Blend Onboards More Than 125 Lenders and 21,000 Settlement Agents for its Digital Closing Product Within 18 Months, Saving $135 per Loan Closed

Rhea-AI Summary

Blend (NYSE: BLND) announced the adoption of its digital closing solution, Blend Close, by over 125 lenders since its May 2020 launch. The platform has integrated 21,000 settlement agents, effectively streamlining the closing process and reducing average closing times by two days. A study from Marketwise Advisors highlighted a cost saving of $135 per loan, along with improved accuracy in documentation. The adoption of such digital solutions highlights Blend's commitment to enhancing consumer experiences in the evolving financial landscape.

Positive

• Blend Close adopted by over 125 lenders.
• 21,000 settlement agents onboarded onto the platform.
• Average closing times reduced by two days.
• Cost savings of $135 per loan reported.
• 11% reduction in document errors reported.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Blend (NYSE: BLND), a leader in cloud banking software, today announced that Blend Close, their digital closing solution for mortgage and home equity products, has been adopted by more than 125 lenders, including Alcova Mortgage, UCCU, AMC Mortgage, PRMG, and SWBC Mortgage, since its launch in May 2020. In addition, 21,000 settlement agents have been on-boarded onto Blend’s cloud banking platform to participate in closings, further supporting the ability of Blend Close to handle increased volume and drive impact.

Early customers using Blend Close took two days off of closing times, and closers were able to close two more loans per day, resulting in a calculated savings of $135 per loan, according to a study conducted by Marketwise Advisors, which involved direct interviews and a comprehensive survey involving 25 banks, credit unions, and independent mortgage banks using Blend’s mortgage and e-close solutions. The study also found that Blend customers utilizing both Blend Mortgage and Blend Close experienced an 11 percent reduction in document errors, a 13 percent reduction in missing signatures, and a 12 percent reduction in missing or lost notes. Further, by fully digitizing the mortgage loan and closing process end-to-end, the financial services industry can save approximately 280 sheets of paper per transaction, lessening the burden on the planet.

As the world shifts more towards digital processes, consumers also expect highly personalized, simple experiences in all aspects of their daily lives, including the financial services firms they use. By offering a digitized solution for the closing process, consumers now have the opportunity to schedule their appointment for finalizing their mortgage whenever or wherever they like.

Erik Wrobel, Head of Product at Blend, said, “The successful and continued adoption of Blend Close highlights that using a single platform to provide a seamless digital experience to consumers throughout every point during the homeownership journey not only affords financial services firms a competitive advantage, it’s now table stakes for everyone to provide the virtual-first approaches consumers expect.”

For more information on Blend and Blend Close, please visit blend.com.

About Blend

Blend’s cloud banking platform is designed to power the end-to-end consumer journey for any banking product, from application to close. Our technology is used by Wells Fargo, U.S. Bank, and over 330 other financial services firms to acquire more customers, increase productivity, and deepen relationships. Through our software, we enable our customers to process an average of more than $5 billion in loans per day, helping consumers get into homes and gain access to the capital they need to lead better lives. To learn more, visit blend.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005357/en/

Sarah Frueh – press@blend.com

 

Source: Blend

FAQ

What is Blend Close and how does it impact mortgage closing?

Blend Close is a digital solution launched by Blend that streamlines the mortgage closing process, adopted by over 125 lenders, significantly reducing closing times.

What companies have adopted Blend Close?

Lenders such as Alcova Mortgage, UCCU, AMC Mortgage, PRMG, and SWBC Mortgage have adopted Blend Close since its launch.

How much can lenders save per loan using Blend Close?

Lenders can save approximately $135 per loan using Blend Close, based on a study by Marketwise Advisors.

How many settlement agents are using Blend's platform?

A total of 21,000 settlement agents have been onboarded onto Blend's cloud banking platform for closings.