z_33 decentralized from a RWA perspective - TVL is currently only $7.2M, if you open their app and go to the "Eggs" tab, you will see 30 homes/mortgages/liens funded by the protocol. If you're asking how decentralized it is from a governance perspective, there are a couple large wallet holders, but considering the tokenomics outlined in the whitepaper, itll hopefully become more decentralized into the future as more of the DeFi/Web3 community funds these mortgage liquidity pools.
As of right now, to the best of my knowledge there is only one servicer of the liens/mortgages, that is GoLoanSnap, but anyone can bring a vote forward to add additional servicers. As far as managing the property, that would be on the individual who took out the loan on the property.
Im not involved in the world of buying and selling mortgage loans to Fannie & Freddie (Im just an Ohmie 🙂) but its a $2.3tr marketplace, so youd have to assume it cant be too complicated, otherwise, the marketcap wouldnt exist. You can jump on Discord (or if you need im happy to do so for you) and ask the team over there. At the the end of the day, someone proposing selling one of the mortgages to F&F, would have to make the argument why to sell off the loans, then the DAO and the BACON holders would vote.