Defining a homeownership journey

Moving into a new home entails more than just getting approved for a mortgage loan. Along the way, consumers face a myriad of tough challenges, including deciding on the best loan structure, finding the right home, and choosing an insurer for the home.

Typically, each of these steps comes with stacks of paperwork and confusing guidelines. For a first-time homebuyer, the journey to ownership can feel daunting; for someone who’s done it before, it can be a dreaded process to embark on again.

Our journey began with a desire to simplify this antiquated process through a digital mortgage application, adding features like self-serve pre-approval and data verification to enhance both the experience and the customer-lender relationship. But that was just the start.

We are now expanding our offerings so lenders can be at the center of the entire homeownership journey — not just the mortgage process — in a way that builds trust and deepens relationships with customers.

The headache that many homebuyers endure comes partly from having to interact with a broad range of service providers. The lack of consistency can often be confusing and time consuming. That’s where Blend Homeownership Marketplaces comes in — our platform serves as the software layer throughout the homeownership journey. This allows lenders to offer a tightly integrated set of additional services that borrowers are looking for, all within a branded platform.

Consumers are often starting out their journey by getting a pre-approval to confirm how much they can afford, and they don’t have an agent yet. After pre-approval, they are tasked with finding their own real estate agent. Consumers can match with a top local real estate agent who can provide guidance throughout the purchase process. As a further benefit, where eligible, customers can earn a cash back offer on the purchase of their home.

Getting an insurance policy can be one of the most confusing steps in the homeownership process, especially for those who haven’t purchased a home before. Consumers want the best homeowner’s insurance at a competitive price — but comparison shopping is difficult and time-consuming.

Our modern insurance shopping experience is consistent with the navigability of Blend’s mortgage application, guiding borrowers through a less time-consuming process. Consumers can easily compare policy quotes from 20+ insurance carriers and then purchase online if available or connect with an insurance specialist.

Using typical processes, it can take loan teams days in turnaround time to track down documentation to verify the customer’s policy. Save your team time by having evidence of insurance automatically uploaded to Blend and allowing it to sync back to the LOS. Additionally, by helping to ensure customers have homeowners insurance, lenders can reduce the risk of closing delays.

Loan teams work closely with title partners to ensure closings go as smoothly and quickly as possible. Detailed information is passed back and forth, typically through email and on tight deadlines, which can result in errors and miscommunications in closing documents. For the consumer, communicating with multiple parties through closing creates opportunities for confusion and potential wire fraud.

With Blend you can connect loan teams and consumers with title and settlement providers, access an automated title search commitment after submitting a loan application (using Blend Title), digitally reconcile settlement fees in real time, and guide customers through secure closing and escrow processes.

According to a 2021 Blend commissioned Aite survey, 89% of consumers want a complete end-to-end homeownership solution. With the addition of Homeownership Marketplaces to our platform, lenders can become the centralized location for borrowers to accomplish the necessary tasks to own a home.

Blend helps lenders understand where each customer is in the process so they can cater to the customer’s unique needs in the moment. Instead of sending customers off to find other service providers, lenders can become a resource that provides a convenient, seamless experience from house hunting and application to move-in day. Lenders can also offer opportunities for consumers to save with competitively priced services and access to a cash back offer on their home purchase.

This proactive and personalized approach can serve as a differentiating factor for lenders who want to go above and beyond for their customers. By rearchitecting banking software around the customer, we are providing a platform for lenders to lead customers on a smoother journey to homeownership.

We believe in facilitating complete journeys for consumers, and with our Homeownership Marketplaces, we’re making that a reality for homeownership. Blend equips your teams to delight customers through the mortgage process and beyond so you can be known as the lender that helps get customers into their homes, not just the lender that provides loans.