At Blend, we’re passionate about removing barriers to create a frictionless lending environment that empowers consumers.
We’ve seen that mobile has the power to transform entire industries and bring people closer together. With that in mind, we decided to leverage mobile to drive a better borrower experience in the mortgage industry.
That’s why we’re harnessing the power of technology to bring consumers closer to their loan officers (LOs) and launching Blend Mobile, the first native mobile application allowing LOs to manage their businesses, including borrower requests and applications, anytime and anywhere.
We recognize that buying a home can be an emotional and stressful experience, and one where buyers look to their LOs for guidance. In fact, a recent American Bankers Association survey found that 60 percent of borrowers want to interact in person when first applying for a mortgage. Unfortunately, existing mortgage technology has made this interaction a challenge by essentially chaining LOs to their desks and computers, creating a bottleneck for consumers on when and where they can work with their LO.
Blend Mobile eliminates this bottleneck with robust functionality and data access that isn’t available in any other digital mortgage or loan management solution today. Now consumers who want to work in-person have LOs who can help them from any device, anywhere. That’s one small step in software, but one giant leap to streamline the most important financial transaction in a person’s life.
Meet borrowers where they are, when they need it
If an LO is out meeting a prospective borrower for coffee, he or she can create a new application directly from a mobile phone without needing access to a computer. The LO and borrower can begin walking through the application together, then the borrower can complete any additional actions later on, at their convenience.
Furthermore, we see 44% of borrower documents submitted outside of business hours, when LOs are likely not at their desks. With Blend Mobile, LOs can communicate with borrowers from within the app, viewing all these documents, like credit reports and assets, and following up with borrowers on any additional information needed right away, instead of the next day.
Using mobile to eliminate barriers for borrowers is only the beginning of the industry-wide change digitization is driving.