SouthState Bank Transforms Mortgage Operations with Blend Close
Blend, a leading digital banking solutions provider, has successfully implemented its Close solution at SouthState Bank, resulting in significant improvements in borrower experience and operational efficiency. SouthState, a regional bank with $44 billion in assets and over 1 million customers, has transformed its mortgage operations with Blend's technology. Key outcomes include:
1. Reduced closing times to as little as 20 minutes for fully virtual closings
2. Decreased loan processing time from 7 days to 48 hours
3. Enhanced flexibility for remote closings, benefiting military personnel and borrowers unable to attend in-person
4. Improved loan officer capacity and borrower relationships
5. Increased operational efficiency and cost reduction
SouthState's Director of Mortgage Strategic Initiatives, Shane Horan, praised Blend's robust solution, which supports various eClose scenarios, from hybrid to full RON closings.
Blend, un fornitore leader di soluzioni bancarie digitali, ha implementato con successo la sua soluzione Close presso SouthState Bank, portando a significativi miglioramenti nell'esperienza dei mutuatari e nell'efficienza operativa. SouthState, una banca regionale con 44 miliardi di dollari in attività e oltre 1 milione di clienti, ha trasformato le sue operazioni ipotecarie grazie alla tecnologia di Blend. I risultati chiave includono:
1. Riduzione dei tempi di chiusura a soli 20 minuti per chiusure completamente virtuali
2. Diminuzione del tempo di elaborazione dei prestiti da 7 giorni a 48 ore
3. Maggiore flessibilità per chiusure remote, a beneficio del personale militare e dei mutuatari impossibilitati ad assistere di persona
4. Miglioramento della capacità degli ufficiali dei prestiti e delle relazioni con i mutuatari
5. Aumento dell'efficienza operativa e riduzione dei costi
Shane Horan, Direttore delle Iniziative Strategiche Ipotecarie di SouthState, ha elogiato la robusta soluzione di Blend, che supporta vari scenari di eClose, dalle chiusure ibride a quelle full RON.
Blend, un proveedor líder de soluciones bancarias digitales, ha implementado con éxito su solución Close en SouthState Bank, lo que ha resultado en mejoras significativas en la experiencia de los prestatarios y en la eficiencia operativa. SouthState, un banco regional con 44 mil millones de dólares en activos y más de 1 millón de clientes, ha transformado sus operaciones hipotecarias con la tecnología de Blend. Los resultados clave incluyen:
1. Reducción de los tiempos de cierre a tan solo 20 minutos para cierres completamente virtuales
2. Disminución del tiempo de procesamiento de préstamos de 7 días a 48 horas
3. Mayor flexibilidad para cierres remotos, beneficiando al personal militar y a los prestatarios que no pueden asistir en persona
4. Mejora en la capacidad de los oficiales de préstamos y en las relaciones con los prestatarios
5. Aumento de la eficiencia operativa y reducción de costos
Shane Horan, Director de Iniciativas Estratégicas Hipotecarias de SouthState, elogió la robusta solución de Blend, que admite diversos escenarios de eClose, desde cierres híbridos hasta RON completos.
Blend는 디지털 뱅킹 솔루션 제공업체로서 Close 솔루션을 SouthState Bank에 성공적으로 구현하여 차용자 경험과 운영 효율성을 크게 개선했습니다. 4천4백억 달러의 자산과 백만 명 이상의 고객을 보유한 지역은행 SouthState는 Blend의 기술로 모기지 운영을 혁신했습니다. 주요 성과는 다음과 같습니다:
1. 완전히 가상으로 이루어진 클로징 시간 단축 20분 이내
2. 대출 처리 시간을 7일에서 48시간으로 감소
3. 현장 참석이 어려운 군인과 차용자를 위한 원격 클로징 유연성 향상
4. 대출 담당자의 역량 및 차용자 관계 개선
5. 운영 효율성 증가 및 비용 절감
SouthState의 모기지 전략 이니셜 디렉터 Shane Horan은 Blend의 강력한 솔루션을 칭찬했으며, 이는 하이브리드부터 완전 RON 클로징까지 다양한 eClose 시나리오를 지원합니다.
Blend, un fournisseur leader de solutions bancaires numériques, a mis en œuvre avec succès sa solution Close chez SouthState Bank, ce qui a entraîné des améliorations significatives de l'expérience des emprunteurs et de l'efficacité opérationnelle. SouthState, une banque régionale avec 44 milliards de dollars d'actifs et plus de 1 million de clients, a transformé ses opérations hypothécaires grâce à la technologie de Blend. Les principaux résultats comprennent :
1. Réduction des délais de clôture à seulement 20 minutes pour des clôtures entièrement virtuelles
2. Diminution du temps de traitement des prêts de 7 jours à 48 heures
3. Amélioration de la flexibilité pour les clôtures à distance, bénéfique pour le personnel militaire et les emprunteurs ne pouvant pas être présents en personne
4. Amélioration de la capacité des agents de prêt et des relations avec les emprunteurs
5. Augmentation de l'efficacité opérationnelle et réduction des coûts
Shane Horan, directeur des initiatives stratégiques hypothécaires de SouthState, a loué la solide solution de Blend, qui prend en charge divers scénarios eClose, des clôtures hybrides aux clôtures RON complètes.
Blend, ein führender Anbieter digitaler Banklösungen, hat erfolgreich seine Close-Lösung bei der SouthState Bank implementiert, was zu erheblichen Verbesserungen im Nutzererlebnis der Kreditnehmer und in der betrieblichen Effizienz geführt hat. SouthState, eine Regionalbank mit 44 Milliarden Dollar an Vermögenswerten und über 1 Million Kunden, hat ihre Hypothekenoperationen mit der Technologie von Blend transformiert. Zu den wichtigsten Ergebnissen gehören:
1. Verkürzte Abschlusszeiten auf bis zu 20 Minuten für vollständig virtuelle Abschlüsse
2. Verminderte Kreditantragsbearbeitungszeit von 7 Tagen auf 48 Stunden
3. Verbesserte Flexibilität für Remote-Abschlüsse, was militärischem Personal und Kreditnehmern zugutekommt, die nicht persönlich teilnehmen können
4. Verbesserte Kapazität der Darlehensoffiziere und Beziehungen zu den Kreditnehmern
5. Steigerung der betrieblichen Effizienz und Kostensenkung
Shane Horan, Direktor der strategischen Hypothekeninitiativen von SouthState, lobte die robuste Lösung von Blend, die verschiedene eClose-Szenarien unterstützt, von Hybrid- bis hin zu vollständigen RON-Abschlüssen.
- Reduced closing times from over an hour to as little as 20 minutes for fully virtual closings
- Decreased loan processing time from 7 days to 48 hours
- Improved operational efficiency and cost reduction across the board
- Enhanced flexibility for remote closings, benefiting various customer segments
- Increased loan officer capacity to focus on building borrower relationships
- None.
Insights
SouthState Bank's adoption of Blend's Close solution marks a significant operational upgrade in the mortgage sector. The reduction in closing times from over an hour to just 20 minutes for fully virtual closings is a game-changer, potentially increasing loan volume and customer satisfaction. The ability to process loans in 24-48 hours, down from 5-7 days, should substantially improve SouthState's cash flow and reduce carrying costs.
This efficiency gain could translate to higher profitability per loan and allow SouthState to compete more aggressively in the mortgage market. For Blend, this success story could drive adoption among other banks, potentially boosting its market share and revenues. However, investors should note that while this partnership demonstrates Blend's product efficacy, its impact on Blend's financials may take time to materialize fully.
The focus on operational efficiency and cost reduction aligns well with current banking trends, especially given the challenging interest rate environment. This move positions both SouthState and Blend favorably in a competitive landscape where speed and customer experience are increasingly differentiating factors.
Blend's Close solution represents a significant technological leap in mortgage processing. The platform's versatility in handling various eClose scenarios, from hybrid to full remote online notarization (RON), showcases its advanced capabilities. This flexibility is important in today's diverse lending landscape and positions Blend as a leader in digital mortgage technology.
The integration of this technology directly into the mortgage platform is a key technical advantage, streamlining workflows and reducing the need for multiple systems. This seamless integration likely contributes to the dramatic reduction in processing times and operational efficiencies reported by SouthState.
From a tech perspective, the ability to facilitate remote closings has broader implications beyond just convenience. It opens up possibilities for expanding market reach and could be particularly valuable in scenarios requiring social distancing or serving customers in remote locations. The success of this implementation could drive further innovation in the digital banking space, potentially leading to more comprehensive digital solutions across various banking products.
Adoption of Blend's Close solution has cut closing times to 20 minutes and reduced loan processing from 7 days to 48 hours, enhancing efficiency and borrower satisfaction
SouthState, a regional bank with
“The number one thing for us was how robust the Blend Close solution is,” said SouthState’s Director of Mortgage Strategic Initiatives, Shane Horan. “Blend offers all the various types of eClose scenarios, from a hybrid without an e-note, a hybrid with an e-note, and all the way up to a full RON closing with a Blend notary. That was truly the clear benefit for us.”
Key Partnership Outcomes
Enhancing The Customer Experience With Faster & More Convenient Closings
With Blend’s Close solution, SouthState has drastically reduced closing times, enabling some fully virtual closings to be completed in as little as 20 minutes—compared to more than an hour for traditional wet-sign closings. The ability to close loans remotely from anywhere offers significant flexibility and convenience for SouthState customers, especially benefiting military personnel deployed overseas, individuals with spouses abroad, and borrowers unable to attend in-person closings.
Unlocking Loan Officer Capacity and Enhancing Borrower Relationships
This faster and more flexible closing experience has not only boosted borrower satisfaction, but also enabled SouthState’s loan officers to dedicate more time to building relationships with borrowers, rather than handling administrative tasks. The streamlined process facilitates faster in-person hybrid closings as well, with fewer documents to sign.
As stated by Shane Horan: “Getting face-to-face time with borrowers is really the main concern for our LOs. They don't want to miss the closing because they feel like they have that borrower relationship to foster. Now they're able to do that virtually and still get the same benefits in a much shorter period of time. And even for a hybrid close, there are fewer documents that have to be signed, so it’s a much quicker process in-person too.”
Boosting Operational Efficiency with Shorter Loan Cycle Times
The ability to close loans faster and reach more remote borrowers has also translated into improved financial and operational outcomes for SouthState. Since implementing Blend Close, the biggest benefit the SouthState mortgage team has seen is across operational efficiency, which ultimately leads to cost reduction across the board. As a Fannie Mae and Freddie Mac seller servicer, the SouthState team has been able to send loans to Fannie and Freddie in just 24 to 48 hours — whereas before adopting a digital close solution, it could take up to five to seven business days.
Read the full case study here.
About Blend
Blend (NYSE: BLND) is the leading origination platform for digital banking solutions. 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 SouthState Bank
SouthState Corporation (NYSE: SSB) is a financial services company headquartered in
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Press Contact
Chloé Demeunynck
Corporate Communications
press@blend.com
Source: Blend
FAQ
How has Blend's Close solution improved SouthState Bank's mortgage closing times?
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