Blend Launches Three New eClosing Offerings

Rhea-AI Summary

Blend has launched three innovative eClosing products aimed at enhancing the online mortgage closing experience. The offerings include Blend eVault, a repository for electronic promissory notes; Blend Signing Room, a remote online notarization solution; and Blend RON Eligibility Engine, which identifies remote notarization eligibility. These solutions are designed to help lenders reduce closing cycles and error rates while providing borrowers with a seamless digital experience. Blend Close has already been adopted by over 135 lenders, potentially saving significant time and costs per loan.

Positive

• Introduction of three new eClosing products to enhance digital mortgage closing.
• Blend Close adopted by over 135 lenders, indicating strong market presence.
• Potential savings of hundreds of dollars and nearly one hour per loan for lenders using full eClosing solutions.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Blend, a leading cloud banking provider, today announced the availability of three new eClosing products to provide borrowers with a fully online mortgage closing experience, in addition to helping lenders compete by shortening closing cycles and lowering error rates. The new solutions include Blend eVault, a repository of electronic promissory notes available through the platform; Blend Signing Room, Blend’s remote online notarization (RON) solution; and Blend RON Eligibility Engine, which provides RON-eligibility information.

In an increasingly competitive lending environment, the three new offerings build upon the industry-leading end-to-end Blend Close solution to provide lenders with advanced digital capability, which can lead to accelerated pre- and post-closing cycle times and reduced overhead:

• Blend eVault – Functionality within the Blend platform to generate, sign, and register MISMO^® eNotes with MERS^®, improving data quality while simultaneously expediting the delivery of notes into the secondary market at a reduced time and lower cost.
• Blend Signing Room – Blend Signing Room is a streamlined RON platform that enables Blend Close customers to participate in fully digital closings, integrated directly into the borrower app. Borrowers get a unified and consistent experience from end to end, using the same Blend login credentials to activate the signing ceremony.
• Blend RON Eligibility Engine – This new feature immediately flags applications so that staff can see, at a glance, key RON-eligibility information on each loan. With a patchwork of disparate RON requirements across states and reporting jurisdictions, layered atop underwriter policies, it can be difficult to determine whether a particular loan is eligible to be notarized remotely.

“The last two years have underscored the essential need for lenders to have a completely digital end-to-end mortgage solution,” said Nima Ghamsari, Head of Blend. “With these three new offerings, Blend Close now offers tremendous capability to provide a truly seamless digital experience to consumers, while passing on cost and time savings for lenders.”

Blend Close–Blend’s digital closing solution for mortgage and home equity products–has been adopted by over 135 lenders, and those that transition from a hybrid process to a full eClosing solution with RON can save up to hundreds of dollars and almost an hour per loan (according to a recent third-party study). More than 33,000 settlement agents and 9,500 title agencies use Blend Close. To learn more about Blend Close, please visit https://blend.com/products/mortgage-suite/close/.

About Blend

Blend is the infrastructure powering the future of banking. Financial providers — from large banks, fintechs, and credit unions to community and independent mortgage banks — use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this press release may include, but are not limited to, our expectations regarding our product roadmap, future products/features, the timing of new product/feature introductions, market size and growth opportunities, plans for future operations, competitive position, technological capabilities, and strategic relationships, as well as assumptions relating to the foregoing. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005390/en/

Gene Kim - press@blend.com

Source: Blend

FAQ

What are Blend's new eClosing products launched in 2023?

Blend has launched three eClosing products: Blend eVault, Blend Signing Room, and Blend RON Eligibility Engine to enhance the online mortgage closing experience.

How does Blend eVault improve the closing process for lenders?

Blend eVault allows lenders to generate, sign, and register MISMO eNotes efficiently, improving data quality and reducing delivery time to the secondary market.

How can lenders save costs with Blend's new eClosing solutions?

Lenders can potentially save hundreds of dollars and nearly an hour per loan by transitioning to a full eClosing solution with remote online notarization.

What is the significance of the Blend Signing Room?

Blend Signing Room provides a streamlined remote online notarization experience integrated into the borrower app, allowing for fully digital closings.

How many lenders have adopted Blend Close?

Over 135 lenders have adopted Blend Close, showcasing its strong uptake in the market.