KeyBank Leverages Blend to Deliver Digital Mortgage Application Process for Clients

Rhea-AI Summary

KeyBank (NYSE: KEY) is streamlining home loan processes using Blend's digital platform, resulting in an average loan closing time that's 17 days faster. Amid rising interest rates, this efficiency empowers clients to navigate the competitive housing market. Currently, 83% of applicants complete their mortgage applications, taking just 29 minutes on average. Over half of client interactions occur outside regular business hours, highlighting the platform's convenience. A client example illustrates the expedited process, with a loan approved in under three weeks. KeyBank's collaboration with Blend aims to enhance homeownership experiences.

Positive

• Average loan closing time reduced by 17 days.
• 83% of KeyBank clients complete mortgage applications through Blend.
• Average application completion time is 29 minutes.
• More than half of document requests fulfilled within two hours.

Negative

• None.

Cloud banking platform closing loans more than two weeks faster

CLEVELAND, Feb. 2, 2023 /PRNewswire/ -- KeyBank (NYSE: KEY) is seeing significant results in making home buying easier for clients in the face of a competitive market. A software platform that digitizes the end-to-end mortgage application process for clients looking to purchase or refinance a home, provided by Blend (NYSE: BLND), is helping KeyBank close home loans 17 days faster, on average, than before this platform was integrated. This digital enhancement results in faster application processes, putting clients in an ideal position to compete in a difficult real estate market.

Currently, home buyers are facing increasing interest rates that make closing on a loan in a timely manner even more important. "The ability to offer streamlined solutions that enable our loan officers and their teams to be more efficient in providing excellent customer service is critical in this environment," said Dale Baker, President of Home Lending for KeyBank. "Blend's mission to bring simplicity is paying off for our teammates who are having a streamlined experience, as it's also bringing greater transparency to our clients to be instantly in touch with where their closing stands and obtaining it quicker than we've ever been able to."

The convenience factor of Blend is also generating results. So far, 83% of KeyBank clients who start a mortgage application through Blend complete it. The average time for a client to complete a mortgage application is 29 minutes and more than one-third are completed through a mobile device or tablet. Nearly half of all client interaction through Blend is done at the client's convenience outside of normal business hours. Among 300,000 document requests, more than half are provided within two hours through Blend's system.

Blend's platform allows KeyBank clients to easily upload documents online, review and sign their disclosures electronically, and receive automatic reminders for any missing information during the mortgage application process.

A recent KeyBank client in Cleveland applied through Blend and was able to open the door to their new home in time to be ready for Thanksgiving. This client, a first-time homebuyer, submitted an application for a new loan on October 19^th and had their loan fully approved by November 9^th, just in time for the holiday as they had hoped. "Expectations were exceeded and that's going to lead to more business," said Raul Gongora, Senior Loan Officer at KeyBank. "The realtor was overjoyed by how fast we were able to move the process along."

"Blend's goal is to personalize a consumer's homeownership journey with options that meet their individual needs," said Nima Ghamsari, co-founder and head of Blend. "Our collaboration with KeyBank furthers our efforts to provide better lending for all, and we're excited to provide technology that will help current and future homeowners stay ahead of changes in today's market."

For more details on the current state of local markets and to answer any questions you may have, KeyBank Mortgage Loan Officers are available to help. For figuring out home loan options and more home lending resources, you can also head online to Key.com here or you can connect with your local branch here to schedule an appointment to meet with a KeyBank Mortgage Loan Officer.

Raul Gongora, NMLS #1097632
KeyBank, N.A. NMLS #399797
KeyBank extends credit secured by residential real estate without regard to race, color, religion, national origin, sex, handicap, or familial status.

About KeyCorp 
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189.8 billion at December 31, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. Copyright © 2023 KeyCorp®. All Rights Reserved

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

KEY MEDIA
NEWSROOM: www.Key.com/newsroom 

 

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SOURCE KeyCorp

FAQ

How is KeyBank improving its mortgage application process with Blend?

KeyBank is utilizing Blend's platform to digitize the mortgage application process, resulting in an average closing time that's 17 days faster.

What percentage of KeyBank clients complete their mortgage applications through Blend?

Currently, 83% of KeyBank clients who start a mortgage application through Blend complete it.

When was the announcement regarding KeyBank and Blend's partnership made?

The partnership announcement was made on February 2, 2023.

What is the average time it takes for clients to complete a mortgage application with Blend?

The average time for clients to complete a mortgage application through Blend is 29 minutes.

What is the impact of Blend's platform on KeyBank's clients?

Blend's platform allows for a more efficient application process, enabling clients to close loans faster and interact outside of normal business hours.