creating pools. So if you recall this slide, if you recall this slide, so we did this step first, okay, the investor got it, now the investor is going to go ahead and create pools out of it, right. So this part of the feature talks about how they create pools. It's fairly simple again. And we kept the design and the logic the same. At any point in time, you see a bunch of loans, you click on the loans, you can see all the details behind the loans, right. So now the investor sees all the details, they can check everything, okay. And they say that, yeah, these two loans look nice to be created as a pool, okay. And they go ahead and create a pool. So it could be a bunch of loans created as a pool. It could be one single loan also moved forward for the next stage as well, which is called the flow process. So there's a flow process and there's a pool process. Both are possible on our platform. So that's how they create the pool. And it says, yeah, in this case, two loans and there's a jumbo pool called non-QM jumbo pool got created, okay. And it goes to the next stage, which is basically move it to evaluate. So that is the, you can see that that is the pool that got created. And underneath that pool, you click on that pool, you can see all the loans below it. And once again, in that loan, all the information below it, okay. So this is the pool creation. After the pool creation, okay, what happens next is the the rating agencies and the due diligence companies are invited, okay. Now here again, a lot of back and forth in terms of communication happens. I'm missing a DTI, I'm missing an LTV, can you share this document, that document, all of that, right. We ensure that all of that communication, which is called stipulations, okay, is also recorded and conducted on the same platform. Everybody gets to see the same golden source of truth and the same view and they recorded. And the queries also that are getting asked are also recorded into the blockchain. So in this case, so that's the pool information available, okay. And now I will invite, via a stipulation, I'll invite, I'll just fast forward a bit. Yeah, I'll invite a due diligence company called Legal DD and request them to do a DD on this particular pool, right. So the moment this happens, the DD is also registered as guess what, or a horizontal ecosystem participant. They get an email, okay. And once they get an email, they log in and then, you know, get to view the details of the pool. You can upload some instructions, some additional documents that you want or and above your query, right. So once I do that, as I do that, and I log in as the due diligence company, so now I have logged in as a due diligence company, I can see that a request to do a due diligence for this pool is there. And I can click on this eye icon, see that there is a request, I can see some documents and same concept, click on the pool, I can see all the loan information below it, right. So again, we are fasting the process three to six weeks that it takes four to six weeks that it happens really fast now, right. And then they can respond back in the similar fashion and back and forth. So in effect, what happens is that this discussion goes back and forth. And finally, if it's a pool level closure, they close it together at a pool level, say, yes, I have closed all the stipulations. If it's a loan level closure, they can say, yes, I have closed all the stipulations on. And by the way, all these conversations that happens, all the stipulations that happens also get recorded in the blockchain against that whole loan at an atomic level, okay, right. And that's how the entire thing happens. So this is a due diligence. Similarly, the rating agency also does the same process, right. We also understood when we spoke to rating agencies, very large rating agency, that the whole process of getting an ASF tape is pretty, I mean, it is delayed by the time they get it. And it also takes around two to three months for it to come to them. So what we did was, we said that since we have all the information around that particular pool, why don't we create the ASF tape itself, right. And this video shows you in a very simple way. So the pool is here. If you click on this particular, and all the information is available beyond the loan, if you click on this particular icon here, okay, it just downloads your 158th field of what the ASF tape should be, right. Now this can be exported by the rating agency and pushed into their algorithms, okay, to rate the pools, etc., etc., right. And then they can close and make tranches and rate the various sections out of it. So that's how they will go ahead and get access to the ASF tape itself. By the way, there is one more part which we are not showing, which is 17G5. So you know, I was about to say that, yeah, G5 qualified documents need to be at a certain space. So we mark off all documents which are 17G5 relevant, and they can be accessed by anyone. So anyone authorized. So it should be authorized, right. It's, so basically you need two raters, but any rating agency can come and say, okay, I want to see the documents, I want to see why it has, why a certain pool has been rated X or Y. So that's the 17G5 and we, it's completely adhered to that, you know, the system adheres to 17G5 and flagging off those documents. Yeah, I mean, 17G5 for us is again like a participant or persona for us, okay, right. It could be any firm that is part of the 17G5 persona, right. Tomorrow we can create a node which is 17G5 node as a horizontal node, right, and then that can execute on it. So in summary, okay, on the C5 side, right from origination of the loans to the loans being transferred or purchased via bidding process to the loans being pooled, sent to due diligence company, rating agencies, okay, all this happens on the C5 side, high-plagia fabric. At any point in time, the loan when it is funded creates an NFT. When the loan is funded, we want to have that incentive mechanism. So the PASAs are issued on the public blockchain. So there is always a constant handshake happening between the C5 and the D5 side, okay. Furthermore, the ZKP allows us to ensure that whatever that we see in the D5 holds true because a C5 is actually controlling it in that sense, okay, or has a master information to it in that sense, okay. And then as we speak, we are building the bonds and the structuring part of, securitization and structuring part of the entire platform, okay, which is the bond issuance and QCIPs and all that as we speak. I think in the next four to five weeks, we should be done with that as well, okay. I'll look back to you. Yeah, so this is just one small piece we wanted to talk about. I mean, this can really become very large. We're also doing this. So I won't go into the maths of the bonding curve. So our pricing on the tokens is on an S-curve bonding curve, but I won't go into the management of token bonding curves and staking contract. But this is tokenization of real-world assets that we are doing. And remember, since we have converted bonds into real-world assets, we've converted loans into a real-world asset, repo markets, overnight repos and repo markets and money markets, which like near-term lending can easily be done between two banks, right? And so we are testing that. You can create lending pools on the stable currency side. There are a lot of stable currency which is available, and you can create lending pools. Remember, the warehouse lenders need money. The correspondent bankers need money. When you are when you are securitizing, you are holding the loans for a period of two months or three months. You need short-term money for that period, right? All of that can be done. And we are, so you should see a very large release in the next three months, 13 weeks. You should see a very large release which takes care of this part as well as on what Gopal was talking about in terms of QCIP and how do we do that. By the way, on our team, we have a member who did the CBDC. And remember, CBDC is another crazy piece which is on Hyperledger for India. Actually, it's not India. It's for the BRICS community. Now, we also don't know a lot about that because at the moment it's Hyper under the hood. We don't want to talk about it because whatever we've known, we've known bits of pieces. But in that case, it's like every coin, every token is actually a number, just like a bond and a QCIP, right? And that's something that we are trying to also implement in our system so that it becomes, so Hyperledger has been the heart and the stomach. So the entire piece, the strength is there. And that's what we are doing. Now, there's one small piece where, and I don't think we are ready for this at the moment, especially SEC. We are not yet ready because we don't know what the regulation is. But the platform is enabled for fiat downpayments, fiat loans, crypto downpayments, fiat loans, fiat downpayments, crypto loans, crypto downpayments, crypto loans. So the platform is completely ready. But we're going very slow because every day there is a new regulation. Now, we just want to be sure we are on the right side. We're not fighting the government, but we are doing something good for everyone in the community. And I'll pause there for, probably this is the end of what we had to say. There's much more, but Marvin and James, thank you very much for letting us be part of this wonderful room. And if there are any questions, open to those. Thank you, guys. That was fantastic. I want you guys to walk us through in terms of a mortgage ecosystem. I think, at least from my perspective, is one of the more complete visions of what a mortgage ecosystem can and should be. And I want to open it up to the different attendees and participants to see if there are any questions. I know we only have one or two minutes. So if there's any questions from anyone in the audience, please come off mute or put it in the chat. I know I have several questions as well, but I don't want to monopolize the rest of the call. So if anyone has any questions, please let us know. Okay. Here are my questions. Okay. People didn't take advantage of it. So I'm just going to dive right in. Do you guys have a loan origination process? It seems that you guys digest a loan that's already been funded, and then that's where your ecosystem starts. But in the reason why I'm asking this question is when you guys showed the login, you guys had a farward login. So that's why I'm asking, do you guys do the actual loan origination or not? That confused me. So we have a very powerful integration system. Remember we said horizontal. So we're not competing with an LOS, but we need the loan origination documents at the time when it's getting created, right? So we do have a front end and a small application, which, and that's what I think was shown as part of the overall architecture. That's a small thing on the left side, which tracks every document. So we track, we know what the loan elements are and we track, so we integrate with, for example, encompass. We've integrated with that and basically we can suck data out from there and we can throw data back inside as a front end. So yes, we're not substituting anything. It could be any system, but we ingest at the time of loan origination. That's why we say originating on chain. Okay. First stage is rate lock and registration. Okay. So we start from there. Okay. You start from the rate lock. Okay. Yes. Yes. Again, as I said, it is not mandatory because if an investor comes in the, in the blockchain and says that, okay, I got a bunch of funded loans and I want to use the, use your system, use a platform to start selling my loans. Right. So in that case, I don't need to start from rate lock. I have a funded loan and I can directly ingest all the loans from there. But if a correspondent bank can say that I want to start from step one, we could do that too. Okay. Okay. Let me open it up to the audience again because we are two minutes past the hour. I want to be respectful of everyone's time. So if there's any other questions that people have, I know there's still some people that are staying on the call. But as I said, I want to be respectful of people's times. If anyone does have any questions or comments, can you guys please share your contact information again to give people an opportunity to reach out to you with any questions or comments? Yes. So it's right at the end of the presentation, but we will also ship you the... Okay. And we'll include this when we post the recording as well. So if anyone has any questions or comments, please reach out to a look and go all. If there aren't any other questions or comments, I did want to mention one last thing for the rest of the year for our mortgage subgroup. We're not going to have a meeting in December because of the holiday. We will reconvene in January 2024 on January 11th and we'll do a review of mortgage blockchain for 2023. A look, go Paul. If there are any other questions in... I don't think there are. It's a couple of minutes past the hour. Thank you very much. This was a fantastic session. We should have blocked out more time because I still have so many questions I want to ask you guys, but I want to let you guys go because it is late in the day for you guys. Great presentation today, guys. Thank you very much. Thank you very much, Marvin and James, for having us here. And to everyone else on the call, thank you very much. We really have a good day, guys. Thank you, everyone.