Michigan Schools and Government Credit Union Selects Blend to Evolve its Digital Lending Experience

Rhea-AI Summary

Michigan Schools and Government Credit Union (MSGCU) has selected Blend to enhance its digital lending experience by streamlining the application process, automating workflows, and offering a consistent digital experience. Blend's technology aims to increase operational efficiency and improve member experiences.

Positive

• MSGCU partners with Blend to automate and streamline lending processes.
• Blend's technology reduces processing time and manual workloads, enhancing operational efficiency.
• MarketWise Advisors' analysis shows Blend's Mortgage Suite cuts down an average of 8 days from the loan cycle time.
• MSGCU aims to deliver a seamless and efficient digital lending experience to its members.

Negative

• None.

MSGCU Chooses Blend Mortgage, Income, Close, and Home Equity Solutions

SAN FRANCISCO--(BUSINESS WIRE)-- Blend, a leading provider of cloud banking services, announced today that Michigan Schools and Government Credit Union (MSGCU) has selected Blend to deliver an enhanced user experience for its members. By selecting Blend for its Mortgage, Income, Close, and Home Equity solutions, MSGCU aims to simplify and streamline the application process, automate their lender workflows, and offer a consistent digital experience across all lines of their consumer real estate business.

“MSGCU continually evaluates the tools we use to serve our members to ensure we are helping them reach their financial goals, while being efficient and timely,” said Bryan Genovich, MSGCU Real Estate Lending Director. “We determined there was an opportunity to further automate and streamline our lending process to better support our members, and Blend has been a valuable partner in helping us improve the member experience and increase our completed applications.”

Blend was able to deliver a smooth and efficient deployment in under four weeks. By leveraging Blend's technology, MSGCU will be able to automate their entire origination process with instant verifications across assets, income, and employment. In addition, Blend's mobile capabilities will enable MSGCU to enhance its mobility and flexibility, empowering loan officers to perform tasks seamlessly while on the go, from issuing pre-approvals letters to running credit checks, input pricing, and AUS—all within the Blend platform.

MSGCU anticipates an increase in operational efficiency with Blend. By cutting down processing time and reducing manual workloads, loan teams will be freed up to focus on what matters most - their members. According to a 2023 impact analysis conducted by MarketWise Advisors, Blend’s Mortgage Suite eliminates an average of 8 days from the overall loan cycle time from processing to closing.

"We are thrilled to partner with Michigan Schools and Government Credit Union to transform their mortgage and home equity lending processes," said Erik Wrobel, head of product at Blend. "We look forward to helping MSGCU streamline their operations, enhance member experiences, and drive sustainable growth. Together, we are committed to delivering exceptional value to their members and ensuring success in today's rapidly evolving digital landscape."

To learn more about Blend’s digital lending solutions, please visit www.blend.com.

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.

About Michigan Schools & Government Credit Union

Founded by a small group of educators, MSGCU has been providing quality financial services to the communities they serve for 70 years and welcomes everyone in Michigan to bank with them. MSGCU offers a full range of loan, deposit, checking, credit card, mortgage, and insurance products for those that live in Michigan. With 22 branch offices in Macomb, Oakland, Washtenaw, and Wayne Counties, MSGCU has more than 145,000 members, $3.6 billion in assets, and has earned a 97% member satisfaction rating for more than 20 years. MSGCU has also earned five stars (the highest rating) from Bauer Financial for more than 30 years, and has been honored as a Top Workplace by the Detroit Free Press for the past 11 consecutive years. MSGCU is insured by NCUA and an equal housing lender. Visit msgcu.org for more information.

Forward-Looking Disclaimer

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, macroeconomics and industry conditions, capital expenditures, 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. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. 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/20240416711408/en/

press@blend.com

Source: Blend

FAQ

What solutions did MSGCU select Blend for?

MSGCU selected Blend for its Mortgage, Income, Close, and Home Equity solutions.

How long did Blend take to deploy its technology at MSGCU?

Blend was able to deliver a smooth and efficient deployment in under four weeks at MSGCU.

What benefits does Blend's technology offer to MSGCU?

Blend's technology enables MSGCU to automate their entire origination process with instant verifications across assets, income, and employment, enhancing mobility and flexibility for loan officers.

How does Blend's Mortgage Suite impact the loan cycle time according to MarketWise Advisors?

MarketWise Advisors' analysis shows that Blend's Mortgage Suite eliminates an average of 8 days from the overall loan cycle time from processing to closing.

What are the key goals of MSGCU in partnering with Blend?

MSGCU aims to streamline their operations, enhance member experiences, and drive sustainable growth by partnering with Blend.