Mortgage tech startup Staircase this week launched a blockchain-backed digital infrastructure that it says enables lenders to safely store collected mortgage data while processing mortgages faster.
Philadelphia, Pennsylvania-based Staircase rolled out Amazon Web Service blockchain-based “Staircase Persistence,” which it says helps companies manage data points used by their different customers by grouping data into sets, such as transactions, collections, and client accounts. Data stored through Staircase Persistence can later be used for data extraction, other mortgage processes, as well as translate data into different languages.
“We collect data, we use blockchain to make each of those data points and data collections immutable,” Adam Kalamchi, Staircase CEO told HousingWire. “The final application is a subset of the total amount of data that has been collected. The data then is put into a final application that turns into a loan.”
The company hopes to tap into a market where “there hasn’t been a simple way to store and access ‘big data,’” according to Staircase. With the mortgage origination market forecast to consolidate this year, Kalamchi said its digital infrastructure will help clients save on expenses to capture and preserve data to compile the loan file or perform quality control on collected data.
“Our target market is any mortgage data,” said Kalamchi. “It’s targeting anyone because what we enable is not only the full audit ability of a loan file with the full data bundle. Whether it’s between a broker and lender, or a lender or a servicer, that data is something that everyone 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 ventures, including Avid Ventures and Clocktower Technology Ventures as well as angel investors.
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Focused on providing automation for mortgage functions, Staircase provides an application programming interface platform that brings together parties involved in the mortgage origination process.
Last month, the startup introduced Staircase Language, which enables any company in the mortgage industry to translate data into another language including the real estate finance industry’s standards.
“Having the data stored isn’t as helpful if you can’t translate the compiled data into a format that works natively, intuitively with your system,” said Kalamchi.