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Allonge: Tokenizing the Future of Mortgage Lending for Underserved Communities
With 21 years of experience in the mortgage banking industry, Marc Hernandez has dedicated his career to breaking down barriers and establishing an environment of inclusion for all. His professional journey started at the University of Notre Dame where he earned a bachelor’s degree in business administration. Since then, he's achieved the Certified Mortgage Banker (CMB) designation from the MBA and completed their Future Leaders program. During his tenure as a mortgage banking executive, Marc propelled growth and success while advocating for equitable financial solutions within underserved communities. His commitment to excellence has been recognized through honors such as HousingWire's Rising Star award - an acknowledgment of his noteworthy contributions to the mortgage banking field. In 2012, Marc joined the National Association of Hispanic Real Estate Professionals (NAHREP), which aligns with his mission of promoting homeownership across minority groups.
As the Founder of Allonge, Hernandez shares his vision for revolutionizing the mortgage lending industry through innovative blockchain technology. He is passionate about addressing the unique challenges faced by minority and underserved borrowers.
"I started Allonge to find a better way to minimize losses for mortgage lenders on scratch and dent mortgages," Hernandez explains. "After experiencing substantial losses and exploring different options, I decided to create my own solution."
This solution leverages blockchain technology to create a transparent and efficient system for handling "scratch and dent" mortgages, those loans that don't quite meet traditional lending criteria. Hernandez recognizes the challenges of implementing blockchain in a traditionally conservative industry: "The specific challenges for Allonge stem from incorporating blockchain technology into the solution. It's not widely adopted and many associate it with cryptocurrencies that have a bad stigma. Having folks understand the difference and how the solution can transform the industry is our biggest hurdle to overcome."
Beyond addressing the immediate needs of mortgage lenders, Hernandez envisions Allonge playing a crucial role in tackling the broader mortgage liquidity crisis for minority and underserved borrowers. He believes that these individuals often lack the traditional financial profiles required by mainstream lenders and deserve equal access to homeownership.
"I see Allonge as the premier tokenization platform for mortgage lenders," Hernandez states. "Our goal is to master the use case of scratch and dent and then take on the mortgage liquidity crises for minority and underserved consumers that deserve the opportunity to purchase a home but don't have the traditional profile that mainstream buyers do."
Hernandez acknowledges the challenges of securing funding for a cutting-edge solution in a heavily regulated industry. However, he's confident in Allonge's potential and is actively seeking investors who share their vision of empowering minority-owned startups. "Access to capital for a cutting-edge solution in a highly regulated and very conservative industry is no easy feat," Hernandez explains. "We seek to network with investors that want to empower minority-owned startups that have an appetite for innovation. Simply put we must network with the right investors that understand minority-owned startups are just as viable as any non-minority startup."
With its focus on transparency, efficiency, and inclusivity, Allonge is poised to transform the mortgage lending landscape, making homeownership more accessible for those who have been historically excluded.
To learn more about Allonge and its mission, visit https://allonge.io or connect with them on social media.
Disclosure: Please note that the information provided in this article is for educational and informational purposes only and should not be construed as financial advice.
As the Founder of Allonge, Hernandez shares his vision for revolutionizing the mortgage lending industry through innovative blockchain technology. He is passionate about addressing the unique challenges faced by minority and underserved borrowers.
"I started Allonge to find a better way to minimize losses for mortgage lenders on scratch and dent mortgages," Hernandez explains. "After experiencing substantial losses and exploring different options, I decided to create my own solution."
This solution leverages blockchain technology to create a transparent and efficient system for handling "scratch and dent" mortgages, those loans that don't quite meet traditional lending criteria. Hernandez recognizes the challenges of implementing blockchain in a traditionally conservative industry: "The specific challenges for Allonge stem from incorporating blockchain technology into the solution. It's not widely adopted and many associate it with cryptocurrencies that have a bad stigma. Having folks understand the difference and how the solution can transform the industry is our biggest hurdle to overcome."
Beyond addressing the immediate needs of mortgage lenders, Hernandez envisions Allonge playing a crucial role in tackling the broader mortgage liquidity crisis for minority and underserved borrowers. He believes that these individuals often lack the traditional financial profiles required by mainstream lenders and deserve equal access to homeownership.
"I see Allonge as the premier tokenization platform for mortgage lenders," Hernandez states. "Our goal is to master the use case of scratch and dent and then take on the mortgage liquidity crises for minority and underserved consumers that deserve the opportunity to purchase a home but don't have the traditional profile that mainstream buyers do."
Hernandez acknowledges the challenges of securing funding for a cutting-edge solution in a heavily regulated industry. However, he's confident in Allonge's potential and is actively seeking investors who share their vision of empowering minority-owned startups. "Access to capital for a cutting-edge solution in a highly regulated and very conservative industry is no easy feat," Hernandez explains. "We seek to network with investors that want to empower minority-owned startups that have an appetite for innovation. Simply put we must network with the right investors that understand minority-owned startups are just as viable as any non-minority startup."
With its focus on transparency, efficiency, and inclusivity, Allonge is poised to transform the mortgage lending landscape, making homeownership more accessible for those who have been historically excluded.
To learn more about Allonge and its mission, visit https://allonge.io or connect with them on social media.
Disclosure: Please note that the information provided in this article is for educational and informational purposes only and should not be construed as financial advice.
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